Q&A: REPE Analyst

Question

Started in Agency Lending at Big 4 Brokerage. Recently transitioned over to the PE side of the business doing asset management. Happy to help answer any questions about the transition, previous job, current, or whatever you have.

water.cooler.capital · Accepted Answer

Sure thing.

Was asked to walk through different modeling metrics (DCF, IRR, NPV, etc).  Then to explain a typical debt structure, sizing on an LTV and DSCR basis.  Talking through pieces of the spread, mortgage constants, and some other high level stuff.  Turned out to be much lighter than I thought (was expecting a full blown modeling test and case study, but I think they skip that for some and require for others).
Shockingly, the ability to figure stuff out on your own.

PPT_Juice · Answer

Everyone's favorite question - comp over time?

water.cooler.capital · Answer

Yes, same market.  Major enough... but no NYC.
Yes, around 2 years.
Not MF focused, we do everything.
Think I saw a lot of crappy deals on the debt side.  There is just so much always coming in, and you start to realize what the big differences are in quality.  Don't know enough about equity of IS to speak intelligently about the differences, but think those roles would be a lot more transferable in terms of product quality.
Was looking for the next thing to learn honestly, just knew I wanted to be on the private side 4-5 yrs down the line.

water.cooler.capital · Answer

Not an expert by any means, but know a bunch of guys that moved into REPE from IB (M&A, Restructuring, RE groups on the street, etc).  My firm, and many others on the larger side have a strong amount of employees that worked for banks, but I think some of that limits their ability to hit the ground running, especially if they weren't RE focused.  That said, internships aren't weighted the same, not even close.  You'd be fine with M&A on a resume, as long as it isn't some strip mall firm I'd think.  Other RE internships for a direct move to REPE would be REPE.

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Q&A: REPE Analyst

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Q&A: REPE Analyst

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