Recently Joined a Local Developer (Canada)
I have about 7ish YOE previously worked at an institutional REIT however given then layoffs that took place last year I did a bit of consulting.
Just recently this year I secured a director of investments role at a developer. It’s a small family office that pays fairly well. However it’s not as sophisticated when it comes to decision making and investment decisions.
Will it be possible for me to transition back to a institutional investments role?
Based on previous WSO threads, transitioning back to an institutional investments role is definitely possible, especially given your background and experience. Here are some key points to consider:
Crafting Your Story:
Addressing Potential Concerns:
Networking and Positioning:
Targeting the Right Roles:
Additional Considerations:
By strategically positioning your experience and addressing any potential concerns head-on, you can make a compelling case for your return to an institutional investments role.
Sources: Direct Invest to FoF/Co-Invest?, Switching from Big 4 to Acquisitions: My Story, Getting Your Foot in the Door in Development, Move from Accounting to Real Estate - is it possible?, Dream Jobs in CRE
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Seems to me like you're in a position where you could increase the sophistication at the firm (which could be a big value add/fast track to promotion), but if you're really vying to be back on the institutional side, I don't see why not.
This is good to know however do you think it’ll be a challenge? And if so how I can best address?
Aren’t you a director and is responsible for the decision making?
If the place pays well and decisions can be made quickly / back of napkin, sounds like a dream to me.
I think what you’re really trying to say is that you want more prestige and brand name.
However decisions are not rational at times. That’s where the issue is. The fund can grow quite a bit if dispositions are made and recycled but the principal does not believe in selling.
That doesn't mean it's not sophisticated - exponential growth of AUM may not be their goal. There are plenty of non-institutional shops that are happy to buy a couple deals a year and slowly increase their holdings because they like their existing size and the space they play in and don't want to deal with the problems/hurdles that come with running a bigger org.
You're actually in a position where you can add a layer of sophistication to the shop which can be a huge value add. What you need to figure out is if your definition of "sophistication" is actually sophistication, or if it is what typical institutions do in the name of being "sophisticated" that really adds almost no value and just bogs down processes with additional paperwork, boxes to check/red tape, and reporting.
I made a similar leap a while back. Personally, I love having made the switch and don't think I could go back to the institutional world. However, I think if I did I would be much much better at that job. I think when you are at a larger institution, you are really focused on capital allocation, legal, financial terms, etc. That's all very important obviously, but I really didn't appreciate how disconnected I was from the actual real estate until I made the jump. I guess it would take me some time to get back into the swing of things, but I would have a frame of reference that most people at an institutional shop just don't have.
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