Honestly just want to know about Brookfield - seems like a big firm but also hard to find info. Are they MM, UMM, MF? How's their PE practice? Seems like they are good but WSO always provides some different opinions. Anything helpful. Thx.
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they posted their last two investor days on Youtube and have the presentations on their website. Looks of good info there.
Considered a Megafund, at least in the real estate space.
I’m curious about their PE practice - seems like Infra and RE is dominant, wondering if the size of the firm translates to an advantage for their growing PE platform or if it really is just RE and infra and everything else is unimportant to them…
Feel like that’s also the most obscure part, not a lot of PE info out there
Very very good shop in real estate with deals, comp, and culture
What makes you say they're "very very good"?
Do you have any further insight on comp
Curious about comp - do you know what it is approximately?
NYC is similar, $200k base, ~50% floor, carry/options
https://www.buyoutsinsider.com/brookfield-set-to-raise-lions-share-of-s…
They put 2.7bn into Nielsen as a part of the 16bn LBO so can take what you will from that on fund size.
Exits from their PE group though last I checked were pretty bad however.
Agree with above - pretty huge fund, don’t see too many exits. However, also not a 2 and out culture like a lot of places so many ppl stay. Pay is on par with other UMM/MF from what I hear, heavy salary weight
Correct on heavy salary weight - they pay higher salaries at the expense of bonus (total comp is comparable though).
Additional point to mention: associates already get carry
Given PE is for a lot already the end goal (at least medium term) - what exit would you expect to see?
Business school, good SM hedge funds, other PE funds that actually pay market.
They had one guy at Mudrick who came back / technically one guy who went to HBS (though only was at Brookfield for a year after doing 3 years at BC partners so that experience didn't really help his B-school chances) so not a very strong showing.
that nielsen stake's gotta be underwater based on where they got it and where the markets are now, right?
They are in the pref, not the common
Does anyone have insight as it relates to recruiting there ?
PE arm historically was mostly focused on industrials- Westinghouse, Clarios, and DexKo are some of the large deals they've done in recent years. Have tried to push into software /media and healthcare- for example CDK (dealer software), Nielsen and bid on Medline. Would consider them MF given the type of checks they can write and deal size. They rarely do small deals below $1bn and will bid on most large assets out there.
Returns are pretty good for their funds from what I can tell- they will make at least 5x cash on Westinghouse- around $4bn or so. Although a bit weird on that one as they are selling it to another arm of Brookfield, so conflict of intertest anyone?
Which brings me to last point- they have a very opaque fund / organizational structure with many private and public vehicles that invest in same deals. There was a good FT article on it a few years back - https://www.ft.com/content/595a77d0-3867-11ea-a6d3-9a26f8c3cba4
Most recent buyout fund was $9B, targeting $12.5B in current fundraise with no guarantee it'll get there. Not quite MF size IMO. Most of the large checks they write are done alongside their infra & renewables funds and Brookfield's balance sheet (which is sizable) - so not all coming from their PE arm.
Thanks all for the helpful info. Any thoughts on Brookfield special investments specifically? They seem to have a TMT focus and do structured equity deals. Any info on comp / culture / and who the recruiter is would be much appreciated.
Invest on a non-control basis across the capital structure (i.e. common/preferred equity, convertibles, subordinated debt), sector agnostic (although caveat the Brookfield Industrials heritage) and target 15%/1.5x returns over 5yrs investment horizons. Believe they have people in US/Europe/Asia, but majority sits in NYC. Some noticable recent transactions:
- Body Contour Centers (Sono Bello): https://www.globenewswire.com/news-release/2023/02/14/2607906/0/en/Alar…
- Primary Wave: https://primarywave.com/just-announced-strategic-partnerships-with-broo…
- Nielsen (invested alongside their buyout fund): https://bbu.brookfield.com/press-releases/bbu/brookfield-announces-inve…
- Superior Plus: https://www.pehub.com/brookfield-invests-in-superior-plus-corp-3/
- Jindal Poly Fils: https://www.outlookindia.com/business/brookfield-to-acquire-25-stake-in….
- Panthera: https://www.afr.com/street-talk/brookfield-pumps-150m-into-debt-collect…
Thanks. Any guidance on comp & culture and who they use for recruiters? CPI?
Recruiter is CPI, Brookfield seems like a good culture spot overall so assume that transfers to the special investments team. Don’t know much about comp but think it’s probably ~300k cash and if ASO gets carry as above says, factor that in
Thanks! Sbed. $275-300k base + bonus sounds market for associates, no?
I would expect these numbers to go up across the board this year with inflation
Speculative but would you expect Brookfield to bump up to around other UMM/MF?
Do they bump enough where they are in-line where other UMM / MFs move their comp?
I can't speak for the rest of Brookfield/what's been already said but here's some info on the renewables side if you are looking to go that way.
Comp: Good salaries but shit bonuses (especially for traders) and very little upside. They are the sort of company/business that you don't want to do too well, otherwise your budgets get raised and you personally won't see a ton of upside.
Office: Strict requirements and dress code. WFH is not happening and you need to be there 9-5
People: All of the people that I know that work there are good people and very capable in their job so it's a good culture and you will learn a lot. This covers front office, risk and finance people. If it weren't for the two things above, I would probably be working there.
Interesting, I didn't even know that Brookfield had traders / liquid markets roles in their Infra/Renewables/Transition groups
Toronto office is full suit and tie 4/5 days of the week in office, so that as what you will for the culture
what's comp like for their RE group in Toronto?
Echoing this. Personally know an alum ASO that got a pls fix email on Saturday night and walked out of the movie theatre to turn comments in his car.
been told it's a shitshow. Stay away
Is this specifically referring to the corporate private equity group (Brookfield Capital Partners)?
nope, referring to their energy trading desk
Anyone able to speak to corporate PE culture/hours? NYC specifically.
Anyone able to speak to their growth arm?
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