[First Job Dilemma] LMM PE or CBRE/JLL Capital Markets
Hi folks,
I'm about to complete at MSRE from a target (no prior experience) and have 2 job offers.
Offer 1: Graduate Analyst role at a Brokerage firm (CBRE/JLL). Rotating across several teams over 2 years. Located in London.
Offer 2: PE with €1.7Bn AUM split across 2 funds. Not investing directly into real estate. They invest in real estate companies (traditional PE). Team of 5. Pan-European.
Goal: I would love to work at a Value-Add/Opportunistic REPE where I'm investing at the property level.
I am unsure which offer to accept and would really appreciate any advice you may have.
Hi RE4ME, hope I can help. Do any of these links cover what you're looking for:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
Sounds like Europe, so keep in mind things may be different there compared to the US. But investing into RE operating companies is fairly similar to asset level REPE (assuming the company actually owns real estate assets and isn’t just a service provider like a property manager or something). I’ve written a couple of posts on this so search “entity level investing” or “corporate real estate” in the real estate forum or something.
Starting out in PE is a huge advantage. Doesn’t matter how amazing your sellside role is, kids who are already in PE will likely have a leg up on you.
Edit: found the thread https://www.wallstreetoasis.com/forum/real-estate/repe-entity-level-investment
Much appreciated!
PE firm - no debate. €1.7BN AUM across 2 funds is a decent size for Europe, and if it's across 2 funds presumably it's a relatively new fund so has growth potential? Doing corporate level investments will be helpful for future recruiting - you'll still have a reasonable grasp of asset level issues so can do more traditional REPE in future, while also having potential to go down more traditional buyout funds if you prefer that.
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