Partners Group Culture/Exit Opps/Comp
Would love any insights that anybody has on Partners Group. Lots of rave about it from anyone who goes to BYU, but would love to hear thoughts on exits, culture etc. in 2021.
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I feel like I've seen other threads re: PG, but I'll provide some insights. As context, I went through the analyst super day process a few years ago and received an offer, but ultimately chose a different opportunity.
Compensation is pretty good. First year analyst salaries used to be ~10k above street, but with recent salary bumps in IB I'm not sure if it's changed. However their bonus structure is a bit lower than IB / similar PE roles. I think all-in comp ends up looking like ~115 AN1 and ~125 AN2 (at least it used to a couple years ago)
Brand: considering the AUM, PG doesn't have a super strong name brand within the PE world. Probably likely because its bread and butter was historically in the fund of funds space and it has only recently moved into the direct PE space in the US.
Exits: meh. Not of lot of case studies to base it off of, but you definitely won't have the same optionality as you would out of IB, consulting, or other top-tier PE analyst progams (i.e. BX, Silverlake, KKR, etc.)
Work life balance: great. I hear there isn't much weekend work and that most people finish up by 8-10pm most nights at the latest
Office location: the Broomfield HQ is amazing (if you like the greater Denver area). Sweet office with open floor plan and attached cafeteria with good food.
Seems like a great place to work if you like private markets investing and are willing to stay at one firm for a while. They tend to promote from within, so I'd look at PG as more of a long-term place to stay instead of a 2-years and out kinda gig. The rotational program is pretty cool if you don't know what interests you (get to look at RE, infra, directs, secondaries), but could also be a drawback if you DO know what you want (i.e. you know you like traditional direct PE investing).
I work at PG and agree 100% with the above.
Just note that Broomfield is not Denver, ie; its almost impossible to swing the commute without a car.
Also they have kind of butchered the analyst program since theyve starting recruiting for associate roles from kids with 1 year of banking experience, while its impossible to get promoted to associate in that timeframe (2.5 years is track for good performers).
What is ASO1 and 2 pay all-in? I heard a lot of it is stock based, just wanted your confirmation.
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pay across all junior roles is nearly market now
can you please expand on this for ASO in denver?
What is it at the analyst level
Whats ASO pay in Denver?
Exits have gotten materially more respectable across levels in the US over the past couple years as well though some duds as well. Still isn't a top tier banking seat or MF PE Analyst programs but likely is comparative to a mid-tier BB group. Especially when you think of the downside case being on the buyside on one of their teams rather than staying in banking.
Notable ones I can think of include Veritas PE, Blackstone RE, a couple to Apollo Infra, EQT, TA Associates, Sixth Street, a ton to Brookfield, Ares PE, one or two hedge funds, Blackstone credit, and missing some others.
This is directionally correct but to clarify their direct PE teams are under represented in the exits. The only PE exits were Veritas and TA associates with the rest being asset specific exits with rotations or placements in those assets. The PE exits have typically been significantly down market, corporate development, or out of industry.
The Ares PE exit was from their secondaries team into the Ares buyout team. There is another Ares exit in the Ares distressed special opps team but that was out of the credit special sits platform. Out of the hedge funds one is a small shop that isn’t really a hedge fund and the other one is at King St but that was out of the same credit team as Ares one.
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