Apr 24, 2019

IBD vs. MM PE vs. CPPIB/ OTPP/ PSP/ CDPQ

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nori90 ST
Rank: Orangutan | 308
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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!

Region
Canada
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Apr 24, 2019 - 5:37pm

nori90, sorry about the lack of response. Maybe one of these topics will help:

  • Mid-Market PE Valuations: Where Up is Down knowledge, but underneath this picture is the activity in the middle-market of private companies; an area ... 1 http://blogs.wsj.com/privateequity/2014/12/15/inve... 2 https://www.preqin.com/docs/quarterly/pe/Preqin-Qu... private equity valuations Middle Market PE ... that has some surprising facts of its own. Traditionally, middle-market fir
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Hope that helps.

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Jun 8, 2020 - 2:23pm

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

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  • Anonymous
Jun 27, 2020 - 10:51am

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.

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  • Anonymous
Jun 30, 2020 - 8:39pm

This is actually correct lol - while not common, there are a few people who exited from Analysts at CPP to MFs

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