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Hey VCwannabe, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
I hope those threads give you a bit more insight.
bump! still wondering about this... seems like nobody on WSO does PM in REPE...
We do PM but it’s probably very different than what you guys do
Portfolio management for us is interest rate hedging, spread hedging, swaps, credit enhancement bonds, and managing various funds
I went from IB to a deal team and ultimately to a fund manager role. My current gig is more based on investor relations/capital raising and asset management with not a whole lot of analytical leg work.
At an analyst level, what I'd say is that you should spend a good amount of time playing around with practice models and rebuilding all of the things that the acquisitions guys do. Then, embellish the shit out of your resume. Say you helped underwrite a couple deals that you've merely rebuilt, etc. If you have the skills and knowledge to back up your embellishments, you'll be able to come across well on the interviews you receive based upon the premise that you have deal experience. The truth is, RE modeling is pretty damn plug and play anyway, so even if you want to be a good boy and not embellish you can still probably lateral to a role on the deal team of another shop if you're resourceful and persistent enough at the analyst level. Try to make the switch asap if your heart is set on it. Lots of shops will take you on as an Analyst even if you haven't closed a couple hundred million of transactions in your time. Is going from a PM Analyst at a smaller shop (>$1.5B AUM) to an Acquisitions Analyst at Carlyle/Blackstone going to be easy? Absolutely not, but jumping to another shop with a couple Bs under management as a deal guy shouldn't be too hard. A lot of shops blend Acq and AM together at the analyst level anyway.
TL;DR - build a hell of a lot of practice models, gain the skills to build up a rough/barebones model from scratch by rebuilding every model that your acquisitions guys build for deals that get passed through IC, embellish your resume and apply early, often and hard to other shops.
I'm curious as to what an analyst might do on your team now that you are in investor relations and capital raising. I have a call with a BB within their IR/business dev group and am wondering what an analyst in that type of role would do on the day to day
Depends, on what group they sit in. Acq Analysts bang out preliminary underwritings and IC memos, for the approval of myself and the rest of the IC committee. Once the deals go through, the AM analysts completely take ownership. If we buy a vacant building that we think we can lease up and can't lease it up as fast as we thought or at the rates we thought - it's now the AM teams problem to forecast how this impacts the value of the property/fund. Same deal if there's a tenant in default, the AM guys will look at backfill options and how that impacts our initial model/FMV. If a tenant outgrows a building and wants to look at an expansion, or wants to commit significant TIs to their office space, the AM analysts will again look at how we can leverage their desire to get favorable terms on an amendment or renewal option. AM Analysts also are generally responsible for making the call on when a disposition makes sense versus when we should just take a write-down or temporary cash drag. We also have an IR/Cap Markets team that does most of the analytical leg work when it comes to building preliminary fund-level models and pitch books to be distributed to investors. In all honesty, my main value add is being a good public speaker and being able to stay sharp during road-shows that entail back-to-back red eye flights while we're pitching LPs.
Edit: Should also add that our Capital Markets team does most of our debt-financing and brings the Acq guys different term sheets to juggle.
Thanks for your insight, really appreciate it. Question, how was your role as a fund manager? Would you say it's similar to what PMs do, and is that one of the possible exit opps that would be "easier" to end up in? Was the role interesting/engaging and would you recommend it? Reason I'm asking is because I'm unsure of whether PM or fund manager will be a fulfilling role for the long-term.
And to your point about switching from a small shop to Blackstone - I am actually starting my career in an elite shop along the lines of Blackstone/Carlyle so would the name brand help me considerably if/when I decide to make the jump to another position? What other positions would say are desirable/profitable?
Thanks again for your insight, I really appreciate you taking the time to respond.
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