PM/PR Exit Ops
Have been doing PM/PR for a top 50 PERE firm on their debt platform for about a year. Did FPA for 2-3 years prior, and consulting before that. Curious what exit ops I have.
Happy to answer any questions.
What is PR? (note, not a debt person, so maybe it obvious to those who are..)
What are you wanting to do? Why seek "exit" at 1 year into new field? Are you unhappy with current firm? Or field/role? Kinda hard to really say much with what you posted. Just note that you are jumping through what seems like three distinct fields (consulting -> fpa -> debt PM/PR whatever that PR is). What's the connection? Jumping so fast with such varied resume will take some explaining, and thus needs to be very intentional/targeted if likely to be successful.
Portfolio reporting. It’s basically a FPA role, but at the fund level. A lot of reporting and analysis. Fund modeling and projecting, running different scenarios, putting together investor reporting, answering investor requests, etc. Also, to add, the software at my role is non-existent, so a ton of the work is just trying to keep mass amounts of data accurate and less on the analysis.
I like the industry, but the majority of the role is doing the dirty work acquisitions/asset management doesn’t care to do.
A few things I’d like to obtain-
Overall, I’ve heard and read on here to get out of portfolio management as quick as possible. My company doesn’t care about the job, more just to check a box, so I’m not sure if there’s a future in the role. Acquisition guys and go anywhere they want. Me, not so much. Trying to plan ahead and make strategic moves, which is what promoted the question.
The FPA work I did was at a $10B multi operator, so still in real estate, but not debt. Focused on property income statements with budgeting/forecasting and reporting. The debt aspect still heavily deals with real estate.
Thanks for your input, much appreciated.
To add, the trajectory I sell is consulting as my first job out of school, 3 promotions in two years, jumped to a manager level FPA role, then transition to private equity to run the entire platform’s funds. So I agree, a lot of jumping, but I think I have a good story behind it.
Got it! This makes tons more sense.... (quick FYI, in my world/past equity fund life.. those people were called Fund Accounting, but sounds like same thing or close enough).
So, what it really is you are trying to do is go from "back office" to "front office".... (note, if you titled the post that would, would get a lot more action...). Are you also trying/wanting to go from "debt side" to "equity side"? That seems implied by the above reply but I'm totally sure if that is what you meant.
I'd say the way to do that is look for the most direct/related routes. I would think that would mean going to "asset management" or potentially "originations" (the debt side word for "acquisitions", same thing). So, I guess... network/apply for those jobs! Note, making back to front office switches can be near murderously impossible internally... almost always easier to move firms (sometimes "downshifting" firm type, and if you are at a "top 50" lots of places to land just as good in all reality).
You may also get some looks by capital markets teams (i.e. debt/equity fund raising), especially if they interact with the type of firm you work for (i.e. are a borrower/investee). Still... the work you do will most closely align with asset management, that is where skill sets (esp. the FPA work) will be most valued. Does this mean you are not able to get acquisitions/originations... of course not! Just more of a "jump" to sell, but totally can happen.
You may also want to consider going to grad school (MBA/MSRE/D, etc.), its a way to reset given your "jumps". If you want to get a "top" position (I.e. the type that gets sweated on WSO all the time), that is probably the most realistic route (but clearly not the cheapest or fastest).
Hope that helps!
Thanks for the insight.
I work with accounting to analyze the firms performance, but I’m not booking journal entries. I generally work closer with asset management.
I’d prefer equity, but am not opposed to debt. Do you think it’s too soon to start looking, or will the message be received the same?
One thing to note is I work closely with the head of originations. Both he and the MD/head of the platform get along great with me and have told me multiple times that there is a ton of room to grow (though when the jobs opened, again I wasn’t considered). I even had the head of the equity platform approach me and let me know that the head my platform said I was a superstar at an outing.
The head of originations has encouraged me multiple times to work our head of capital markets, who manages all of our bank relationships/ facility structuring (we originate the whole loan and syndicate the senior piece - sounds like a different meaning of capital markets). The issue is that person doesn’t want to take on teaching me the real estate side and we don’t have a great relationship, though I have continuously tried. Just completely not interested and acts like I’m being forced into the position.
Overall, just confused by the situation but I feel like being passed on the role speaks volumes.
Given that you have been at the firm less than a year, I wouldn't expect you would be considered for other roles internally just yet, time at the firm is one of the logical requirements in many firms (even if just to respect the managers/team you are on). It sounds like you are internally networked well, so keep doing that, its just a matter of need opening up that they think you can fill.
If you go to market now, you may find the job you want at another firm. In all likelihood, you will get most "play" at a lower tier firm (judging this on your "top 50 REPE"), but that "50" is an arbitrary mess (those rankings are pretty meaningless IMHO). Still, at this stage, that is the trade off you should be considering "better job" at "lesser firm" that requires you to give up what potential you may have (only you can gauge how likely and when they will let you do what at your firm.... no way for me to offer guidance).
So, yeah, you could leave now.... and may be giving up substantial lifetime earnings if you were to be successful moving within your form (or to similar/equal) type. Kinda a short term vs. long term type deal. Clearly, you can be strategic on what job you take, but the reality is.... once you commit to leaving, many people stop fighting upwards at their firm and basically foreclose that path (its a personal thing, clearly..).
Not an easy thing to just see the "right" move here tbh, so just do what you see as right.
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