Incoming analyst here — love the group/everyone I’ve spoken with, and obviously it’s a great group. In the event that I wanna exit to corporate PE not RE PE, is that possible, or will HH only give me RE looks.
Is MM/UMM PE still possible?
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Based on the most helpful WSO content, transitioning from REGL to corporate PE might be a bit challenging. The skillset and knowledge base between real estate and corporate PE can be quite different. For instance, in REPE, you're dealing more with P&L assets and real estate NOI and FCF models, rather than working capital, balance sheets, or cash flow statement modeling which are more common in corporate PE.
However, that's not to say it's impossible. It might require some additional steps, such as gaining experience in areas more relevant to corporate PE or furthering your education.
As for MM/UMM PE, it could be a more feasible transition, but again, it would depend on your specific experiences and skills. Remember, every journey is unique and there's no one-size-fits-all answer. Keep learning, stay curious, and don't be afraid to reach out to others in the field for their insights and advice.
Sources: BX Corporate PE vs REPE outcomes
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I’ll bite - used to work directly with them. The group is stellar (if not No. 1 in REGL on the Street cross all banks). A lot of Bucknell, Columbia alum (I’m sure you already know). Exits include MF BX REPE so no need to worry here.
yes but is umm/mf corporate pe possible not repe
yes it’s possible
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Hard to do, the most likely outcome is MM PE's exit from REGL even at BOFA. UMM/MF is extremely competitive and you might be able to get an interview but it'll be an uphill battle against the group of analysts at other BB/EB's who are at more relevant groups for corp PE. It's still possible, but just very low odds. I would try to lateral or move groups if goal is UMM/MF PE.
lateral after 1 year?
Yes if the economy picks up. If not, I would heavily suggest just recruiting for MM/UMM firms. At the end of the day, they are still great places to end up in and you still have a top 1% outcome for people your age range.
MM/UMM meaning like Golden gate / Leonard Green type funds? Or are you referring to no name MM like Monomoy. Because if the latter I'd rather just do a 3rd year in IB and lateral groups internally and recruit then
No not LGP/Golden Gate kind of firms, GG is $10B+ and LGP just raised nearly $ 10B, they are closer to MF than MM. UMM is like $5-10B in fund size FYI. I mean funds that are $1-4B in fund size. Recruiting as a 3rd year analyst is significantly harder and you might still end up at a fund in the $1-3B range. The UMM/MF seats mostly go to the kids at the elite BB/EB's and from the other BB's it's always an uphill battle. The only groups where you have a good shot are the top groups at these other BB's and REGL absolutely is not one for PE exits. Lateraling into BoFA M&A is going to be a painful process and not very unlikely especially in this economy. I just landed a UMM PE offer(higher end of that fund size range) from a top 3 BB good group and can tell you that recruiting is getting more and more competitive for these spots and nearly all UMM/MF PE offers go to kids from firms like mine or from the absolute top group at the other BB/EB's.
Know someone who went to ICG a few years ago from there. Certainly possible. I mean you’re not doing asset level underwriting in that role so why wouldn’t a PE shop look at you. It’s still a corporate level role where you’re working on M&A deals.
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