Over the big shop
For context - 6 YOE total, 3.5 acquisitions (current), 1.5 asset management, 1 brokerage. Currently at $100B+ shop that focuses mostly on Core deals in a HCOL city. $160K base $70K bonus.
Really over the big company and run of the mill Core deals with limited upside / simple business plans. Want to work on higher octane, hairier deals as a generalist across the cap stack with the goal of eventually becoming a Principle at a smaller shop. These opportunities (Senior Associate / VP) seem few and far between and a lot want that 2 years of IB experience. Anyone made similar pivots that can shed any light on my situation?
You're at a $100b+ AUM shop and can't find a smaller shop to come in as a Director+? By "smaller" do you mean $30b because you're not going to find the sort of entrepreneuria, generalist lopportunity you're looking for at >$5b-10b... Try a $1b-$3b AUM operator where you can be a Director/VP and work on smaller $10mm-50mm value-add/development deals in an acq/AM function. None of the smaller shops require IB experience at all and would actually value your (highly) institutional experience.
Thanks for the reply, exactly the kind of feedback I’m looking for. I mean the latter, ~$5-10B shop or so but not necessarily thinking an operator, thinking specifically smaller REPE companies that maybe act more as capital allocators.
Separate but relevant point, I think a lot of the traditional food groups in RE are played out and the best way for smaller investors (which I hope to become) is to invest on the periphery of what’s mainstream (ex. IOS or MH 5 or 6 years ago) or to take on more risk in distressed deals, unloved asset classes, etc.
Curious to hear your thoughts.
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