The brutal truth is that breaking into real estate private equity and acquisitions right now feels damn near impossible.
The supply-demand imbalance is insane. Firms know they hold all the cards, and they are squeezing candidates harder than ever: endless interview rounds, case studies designed to break you, modeling tests that swallow your weekend, and a process where one wrong keystroke can get you cut.
And here’s the kicker. Big platforms do not need armies of juniors anymore. AI, automation, and tighter processes mean they can run leaner than ever. Fewer hires, smaller teams, higher standards. The funnel is razor thin, and most people will not make it through.
That is the reality.
I am an acquisitions analyst at a $79bn global real estate investment platform, and I know how brutal the climb is because I went through it. I also know what the job really looks like once you are in the seat.
Ask me anything. For example:
- How do you actually stand out in a market where everyone has the same resume
- What firms are really looking for when the talent pool is oversaturated
- How to survive the ridiculous case studies, modeling tests, and IC prep gauntlet
- What the day-to-day is like once you are in acquisitions at a big platform
- Where the industry is heading and whether REPE is still worth the grind
- Anything else on recruiting, careers, or real estate investing
If you are frustrated, burned out, or just want an unfiltered perspective on how to break in and survive, drop your questions below.
Cheers!
Could you answer the first two questions you posed?
For sure man, pretty long winded answers but hopefully helpful!
Q1: In my experience grades are just table stakes. You need them locked in but they will never be the thing that gets you hired. What really matters is two things: building your CV step by step and being relentless with outreach.
On the CV side, internship stacking is really importnant. Most people do not go straight into a top global REPE shop. You start smaller with local developers, boutique investment firms, corporate finance or various advisory roles. Each step gives you a story, some experience, and a slightly stronger brand on your resume. You build credibility over time, so try to land more recognisable names as you build your way up.
The other side is outreach. When I was recruiting, I set myself the goal of speaking to at least two to three people every week, usually juniors and associates since they were closest to the seat I wanted. I targeted people at the firms I liked, and also made sure to reference any mutual connections or shared background points (country, school, internships, sport etc). And I ended up speaking with a lot of people, far more than I expected when I started. The truth is that people are more willing to give advice than you think, as long as you are respectful of their time. Sometimes it was a coffee, other times it was just a quick fifteen minute call. Either way it counted, and it helped establish relationships with people that have muhc mor einfluence over hiring than HR department have.
The best example of how this pays off is my current role. Two years before I joined, I cold messaged someone at the firm. We met, kept in touch, and eventually became friends. When he left his role, they brought me in as his replacement because he pushed the referral. That opportunity would never have come through a cold CV drop or standard online application. It happened because I took the initiative and built that relationship, years before the role came up.
So if you want to stand out, focus on both. Stack internships to show progression on paper, and be relentless about networking. Do that consistently, even when you're doing those internships, and you will eventually break through the painful CV rounds.
Q2: From what I have seen it comes down to two things: fit and competence.
By the time you are interviewing the assumption is that you already look good on paper. What firms are really trying to figure out is simple. Do I want this person on my team, and can this person actually deliver when the pressure is on?
For me that meant making the technical side automatic. I spent weekends working through case studies and building models until it felt natural. You need to get to a point where you can open Excel and build out a deal without second guessing yourself. That is the standard, and it is also what your life will look like once you land the role.
Fit is the other side. And you should not overcomplicate it. Be likeable. Be normal. Be someone they can picture sitting next to at 10pm without losing their mind. If you combine sharp technicals with being easy to work with, you will stand out from the sheep.
Hope this helps!
What kind of AI are you seeing being deployed at your firm. I'm at a much smaller firm, ~4B so don't really see too much AI use, other than the general chat GPT fix my formula stuff.
Yeah currently Copilot / GPT are making our deal team at least 3x more efficient. Incredibly useful for IC memos, complex modeling, translating docs, legals etc.
We also have AI built into excel that generates first draft IC decks which we can then go in and fine tune.
The need for analysts as we understand the role will fade away quite quickly. Firms will only need a few to manage the AI and pick up on mistakes etc. Crazy times!
Having lots of issues with AI and real estate returns / formulas. Had a deal just now where I tried to get it to calculate equity multiple and caught it forgetting about financing lol... see copilot response below...
"You were right to use the net-of-debt version for a leveraged redevelopment scenario.
Thanks for catching that — would you like a quick template that calculates both versions side-by-side for future deals?"
How do you use Copilot for complex modelling? Not sure if my firm's license is too basic and/or we just don't have adequate training, but it seems useless for us.
Can you provide an example of a complex modeling scenario that Copilot helps you with?
What advice would you give for question #3? I’m looking to break into REPE from a CRE lending role btw
You need to start modeling deals on your weekends until it becomes second nature. Of course, try to find people in your market that have done the case-studies and still have them on hand. Another thing I really enjoyed doing was going on local broker sites and underwriting apartments / townhouses that could be converted to short-stay Airbnb / guesthouses (value-add). Became a fun way to build out a lot of models, fundamentals are very similar to institutional RE - just less complex on scenarios, taxes and structuring side. By the time you're in case-study rounds, it should come quickly and naturally. If you want to work in REPE you should absolutely enjoy this, because most of your junior life will be in excel (based on my experience, and especially in acquisitions).
Hello! Have you heard about the Bybit program going on with Fidelity Investment and can I share a profitable idea with you?
Thanks for doing this. I have been in investment sales at CBRE/JLL as well as a regional group for 2 years. Could you speak to how candidates from my role are viewed from your group. May you also please share a bit about your day to day? Thank you!
Not OP, but I'm at a MM debt fund in the US. We don't hire from brokerage, but YMMV. Preference is either to pick up juniors from IB, ABL, or corporate credit.
UMM / MM sized Debt Funds are a dream of mine - would you like to expand a little more on corporate credit? I currently work in CRE lending.
lol OK so you're either at KKR or MSREI
Bro wanted to flex that he works at TPG. Congrats on the offer man!
Could you answer the third question?
Just for some context, what is your YOE as an 'analyst' that did a 'brutal climb' to get to that position?
If you have less than 3 YOE, how are you so sure that what you (and everyone else) is experiencing in the job market is not just the typical bear cycle in a high interest rate environment? Why are you so sure something secular / structural has changed and permanently upended the job market for real estate employees?
Genuinely curious, thank you.
Thanks for sharing this! Wondering if you can speak to how a candidate with ~90% OpCo experience (more GLL under REGLL umbrella) should approach discussing real estate interest and experience in interviews. Any insights?
Thanks for doing this. Other than the typical modeling (calculating NOI, unlevered, levered returns, waterfall etc) what goes into REPE case studies? Is it something where you get a CIM and have to discuss the rationale?
“I am an acquisitions analyst at a $79bn global real estate investment platform, and I know how brutal the climb is because I went through it.”
“The climb”
Acquisitions Analyst
Hilarious, but sadly true lol. I found it 10x harder to get a job than to get continually promoted.
Try the 15 year climb to MD, spending 6 months getting an analyst job is nothing
Analysts doing Q&A now… site is cooked
These are the kids who seek all their validation and prestige through work and make everyone else's life miserable when they become senior.
Cap markets at a similar size platform and the work is so much easier for the same pay!
Shouldn’t the Q&A be done by a hiring manager? Tells you what you actually need to do
Do you have any good practice resources for case studies and modeling tests?
The REPE grind at the moment feels like survival of the fittest, which is brutally honest and spot on.
U are so tuff wow
Honestlty candidates need to utilize deal control to bully their way into funds. It is really hard to do at mega funds but for funds in the 500 - 5B size it is possible to bring a deal to the table as stakes to get your foot in the door.
Absolutely not. I don’t need to hire someone that brings me a deal - I just pay them a fee and move on. My analysts don’t need to be sourcing; I need them cranking on Excel 90% of the time
Nope, this is a fundamental misunderstanding of the purpose of the firm. The firm does not exist to stoke your ego, it exists to maximize value extraction for LPs. By limiting team members you are putting yourself at a disadvantage. I'll keep hiring outside analysts who can bring me deals, you keep paying them a pittance of a fee and we will see who wins. Learning how to identify opportunity is a key trait that needs to be developed among analysts. I am just short cutting that process bu picking up those who have already proven they know how to do this. I can teach excel, the killer instinct is mostly genetic.
bro why did you stop answering questions
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