Trying to break into REPE from RE Permanent Capital
Hi All,
I work for a permanent capital firm that invests across the US. I am trying to make the jump to true REPE. We raise on a deal by deal basis and operate as a co-investment platform.
Currently an acquisitions associate with about six years of experience. The first four were in more of a public markets role, then did one year on a structured products desk focusing on mbs/cmbs. All of this taking place in the same major market.
Currently the team is extremely lean and I report to the CIO. In my two years here we've closed ~$900M in transaction volume.
I know I am not in a bad spot by any means but this is something I want to do.
Two questions:
1). Any advice other than networking / B-school to get this done?
2). What are some potential hang ups you could see me running into?
Thanks!
I hate how this site creates the impression that you have to go to top school -> top bank -> top MBA, to finally get into private equity. Some firms are prestige whores and won't hire you unless you follow this route. But I would argue that there are a lot more REPE shops that just care that 1.) you can get the job done and 2.) they like you. Given your background, I think you are well equipped to move to REPE, so my advice is just keep networking and applying. Just be ready for a modeling test as this is usually the make it or break it.
So are you working for a firm like Invesco/PGIM/Clarion? Making sure I understand what you mean by "permanent"... and thus you want to join more of high-yield, closed end platform ala Blackstone, KKR?
I would think with 6 years exp, you would only want to jump for promotion/major raise. I am not sure what issues you would have, this would be an experienced hire situation so you would be judged on abilities, track record, reputation, etc.
That said, lack of top grad degree could be a holdback for the 'top tier', so if you wanted to go that route it would sound plausible.
In all fairness, at this stage you should be making strategic moves.... not targeting some basket like "REPE". You report to the CIO and are doing real deals from what it sounds like. I don't think you should be thinking like a "jumper" for exit ops. Going to B-school could be very strategic, but not your only route for sure.
Yeah I’ve never heard of “permanent capital” in this way? A permanent loan, sure. But that’s it. No idea what you do.
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