Canada (Toronto) PE Headhunters

Hi team, I am considering a career move into PE in Canada. I am currently based in UK. 

For those who have made the move - how easy was this? Who are athe main headhunters? How is the Canadian market like in terms of deal flow? 

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Peloton Search Partners, CapM Search Partners, Collins Executive Search, LSP Recruit all have decent opps.

Personally, am a huge fan of LSP Recruit and CapM - very candidate-oriented.

Regarding Canada itself, some notes (and they're really negative, so you can guess how I've personally gone about addressing this):

  • Deal environment has gotten better in last few months based on what friends have said - those who are currently in PE could better comment. See my comment below on the economy.
  • Really small job market that is heavily reliant on connections - big old boys club around the major private schools on both coasts. Emphasis on "Canadian Experience" - mostly a substitute for xenophobia and indicative of Canada's very provincial perspective.
  • Economy is in the shitter and COL is ridiculous - expect low pay, few opps, and a salary that never quite stretches far enough. Things are also only getting worse by the way - housing situation is totally screwed in all cities (except Montreal) - see this article and the chart highlighting Canadian housing price growth. Really bad when you consider stagnant income growth vs US and high taxation.
  • Best jobs imo are at the pensions or at family offices (Wellington or Thomvest for example) - still get to work on global investments (they barely put money into Canada - why would they? Returns suck), have good lifestyle, and paid reasonably well (by Canadian standards) to do so. Also, strong prospects of advancing and enough recognition that you can go stateside. Altas Partners is great but hires mostly from BBs, so can likely write them off if that's not you. Onex is a shitshow (search them up on the forum). Birch Hill, TorQuest are solid MM firms and CPS Capital does work in the LMM.
  • Most cities are very overrated - Vancouver and Toronto are also becoming much less safe, in addition to the COL issue (the Canadian bargain was formerly that you traded off long-term comp and ambition for a steady paycheque, stability/safety and a guarantee at affordable housing). Toronto and Vancouver are now more expensive than NYC on a price:income basis. If you like nature, Vancouver is still world-class but you will pay through the teeth to enjoy. Culturally, architecturally, and in terms of quality of green space (not quantity - looking at you Toronto w your dirt patch parks) Montreal beats everyone (some may disagree) but has a bad job market and is hard to fully crack if you're not a native francophone.
  • If you like travel, prepare for nightmarish prices - domestic travel is long in terms of hours and extraordinarily expensive. No more cheap Ryanair flights to wherever on the continent for a quick weekend getaway. FX rate is super problematic for international travel - you go anywhere you're immediately 30-40% poorer. There is also no train infrastructure to speak of - train rides are as long as car rides (no high speed rail - talked about but will never happen).
  • Economy and jobs still revolve around O/G, mining and real estate. Tech is hyped but mostly non-existent on a per capita basis vs the US or even Europe. Business services is ok in the LMM or MM but you're looking at capped market sizes.
  • Canadian culture is very cold, passive-aggressive and indirect. You'll be used to classism coming from the UK, but it's probably still a bit of a culture shock. In corporate, this often means a lot of reading between the lines - frustratingly so. Socially is where it factors in most - people stick in cliques (see private school comment above), are unfriendly to strangers, and generally it's quite hard to make friends if you aren't from Canada (I'm from Canada ofc so doesn't quite apply to me having grown up here but I did see the struggle w international peers and fellow students - probably less of a struggle for you as people quite like Brits). From a dating perspective (if you're a straight man) - this makes things much trickier if you're approaching a girl at a bar relative to other cities/countries.
 
gangmusic

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good post but comparing this to birchhill and torquest is crazy

Haha that is fair - wouldn't call them a peer, just tried to include someone in LMM and they were the first one that came to mind (have now clarified that in my post) - others can chime in with better firms in that space. Would add Clairvest as another good option in Toronto for OP as well.

Also hear great things about Left Lane Associates ;)

 

Good shout on a lot of the headhunters I have dealt with in the past

Comp vs CoL is completely fine if you are actually able to land one of the good pension / family office / MM PE gigs, but I agree it’s very difficult for an outsider to break in

Most of the issues with Toronto are the exact same complaints you hear post-COVID about any major / large cities, so it really strikes me as disillusioned whining but YMMV

 

Montrealer working in IB in Toronto. Post is spot on aside from the CPS bit lolol. I would probably add Novacap to the solid MM PE firm. Flagship TMT fund as done extremely well in the past 10 years or so. AUM was ~C$8B in 2021, so would think they are probably around ~C$10B today. Main office is in Montreal and mostly francophone though

 

How do you actually engage with them? do you just email/linkedin one of the associates or higher level staff you find on website? Do you set up a chat, if so what is it oriented about? What do you write in your initial contact?

 

Any insight on the deal environment there?

Which firms are top performing? Care to share names re bad and good culture?

Thanks

 

Vlaad and Co is probably one of the biggest recruiters we have in Canada. Assuming you are talking about Toronto? as the other "major cities" dont see as much deal flow. If I were you (assuming you're not afraid of hard work) would target Brookfield PE. Definition of a sweatshop, however the comp is amazing and the reputation speaks for itself.  

 

Thanks - how hard it is to get a Canadian work permit if you are not a Candian resident?

Any visa issues to consider? 

Have anyone made a career transition across successfully?

 

Seconding Montreal - as someone who spent analyst years in Toronto prior to making the move here, great WLB with Toronto-level pay at some of the pensions depending on team. Of course depends where you land.

 

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