Curious - for those working in REPE how they view candidates from outside backgrounds, such as a REIT, developer, owner operator, family office, etc.I started at a prestigious Family Office that managed outside pension capital, made a jump to a REIT, and now it seems I'm having trouble moving back to the private equity side. When interviewing, I keep receiving the feedback that "they are looking for someone with more of a PE background." Am I daft to why they are passing, or is REPE vs REIT at the Director/VP level really that different?
Trending Content - Real Estate Forum
Career Resources
Hope not lol. I work in REIT acquisitions and want the flexibility to go REPE if needed.
I may be wrong here but it sounds like from the feedback you’re getting, the firms you have spoken to may be targeting more of a traditional PE background.
Additionally it could be different at the director/VP level but I have received plenty of interest from a few repe acquisitions teams despite working out of a life company’s debt platform for the last 2 years and investment sales analyst experience prior to that. At the end of the day a REIT is just a tax structure, as long as you have worked on relevant deals, I don’t see why a hiring firm would care about type of firm where you’re currently employed.
The thing to keep in mind with working at a REIT is they often underwrite to a different standard than REPE. Given they don't need to return equity to investors in 5-10 years like REPE, they may not undertake as aggressive a business plan as REPE. Likewise they may pay all cash and backfill, so on the acquisitions side, you may not be as exposed to the financing side. I worked at a REIT and our model was far simpler than what we use now.
Consequuntur provident rerum quia nulla accusamus ut. Omnis fugit velit est ratione cumque non. Eligendi voluptatem animi omnis non vel voluptatibus voluptatem quod. Est ab consequatur repellat dolorem eveniet rerum. Culpa velit nam eos magnam at in delectus.
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...