Curious what the best alternatives for someone looking to get into REPE but does not necessarily want to do IB. Current soph at a non-target looking to live in NYC post-grad. What is the best and most realistic path in terms of early career exposure, pay, and exit ops.
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Investment sales and debt/equity advisory at top brokerages places quite well into MM REPE.
If you’re looking to get into MFs/HFs like BX/KKR/Sculptor, Eastdil/BB/EB IB almost required.
Top students at target schools can sometimes go straight to MFs, but since OP is non-target in this case you’re right.
Where does cre banking/ lending fit in this
Mix of target and non-target. Typically depends on the region. Ie Texas offices won’t have young Harvard people walking around and will have UT, A&M, SMU people instead.
BX rarely takes professionals from Eastdil. Most common method is working at REIB/REPE then lateraling over. Most BX RE professionals started as interns then advanced up, very few lateral opportunities and most candidates come from peer funds (have never seen Eastdil but could be wrong)
The most serious and reliable path is Eastdil / REIB.
You could also go directly into the world of small REPE shops (much easier hours, pay up to almost as good), but it’s much harder to work your way to the top of REPE if you start there.
When you say Eastdil is that including investment sales as well
Eastdil is investment sales. They call it “real estate investment banking / investment sales” but it’s just their main operation.
This is wrong. Eastdil has investment sales (asset sales and portfolio sales) as well as investment banking services (capital raising, M&A, recaps/cvs). There are separate teams for each service.
What type of non target? If it's a school like UNC/SMU/Baruch with a respectable finance program you can get MM REPE if the economy improves. Right now top targets aren't even getting REPE interviews
I strongly recommend looking at the NYC developers: RXR, Brookfield, RFR and the like.
Assuming you have a strong GPA, this is the best outcome — spending a year or two at a shop like Marcus & Millichap doing brokerage work won’t really move the needle for you in terms of skill set.
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