From my understanding, they are pretty focused on infrastructure and co-invest / FoF. What's the view on their direct investing in traditional PE? What does performance, culture, hours, and comp look like within PE direct investing? Would also be great if anyone has insights into their analyst program.
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Firm has been growing a lot, I remember from previous conversations that comp used to be a bit below market but this seems to have changed now.
Curious to hear from someone with a more recent outlook
Now that comp is at market, it’s a great large cap buyout opportunity. Their #1 initiative is expanding their direct buyout strategy in the US (already established in Europe but growing rapidly). The problem with PG has always been comp, but now that that’s been fixed and focus of fund is expanding to direct buyout, you can stack it up against any other European based large cap /MF.
I don’t think many people view them as a traditional PE player. A bit like ICG. Yes they do PE but it’s all a bit funky and different
Whats comp in London? GBP 200k all-in?
Their analyst programme is good. AFAIK it's a rotational programme that lets you work across different asset classes. At the end you are placed into one of the teams on a permanent basis - although people don't always get the team they wan't. I've heard good things about the culture and exit opps have been good. You'd be starting your career in an investing role that many bankers would view as an attractive exit opp in its own right.
Their direct funds have had decent returns but are not the greatest. Lots of focus on the share price - management are obsessed with the cost-to-income ratio which is one of the reasons comp has historically been below market. Juniors get paid in stock and there is a punitive clawback provision if they want to leave.
Bonus pay is now 100% cash for juniors, can elect stock for a 10% premium to cash bonus. They made a huge market adjustment this year and now should be competitive, especially given office location (Denver in US).
Thanks, didn't know they changed it.
Okay so what is base for Analysts and Associates in Denver? Keep seeing that comp is up to par, but then someone is saying for Denver below. some real numbers would be much appreciated.
Great info, thanks for taking the time to reply!
What are typical exits after the FA program? Can’t really find many on LinkedIn… thank you!
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