Exits from REPE
Currently an acquisitions associate at UMM REPE fund. In a great seat at a growing platform with decent WLB. This was my dream two years ago but now that I am here I just don’t feel like the work is that exciting. I’m by no means in a rush to leave but curious where people who left REPE have been able to pivot their careers.
Would love for anyone to share - Why did you leave RE? Where did you go / what did you do? How has your experience been since? Anything you would have done differently?
I was at a gp shop and am now at a MF, also thinking this would be the dream job. I’m just under a year in and already looking to go back to an operator.
Why you feel this way?
Bump
I was between a MF and a smallish GP and took the GP. I’ve been loving it and the hours are only 50-55. Comp is lower but think I can have more upside on long term.
Coming from a large institution, it’s crazy how many extra processes I used to have to go through to do anything.
Bump
IMO a great operator can be one of the best positions. I like the more direct incentives for acq team (acq & dispo fees + promote) which I prefer. Potential for higher all in comp depending on your firms economics and if you are a top performer I think it is more likely that you can actually earn that upside. That being said, more cyclical.
Know a guy who took a finance role at a tech startup, then eventually BB tech i-banking as a senior guy
sir this is a wendy's
Ha ha!!🤣 🤣😝
REPE is a bit like HERPES. You can try to hide that it’s a part of you, but it’ll never go away.
lol, what makes you say that
The red bumps
Another vote for a small developer/operator. None of bureaucracy, rinse-and-repeat IC memos, investor reporting, or super defined and siloed roles. And frankly, there's usually more upside in the comp (though lumpier and obviously more risk).
Agreed although I think age/seniority is an important consideration. If you're young, the boring/dry REPE is good pedigree/reps and you can subsequently transition to the developer/operator. I don't think the opposite is true with junior guy going from developer/operator to REPE. OTOH, if you're more senior, I think developer/operator gives you more options and career longevity, and is frankly more interesting
"If you're young, the boring/dry REPE is good pedigree/reps and you can subsequently transition to the developer/operator."
While true, we don't want to overstate this either. After ~2-3 years, you basically have all the reps needed to get that benefit. Beyond that, and things become a lot more repetitive and a lot less developing new skills/capabilities/etc
Unclear from OP's question if he's asking about leaving REPE or RE entirely. If it's the latter, you better be ready to start at the bottom of whatever ladder you want to climb. People outside RE don't see our skills as transferrable and I can't say I disagree with them.
Yeah I am considering leaving RE entirely. In that case do you think MBA would be the most effective way? Or REPE -> IB REGLL -> something else? Or most ideal would be to lateral to a similar level role outside RE - If you know anyone who’s actually done that successfully I would love to chat
I think the MBA route needs to be studied/vetted extremely closely, given the opportunity cost / financial cost, etc. You could very well be in the exact same position after two years of foregone earnings and ~$150k(?) of loans. MBA's don't have the prestige they did 20 years ago. There's too many of them and the bar to get them is too low. And I don't think many employers value them relative to the #'s churned out each year.
That said, if you know you want to be in energy (for instance) and such and such MBA is the energy golden ticket, go for it. But absolutely no 'I'll figure it out in two years' .... that strategy was a loser a decade ago and even worse now. Just my two cents.
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