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Why would you want to leave operator to work for an allocator? Genuinely curious
Firm is not very active and capital constrained. Under paid, lack of learning and growth.
This isn't banking, "exit opps" aren't a thing at that level.
You should work at a place where you enjoy what you do and feel you are compensated appropriately. Not every job is a stepping stone to the next place, and you'll find that you wear out your welcome really really quickly with that attitude.
Making a lot of money in real estate comes down to carry. The only way you'll get it and vest it is if you're employer thinks you're going to be around for the long haul.
That would be generally true, except I’m significantly underpaid, and the firm is not doing very well. Operations is a total mess. Existing LPs are not happy, and no more capital is coming in. My carry wouldn’t be worth much, and there is no real bonus. Been there for a long time and there is no real growth or learning op going forward.
Well one could definitely quibble with the "underpaid" part, that isn't so simple.
Look, if you're not happy or feel you're underpaid, you should leave. I just think the rhetoric around "exit opps" is kind of ridiculous. Go find a job where you're busier and the firm has better prospects. All well and good. But talking about exit opportunities implies that you're only where you are so that you can move up the ladder, as it were, and that also implies that's what you want at the next shop. That may not be true for you, but it certainly seems to be the mindset for lots of junior people who post on WSO and I think it's a really corrosive concept. If your firm isn't treating you the way you want, leave... but the way to really advance in CRE is to stay with one firm for a long enough time to build up responsibility and carried interest, and then maybe do your own thing eventually.
Based on the facts you've laid out, I would be on the way out too. Sounds like carry isn't worth much and future pipeline shaky at best if investor relationships have soured. I think you can go to an allocator if that's what you want to do, just focus on pitching your much better ability to vet GPs/dev deals since you have the nuts and bolts experience. As long as you know how to negotiate JVs (which I'm sure you do) you already have more useful experience than the monkeys rinsing and repeating IC memos for the same deal type over and over (speaking from experience, I used to be this monkey). Otherwise you should be able to land at another GP/sponsor but that will understandably take longer as that involves carry convos/negotiations/fit which is just harder to find I think on the operator side.
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