Moving to a different fund - how tough is it right now?
ASO at a LMM/MM debt fund in NYC checking in. I'm in originations, but my role has shifted heavily towards IR and portfolio management (workouts) over the last year. On the deal side, I've almost exclusively worked on wonky, structured transactions (think platform-level equity investments, land loans with equity kickers, etc.) where I run point on structuring, execution, and back-end asset management work.
The goal is to move upstream to an UMM debt platform that has a mix of traditional and high-yield capital, but starting to worry I'm falling behind my peers in originations, because of less closing reps (think $250M closed in ~2 years). A few questions:
How hard will it be to move without a name brand on my resume?Realize this may be firm-dependent, but do UMM shops care more about deal volume or complexity?
All input would be appreciated!
bump
250mm is how many transactions?
It sounds like you have been reasonably active over the last 2 years, so assuming that 250mm wasn’t like 2 transactions, then you should be fine.
8-9 deals total across multi, hotel, condo and industrial
As long as you can actually speak to those deals in detail (and hopefully even led one or two), then once hiring opens up a little, you should see some pretty decent opportunities.
My advice is to start networking now. You will always get a better shot if you know people at a firm than if you are a cold call.
Bump! Also interested
Extremely difficult to move due to the lackluster RE hiring market
What does the RE hiring market look like when the market is doing good? is it just a lot more postings and easier?
In 2021, people were getting offers left and right with $$$ signing bonuses. In a good market, you can jump from debt to acquisitions, hotels to industrial, LMM to UMM etc somewhat easily. Now, there are 2K apps for a single job paying under market
How are you feeling about the market in 2026?
Like a dog taking a shit and then accidentally stepping in it
Are you actually in the industry yet...?
I honestly think this is even understating it. There were people with no real estate experience getting hired into acquisitions roles at sizable firms. Pivoting to/from debt/equity, AM/acquisitions, sellside/buyside was ridiculously easy and basically guaranteed.
Now no one will even interview you unless you do the same job at a competitor or a better firm (in which case, why the fuck would they leave, c’mon recruiters).
Man it’s tough out there - I’ve been hitting the networking hard this year and I can tell you that nobody is happy even in industry’s outside of real estate or finance. Everyone is getting squeezed to do more with less.
If you can find something take it but I’d expect to strap in for the next year or to and ride out what your doing. Once whatever market cleansing that’s happening now comes to an end we’ll all have a shot at some big pay checks promotions if we can stick it out.
You’re fine. Seriously. I’ve closed 1 deal in the last 5 years. I’m at a super low volume firm that can survive doing 1 deal every 3 years. Alas - hasn’t worked out like that but we are still here.
bump
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