Hi all,
I have gotten two Associate level offers one from Macquarie MIRA Funds and one from ICG (both London) to join their private credit real estate groups. Very difficult to decide and I would be grateful if someone had any insight into culture, staff turnaround etc.
Thank you
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Both good places. If you want the more recognized brand (outside of finance as well), take Macquarie. I would guess (have no insight whatsoever) that ICG has less bureaucracy when moving up because it is not a bank. What is comp like at both?
Thank you for your comment. Base is the same for both. Macquarie has a higher bonus band but ICG offers carry. ICG is closer to what I do now but I am concerned about the high team turnaround. Lot's of people seem to leave ICG after 1 or 2 years. Would be great to get carry though, not sure how common that is.
Some funds offer carry for Associates, but more common Snr Associate/ VP onwards I'd say (Principals and above should get it for the most part other than pensions and the likes). Carry can be attractive depending on how it vests, how many bps you get, and (very important) how you think the fund/ deal will perform. If I were you, I would take the bps given to me, run a base case scenario of how the fund will perform, and then sensitize that in order to know how much the carry could equate to later on. Then compare this to the bonus figure at MIRA. That'll help with your math on comp. Also, mind sharing the base? It'll help me when recruiting for ASO spots.
Regarding culture, maybe someone else can chime in on ICG. But from what I know MIRA has a tough culture too, especially on the infra side. Networked with a guy there and did not get good vibes either (ldn office). On the 1-2 years and out, do you know if that's because they left to get their MBA/ Mfins? A lot of Associates in the states do that in PE firms. ICG does look lean, correct me if I'm wrong. Means more work, but also more money to go per investment head.
Base is £100k. It looks like people left ICG to go into other roles, which seems a bit strange as they were same level or above so would have had carry, too. On MIRA, I think you are right that it is a high performance culture as well. However, people often stay for 5+ years from what I have seen. ICG is leaner and likely has more potential to give higher responsibility.
Tough call. Last thing I'd say is think about their investment style and if that fits you. One the equity side, some large shops like GSAM typically are LP capital allocators, whereas a Brookfield or Starwood might take assets themselves and manage it. Similarly, a hedge fund like Davidson Kempner might focus on individual opportunities whereas Starwood may be more thematic in their approach.
Not too familiar with the debt side, but I'd imagine some places are senior or mezz specialists, some deal with AAA grade institutional sponsors only, some deal with mom and pops for a higher yield, etc. So basically see if there's a difference in between the approach of the two shops and see which one fits you.
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