Hi all,
Know the job market is picking up again for traditional PE and was wondering if folks have started hearing of REPE branching beginning to recruit for summer 2025 associate positions in NYC. If so, would love to hear what firm / recruiters. If not, does anyone have a better idea of when REPE "on cycle" will happen? I have talked to several HH but seems like the REPE market has been quiet so far. Just want to make sure I am not missing out. Thanks for your insight.
| +52 | Leave brokerage to be GP | 12 | 1d | |
| +46 | New Comp Database - Google Form (Now with Data Validation) | 24 | 1d | |
| +24 | Seeking Career Guidance in Real Estate Development Post-Graduation | 3 | 2d | |
| +23 | Spreads over SOFR/UST | 5 | 7h | |
| +23 | Going out on your own | 4 | 1d | |
| +22 | REPE/Development GPA | 15 | 4d | |
| +21 | Real Estate = complicated + underpaid | 15 | 1d | |
| +18 | High achiever that doesn’t want to work weekends | 9 | 3h | |
| +17 | Fisher Brothers | 6 | 1d | |
| +17 | MSRE/MSRED with no RE experience; Naive to think I’ll land a job afterwards? | 4 | 5d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Based on the most helpful WSO content, the on-cycle recruiting process for REPE (Real Estate Private Equity) can be quite unpredictable. However, historically speaking, on-cycle recruiting for traditional PE has kicked off in the fall, around mid-October for the 2020 cycle and in early September for the 2021 cycle. Given this pattern, it's reasonable to infer that REPE on-cycle recruiting for summer 2025 associate positions could follow a similar timeline, potentially starting in the fall of 2024.
It's important to stay proactive and keep in touch with headhunters (HH) as they will have the most up-to-date information on when firms are starting to recruit. Since you've mentioned that the REPE market has been quiet so far, it could be that the on-cycle process hasn't begun yet, but it's wise to prepare as if it could start at any moment. This means having your resume ready, practicing for interviews, and networking with professionals in the industry.
If you're looking for more specific information or want to ensure you're not missing out, consider reaching out to your network, including alumni or professionals you've met who work in REPE. They might have insights into when their firms are planning to recruit or could potentially refer you to recruiters who are active in the REPE space.
Sources: What is REPE?, 2022 On-Cycle, Did on cycle just start?, REPE vs REI, Roles Within REPE
interested as well
I'm in LA and have heard associate recruiting picking up for REPE. Not sure about NYC.
I've said it before but I'll remind again for you younger folks. I know times are tough now and a lot of you are probably anxious for a new opportunity, but remember that this is a long game! Picking the right associate position can literally change your life. Not to say your f'd if you pick a bad one, but some of the most accelerated careers I've seen have come from someone getting into the right associate seat and growing with the company for 10+ years. Now is the time to pick the type of shop that is posed to take advantage of this reset in prices. Make sure you pick a place that (1) isn't encumbered by their legacy deals that are s'tting the bed right now, (2) Have a source of capital that is stable and ready to take advantage of this market + ability to grow said capital if you make the right deals this year, and (3) Isn't so top heavy that you will have to wait for years to get your VP/director seat at the company.
I'd also say that if a company is using this market as an excuse to give you a crappy compensation package, there's a high probability they will continue being cheap when times get better. I've learned that lesson the hard way.
I needed to hear this. How do you go about checking which shops meet those criteria? I see headlines on shops offloading portfolios. Is that one way to check? Feels like they are already f'cked if they are offloading now vs. earlier. It's been hard to stay engaged at my current shop...paid 38% below market during good times, got shafted for promotion and bonus this year because "the company didnt make money".
What are your thoughts on taking a portfolio mgmt role or asset mgmt role right now if long term want acquisitions or acquisitions/asset mgmt blend? Take it and pivot potentially in 3-5 years?
Additionally, would you take a sub institutional shop 1-2 bil over an institutionally backed shop 6bil+ if sub institutional shop is a higher position and 40% higher base - all in comp?
How do you vet for a company where they claim they will promote you in your interviews but they've been small for awhile and are expanding now?
If you spend 3 - 5 years in an AM or port mgmt role, it's going to be tough to pivot to acquisitions especially if you're already an associate now. You'll just be too far along in your career by that point. Impossible? Definitely not, but just not a likely path. Different story if you're an analyst and taking an AM associate role for a year or two before transitioning to an associate acquisitions role, but I wouldn't want to get well into my VP years as an AM/port manager and then try to transition to an acquisitions role.
Regarding shop - really depends where you are in your career and what you want to do long term. I'm of the opinion that you should go for the shop that's going to get you to your long-term goals the quickest and require the least amount of jumping around. 40% base comp is peanuts as an associate compared to getting to your ultimate destination a couple years quicker, or even getting there at all. Jumping ship is a costly and stressful endeavor once you're VP level.
Outside of the largest MFs, REPE recruiting doesn’t really have a true on-cycle like traditional PE does. Hiring is more ad hoc, especially given the market. Rather than recruiting 2 years in advance, many REPEs are opting for the 8-10 month mark when they have a better idea of head count, give candidates time to develop work experience, etc. Firms will run processes when appropriate for them and (in my opinion) tend to be less swayed by competitors than in the traditional PE market.
To give you reference, I accepted a MF REPE associate offer for summer 2024 just a month or two ago. Patience and waiting for the right opportunity (vs the first opportunity) is definitely best.
Congrats! Mind sharing your background? Also is this in the US or UK?
Currently in a BB REIB group in NY and the above pertains to the US
Et officiis odio natus. Voluptatem quas sit rem et accusamus. Quisquam quo non laudantium minus. Beatae optio ratione sequi nihil temporibus voluptas pariatur. Earum commodi reiciendis vel molestiae delectus reiciendis asperiores. Minima voluptate nihil expedita. Et voluptatem et possimus voluptatem.
Ex cumque quod ut natus quis sit. Perspiciatis qui repellendus officiis earum eos quo architecto quos. In praesentium sunt possimus itaque architecto magnam optio.
Temporibus occaecati soluta veniam sunt dignissimos fuga a quidem. Qui ad qui aut ducimus voluptatum. Quis doloribus iure nostrum hic aut.
Deserunt voluptates sed perspiciatis autem rerum natus nihil. Eaque possimus occaecati officia et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...