Canada MM PE Comp
Can anyone provide any color to what comp looks like for middle-market PE shops in Toronto? I'm well aware of the buy-side discount here, but interested to hear about the actual figures. Thinking along the lines of Clairvest / TorQuest / Birch Hill / Northleaf, etc.
Canadian ASO1 comp at the MM's (non-Onex/Altas) ranges between C$175-200k all-in. Of the funds you mentioned Clairvest and Northleaf are on the lower end of that range - don't have much intel on TorQuest or Birch Hill.
Damn. What’s the draw to PE in Canada at a non Onex and Altas then? Are people that drawn to the operational / portco management side of things cause it doesn’t seem the lifestyle gets that much better for that significant of a pay cut. Interned at a MM shop and most of the juniors are still pulling 80-90 hour weeks consistently.
There are some shops that have bad hours, but there are quite a few shops with better hours when compared to banking. There is much less of a two and out mentality in Canadian PE as well, so a lot of people going in for the long haul are working towards participating in the carry pool / getting ownership in something. Whether or not the economics of that are better than banking is not an answer I have, but a lot of guys who join the Big 5 at the analyst level stay in banking through to Director level.
IMO it comes down to balancing the type of work you enjoy doing and establishing a sustainable lifestyle.
If you can leave Canada for the US you should do it. Like you pointed out, it's not nearly as lucrative as the US. There's a lot more opportunity in the US too due to raw population/market size.
That's ridiculously depressing if accurate. Toronto is supposed to be an insanely expensive city to live in. I wouldn't want to work in PE if those were my wages. You can earn way more than that in many different parts of the US. I don't get why firms in Canada routinely rip people off on salary and bonus.
Toronto is experiencing something similar to big law right now where there is less and less upward mobility at firms. Seeing plenty of people exiting to Corp dev
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