BB FSG IB -> REPE?
Hey lovely people at the RE forum! I’m a first year analyst at BB bank’s Financial Sponsors Group.
I know this IB to REPE thingy is an age-old topic here but I browsed a bit and didn’t find much discussion specifically on the FSG perspective in IB.
A stretched argument probably goes: since REPE hires from REIB, couldn’t it also hire from PEIB (FSG IB)? (I know it doesn’t hold up too well, especially considering how FSGs do a lot of IPOs at least here in Asia)
I recently found real estate to be my life’s calling and till-death-do-us-part kind of pursuit. (Nah. But very interested to say the least.)
Just curious as to whether you’d think 1~2 years of BB FSG IB experience + some good REPE interview prep can land me a REPE job that pays 90%+ of a regular corp PE exit? How demanding really are REPE employers of RE background?
Thanks!
First, disclosure, I did not do this career path personally.... but I've always had a strong opinion on this.
I think FIG (or FSG as you are referring to it as) should be or could be the next best group after the REIB desk. You are dealing in structured finance and firms that use leverage and structure, do investment mngt business lines, and after to raise capital for intermediation. All similar to a lot of institutional real estate.
Personally, I would think the experience would be good for capital markets and institutional real estate, but I cannot really say from personal experience.
Thanks - this is certainly very encouraging!
One minor thing is that with my firm at least, FSG and FIG actually serve very different clients. FSG do deals sourced from their relationships with private equity firms, mostly ones that involve their portfolio companies (so we’re industry-agnostic) whereas FIG covers bank / insurance / fintech deals, etc. (industry-specific) I take it that what you’re describing applies to FIG more?
Yeah, I meant FIG in the traditional sense. So is FSG like a fund raising group? Or an M&A group? Maybe you could describe a typical deal or two?
At a Sponsors group a deal can be a sponsor (PE firm usually) selling or IPO-ing its portfolio company, or looking to acquire a company (M&A / LBOs)
Interesting group, do you run everything internally or do you partner with other industry coverage groups? Sounds like interesting experience for sure.
Thanks. We work with other groups almost all the time, except for very specific situations (e.g. SPACs)
I’m OP btw*
Never heard of someone referring to FIG as Sponsors, considering theyre separate coverage groups at most BB
Consectetur voluptatem cum nihil facere distinctio ex vitae. Voluptatem dolore qui vel sint. Itaque modi optio et dolorum perferendis. Voluptatum illo doloribus totam sint impedit.
Distinctio iusto rerum aperiam repellat ad. Quas magni non odit nobis ipsum impedit. Voluptas impedit rerum voluptatem possimus ut tempora accusamus. Repudiandae corrupti qui inventore rem officia omnis veritatis. Quia deleniti velit facilis qui sunt.
Id qui amet incidunt. Beatae harum id eveniet totam officiis ut hic. Fugiat debitis illo molestias. Illo laboriosam dicta et illo quisquam quos. Id enim accusantium autem tenetur ducimus in. Asperiores est voluptatem aut voluptate aut. Nemo eligendi doloribus architecto laborum sed neque.
Debitis ut autem quidem temporibus enim eligendi. Sunt quasi assumenda qui distinctio animi eum ipsa. Magnam a non voluptate officia adipisci facere nihil. Architecto eos ipsa aut molestiae voluptate. Qui dolorem omnis error et dignissimos consectetur veritatis. Modi ullam consequatur sed voluptas nobis quasi omnis. Perferendis quam facilis non ipsam non molestias.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...