Update on Canadian Pension Funds in London

Would be very interested in learning more about the direct PE practices of the Canadian pension funds (CPPIB, OTPP, CDPQ) in London. What's the latest on culture, hours, comp, performance and reputation of the above-mentioned players? 

 

CDPQ currently has analyst and associate positions out for London. They require you to be bilingual in French, both written and spoken. 

 

some of them are hidden gems and deeply underrated as most juniors dont realise the complexity behind LP-GP dynamics, if i recieve 4 silver bananas i will share my thoughts

 
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 this is an outside in perspective on the few i am familiar with as im at a swf

1) LP with GP capabilities in direct investing - this literally takes decades and requires good processes, counterparty relationships, governance, competent staff, coherent strategy and track record. there is value in being exposed to these capabilities because any rapidly growing LP, GP, or new fund series within a GP requires the above factors to be developed or transplanted and there is a ongoing mega trend globally of LPs trying to develop in house capabilities as their capital is increasingly being sought to syndicate/co-underwrite large cap deals

2) Exposure to other LPs and GPs - pensions are generally seen as non threatening by other LPs and GPs and are invited to wide range of deals across co-underwrites, co-invests, fund primaries, secondaries, JVs, SMAs, minority, joint control

3) Hours/culture should be less toxic given points raised - should facilitate learning as u wont burn out - and u can lateral somewhere better if u want

4) asset liability considerations results in visibility/discipline over mandate - can work against you if you dont have balance sheet but conversely you should have visibility over investing mandate which should control hours 

4) Pay in London is ok when considering the above and in relation to peer pe funds and ib

 

in london my understanding is base pay is aligned with IB/UMM PE. bonus is probably 50%.

 

I don't think they give any carry so imagine there would be a huge difference in comp vs. PE funds once you make it to VP and above. 

 

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