Infrastructure Recruitment in Toronto

Just wanted to create this thread here and use it to share knowledge on Infra recruitment in TO. From what I know in Canada the infra groups are mainly the pensions and Brookfield. Some other guys exist like Axium, Northleaf , Harbour Vest, Polar Star etc but the curious to hear what others think in terms of other potential funds and any idea on comp. or culture at these firms. I heard the big guys like Brookfield and CPP are sweat shops

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  • Associate 2 in PE - Other
May 1, 2022 - 6:38pm

I'm going to operate under the assumption that you're looking for associate positions within these groups and not new-grad positions. 

For the pension funds with the most active infrastructure platforms in Toronto you're looking at CPP (sustainable energies group which is mainly power & renewables and anything energy transition related, and the 'infrastructure group' which is a catch all for everything else), OTPP (they bucket natural resources and infra together iirc), OMERS (fka Borealis), and IMCO. There are other smaller pension funds in Toronto but they don't do much if any direct investing (thinking of OP Trust, CAAT, Canada Post Pension Plan, etc.). ASO1 comp at CPPIB, OTPP and OMERS is in and around the C$250k range +/- $20k with IMCO slightly below the three bigger guys. From what I've heard the smaller pension funds pay more in line with the MMs. Anecdotally I've heard that infrastructure groups at the pension funds tend to work hard but I don't have direct insight into culture. The smaller pension funds primarily do co-invest and fund investing so their hours are a lot better which is commensurate with lower comp.

On the MM side you're looking at Fengate, Instar, Fiera, CC&L, Northleaf, Axium, Caledon CBRE, DIF, etc. Depending on the fund strategy (some of the MMs do less direct investing than others which lends to better hours), the WLB is generally consistent with the pension funds. Infrastructure diligence is generally a slog so if you find an infrastructure fund that does direct investing and works less than 60 hours a week, let me know because I'm signing up. The culture tends to be a bit more tight knit from what I've heard because these places all run lean. Comp at the MMs is lower than the pension funds and ranges from $165k-$220k for an ASO1. 

Not going to do a deep dive here but happy to answer any specific questions.

May 1, 2022 - 8:53pm
adamboyy007, what's your opinion? Comment below:

Hey man! Thanks a ton for the detailed info! Yes, I am recruiting for an Associate position. I was just curious if you could provide some overview of Brookfield Infra too? Curious to know what you know about comp, culture, WLB, strategy etc. Secondly, also kinda interested in knowing if you could provide an overview of the type of modelling tests? I am guessing they are like your regular infra models of operating assets with different debt products (Revolver, TL A/B) etc.? Happy to talk over PMs too if that would be more helpful for your purposes? Thanks! 

  • Associate 2 in PE - Other
May 1, 2022 - 9:12pm

See here:

https://www.wallstreetoasis.com/forum/private-equity/interviewing-for-infrastructure-investment-roles

https://www.wallstreetoasis.com/forum/private-equity/brookfield-infrastructure-toronto

On the Brookfield thread comp is quoted at C$300k, but it's actually C$240k cash comp and some carry (I don't have details on how many bps or vesting period as this is just what I've heard through the grape vine; maybe it equates to $60k? Don't quote me on this as it's not first hand information.). I also heard they had a ridiculous week-long case study that was like 30 slide deck and model. Again would defer to someone who's actually gone through the process to confirm.

May 1, 2022 - 9:44pm
adamboyy007, what's your opinion? Comment below:

Thanks dude! Sorry, could you just elaborate a bit on speed PF? I saw you shared a useful case study link where the author has provided 3 types of sample case studies with a semi prompt on what they are like. I was curious based on your experience is that what these infra case studies usually are?

May 3, 2022 - 1:21am
adamboyy007, what's your opinion? Comment below:

Hey dude! Just another question to get your thoughts on. Infra seems hot in North America with tons of openings and Toronto seems to be benefiting from that too. Do you expect the recruitment market to remain this hot? I ask cause banks are enhancing their Infra IBD / PF teams. Recently, Mizuho opened their Canadian Power & Renewables group in TO. Hence, with more banking analysts ready for infra buy side roles. Do you think the market would cool down with more qualified candidates entering the market?

May 24, 2022 - 4:49pm
adamboyy007, what's your opinion? Comment below:

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