People who moved from large IS/BB-type firms to a small REPE shop, what has been your experience?
Currently an analyst at a large sell-side RE firm in London and I have the opportunity to move to a new REPE fund headed by a very small team with an "exceptional track record" and less than £100mm of committed capital. No RE ownership yet but apparently have a solid pipeline.
Haven't given an answer yet but keen to understand the experience anyone has had making a similar move (e.g. risks, rewards, what to expect, what surprised you, etc)
Thanks
Not a great time to be jumping ship... particularly to an unknown and unproven shop with no revenue, limited capital, and a pretty limited pipeline in the near future. That said, folks with can make or lose a fortune in times like these... not a risk I would take just yet without the possibility of a bailout from the bank of mum and dad.
it's not all about the size of the firm, it's about the leadership and track experience. you'd be surprise how much you learn from the ownership side and the intricacy. and it will help you when you decide to launch your own firm if you want to do so. that being said. wait out the storm until there's more clarity with the market. best advice is work as hard as you can and save money.
Thanks this is helpful insight. I do believe that I can learn from them.
Separate question: how should I be thinking about promote/carry?
Every shop is different. Just ask and be transparent. How the comp. structure works at various levels (base, bonus, co-invest opportunity, promote/carry, etc.)?
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