Debt Underwriting or REPE Fund Mgmt
Currently working in debt underwriting at the analyst level and I have the opportunity to either move to an associate position in debt underwriting at a debt fund or to an owner/operator to work with their equity fund, both are great firms.
I have a clear understanding of debt underwriting and the career path, but moving over to the equity side, (especially in fund mgmt, capital raising, investor relations, etc.), is opaque. I know people will say it depends on what you want to do, but I'm interested to hear other people's perspectives as I don't fully grasp the career path or skill set that is developed in working with equity funds.
Would you rather continue to underwrite debt deals for a debt fund or move to a portfolio mgmt role at an owner/operator equity fund?
Comments (11)
Hi Analyst 3+ in RE - Comm, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:
More suggestions...
我希望这些线程能给您更多的见识。
Bump
你喜欢做交易吗？如果是，请不要portfolio management.
It is not a deal role. Often times it's an administrative / quarterly reporting role
这些角色的职业道路之所以不透明：这些角色的高级领导人通常来自交易方（VS高级领导人，他们从事投资组合管理助理的职业生涯）
我确实喜欢做交易，这是我不确定的主要原因。
I'm wondering if switching will be good experience for my overall career and to learn about the equity side, or if I'm better off staying in my lane with a path I know I enjoy and continue building my skill set instead of learning something different.
Stay in debt uw. You'll be able to switch to an actual equity investment side role if you want… keep learning / networking etc. I wouldn't jump to fund/portfolio mgmt … don't jump to this role bc "it's equity". You're not a deal side / investment team member at all… tbh might be miserable
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Learn more债务UW被认为》front office" in real estate? kind of seems like those who source/originate loans are the "front office" (i.e. actually bringing in revenue) while uw is considered 2nd-class
他们俩都成为投资团队 /阵线
How realistic/plausible is the jump from multifamily underwriting to equity investments in industrial & office? Do you think a direct switch is doable? Or would an intermediate step be needed (i.e. underwriting industrial & office before equity investments)?
Also, how are exit opps, comp, lifestyle for multifamily vs industrial & office?
You'd need to go somewhere in between. Would need an understanding of commercial UW/investments. Modeling /sensitivitiesare all different. Would try to get to a bank/debt fund working in all assets… can move from there… that should be doable (or move internally if you're just at a multi / agency team). Should be plenty of options… most groups do most/all assets.
Idk on comp/lifestyle. I personally hate multi … so boring, and only have worked at 2 places … both doing all assets. Can't imagine comp being too far off… but this really depends on the type of shop vs what asset type (equity, larger REPE or niche investor, if debt - what kind - agency/bank/local bank / lifeco/CMBS/ debt fund/ etc… pay could be meh or on par with banking etc)
我在债务UW（MF）方面的经验是在学习很多吨，同时还缺乏RE的“交易”方面（当交易获得正式信贷时，已经发生了很多事情），但没有获得运营知识。从我在这个领域的经验中，最大的专业人士的交易很容易看到2亿美元的交易，最大的骗局是“填充盒子”的信用批准方法。
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