GIC Comp

Are the hours really better? Heard it’s a crazy sweatshop with bad culture

JustAPassingQuant

Friend of mine took a pay cut jumping from IB to GIC PE, but the hours are much better so it's a tradeoff.

How's the comp looking on 2022 IB numbers?

what was bonus quote?

Interviewed with GIC and it seemed like an absolute sweatshop. Told them I work around 70 hours a week consistently and they asked if I could do more in all seriousness. Assuming that means 80 hours a week. Not sure you’ll get lower hours / better WLB if you end up there.

SWFs (including GIC) all pay a material discount to regular PE. The tradeoff is low hours.

This is a well-known dynamic and not limited to GIC - do a search for SWF comp on here, there are threads all the time. Great for someone who wants to do deals but not work as much

Less comp, more WLB, and less interesting work. The entire model is just co-investing, so very different than typical PE. Not trying to bring deals together, finding an edge, building a foundation of monetizable industry expertise/network… really just drafting off the massive balance sheet and importance as an LP and getting constant looks for co-invest.

Could I ask how the hierarchy works at GIC? Noticed people start as Associates - is that equivalent to an analyst position?

How long is long? IB's 80-100, or more consulting's 60-80?

Could you elaborate on the tax treatment? I’ve heard rumours that ASOs get paid tax-free but I don’t get how that would be the case while living/working in NYC

that bonus figure sounds like bs, was this an external recruiter?

Which recruiter does GIC use in London? Is it KEA or someone else?

lakakahakaka

For GIC, yes maybe the base and bonus numbers quoted might be lower than MFs - however, the comp on a risk-adjusted basis is higher than people would expect. The chances of making it to VP/Principal level at a MF is much lower than people think, whereas for GIC you'll likely make it to SVP as long as you do a decent job. At that level you're talking mid to high 6 figures total comp that is almost risk-free given that GIC almost never fires people. There's a reason why turnover is almost zero at senior levels, there's no incentive to leave. 

Also not many people know this, but for deal teams GIC does pay carry and other incentives to senior guys. It just isn't advertised a lot because the optics of it can look bad, esp since GIC invests the pension money of Singaporeans too. If you consider potential carry payouts and long-term job security, I would argue that GIC is highly competitive on all fronts especially for Singapore given the lack of MF PE opportunities in SG. There are many senior guys at GIC that easily clear 7 figures a year on total comp, it is just kept relatively quiet due to the politically sensitive nature of their compensation.

Deal teams wise, funds and co-invests tend to be more chill, and direct deal teams can be quite tough on hours. However, as mentioned above don't dismiss an opportunity with GIC - there is long-term upside that is much much better than expected. 

While your comment points to the right direction, let me provide a few clarifications:

• It is indeed easier to be promoted than at a GP but making it to SVP is not obvious as there is a big first cut to making VP (deal leading role). From VP to SVP it is more straightforward and then making MD is very difficult.
• I've made 7 figures as VP,  excluding the LTIP.
• It is a lie that GIC does not fire people. There is 3-5% "involuntary" annual turnover in my group. Senior people that are performing tend not to leave because life tends to be good and liquidity to move elsewhere with a higher pay (i.e. MF) is low.
• There is a carry-like LTIP but the potential NPV is a fraction of what actual carry at a MF looks like.