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Hi RE825, any of these threads helpful:
More suggestions...
I hope those threads give you a bit more insight.
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Have seen it in the past but it’s uncommon
Wasn’t at a MF previously but I made the jump from repe to IB. Not completely worth it in my opinion. Work seems less interesting.
Bulge bracket IB? Sector?
Nope, MM. Generalist in terms of industry coverage.
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Not sure how helpful my comment might be, but I did my SA at a RE MF and made the switch to a top tier BB fulltime (GS, MS, JPM). The main reason was I did not want to get siloed into real estate. I have an interest in real estate but felt like I did not want to commit my career to that path.
Sure, a RE MF role might open other doors, but the group I am in at the BB honestly gives me more versatility.
I guess somewhat similar. MF REPE SA to EB to UMM Corp PE. Looking to back to RE though due to personal interest
Can I pm you
Why would you go from megafund private equity to investment banking?
More money for maybe slightly worse hours. Seems very few RE positions pay great at the junior level. Even with banking base your bonus is half of IB or traditional PE
Seems like you’re the only one who did and happy(ish) with switch. You feel better now after trying to self-justify?
Currently associate at a large fund focusing on opportunistic deals (think Lone Star, Cerberus, Angelo Gordon…) and thinking about making a similar move (got concrete opportunities at several BBs/EBs in REIB).
I have a background in development and managed to lateral into PE and realized that after all I don’t really like to be involved on day to day operations once you make the investment (which is what my fund requires). Also prefer the commercial/sales aspect of IBD, and maybe it is specific to my fund but the level of politics to be played and the narrow path to get a partner seat are worrying me for the LT.
How does pay compare to IB - and how did you start those conversations with EB/BB? I am in corp pe right now but looking to switch into re pe or go back to banking, so this would be helpful, thanks!
Hey, so reaching out to EBs/BBs was quite easy as my group is working on every asset class possible, and also looking at RE corporate deals (take private, developer acquisitions, etc.). Therefore, I am often discussing these opportunities with various banks and brokerage shops. I reached out to the more senior guys at these shops (MDs usually) stating that I would be interested to make the reverse move REPE -> IB and they were always super interested by my profile.
Compensation wise, I would say that bonus is quite the same (80-100% range at my level), but the base is higher in IB.
I was the opposite. I graduated and went into IB (first lev fin then M&A) and then eventually moved to real estate buy side. Unless you’re at a “mega fund” like BX, Brookfield, Related, KKR, etc - why wud you want to move to IB?
Not sure to follow here; if you are at a mega fund like BX, KKR etc, why would you go to IB?
I think he meant unless you’re NOT at one of those lol
You can 100% make the switch but the hard part is not getting stuck in Real Estate industry coverage once you get to IB. I did one year at a large credit focused real estate shop (>$20B) and then jumped to LevFin and ultimately PE. It just takes a lot of steps for the path of REPE -> Real Estate IB -> Non-RE IB Group -> Corp PE / Corp Dev / Etc. And going straight from REPE to Non RE-IB or Corp PE is a lot harder. You're likely looking at like 2 job hops to get to where you ultimately want to be and there's no guarantee you'll pull them all off.
The one thing you likely have going for you is being at a MF. Assuming you're doing highly structured deals or corporate level deals, that will help make you more marketable for generalist corp finance roles too. My advice would be to try and go straight to a non real estate related IB group so you can do your two years and then actually be in a position to take advantage of the optionality you're looking for. Again, going from REPE to REIB to General IB is using up a lot of job hops and by the time you get to general IB you're not going to have an easy time taking advantage of exit opps if you've already had 3 jobs.
I see this got a two years later bump.
For the record, it is still comically dumb to go from megafund private equity to investment banking.
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