Thoughts on Caisse de Depot - Private Equity as an undergrad analyst

The Caisse de Depot et Placements du Quebec (Caisse or CDPQ) manages ~CA$286bn and has ~CA$30bn allocated to its private equity division. They recruit some of their interns as full time hires (although most of them seem to leave to go work in IB after they are done).

What does WSO think of them? They have relationships with SilverLake, Ardian, Blackstone, KKR, etc. so it's not like it can be that bad. Do you guys think it would be possible to lateral to a MF after doing a two year stint there? Before or after an MBA?

If anyone had comp information that would also be useful.

Region

Comments (5)

 
Best Response
Oct 17, 2017 - 4:18pm

They are one of the largest investors in PE funds. Your exit opps will depend heavily on whether you are on the direct PE team or on the PE fund investment team. Very rarely, you can see people move from the direct fund investing team to certain GPs. Usually, they make this transition after a top MBA. Its more common from CPPIB and OTPP but I am sure it has happened at Caisse too.

If you are in the fund investing team, I'd say it would be near impossible to jump to a MF or any reputable GP for that matter. Its a completely different skillset.

I think either group gives you a good shot at a top MBA.

 
Oct 23, 2017 - 4:23pm

GP = general partner AKA the team that manages the fund

MF = Megafund (largest PE funds)

Direct PE team = they actually deploy the capital directly into an investment via purchasing portfolio companies, etc

PE fund investment team = deploy capital by investing in other PE funds and earning the return of that fund's portfolio (also known as Fund of Fund or FoF)

 
Jun 8, 2020 - 11:07pm

How is comp structured doing direct/co-investing (not FoF) at a pension/insurance/sovereign wealth fund given you're not earning carry? Are you taking a big haircut vs comp at PE funds? Any insight at the Associate level? Thanks

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