Asset Management or Debt Originations
Hi everyone. I have two offers I am deciding between. One is debt originations for a small/mid-size private equity group, and the other is asset management for a large REPE company. Offers are pretty much the same, but hours probably longer at the debt firm. Which is the best option? My long-term goal is probably acquisitions, or doing real estate investments of my own.
Both work. You can make the jump to equity in 1-2 years if you take the debt role. You'll also get transaction experience. If you take the asset management role, you can also jump to acquisitions in 1-2 years, and understand how assets operate and function. Take whichever you think you will enjoy the team and culture better. In my humble experience, excelling in a role isn't about the work, but about the firm you are at, the culture, and the people surrounding you. And in 1-2 years, start looking to jump to acquisitions and doors will open.
AM at REPE for sure
If your goal is buyside (acquisitions), then it's a no brainer to go to the buyside (asset management) now right?
Internal transition is a higher probability than lateraling from an outside debt role. Not all the time, but if you have the chance to be on the buyside in one shape or another, I'd do that and start networking with the acquisition guys 8-12 months after you begin.
Does development acquisitions count as buyside?
Yes
That is not so universally true I would call it a "no brainer", lots of smaller shops operate debt funds and equity fund with overlapping originations/acquisitions teams. Not common at big shops, but still, fund strategy can shift and I think people would be shifted as well in a lot of cases.
AM to Acq at a large shop is much more of a jump in some situations. The relationship building side of debt originations at a PE shop/debt fund could leave you very well positioned to do acquisitions in a lot of instances (and really, underwriting LP equity deals and debt investments isn't that different) .
Debt originations at a PE shop is buyside too.
Debt is buyside, just saying.
Debt you are doing very similar underwriting to acquisitions.
And you can get reps in
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