Real Estate Private Equity - Canada

Looking into real estate PE opportunities in Canada.
Currently work at one of the Canadian banks in real estate IB. Anyone have any insights? Culture / comp / lifestyle / internal growth opportunities? (Ex: Brookfield, Kingsett, Slate, Tricon, etc.).

Comments (11)

 
May 8, 2020 - 1:43pm

Generally speaking, from my own experience and network, culture is pretty similar to IB and other traditional finance across the board, with much better work-life balance. I, and most colleagues, work probably 50-60 hours a week on average, 70 and MAYBE 80 during crunch time. Comp is typically 65-75k at analyst level, 80-100k at associate. Bonus is highly firm-dependent, but typically 10-20% in my experience.

One thing to note - a lot of the pension funds' real estate arms up here pay as well if not better than most REPE firms. At the analyst level some pay in the 75-85k range (to be fair I think Oxford is the only one that hires analysts straight from undergrad, so this is experienced analyst pay), and bonuses can be in the 50% range on a good year. I would imagine Brookfield is in line with them, although I can't speak to that. You are typically looking at entity and portfolio-level transactions with the pension funds as well, which may be more up your alley depending on the REIB team you're working with and the types of deals you've been seeing. Admittedly they are mostly core deals, so less interesting to look at, but depends what you're interested in.

On a side note, I've heard that Slate is an absolute sweatshop because of the volume of small deals they do due to their investment strategy.

 
May 8, 2020 - 4:21pm

To be fair, the guys I've spoken to were generalists and work across all of Slate's funds/REITs on an as-needed basis. So they likely get pulled on by multiple VPs/directors simultaneously who didn't care what other projects they were working on (alternatively maybe they're just slow workers or trying to hype up how hard they work to make themselves seem like grinders - who knows).

From my understanding of their structure, a lot of their team will be assigned to a single fund or REIT and only deal with the transactions specific to those entities for the most part. So I wouldn't be surprised if those people had a more balanced lifestyle.

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