CPP Credit Investments

For CPP's credit investments, here's what you need to know based on the most helpful WSO content:

1. Compensation:

   • At the Analyst level, CPP pays around $120-140k CAD annualized, which is slightly lower than street-level compensation but adjusted for better work-life balance and lower stress.
   • Bonuses typically range from 30-50% of the base salary.

2. Work-Life Balance:

   • CPP is known for its exceptional work-life balance, with hours generally being 9-6/7 and minimal weekend work unless on live deals. This is a significant draw for many professionals.

3. Exit Opportunities:

   • CPP has a history of professionals moving to other private funds, including notable names like Apollo, Onex, Brookfield, Ashler Capital, Silver Point, Citadel, and Global Infrastructure Partners. Some have even exited to top hedge funds like Tiger and Silver Lake.
   • However, many talented Canadians view CPP as a final destination due to limited buy-side opportunities in Canada and the attractive lifestyle it offers.

4. Vision and Upside:

   • CPP's credit group is well-regarded, alongside its energy, infrastructure, and PE secondaries teams. The firm provides exposure to large global deals and co-investment opportunities, often leveraging relationships with GPs.
   • While compensation is capped and lower than similar-sized funds, the internal mobility and opportunity to work on significant deals are appealing.

5. Hong Kong Role:

   • CPP has a presence in Hong Kong, but its execution capability for local deals is limited compared to players like GIC or Temasek. The team often relies on partnerships with GPs for sourcing and co-investments.

If you're looking for a role with strong work-life balance, exposure to global deals, and decent exit opportunities, CPP could be a great fit. However, if you're aiming for higher comp or more control over deal processes, you might want to explore other options.

Sources: CPP Investment Board 2020 Updated Reputation and Exits?, PE Scene in Asia, What is Canada comp like?, IBD vs. MM PE vs. CPPIB/ OTPP/ PSP/ CDPQ, Q&A: Ex-BB analyst across US and Asia in Oil&Gas/Power