Just trying to gauge how funds across the U.S., Europe, and APAC view experience at the Canadian pensions. Specifically, if there are any teams that are actually well known in their space or have good exit precedents… heading to a Canadian pension for direct PE soon so want to evaluate the exit opportunities.
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Based on the most helpful WSO content, here's what you need to know about direct PE at Canadian pensions and how they are perceived globally:
Perception of Talent and Experience:
Exit Opportunities:
Compensation and Longevity:
Global View:
In summary, heading to a Canadian pension for direct PE can be a solid move, especially if you're joining a well-regarded team like CPPIB, OMERS, or Teachers. While the exit opportunities might not be as robust as those from top-tier GPs, the experience can still be valuable, particularly if you leverage the global exposure and institutional resources effectively.
Sources: Canadian Junior Bankers - Where are you going?, RE at Pension Funds in Canada - What do they do?, Direct PE to Pension/Endowment
Bump. Also curious to know what is comp like for these types of places in the US
Seen good exits at the top pensions but it'll depend on the pension
Which pensions and groups would you say stand out in particular?
Bump curious
If pensions were any good at investing direct, they wouldn't need to allocate.
feel like a lot of them have retrenched...realized how direct pe has become difficult and expensive. think OMERS shut down their direct pe team publicly? others have stated that they are scaling back
Any idea if this is also the case for other private investment groups like Infra, NR, VC, Private Credit? Wondering if it’s worth staying in the pension ecosystem and lateraling between teams.
Nope it’s mainly just direct PE buyout where they have started to step back to a more passive model
Some have scaled up, others rebalancing
Don't think OMERS shut down their direct PE team, they're hiring at VP level in NY right now
Look at CPP’s PE returns last year. Should give you an idea how people there feel right now.
Not sure why they’d care when they just fudge the bonus multiplier to pay everyone anyways
You need to be OK doing mostly co-invests if you do PE at most of the Maple 8 (?). Pretty sweet gig depending on what you look for but you're far from the PE salaries in the US, obviously. (And no carry)
Good exits from CPPIB.
Golden days probably over. Have never understood why you’d go into direct PE without seeing the upside. Probably great as a senior at these shops though - less stress, still clipping Ms.
Guess I answered my own question, but still will always have less upside than private partnership.
The only teams still actively doing directs are the ones you alluded to above - infra/NR/real estate/credit. PE now sits under growth equity / allocation to other funds. Keep in mind many won’t exit given the comfort of the seat (Maple 8 has some of the best WLB/comp in Canada)
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