Portfolio Management to Investment Role?
I've been offered a RE Portfolio Management Analyst role at a MF. My end goal is to end up in real estate private equity (maybe debt, but I'd really rather be on the equity side). Basically an investment seat. What is the likeliness that this could turn into an investment role within a year (max two)? I'm talking about transferring internally or even talking to other shops to get into a top tier re pe firm. Or would I be better off going into a brokerage/ banking? The offer seems pretty interesting and my thinking is that I can show my worth in a role and transfer within. However, how often have you seen this happen?
My former boss did PM and is now in AM (more senior title), but still not in the investments team (which he wants). This is one concern -- that people may think the skillset is not as transferrable and someone coming from IB has more deal experience/ relevant skillsets. Let me know!
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At my firm, PM team is considered part of the "deal team." They are very interconnected with both AM's and Acquisitions. Mobility is definitely possible, but this will depend on the firm. One of the heads of my PM team started on the AM side, and the other head started on the acquisitions side. PM can interesting depending on what you're wanting to do.
Thanks for the insight! Just to clarify without saying your firm, are you able to say the type of firm you're at? MF, mid-market REPE, specific geography only investor, developer, etc.? I'd assume it would be similar amongst the types of funds at least. Thanks!
Pretty large REPE that Invests nationally, all product types, not MF but competes with them often.
Generally speaking, at the large funds, it is really hard to move internally without someone very senior helping you out as a lot of places have an unwritten rule about not scalping your own talent. I wouldn’t count on it being easy to transfer after a year. And honestly, if you are planning to exit a role before you even start, then that isn’t a role you should take. Why be miserable for a year to maybe get a chance at what you want. Go for it now
I agree with this sentiment. However, a lot of people write off other roles with the mindset that they ONLY want an acquisition role. It's very possible that you enjoy your PM role, or find that you may like an AM role more or something. I've seen people even move from acquisitions to the capital raising/investor relations. If you think you might enjoy it, why not try it?
This might be another reason to take the PM role. However, I did an internship where I got a taste of PM work and it wasn't the greatest (although the firm itself was a bit too slow for me, that could have been a reason). I've always found investing interesting and got into RE. Really would like to get into RE acquisitions at a tope firm, and this could be a way in. I might have to have another conversation with them about my intentions though.
Early in my career, I took a dual PM/AM role thinking that at some point I would want to try out acquisitions/originations (but I was in no way planning on leaving after a year if I couldn't internally move). After a few years, I realized that I liked AM and haven't looked back.
Career planning is great, and type A finance people do it to a large extent. But if you know that it isn't even a remote possibility that you are going to hang around or like a job/and are planning and exit before you even start, taking it for prestige or whatever makes no sense to me.
What do you mean by not scalping their own talent? Do you mean that a junior really needs a senior to vouch for them and help the transition? Completely agree with your last comment. But my rationale for PM compared to say banking is that it's within an investment firm (learning by just being in the environment), great brand, and the ability to lateral within.
I mean transferring internally is difficult because of politics.
Example: Duane steals Paul's analyst. Paul said he was okay with it, but now has to do extra work while he hires/trains a new person, which secretly pisses Paul off (as he already trained you and since you were useless for the first 6 months, he only got 6 months of return before Duane stole you). Fast forward another year and the analyst is up for promotion, but both Paul and Duane are on the promotions committee. How do you think that plays out?
Now, could it go the other way where Paul is genuinely happy for analyst and everything is fine. But I've seen the bad scenario happen more than once and never seen the good scenario.
And in general, HR likes to not have senior managers pissed off at each other. hence the unwritten rules about not taking people from other groups.
What did you end up deciding to do and where are you at now/what are the next steps for you?
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