Where are free agents signing?
I’ve heard lots of lots of acquisitions downsizing recently. (Rumor is Mill Creek just fired all of acquisitions - is that place a dumpster fire right now? Lots of developers have left too.) As many shops go pencils down, where are people finding jobs now? Are there other acquisitions roles open anywhere? I’ve seen maybe three solid roles recently on select leaders and LinkedIn and that’s it. I’m still in a seat, but fearful I’ll soon be a free agent as we haven’t bought anything this year.
What are fired acquisitions people doing if no jobs available. Asset Management? Pivoting away? Selling feet pics on OF?
Mill Creek is absolutely a dumpster fire. I'm not sure how the money shakes out currently, but about a year ago the boomers were owed more money than the entire collective value of all current deals and the pipeline company-wide. Hitters realized they aren't going to make anything and that working your ass off as a MD doesn't mean shit and isn't worth it if semi-retired and/or retired executives get that kind of priority over you.
But beyond that, I don't think "free agents" are signing anywhere really. I think people are mostly buckling down and/or trying to go out on their own. There are way more people with 5-15 years of experience in this industry right now than the industry needs.
There's a bit more info in this thread: https://www.wallstreetoasis.com/forum/real-estate/pay-opportunities-mil…
Nailed it
Seems like you know a lot about Mill Creek. Curious - how did their acquisitions folks get paid?
Acq was base + bonus (and carry if senior enough). Not sure how the bonus pool was funded though. That said, can confirm what OP said - they cut their entire remaining Acq function a couple weeks ago, I know the people that were axed.
Do you think those layoffs came in tandem with a restructuring of the partnership issues in that other thread? I.e would a new partner joining post-layoffs have a more realistic shot of realizing promote (should it be available), or are they still in arrears to old heads?
From what I know, I do not think a new partner would have any more realistic shot of realizing promote.
There are basically no jobs out there rn. It might be worse than last year (and the year before that, and the year before that)
So survive until 2040?
Brother I hope not I’m going to be OLD then
I really wonder what is going to happen to the folks who left a high role at a big shop to join a new fund in 2021 and then have been in a revolving door since.
Have seen a few examples on LinkedIn of guys being apart of 3 shops in like the last 5 years. If you bought MF in at peak in 2022 your hold is now probably 7 years to not lose money.
Would be terrifying to be 40-55 years old and having to figure things out after being successful while having bills to pay / kids.
I know a few guys who changed seats in recent years, particularly developers, who realized they were not going to make a promote on any of their outstanding deals.
When the golden handcuffs disappear, finding another platform became feasible. That said, not sure the grass is greener anywhere right now…
toronto offices
Unfortunate reality of deal work is that no one is entitled to a pay check. Brokers know this, and now I’m seeing more buyside guys realize they should not take those direct deposits for granted.
Boring advice, but save and invest when times are good and live within your means not spending tomorrow’s bonus.
Preach brother. Make hay while the sun is shining and stack wood as high as possible.
The overwhelming sentiment on here is that there's certainty in promote, bonuses, deal flow, etc etc. Nope, that bull cycle is over, as long and as good as it was.
I'm trying to pivot to become a merchant mariner lmao.
I’m from Hawaii originally so I follow the temporary moratorium of the Jones Act, due to the supply chain disruption of the Iran War. I’ve been reading merchant mariners sounding the alarm about longer term ramifications to their industry if the Jones Act goes away (there’s a few Reddit threads). The capital owners / moneyed class seem to want that (as well as consumers) as it will lower expenses. But by how much and to what detriment to domestic shipping labor needed in emergency times?
That's anti-Trump scare tactics. Trump wants to beef up shipping and ship building. People underestimate how critical shipping by US flagged ships is to our economy.
https://www.whitehouse.gov/wp-content/uploads/2026/02/Restoring-Americas-Maritime-Dominance.pdf
Third mate pay is 130k/yr starting 6 months off per-year btw.
Do you know any US mariners that live in Hawaii and commute to work on US flagged ships? Would be a dream of mine to live on Maui and make a decent living.
"As many shops go pencils down, where are people finding jobs now? Are there other acquisitions roles open anywhere?"
Data center developers.
Where did you hear about the mill creek rumor? That’s huge news
I mean their acquisition team was like three dudes (all good guys), and I hate that for them, but it isn't exactly huge news. I've yet to see a merchant builder who was able to consistently deploy capital into existing assets. Their orgs aren't wired like that.
There's been significant turnover in the mid/senior level ranks there for at least a year+ at this point .... too many pigs for the teats. Pie shrinks and senior guys want to maintain their slice so everyone else's gets squeezed/eliminated.
Can confirm. Middle is getting squeezed like an orange
The Dodgers
but are the Dodgers REPE tho
PERE but not REPE, alas.
Not exactly, but Guggenheim Partners isn’t far off. They focus on other asset classes though.
Leaving. Going to similar but different industries that are actually thriving
whats a similar but different industry to real estate that is thriving?
The renewable energy sector is what initially comes to mind. It seems there's a lot more opportunities presently in that space with transferable skills. It would just be a bit humbling to go from presenting a redevelopment of an old warehouse building to a sexy, posh food hall to getting yelled at by a bunch of rubes in Between, Georgia.
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