Principal-Side NNN Exit Opps
Hey y'all, have seen a few old posts about net lease exit opps from a brokerage perspective, but not the principal side. What would potential exits look like from an NNN fund that covers both construction financing and equity (both development and acquisitions). If helpful, this is an institutional team with a ton of dry capital, and a strong roster of JV partners. Ideally looking to get deal reps in over the next year, before exiting to a generalist REPE seat, or special sits role.
Based on the most helpful WSO content, transitioning from a principal-side NNN (triple-net) fund with exposure to both construction financing and equity (development and acquisitions) offers several potential exit opportunities:
Generalist REPE Seat: Your experience in both development and acquisitions, combined with deal reps, positions you well for a generalist role in real estate private equity. Highlighting your ability to underwrite deals, manage JV partnerships, and handle both equity and debt structures will be key.
Special Situations Role: The exposure to construction financing and equity, especially in a fund with significant dry powder and institutional backing, aligns well with special situations roles. These often require a deep understanding of complex deal structures, distressed assets, or opportunistic investments.
Development-Focused Roles: If your experience leans heavily on the development side, you could transition to a development-focused REPE shop or operator. Your ability to manage construction financing and JV relationships would be highly valued.
Acquisitions-Focused Roles: If acquisitions dominate your experience, you could target acquisitions teams at REPE firms, particularly those focused on value-add or opportunistic strategies.
Debt/Structured Finance Roles: Given your exposure to construction financing, you could pivot to a role in debt funds or structured finance teams, especially those that focus on mezzanine or construction loans.
JV Partnership Management: Your experience with JV partners could also open doors to roles that emphasize capital raising, investor relations, or managing institutional partnerships.
To maximize your exit opportunities, focus on building a strong track record of deal execution, showcasing your ability to navigate both equity and debt sides, and leveraging your institutional team's reputation and network. Networking within the REPE space and tailoring your pitch to highlight your diverse skill set will be crucial.
Sources: Career Advice: Acquisitions vs. Development, Debt and Structured Finance Brokerage Exit Opps, Moving from Appraisals to REPE Acquisitions?, LevFin to Infrastructure: The Need to Build, Investment Sales Vs. Debt/Equity Brokerage
Interested as well!
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