2022/2023 Canadian PE Associate Comp Discussion
Noticed there's two other threads but for our American brothers and sisters; hoping to get some Canadian representation for reference when/if negotiating comp.
Suggest we go with the following format:
- Firm: MM / Pension / MF (Canadian MF...Onex, Altas, Brookfield, maybe ONCAP in here?)
- Strategy: Directs / Funds / Secondaries / Hybrid
- Year: AS1 / AS 2 / SA 1 / etc.
- City: Self-explanatory
- All-in Cash Comp: Self-explanatory, include carry if there is any
- % Certainty: Confirmed / Guidance
I'll kick things off.
- Firm: Pension
- Strategy: Directs
- Year: AS1
- City: Toronto
- All-in Cash Comp: $220-240
- % Certainty: Guidance
How many hours do you typically work per week?
Pretty good - I think most pension PE hours are around 55 - 75 hours, but my shop is on the lower end which is great, with minimal weekends and late Fridays. Obviously when things are hot they can get 70+, but my team tries to be reasonable and provide a lot of flexibility and visibility into deadlines and timing.
Not AS but here we go
did you get in straight out of undergrad?
That’s great
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Interested in this, bump
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Isn't the only MF here Blackstone, which does RE and Credit only? Or are you including Brookfield or Onex or Altas as megafunds?
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Bump
Bump
Most pensions, AN1 fresh out of school is 150 broadly speaking. +/- a fair bit. Montreal/Victoria guys might be lower. CPP is something like a 25-50 bump every year I've heard.
OTPP and OMERS, AS1 is 125 plus something up to 100%. I think 50-100%. CPP would be on the high end of this.
Hey, curious, do you know how the bonus system works as a rotational analyst at CPP? Would it be something like 8 months worth of bonus during the 1st rotation and 4 months worth of your next rotation to fill out 12 months?
W.Avg. of Metrics from the Rotations you had during the fiscal year.
Bonus is one part firm performance, one part group performance, and one part personal performance
Firm performance is the same for everyone, personal performance is calibrated across all rotations you had during the fiscal
CDPQ pays 100-150k for AN1 depending on bonus so a pretty sizable discount. Pretty sure PSP pays 150k+ for AN1 fresh out of school.
Any info on PSP intern pay?
Know someone at PSP and high-end for AN1 can reach 170k
Anyone know what AIMCO pays?
See a lot of ex-BBs at HOOPP, how great is their pay?
Intern pay is same as the other pensions, great culture, interviews are considerably harder than the other pensions, full time pay I'd guess is probably a bit less than CPP/OTPP, maybe OMERS level? Otherwise you wouldn't really see guys going there from GS and JP Morgan.
What was the interview process like at HOOPP?
Any data points for LMM shops?
Generally, compared to the pension funds they are underpaid. 150 all-in is typical for an Associate, with no carry.
That said, you’d normally be able to invest directly into the fund itself, which is valuable as well.
Sounds about on-par with what I've seen. Appreciate the data point!
Are you in Canada? Can't say I've seen too many LMM shops here, but it almost seems more lucrative to stay in banking and go A2A
Any info on comp/hours at Imperial?
Pretty sure they are below pension comp (not by much, maybe 10-15%) and are a bit sweaty (70-75+ hours). But good shop with great returns. The general rule is anywhere besides the megafunds in Toronto pay less than the pensions (so all the MM, even the good ones like Birch Hill, Clairvest, Torquest, Imperial, etc. all pay less than pensions excluding carry)
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