Any idea about comp at various level at GIC compared to other large funds.I have heard that GIC doesn't pay anywhere near to top PEs. Any thoughts from the group?
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Curious for RE London
Bump
Friend of mine took a pay cut jumping from IB to GIC PE, but the hours are much better so it's a tradeoff.
Are the hours really better? Heard it’s a crazy sweatshop with bad culture
It’s 40-60 hours pw mate
How's the comp looking on 2022 IB numbers?
Any insights to pay at associate level in london?
bump on comp in the US
bump
Bump
Heard analysts got paid £85k base (from head hunter)
what was bonus quote?
SWFs (including GIC) all pay a material discount to regular PE. The tradeoff is low hours.
This is a well-known dynamic and not limited to GIC - do a search for SWF comp on here, there are threads all the time. Great for someone who wants to do deals but not work as much
Interviewed with GIC and it seemed like an absolute sweatshop. Told them I work around 70 hours a week consistently and they asked if I could do more in all seriousness. Assuming that means 80 hours a week. Not sure you’ll get lower hours / better WLB if you end up there.
That’s surprising. Recruiter emphasised importance of WLB
which group / location?
Less comp, more WLB, and less interesting work. The entire model is just co-investing, so very different than typical PE. Not trying to bring deals together, finding an edge, building a foundation of monetizable industry expertise/network… really just drafting off the massive balance sheet and importance as an LP and getting constant looks for co-invest.
Would you say scope for progression is slower, and if you were to exit (to a mega fund) will you be looked upon less favourably? Also, assuming they don’t get carry allocation
No idea about scope for progression. But off the top of my head, can’t say I can think of a single person from SWF who ended up at a MF. Maybe associate at GIC etc then HBS/GSB maybe, even then pretty doubtful.
The perception (from MF crowd) is that the talent at SWF is 2nd/3rd tier. That’s just the reality of the world we live in, im sure a bunch of ppl will be up in arms at that statement — don’t shoot the messenger.
At a minimum, the work/diligence/training is likely not as rigorous.
Know at least two exited from DIG/special sits at GIC to BX and one to KKR directly (principle/director level). Tbh it's pretty hard to quantify the exit opportunities as GIC's direct team in the US is pretty lean so there aren't that many data points
I have been working at a private markets division for GIC for almost 7 years, coming from a MF as Aso, but I am not in the US so please take what follows with a grain of salt.
Some people that have worked with me left to Blackstone (Principal level), General Atlantic (VP level), Citadel, Softbank (when they were good), just to cite a few. Junior folks in my team have come from GS, Lazard, Rothschild, JPM, etc. and were top of their classes.
While I acknowledge that GIC PE in the US carries a stigma of only doing co investments, the direct investments folks in GIC have excellent background and experience can be great. The exits I mention are evidence but truth is, there are not many reasons to leave GIC if things are going well for you. WLB is very good compared to everywhere else in finance and cash compensation is very competitive (excluding carry, which is much more limited).
Edit as I posted by accident: there are folks/divisions who do co invest only and other who do direct investing at GIC. We try to avoid them but most competitive deals I look after I am competing against traditional GPs.
Heard that associate comp is aligned with IB
Bump - any other views on culture/wlb and comp within their pe group (direct investments group) in the US (New York and SF)?
Bump
Bump pls
Based in Singapore now…GIC PE group definitely has long hours
Could I ask how the hierarchy works at GIC? Noticed people start as Associates - is that equivalent to an analyst position?
That’s their entry level position, yes.
While that was true previously, GIC has recently changed to start hiring at the Analyst level (undergrad/<2 yrs of FT xp)
How long is long? IB's 80-100, or more consulting's 60-80?
Base for PE asso is around 150k with bonus around the figure. Simply checking their recent job postings on Linkedin can verify that. Also certain tax exemption applies, so many non-citizen asso/AVP make more than their counterparts at MF
Could you elaborate on the tax treatment? I’ve heard rumours that ASOs get paid tax-free but I don’t get how that would be the case while living/working in NYC
Don't know how it works either but it's true
what about LDN infra?
Had a call from a recruiter looking to hire an AVP (equivalent to senior associate) for their direct investments team in London. Base salary £140-150k with bonus of 1.4-1.6x of base salary which would bring total comp ~£350k. They do not have carry however but was told that salary and bonus multiple of salary increases ever year.
that bonus figure sounds like bs, was this an external recruiter?
I can confirm this is not BS. My bonuses have ranged from 1.5x to 2.75x of base, depending on my performance rating, group and regional returns for each year.
Which recruiter does GIC use in London? Is it KEA or someone else?
For GIC, yes maybe the base and bonus numbers quoted might be lower than MFs - however, the comp on a risk-adjusted basis is higher than people would expect. The chances of making it to VP/Principal level at a MF is much lower than people think, whereas for GIC you'll likely make it to SVP as long as you do a decent job. At that level you're talking mid to high 6 figures total comp that is almost risk-free given that GIC almost never fires people. There's a reason why turnover is almost zero at senior levels, there's no incentive to leave.
Also not many people know this, but for deal teams GIC does pay carry and other incentives to senior guys. It just isn't advertised a lot because the optics of it can look bad, esp since GIC invests the pension money of Singaporeans too. If you consider potential carry payouts and long-term job security, I would argue that GIC is highly competitive on all fronts especially for Singapore given the lack of MF PE opportunities in SG. There are many senior guys at GIC that easily clear 7 figures a year on total comp, it is just kept relatively quiet due to the politically sensitive nature of their compensation.
Deal teams wise, funds and co-invests tend to be more chill, and direct deal teams can be quite tough on hours. However, as mentioned above don't dismiss an opportunity with GIC - there is long-term upside that is much much better than expected.
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