First real estate job - Generalist at PE fund vs Acquisitions at Pension fund?

Just graduated from a non target in a suburban area and I am trying to decide between two offers to start off my career in real estate:

-Acquisitions analyst at a top pension fund (think CalSTRS): fund is invested in half direct properties (JV deals/separate accounts) and half commingled funds
-Analyst at a Private equity fund (1B AUM): Workload would be half acquisitions, half asset management

End goal is to stay in acquisitions at a private equity fund in a major city NYC/BOS/SF (currently in a rural town) -- So wondering which of these offers would set me up best/take me farthest.

Any help would be appreciated! Thanks.

Comments (8)

Jan 11, 2019

Tough to say - both sound like great options to start your career and I could argue pros and cons of each. This is probably a situation where you should think about who your boss and colleagues are going to be and where you'll think you will be pushed to learn the most. Then trust your gut and go for it! Good luck

Jan 11, 2019

Top pension fund. Having institutional pedigree in an acquisitions capacity at such a young age is going to pay major dividends for you in a few years when you're looking for your next move.

Jan 11, 2019

I agree with @bd.charlus. Also, if you want to do Acquisitions, then do acquisitions, not a split.

Candidly the too oft circulated comment that AM exp is beneficial to acq. work is simply untrue.

I see no real benefit in going to the PE fund unless it has major brand recognition and it likely doesn't given your location.

Jan 11, 2019

I disagree with your AM comment. Definitely holds some value, yea you don't come in knowing how to structure a deal but the amount of exposure you get to "boots on the ground", actually helping operate the investment, and going through marketing and sale of a property is valuable.

Some parts are not, but I think the experience is awesome for Acquisitions.

Jan 11, 2019

Just curious how'd you land the interviews?

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Jan 11, 2019

Went to a top local school (non-target) & passed CFA Level I while still in college. Since I live in a more suburban area, top local shops are usually filled by local talent while target school kids are looking into major cities.

Jan 12, 2019

Bump

Jan 17, 2019