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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.
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!
See here:
https://www.wallstreetoasis.com/forum/private-equity/interviewing-for-i…
https://www.wallstreetoasis.com/forum/private-equity/brookfield-infrast…
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.
CAAT is ~200,000 at the Associate level, but they don’t do bonuses and just give it as a salary
Do you work at CAAT?
Any chance you could shoot me a message ? I’m trying to recruit for infra in Toronto
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?
Yes those are all the variations of case studies I've seen. Being able to model an infra asset under a pressure and a time crunch without a precedent is a lot different than modelling on the job - that's what I meant when I was referencing speed.
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?
Do you guys know about the infra scene in Montreal?
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