Bx portfolio company vs REIT analyst
Hi all. I have had a situation whereby I have been offered a managerial role at one of blackstone’s portfolio companies (Revantage) carrying out in-house valuations, maintaining cash flow models, plugging into Argus and carrying at portfolio reporting for Bx portfolio companies across various asset classes (some great transferable skills to buy side). My other choice is at a reit as a senior investment analyst just covering logistics assets - not massive, 500m aum and working within a small team with older colleagues that have been years in the industry. Which would you go for? I feel that carrying the Bx name could carry me potentially to the parent company or another top buy side institution, whilst working at the small name would not have the same leverage? On the plus, however, the reit is not a support role and role more of a traditional analyst covering the entire deal life cycle.
Delete. Delete. Delete.
Delete. Delete. Delete. Delete. Delete. Delete.
FYI.... working for a portfolio owned by a PE firm IS NOT working for a PE firm. Burger King was owned by a PE consortium, so if you worked the drive-thru would you call that "time spent in PE"?
I knew of a person who tried this, they worked in the leasing office of an apt. complex owned by BX, tried to play it off like they worked at BX. Not only did it fail to impress, it actually made the person look really really bad in the networking circle I learned of this story.
So, evaluate the two jobs independently, but in no way should you think you are getting a PE job just because it is owned by BX. It will give you zero add on benefit, and worse, if you try to imply that it does/should you will look foolish to people in the real world.
Not trying to be harsh, just know how badly this can fail based on the logic presented.
Thanks for the perspectives, both, however I’m not sure I totally agree with the similarity in the BK example. Revantage build and maintain cash flow models and produce local market/portfolio reports for other portfolio companies covering a range of asset classes and their work is reviewed at the highest levels at Bx - so perhaps a bit more involved than flipping burgers. Not PE (so no initial screening, execution type work) but there is a transferable skillset there. I don’t think it is as ridiculous as you initially make out, but appreciate all viewpoints.
To be clear, I'm comparing a job at Burger King to one with Revantage...... I am saying your assertion of owning and doing work for Blackstone does not equal working for Blackstone anymore than working for the King means working in PE.
The right question is..... Real estate services vs. REIT
Frankly, I am not as sure the answer is "clear", but the ownership structure (or name of BX) should not really factor in what you pick. Either would stand alone as a good offer. So picking should be based on long-term career goals, what you will learn, get mentorship, etc.
This is a no brainer. The REIT is easily the better option, and it isn't even close.
I wonder how many people unintentionally derail their career this way. I saw a coworker make a move like this (fashioned a BX PortCo as working for BX). Now he has some terrible job that was worse than his job before the BX portco.
The only time you should move to working for a portfolio company is when you’re an employee of the private equity fund and they want to place you in the C-suite at the PortCo
Delete. Delete. Delete.
Delete. Delete. Delete. Delete. Delete. Delete.
I shouldn’t speak in absolutes. There are some large Private REITs that are owned by the likes of KKR, Blackstone, TPG etc that are good places to work. But you should evaluate those companies and the responsibilities of the role individually and ignore the fact that they are backed by a mega fund.
Don’t go work in the back office of a PortCo just because it’s backed by Starwood - that is a terrible idea. But going to work on the acquisitions team of an owner-operator backed by Starwood? That could be a good move depending on your goals
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