Canadian Pensions
Anyone have any insight into the real estate arms of Canadian pensions?
I have seen a couple postings from them and would like to know the recruiting process and the type of people they usually hire.
Compensation? Culture? Deals?
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The Canadian pensions are known to pay extremely well. They figured out that if they pay street or close to street ( PE firms salary and bonus) they can attract top talent and keep them. Attracting and keeping top talent is an issue at many of the Pension Funds and Life Cos because you get a life style but you don’t get the pay. (Top talent does work at Pension Funds and Life Cos but they are motivated by the Life Style not the pay - especially as you reach senior levels. This isn’t to say pay isn’t good - $400,000-$500,000 per year is awesome, but the PE firms can just pay more with carry etc.)
In terms of reputation - top notch. I’ve heard great things about these firms except from one person who didn’t enjoy the experience and left. Deal flow will be great and it will have great opportunities if you ever decide to leave. As they have a lot of money to invest, you’ll see every deal in the market. Deals will come to you and you won’t need to be focused as much on shaking the trees and sourcing. Brokers, property managers, engineers, etc. will be at your beck and call to win business and always be able to make time for you. It makes life much easier when you are learning the business and growing the business to have competent third parties.
Lifestyle should also be really good. I imagine hours heat up during live deals, but for the most part, it should be a solid culture with people focused on high performance and a life outside the office. Personally, this is what I strive for. I don’t like to focus only on work - but hey...that’s me. I’ve done my crazy 75-100 hours weeks and no way am I going back-that was terrible.
We have a bunch of Canadian LPs, and they are great. Super nice people, very smart, seemingly well-compensated, and great benefits/cultures. The folks I interact with are really just the money guys in our funds, some separate accounts, and some one-off JVs, they don't invest in bricks and sticks and are really allocators.
That is my experience, but there are obviously quite a few Canadian pension funds that may be closer to the real estate (CPPIB comes to mind).
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