Can you get pigeonholed if you start off in a pension fund and want to move to a REPE shop? I imagine it depends on how much direct investing exposure you get at the pension fund but just wanted to see if there was pigeon-hole risk.
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Based on the most helpful WSO content, here are some insights regarding the potential for being pigeonholed when starting in a pension fund and wanting to move to a REPE shop:
Direct Investing Exposure: The risk of being pigeonholed largely depends on the amount of direct investing exposure you get at the pension fund. If the pension fund has built in-house capabilities and you are involved in direct investments, this experience can be valuable and transferable to a REPE shop.
Dis-intermediation Trend: There is a trend towards dis-intermediation, where sources of funds invest directly with sponsors, bypassing intermediaries like REPE allocators. This means that if you are involved in such direct investments at a pension fund, your skills may be more aligned with those required at a REPE shop.
Work-Life Balance and Compensation: While the pay at pension funds might be slightly lower (around 20-25% at mid-level) compared to REPE shops, the work-life balance is often better. This could be a consideration if you are weighing the benefits of staying at a pension fund versus moving to a REPE shop.
In summary, the risk of being pigeonholed depends on the nature of your role at the pension fund. If you gain significant direct investing experience, transitioning to a REPE shop should be feasible.
Sources: Am I Misguided In My Belief That I Would Rather Transfer out of REPE and Into Capital Market Brokerage?, RE at Pension Funds in Canada - What do they do?, Non-Target Construction to MF REPE - 14 Years Later, From Greystar to Top REPE, Anyone start in RE and end up leaving for another industry?
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