Received an offer for a UMM debt shop expiring this week; good rapport with the team. Also passed modeling test with a MF (think Blackstone/Starwood/Brookfield) but for their AM team, and have their final round next week; also good rapport. Also have a couple other UMM equity processes but still 2nd round. Ultimately want to be on the equity side at some point, and was wondering if the other potential offers would be worth reneging over (which I personally would rather not do)?
EDIT: Went with debt fund and dropped other places - on balance will be a much more interesting and fun experience.
What shops are UMM for REPE?
Not sure about specific boundaries, but top 20 PERE real estate debt fund in this case
I would take the debt fund all day. This isn’t banking. Nobody cares about the name on your business card
You don’t have any other offers. Take the debt fund. Imagine ending up offer-less
Accept offer, and then reneg if you get a better offer. It sucks, but it has taken me YEARS to learn companies have zero loyalty. Do what is best for you.
This.
OK thanks I guess I will do that and find some BS excuse if it comes to it. Any thoughts on doing the AM route just because it’s a MF to try and lateral to acquisitions later?
My fund (one of the MFs you mentioned) say it is very hard to lateral to acquisitions early on (within 2-3 years) but after that, if you're performing well and the team like you, they will definitely oblige. Also, interesting you had modelling tests for the MFs, I interviewed with 2/3 of those and didn't have any modelling tests out of university.
Good luck with either choice though - both sound fantastic.
DEBT FUND
Thinking of "UMM" vs "MF" is fairly ridiculous in real estate (I mean, I doubt I or most could even spot the difference.... or care if told).
So, if you like the offer in hand, take it. Debt funds are awesome places to start, you can do other stuff if you really feel like you must (why is another question).
Is it end of the world to "renege"... not really, but do it based on the actual job! NOT firm name! That is just a horrible way to make career decisions in this space.
.
I’d prob go debt fund for my personality of working on new deals consistently, especially if it’s a top fund. You’ll also get a glimpse at what everyone in the market is doing, where dollars are going and potentially build relationships with outside shops. Asset management is pretty boring to me. I’m currently in equity acq, but did a rotation in debt before
+1. Asset Management sucks ass
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