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That's an odd path but not that crazy I guess.
I agree that top REPE prefers RE IBD candidates over IS candidates. The way I understand it, IBD modeling chops are typically much more advanced than your typical IS analyst.
I feel like it would be pretty difficult to move from IS/Capital Markets to MM IB and difficult to move from MM IB to MF REPE. If you take a look around, a lot of the MF REPE guys are from BB/EB IB.
You might actually have a better chance moving straight from brokerage to elite REPE. I feel like that isn't a rare background, even for elite REPE.
Its true that MM IB > I-sales in the first round interview in some cases. But there are obvious exceptions where this would flip and I’d also say that recruiters care more about the prestige of banking compared to the actual guy you’ll report to in PE.
Eastdil Secured Investment Sales vs MMIB at JMP Securities? Obviously the eastdil guy. HFF Dallas vs Janney IB analyst? Probably the HFF analyst is the better candidate
But it also depends on the job and firm. If the PE firm does entity level deals, they might only be looking at people with IB or prior PE experience. Or take a look at Rockpoint group, for whatever reason they love their IB analysts. If it’s a multi family only acquisitions shop, why would they care about the modeling chops of the IB analysts (multi modeling is easy, no need to reinvent the wheel each deal). A bit of rambling but I’m just pointing out that it’s not straightforward.
What you have to do is look at where you want to be, and where those employees came from.
Are you currently in IS?
Maybe you should just network for the IB and REPE roles simultaneously. If you get an REPE offer, great, you're done without having to do IB.
I agree with above posters that the most "prestigous" REPEs would probably prefer an IB candidate, but plenty of people have made the jump from IS. Also keep in mind there are a ton of under the radar / less "prestigious" RE investment shops that are great places to work where you absolutely do not need prior IB experience.
I can't claim to be an expert on the specifics of what will set you up with the best odds to hit your ultimate goal. That said, from a very macro perspective, it seems odd to me to be going from asset level work, to entity level work, to try and have a crack at going back to asset level work. If you want your career to be in asset level-financing, I would guess that building experience there and continuing to learn the CRE business from there would best set you up to be an effective acquisitions guy.
Take all the above with an ocean full of salt though, Much of this depends on "prestige" and all it takes is one good name to blow my theory out of the water.
I would never suggest someone move from IS to a MM IB with the expectation of going to a REPE group.
If you're at a small IS firm and its a pay increase then by all means go to a MM IB but dont expect that to help you in any considerable way towards a REPE spot.
If you're in IS and want to get into the equity side but dont want to put a few years into IS then go get an MBA because the amount of funds that want IB candidates are very few and far between and only the biggest of the biggest. Blackstone is rarely going to higher a MM IB guy when they have plenty of Morgan Stanley or Goldman RE guys to choose from.
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