Private Equity but with no carry
Hello,
How can companies such as the Canadian pension funds or the Temasek of the world be competitive if they dont offer carry to their employees when they are doing direct PE deals?
Thanks!
I think if you have a path to being in significant carry at a MF, you're probably not leaving for Temasek.
For a lot of the MM funds, carry isn't a guaranteed life-changer. Once you get in the carry, it could be 5+ years until you start realizing and not every fund is a top quartile performer that generates enough to go around. Also, the PE business model is based on fundraising, which in the MM/LMM can suck up a lot of bandwidth for people who would rather be doing deals.
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