Citi analyst confirms the best route into private equity in 2017
If you're looking for a path into a London private equity job in 2017, there is one track that has been very well beaten: the heavily-stomped route into the private equity arms of Canadian pension funds.
Based upon our own observations, three large Canadian pension funds (the Canadian Pension Plan, PSP Investments - the private debt fund of Canada’s Public Sector Pension Investment Board, and the Caisse de dépôt et placement du Québec (CDPQ) have hired around 20 junior people in London so far this year. That might not sound much, but these are private equity funds and private equity funds are small.
Most importantly, the hiring continues. If you haven't joined a Canadian private equity fund yet, you may still get a chance to do so.
The latest migrant is Antoine Bleton, a former analyst at Citi in London. Bleton joined the private equity team at Caisse de dépôt et placement du Québec (CDPQ) earlier this month. Previously, he spent around three years at Citigroup, two of which were in the industrials investment banking team.
Bleton isn't the only 20-something to join the Canadians in London of late. Anthony Tran from Deutsche Asset Management went to PSP Investments in July. Meg Mookroi Uthayophas joined CPP Investment Board from Terra Firma earlier this month. Udaibir Banga joined CPP after doing a Harvard MBA in August.
A few weeks ago, Bloomberg suggested that private equity funds are competing more aggressively than ever for banks' top junior staff. Funds which used to hire from the second year of banks' analyst programs, are now pursuing first year analysts in January after they were hired in August, said Bloomberg. On this basis, the Canadian funds still hiring at this time look a bit late. But it's nice to know there are offers still on the table.
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