Breaking into US PE from Canadian IB
Hi guys,
I just landed an IB internship and looking to convert it to a full-time offer (been told they’ll make every effort to make it full-time).
My understanding is that Big 5 banks in Canada are sort of similar to BB in the US. What is the best way for Canadian IB analysts to go buyside in US?
Is best bet going Canadian PE first (I like edgestone) thru like ONEX (avoiding pension funds) and then lateraling? ONEX -> MBA -> US?
Big 5 -> US BB IB in Canada -> go US BB internally -> PE?
Or is Big 5 -> US PE feasible?
While I personally haven’t seen anyone ever do this, it seems very feasible. It’s essentially the same work you’d be doing at a US BB. I think it really comes down to how much you prepare/network.
Once you’re comfortable in your FT position, I’d work to reach out to head hunters and prepare as much as possible for PE interviews. A good story as to “why US” would be helpful as well.
US being the country, not US emphasizing each specific PE firm?
definitely why U.S.
you're going to have to make a convincing argument assuming you're from Canada
I'm a disgusting money hungry deviant?
Real talk my answer would be that the market is far more robust and diversified with so much more opportunity. I want to work in and tap into the greatest economy and market on Earth to really challenge and push myself.
Honestly I'd be surprised that they'd even ask this question. They know that Canadian PE is shit and have internalized the belief that the US is so much better than themselves.
youre preaching to the choir but this is still something they're going to ask
from an anecdotal perspective, LA and SF based firms really dig heavily into this
Depending on the bank, you could try the good old “internal transfer to NYC” route. Get some American experience under your belt and actually be able to network with some of those guys face-to-face.
1) You can get interviews at decent US shops from B5, but it will be an uphill battle. I had looks from a few UMM funds back in the day
2) If you want to go to Canadian PE first (will be easier than US), larger pensions will give you plenty of opportunity to lateral to the US from junior levels. Plenty of precedent from CPPIB and OTPP. Onex would be better/easier. I imagine larger MM PE (Torquest, Birch Hill, Imperial) will also be fine, but smaller associate classes so less precedent. Do not target Edgestone…. Didn’t even realize they still existed - I thought Dundee or someone bought them.
3) Think about why you want to go to US PE - sounds like you plan on lateraling a lot, so absolutely not worth all of that effort for a 2 year stint. You need to want a career in the US for the big financial payoff, especially if you can find a good seat in Canada.
I want to end up in the US specifically Cali for my career and life, something like Golden Gate would be incredible.
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