Best place to start for real estate acquisitions/PE

I know the majority of people would say to try and start in capital markets at a brokerage such as JLL/CBRE/HFF/CW/NKF or come in as an analyst on the investment sales teams because the group may be exposed to lots of deal flow.
However, I know PGIM and Lasalle Investment Management have 3 year programs for new hires that usually end up also doing a Masters in Real Estate and have great exit opportunities. I feel like these type of roles would be the most ideal place to start besides somewhere like Eastdil Secured to get exposure and good experience if you eventually wanted to end up in Acquisitions or REPE.
My question is, does any one know of other firms that have this type of "analyst program" where analysts can come in for a couple of years and get lots of exposure to this type of work?
Are most people able to transition well into acquisitions from debt capital markets at brokerages?
Also, recommendations for firms based out of LA to transition into acquisitions.


Comments (5)

Jun 28, 2019

YounqTrickDaddy, pure crickets, that's where I come in. Any of these useful?

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  • Starting a Private Equity Fund/Firm I doubt any one here has started a real estate private equity firm, but given my access to some ... a place as any to discuss. Kind of an open-ended discussion. What are your experiences in RE private ... capitalists in order to raise multiple 7 figures to build out infrastructure and to heavily market, and <
  • AMA- Non-ranked undergrad 'ORM' with a 660 GMAT who got into multiple top 20 programs I think the best bang for your buck (read: spending zero) is to make friends with current MBA students or ... Mod Note (Andy)- we're reposting the top AMA's from 2015, this one was originally posted ... out more than I could ever ask for. Quick shout out to a few members who greatly helped me on my ...
  • Best Real Estate Modeling course? REFM? BIWS? WSP? aimed to start my career in investment banking either in NYC or LA. I was a bit naive/unrealistic at the ... move back into CRE. I have an interview with a REPE firm and I have a strong feeling I will have to ... more REIB focused. I've also seen recommendations for REFM and this seems to be a good fit. ...
  • More suggestions...

I hope those threads give you a bit more insight.

Jul 5, 2019

Sure, a program like PGIM is great for heading straight into buy-side and potential exit ops but in terms of getting started Eastdil would be your best bet. The amount of repetitions you would encounter at Eastdil sets you apart

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Jul 5, 2019

Piggybacking off of @rrefinn , the complexity of deals you'd get to work on at ES is going to be greater than an LIM/PGIM group.

I'm also of the opinion that analyst programs inhibit upward mobility of high performers, and prop up the low performers. Also, locking yourself into analyst and rotational programs when you already know what you want to do seems like an unnecessary step. Just my 2 cents.

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Most Helpful
Jul 5, 2019

Analyst/Associate programs are great because you get to start roughly the same time (within 12 months) as other folks and get to build relationships with other smart, ambitious people. Those are formative years.

Not sure if an analyst program is less of a meritocracy. As an analyst in a class, I would say there is more comparative evaluation. Promotion may be delayed during the analyst program period just to be consistent.

Analyst programs might also be known as a meat grinder. But the opportunity to get exposed to deals and the internal workings of a major buy side is invaluable. On the sell side (REIB) I think that is very valuable to get the perspectives of different buyers and sellers. Most likely expose you to more firms.

I'd like to make the distinction between more reps and closing percentage. Ultimately as an analyst/associate, you want to work for deal folks with a higher batting average for closing deals. A deal person with a good sense of fund(s) appetite, and how this deal fits in that box, is going to save you from busting your butt for the sake of it. Lots of reps are good up to a point (when you start hating your life).

Therefore both places (buy side analyst programs and REIB) are great places to start. Extremely competitive to get a seat on those rides.

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Jul 5, 2019