Megafund AM vs. Regional Dev. offer
Hey all,
currently just got straight out of undergrad AM position with MF (think Blastone/SW/Brookfield/HInes) focusing on one asset class and another from a top regional developer but with no brand name.
My long-term career goal is to work in acquisitions for a while then transition to development.
Will I be pigeonholed if I pick the AM postion focused on one asset class or will there be opportunities to advance to acquisitions (applying to positions outside of the firm) without a graduate degree because of the brand name? I looked on LinkedIn and I'm not sure that many people were able to make the transition.
Any help would be appreciated
As a junior: Jack of all trades / generalist > Ace/ specialist -> got to figure out what you want somehow
Senior roles: Jack of all trades / generalist = Ace specialist -> good at what you do and will probably have the time to really become an expert in 1 to 2 sectors.
Acquisitions is volume and helps with understanding investment rationale, structuring, and legal. AM is how the sausage is made with executing on a business plan (*caveat being you typically work on same 15-20 assets that could be a singular asset class).
Another thing to consider is strategy. Working on a strictly core portfolio all your career does not expose you to the hairer side of real estate where you get thrown into the weeds. You don't now what you don't know until things go south usually, then you break out the legal docs.
Also, the small shop vs big shop argument.
My take, big shop early on for branding and exposure (ideally core + opp fund on a multi-asset class platform). Big shops tend to be silo'd, so you become good at your defined role. Big shops entail established processes and formal approvals (lots of levels to navigate through, so takes time to expand your role). For me, I chose to transition to a middle-market, well-capitalized firm with good volume and caliber (run lean, so process and react - exposure to upper management with quality experience). Exposure to all things process - acquisitions, AM, PM, legal, accounting, relationship building, etc. Helps establish the foundation of "putting a deal together".
Asset management sucks ass. Sounds way cooler than it actually is
AM - > WLB + Comparable comp to acq. + Long-term mentality + Feeling of influence/control on performance + Understanding of the "real estate"
Acquisitions -> Fast paced "Deal maker" + Comp + Expposure/Critical Thinking (Develop the investor mentality) + Volume relationship building
Echo this. AM can definitely blow.
How hard would it be to transition to acquisitions if I took the AM position straight out of school?
At the same fund it would probably be decently hard to transition from AM to Acquisitions, but probably not hard externally
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