Recently offered a job in portfolio management at a REPE fund (about $1B AUM). It wasn't the original job I applied for but they think I would be a good fit there. From my understanding, once a property is acquired, I would be "managing the investment" (ie. periodically adjusting the models for any new information, changes in assumptions, etc.).
It all sounds good on paper, I guess I am wondering if there is anything I should consider before accepting this position? I come from a different industry/career, so this would allow me to break into Real Estate Finance, something I am genuinely interested in. My only worry is career progression in a job like that - where would I most likely go from there?
Sounds like this could be a great opportunity to break into real estate. To get an acquisitions role right now (assuming that is what you were gunning for) given where we are in the cycle could be difficult. I know many REITs and REPE shops are net sellers this year which means less of a need for acquisition folks. Starting out in Asset Management will set you up to transition to acquisitions in the future.
Some things I would look out for: 1) Would the firm be willing to promote from within? In other words, if an acquisitions job opened up, would they be willing (and have a track record of) looking within? 2) What type of projects will they have you working on? Will you be overseeing the stabilization (the build-out of the property + lease up) of the property as well as the disposition? If so, that is great experience. 3) How active is this company and do they have they had success raising new funds?
Best of luck with the decision! This is a good decision to have!
From your description it sounds like it's more of an Asset Management job? Do you know why they are calling it portfolio management?
At the end of the day, it sounds like a pretty solid RE investing analyst job, so unless you are tucked away at a very small shop in like Des Moines engineering Excel formulas, you should be able to build a good foundation and either move up within the firm or exit to other AM/PM or even acquisitions jobs in the future. Just make sure you are getting some solid modeling experience at this job. By that I mean DCF/cash flow, leverage and waterfalls if possible. Those will help you move up at your current firm or will strengthen an outside move for sure. Will also help in case you want to jump from equity to debt (or from debt to equity??)
Bump, any more opinions on this? Haven't seen too much detail on here about the portfolio/fund level side (reporting, general oversight, asset selection, risk management etc). Thoughts on quality of experience / exit opps?
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