Best city in the world for PE outside the US
Hi, We all know that New York is the largest financial capital in the world. This is where you can earn the most. And the US is the land of Opportunities. However, taking into account factors such as total comp (and carry) adjusted for cost of living, and WLB, what is the second best city to work in PE. Outside the US, which city allows you to maximize your wealth throughout your career? Assuming you're starting your career now, what city outside the US would you choose to maximize your wealth over the next 20-30 years? Personally, I would choose Zurich, Frankfurt, Singapore or Hong Kong. I'm curious about your picks.
I would choose Hong Kong, Singapore (even though I personally don't like Hong Kong and both cities have bad WLB, terrible working hours and an unfriendly work climate), Zurich, Frankfurt or Dubai. It's hard to choose one and you have to make this decision yourself, depending on which climate and culture suits you best. Ultimately, you can't go wrong with any of them.
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Probably San Fran.
SF #3 after boston imo. Berkshire, Bain, Advent, THL, providence equity, charlesbank, audax, HIG, TA associates, summit, abry, silversmith and more
Most of the MFs have a strong presence in SF/Menlo Park, as do some of the funds you listed.
I dunno about that. SF/Menlo seems to come out ahead: Genstar, TPG, H&F, FP, Golden Gate, FFL, TSG, GI, HIG, Parthenon, Arcline, Audax, WP, Alpine, Vista, SLP, Akkr, KKR, Elliott, Permira, Altamont and there are several others I'm missing
I would also look at Denver, Salt Lake City, and Dallas in the US. These cities generally have a better work-life balance, and Dallas would be subject to Texas taxes. There is also the added benefit that you would likely not spend more than 4-5 hours in a plane when you're flying to either coast.
Salt Lake no. All the firms there are tiny and overcrowded. Too many BYU MBAs who want to get into PE but also want to stay in-state.
Second on Boston. Lots of great firms, many with great returns, in a city that’s surprisingly not as expensive as people seem to think it is.
Boston is fucking expensive. Idk where you’re living.
also night life in Boston is truly garbage. It’s a good city if you’re settled with a wife and ready to have kids.
source: I go to school/live here
I went to school in Boston. I agree that the nightlife sucks. It really is family oriented, so a better place to be a mid level/senior investment professional. In terms of cost, it isn’t any more expensive than any number of T2 cities (DC, San Diego, LA, etc.) unless you live right in the middle of downtown or Back Bay. Anywhere else isn’t too bad
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Why the hell do people name cities in the US?
American Degens
Salty international reject who couldn’t break into the US market 🤡
Taking into account taxes, probably Dubai. Without taxes, London has the most opportunities (seriously, is this even a question?).
Adjusting for WLB means Hong Kong and Singapore are automatically out by the way.
Don't you think that the salary in Frankfurt is higher than in London for entry-level positions, the cost of living is much lower, and that the PE industry in Frankfurt is growing much faster?
But as a professional - you need depth in the job market now, not in 30 years time. Blackstone's Frankfurt office has existed for all of 8 months, while Blackstone's London office has existed for 23 years.
100% agree with this.
Although not sure how much PE is actually happening in Duai/ME by Dubai teams besides SWFs
What I thought and SWFs don't usually pay carry
Nakisa Bidarian (former UFC CFO) is a perfect example of how Dubai PE can be great in recessions. Guy inadvertently avoided mass GFC layoffs on Wall Street by leaving his BB IB role in NYC and going to Dubai for IB in I think 07 where he eventually broke into Mubadala. Ended up leaving Mubadala and coming back to the States and joining UFC eventually (Las Vegas). He got in touch with the Fertitta brothers through a failed business negotiation with Mubadala.
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Bump
One million per cent London and it’s not even close.
London Pay/COL multiplier is outrageous. It is the most expensive city in the world with the smalles salaries in the world. Still bugs my mind that Big4 entry level gets paid like 28-32 grand, wtf.
The only reason you mention is LDN because you probably don't speak any other language besides English.
London name on your resume clears frankfurt/Paris or whatever else(hence why all our summer internships heavily attract top masters students from continental European countries). People start in London cause they know they can go to anywhere else relatively easy with that name stamped on the resume. People come to/stay in London because its a relatively nice place to retire with a great schooling and healthcare system and is not too expensive if you buy a decent size family home on the outskirts.
Speak three languages mate and did not even grow up in the U.K.
On why it’s best, yes it is expensive at the junior level however it’s by far the best place to start your career. Standards are generally higher, there is significantly more capital and the regulatory environment is much friendlier, which means you do more and better deals (just ask yourself how much of Europe is covered out of London and then show me a single Continental European city which covers the U.K. … no comparison).
Then once you get a couple of promotions the costs of things like renting an apartment are no longer meaningful compared to your salary, and at the mid and senior level London destroys everywhere else in Europe.
Worth noting, most European countries are not that finance-friendly, as wholesale financial services are not a huge part of the economy whereas for the U.K. it’s the goose that lays the golden egg. There’s more of a political incentive to preserve it. I’m much more bullish in the long run on finance in the U.K. than the rest of Europe.
Bump
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Bump, any views on Singapore/Sydney for PE roles?
bump, Singapore/Sydney
Anywhere but Canada
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