EQT vs. CVC - London
Wanted to get a sense of how you see these two funds in London looking at their buyout funds (excl. Infra) - what's the most prestigious firm? Is there any difference in the total comp?
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EQT does not have any aso on the buyout team in London. Guess CVC win by default.
Their ‘VPs’ are the equivalent of minimally tenured Associates is my understanding. Their Directors are the actual VPs
Are you sure? They have two VPs in London and they both spent two years as an ASO
Yes but they’re not ‘actual’ VPs in the way you’d typically think of them is what I’ve heard. They’re effectively senior associates.
I know for a fact that EQT has ASC buyout in London, as I know some of them. Just their titles are different.
It’s kinda of Nordic Socialist Buyout culture (EQT) vs. Eat what you kill (CVC).
EQT has limited deal carry for ASC & VPs, and a fund level carry. CVC has no fund carry at all, but good deal carry for ASC & VPs.
This means at EQT you have a more downside protection comp trajectory with ~$600k of carry per year as a VP ($3M DAW, 5 years deployment) whereas at CVC if you are lucky enough to be the VP on a home run you could make $5M+ deal carry on that single deal, but could end up with 0 if you are staffed on bad deals.
In terms of total comp is there any difference (excl. Carry)
And when you mean that CVC has a good deal carry, what does it mean? A few bps allocation?
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