WSO Member - Anon account.
Do you learn the most at a traditional capital allocator (e.g. REPE 50) or at a vertically integrated owner/operator/sponsor? Has anyone here made the switch from one to the other? What did you learn in one and not in the other?
Background: Finance/Banking (2-years). Current: Associate working for a very respected and well known vertically integrated operator. Multiple vehicles with discretionary capital in a Tier 1 market. Few billion in AUM. Development and re-development. Will do JVs outside of our funds as well.
I'm getting a very broad experience, but worry that (1) I could be at a more institutional REPE firm and get a better sense for how these guys think and (2) am not seeing / closing as much volume as I would at a larger asset manager. I do think that I'm much closer to the assets and this has helped me tremendously in understanding RE. We also tend to run the financing process. Do capital allocators have a say when they do JV's? On the deal I've worked on, we pretty much run the show and just get their sign-off.
At the same time, I think I may just be suffering from some of "the-grass-is-always-greener" thinking. Here's what I'm getting at - is it better to be a Apollo or RXR? Yes, this depends on my goals. I ultimately want to be an investor with money behind me, but I think that having GS/KKR on my resume will help in raising capital outside my market.
Appreciate your thoughts on the matter.