Which option would you choose if you wanted to have better exit ops to hedge funds and top MBA chances.
1) BB Restructuring Group - does internal advisory on distressed situations.
2) Private Equity Real Estate Fund = about 12 ppl, make mezzanine investments.
I like real estate, but more like a hobby than career - I'm more passionate about distressed credit. However, working for the PERE would provide strong investing experience. I would have to give up great network, exposure and brand name of the BB.
I did my +/- analysis, but which one do you think is a better opportunity.
Thanks all.
Could you be a little more specific? What's your current situation?
I take it since you said this is a bulge bracket firm that the first group you described is not restructuring advisory (for debtors and creditors). Does the restructuring group only advise the bank internally with regard to any debt financing commitments the bank has made? If so, what distinguishes the group from a typical credit risk management group, in which exit opportunities are limited?
I know many banks have internal advisory divisions, but that's more for corporate development (M&A). I'm not familiar with the type of group you described.
Given the available information, I would go with the first option. Better brand name for the resume. With the restructuring group, as far as I understand, you would likely have the opportunity to work for a special situations hedge fund. If it's more like a traditional credit risk division, then I would go with the REPE fund.
I agree with the poster above. If the restructuring offer is advising clients (i.e. a revenue generating business line) than I'd go for it as you are passionate about distressed credit. However, if it is simply looking after the bad loans that your colleagues have made, I would go for the REPE firm assuming it is a decent firm.
Another option is to take the BB offer (option 1) and think of it as a temporary job while you continue to look for a more appropriate job so that you can move within the year.
Bear in mind, with the REPE firm you will be specialised and your exist ops will likely continue to be real estate related (other REPE / RE investing, REITs, RE finance, development, etc...). It's still a far better option than some internal bank portfolio job.
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