Hi all,
Looking for insights into Brookfield's team deploying the energy transition fund. Pretty impressive IMO for a $15bn first time fund and are looking to be back in the market for $20bn+ just 1 year after closing.
Any insights into the team, reputation, culture etc. will be super helpful.
Thanks!
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Bump
Does anyone know which headhunter they use?
Brookfield's Energy Transition fund and their team has the attention of the entire Alternatives space right now. Brookfield is big on the whole transition thing, just go through their investor presentation and Bruce Flatt's letter to shareholders, it is evident that they are spearheading transition in the global market for the time being. The culture at Brookfield from what I heard and as an investor in the company, is very company centric, they are not much of a sweatshop, rather chill probably because they are way too big and way too spread out, every market they invest in, they have their own offices and teams there and the main office doesn't interfere with the local ones and gives them autonomy because they know the locals know their markets better, precisely the reason why they have had tremendous success in emerging markets.All eyes on transition, reputation is unmatched in the space and is a good place to be if you want to spend 10 Years + at the firm. If you're in the transition fund, as global transition speeds up, you will be the go to person for headhunters and other funds.
Edit: By company centric I mean they don’t hire for important roles outside. They promote from within, and to enter the C-Suite you need to have x amount of shares in Brookfield to prove that you have skin in the game. Same goes to become a board member, they also have a plan where half of your earnings are paid out in stock and so on and so forth. They want everyone working at Brookfield to feel that they are in part owners of the company.
are there enough transition opportunities to deploy all that capital?
If you consider all of their operating markets where they have an office, that's a yes.
Anyone has any insights into Connor Teskey, CEO of Brookfield Rewewables and Transition? Super impressive guy for someone the age of 35 to run $72bn
Like I mentioned above, joined in 2012, he now owns about $100M in Brookfield stock. Same goes for Sachin Shah, CEO of Reinsurance and is tied to Renewables, in his early 40s and joined in 2002. Time is your friend at Brookfield.
Familiar with the Brookfield Global Energy Transition (BGTF) fund, haven spoken to the team before and with one of my close friends having formerly worked at Brookfield. Overall, I have a mixed opinion on them. Prior to the launch of BGTF, Brookfield's renewable business was previously led out of Toronto in which they did mainly renewable energy generation deals. With the creation of BGTF they have looked to target more Climate Transition deals - examples include CRC, CalBio RNG, Closed Loop Partners and have also spent a lot of time looking at large-scale utility privatizations in Australia. Although their deals seem interesting on paper, the jury is still out on whether they were smart investments. Many of the investments are in immature technologies with unproven unit economics, and therefore carry a lot of risk in terms of return skew (especially regulatory risk). This is not just Brookfield-specific criticism but largely applied to many other Energy Transition investment strategies today, albeit there are a few players more focused on the technological innovation in the space (e.g. GA BnZ, TPG Rise, etc.). Plus there was the acquisition of Westinghouse (from guess where? Brookfield's Private Equity team).
The BGTF team is looking to expand its presence in the US, but my thoughts on the team were also mixed overall. They recently hired an MD from Macquarie to lead their US efforts, which is not typical for Brookfield and their promote-from-within culture, and conversations with other team members were quite varied in nature. Culture seemed sweaty with a large amount of portco work since they had deployed a significant amount of capital in a short period of time, which might not be as conducive to someone looking to maximize deal / investing experience. Overall, Brookfield is a strong brand name in the industry but I would be cautious about this strategy. Just my two cents.
Any idea on comp
Below street, but more base salary weighted. Also get a tiny sliver of carry at the associate level that vests and may or may not be worth something based on fund performance.
Where is the team mostly located now?
London and Toronto, which still spearhead the investment decisions. Looking to grow the team out in New York.
To add to the comment of Brookfield Renewables and Transition, i think BGTF is managed by a female CIO and Managing Partners who is probably in her late 30s as well based in London. Joined brookfield in 2011 and now a managing partner at a large fund and at such a young age is something you can dream about at all other kinds of investment shops ranging from LMM to MF
I get that the $20B is just a target and presumably $0 of equity has been raised, but how can so much be raised in a brand new fund series? I mean, there are funds that don't crack $1B on Fund X.
Brookfield Corp probably needs to backstop >50% of the fund.
20B sounds ambitious considering their massive real estate funds hit around 15-17
A lot more white space in transition / ESG / etc. RE has been saturated / mature - everyone and their mother has a RE fund these days
Previously interviewed, seemed like nice people FWIW. But culture seemed really stuffy. Suit and tie, in-office 5 days a week. Felt old school with very formal processes and definitely got a bit of a sweaty vibe.
This is a very accurate assessment of Brookfield’s culture overall
/f
I heard comp. for associate 1 was C$175K base and C$ 175K bonus. With a tiny wedge of carry. Can anyone confirm this?
Is that C$ or US$? Cause if it’s CAD then $175 Base + 50% bonus is like C$260K, which is less than $200K USD.
Bump
Keep in mind that Brookfield's balance sheet is massive and the GP commit for most of their funds often runs 25-50% of the entire fund at minimum. So for this $15bn fund, I wouldn't be surprised if $10bn of that $15bn came from Brookfield themselves.
i know they're looking to ramp up a brand new fund series with BGTF I, but 2/3 of total commitments coming from BN feels high
The number is actually around 1/3 of capital for Brookfield funds, haven't heard of 50%.
I have interviews next week for Associate position at BETF / BRP. Any advice would be wellcomed.
On the comp front, I can confirm that base is slightly above street and bonus is below street, at least in London
Don't forget carry at associate level
Could you provide actual numbers/range and what the interview process was like please?
PM me
Dm
Anyone currently going through the process for NY or have heard back?
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