Portage Point Partners
Any insight on Portage Point Partners? It looks like they are growing out their IB practice, but primarily do turnaround and RX consulting work. Any info on Comp, Lifestyle, Exit Opps would be appreciated
Interviewed with them some time ago. They seemed like a pretty good shop with lots of deal flow. The team is growing a lot but the comp is below street for base. However, there is a quarterly bonus that bumps your pay a lot (~$200K+)
How is base below street? ASO is at 225k+... Just look at NYC postings
I interviewed with them a while back ago and can second that base is 95k for associates
Thanks! Can you shed any light on the interview process? Happy to chat offline if you prefer
How’s their m&a team?
All of its IB looks to be Rx-based (distressed or special sits) given the background of its senior team
Got deep in the process and declined it… comp was low at face value but was on a billable hours basis similar to law roles would be
base is 95k
For associates?
Heard from a friend that comp is 95k base + quarterly cash bonus of 60k. Is that what you were told as well?
95k base + 240k bonus? That's UMM/MF range for AS1 all-in. How volatile can be 60k be?
This isn’t exactly accurate. They deduct your base salary from your bonus payments each quarter such that they recoup what they paid you first. In reality, you can expect total compensation to be closer to $240k assuming you bill ~55 hours a week for 48 weeks a year. I’m not convinced that their comp is any better than an associate at an investment bank even with a modest bonus for the banker.
Just to be clear, people working in the IB function have billable hour targets?
Wondering the same thing. I think no other investment bank uses that model for a reason given the number of hours analysts frequently work. That said, my understanding is, at the junior level at least, no one purely serves in the IB function, so maybe that's how they get away with it.
Have some friends there and interviewed as well (turned down offer). They do incredibly well in the space and have grown like a weed - hence the expansion into the more traditional "IB" space. They do have lower base salaries, but with the quarterly bonuses, it pushed comp up quite a bit. The bonuses are tied to your billed hours... so this flexes A LOT... and sometimes you need to show good faith, so you're "asked" to bill less hours than you pull (I'm sure it works the opposite direction as well).
So, given that your bonus is tied to how many hours you put in (say one person could do a task in one hour and another in two) you're incentivized to work more than maybe you would like or need to and this leads to an incredibly toxic culture.
But, Mat Ray is a killer and a young gun who has been rocking it, so not a bad person to put your cart behind.
Is this for the transaction advisory role or something different?
Echoing comment on top. In terms of the interview process, it is rather quick. Rough illustration as follows: meeting with HR (smell test) > member of the team (typically with a VP with light technicals) > case study (LBO from scratch with given inputs) > in-person super day for ~two hours > decision within the week
Thanks for the insight. This is super helpful.
Thanks. Is it mainly RX technicals or generic IB?
Has a lot of weird shill comments on Glassdoor with everyone giving it 5 stars. That’s a red flag if I’ve ever seen one.
Their model is to attract seniors by offering them an obscene amount of fees for the business they bring in, and lower the base to cut upfront costs.
They are trying to do too many things at once in such of short amount of time. There is no focus of the firm. It seems disorganized. They label themselves as an RX consulting, RX IB, regular way IB, performance improvement, Audit and TAS firm. that’s a lot of things to try and be. They don’t really have a DNA.
Imo, have grown way too rapidly at the top level. There is no way the way they’ve expanded can be conducive to a good culture and workplace environment for juniors.
I think the comp structure they show is a sort of cheap trick to lure people to come join.
But hey, maybe it is the best business model ever created. What do I know
On a lighter note, there's also a cultish-like behavior where every single one of their employees seem to have the same LinkedIn banner and business description. Seems like a odd bunch.
xx
I noticed that while doing a bit of research on their employees on LinkedIn. It's pretty strange if you ask me. Then again, Blackstone makes all of their employees use black-and-white profile pictures, and I don't see anyone complaining about that.
Are these comp numbers still accurate? Looking to make a switch to PPP and have a strong MD connection. Their website says that comp for associates ranges between 210-290k/year. I'm not sure if this constitutes base or total compensation, so that would be helpful to know. Thanks. (9/2024)
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