IBD vs. MM PE vs. CPPIB/ OTPP/ PSP/ CDPQ
Hello,
What would you pick between traditional PE and Canadian Pension Funds PE?
How would you also rank them? Worried about career progress and pay really moving from banking.
Thanks!
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nori90, sorry about the lack of response. Maybe one of these topics will help:
Hope that helps.
bump
Bump. Can you edit your post to include BCI?
bump
I'm assuming your referring to canada in particular and starting at a junior level. Anyway, the following only applies to Canada
Pension Funds Pros -Work on large global deals (ie. possibility to work on blockbuster deals) -Easier to get promoted due to growing headcount (more true at some than others) -Good work-life balance (generally speaking, there's variation) -Internal mobility (both investment groups and office locations)
Cons -Most still rely on partners to do deals and don't take control deals (ie. don't control process) -Comp is capped and all regular income, significantly lower than at similar size fund -Quality of senior professionals is generally lower (and at some of the fund you listed, just low overall) -Very, VERY political -Pressure to deploy capital makes it harder to spend time on PortCo
MM Funds Pros -Higher caliber senior professionals -More responsibilities earlier on and better learning experience -Much higher comp potential due to carry -Independence (ie. in control of process)
Cons -Mostly work on Canadian deals (with maybe a bit of US) -Moving up is generally very difficult -MM companies tend not to be very sexy
SB'd thank you very much for the great insights! I was just wondering what do you mean by Pension Funds being "very, VERY political" in this context?
I know a few guys who crushed it at Canadian pensions and then moved into my shop or other shops ahead of where they would be if they had done IBD -> PE. They seem to know a fuckton of people (likely due to being LP coinvest capital) both at other shops and at Port Cos. Think IBD -> 4 years pension -> step before MD.
US focused and they were all in the direct equity practices.
This is actually correct lol - while not common, there are a few people who exited from Analysts at CPP to MFs
The above is not accurate
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