All-in PE Comp List in Montreal

I'm currently in Toronto and will be moving to Montreal in about 1.5 - 2 years, and very curious to understand comp in Montreal. Can some ex-Montrealers and current Montrealers provide the scoop on all-in comp (seperate base and bonus if possible) for Analyst 1, Analyst 2, Analyst 3/Associate (seems like Senior Analyst is the norm in some shops), Associate 2, Associate 3, if possible, at the following PE funds:

  1. PSP

  2. CDPQ

  3. Fiera Comox

  4. Novacap

  5. Claridge

  6. Cycle Capital (MaRs)

  7. Persistence Capital

  8. Valsoft

  9. Palomino Capital

 

Very much appreciated

Region

Comments (19)

 
  • Associate 3 in PE - LBOs
Oct 24, 2020 - 11:06am

Curious as to why you would want to move from Toronto to Montreal? People typically do the opposite. I don't know much about Montreal comp aside for PSP being at about $85-$100k base and 25% bonus (before multiple) for Senior Analysts.

 
  • Analyst 1 in PE - Growth
Oct 24, 2020 - 12:45pm

Hmmm you can't exactly compare all of those. PSP and CDPQ are pension funds. Fiera Comox is kind of a fund of fund on the PE side.

Novacap is one of the only real PE funds in Montreal. 

Cycle Capital and Persistence Capital are both VC/Growth funds, with Cycle specializing in cleantech and Persistence specializing in healthcare.

Claridge is a big family office, but I don't think they do direct investments. 

Don't know much about the others, but all in all comp will be vastly different across all of these. 

 
Oct 25, 2020 - 7:39am

When recruiting out of Canada most candidates from Montreal including some from firms you mentioned here were ~$80k - $100k CAD base depending on their experience. I was primarily looking across Canada and it seemed like asks from candidates in Vancouver and Toronto were generally a little higher if they were already at a PE firm. If jumping from IB...it varied a lot just given how small most IBs are in Canada, especially once you factor in the bullshit IBs working on weedstonkz.

 
Oct 25, 2020 - 7:53am

Bump

Also, I've heard that knowing French isn't as important at PSP as it is at CDPQ, is that true?

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.

 
Oct 26, 2020 - 11:30am

Interesting. As someone trying to learn French and knowing just enough to get by, but not for professionals reasons, would that be sufficient for PSP in their Montreal office? Obviously knowing it would be better, but I'm just curious if it's a dealbreaker.

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.

 
  • Associate 3 in PE - LBOs
Oct 25, 2020 - 5:15pm

Wait, did you just compare Montreal comp to London comp? Talk about comparing apples to firetrucks. Montreal has relatively low COL, especially compared to London. $120k+ all-in compensation straight out of school for Montreal is decent, particularly if you don't work banking hours.

 
  • Associate 3 in PE - LBOs
Oct 25, 2020 - 6:38pm

The comparison is between Montreal and London Senior Analyst comp, not Directors. Also, it's my understanding that Senior Analyst was the entry-level role for a while and in most groups at PSP. I'm sure that the COL question dilutes at higher levels, but I'm also certain that Senior Analysts in London will make more than the ones in Montreal. Lastly, people coming from the funds you named aren't coming in as Senior Analysts making $85-100k base and 25% pre-multiple bonuses, Montreal or not.

 
  • Associate 3 in IB - Gen
Oct 26, 2020 - 1:57pm

PSP pays on par with CPP pretty much and Montreal COL is significantly lower than Toronto.  PSP is largely anglo, you wouldn't need anything other than an elementary understanding of French to work there.  CDPQ will require you to be fluent in French, they even have their internal models with French names (ie BAIIA instead of EBITDA)

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