Currently an associate in commercial RE at BB bank (working on asset mgmt and origination). Have enjoyed RE-specifically the origination side. Looking to pivot to something more dynamic and am debating between CMBS and REPE. Understand there are pros/cons to both but would love to hear the opinion of someone who has experienced one/both. Thanks in advance.
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split the difference and take a job in mezz!
Go to a debt fund where you get the best of both worlds
What makes a debt fund the best of both worlds?
I think he is just pointing out that you can work on the debt side of REPE (i.e. a debt fund). Your setup of CMBS vs. REPE is setting up a more narrow part of the debt lending market against at broad set of strategies/firms (i.e. REPE isn't so defined). So you could work for a debt fund, the private equity equivalent of a lending strategy.
This is a great way of thinking about it, especially if you're early on in your career. Not to knock CMBS - It's a great position if that's what you want to do, but will likely provide less flexibility
I came from cmbs, moved to debt fund... I think cmbs is great, but once you're more senior... its very much more kill or be killed (also pretty vanilla at points). These are they guys flipping to another BB or non bank CMBS group every other year and are often first lay offs in shit times (ie. right now). But comp can be bananas if you can kill it.
Nonetheless cmbs, debt fund, and repe all great fields obviously. Would prefer any over a BB balance sheet/commerical group (also comp much better, albeit with more hours)
Can you share how comp compares in CMBS and debt funds at different levels?
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