Hi, I am an analyst at an BB in Australia, looking to move over to the PE world at one of the bigger funds (like PEP, Quadrant and BGH). Does anyone have any insight into each of these firms? Culture, hours, comp and reputation or any other info would be appreciated. Or if I've missed any names! Thanks in advance
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BerryKing3266, shame nobody has responded. Maybe one of these topics will help:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
Bump
Bump
BGH - turnover is high, pretty sweaty, comp same or above banking
PEP - generally heard good things, cant confirm cash comp but sounded like it was lower vs banking & carry makes up for it (long time to realise), consultant heavy
Quadrant - one of the best performing fund in Australia with longest track record, mid market focus, competitive and intense internal culture, base lower than banking, lot more upside in LT
Thanks! This is really helpful. Sounds like the domestic Aus firms may not be that much more laid back than the global players like KKR, Blackstone and TPG...
Do you know if Aus also follows the US 2+2 model and requires MBAs (it looks like they don't from LinkedIn searches) or what career progression looks like at these places?
No 2+2 - ppl usually stick around / move to other funds or exit to corp dev / start up.
Some global firms sponsor MBAs but not necessary for promotions.
WLB and all very much depend on team structure and headcount but would expect to work pretty hard.
Are we talking 60-80h a week with marginal weekend work, or significantly more/less intense than that?
That seems about right depends on deal status. Heard its pretty chill if not lot of live processes on but obviously bankingesque hours when deal sprint to signing.
Recruiting is different to US, hire much later into banking tenure usually and expect bankers to be highly commercial (few firms prefer consultants or a mix), modelling is a given. Very small market, some mega funds have 1-3 juniors and hiring is not standardised / oncycle. I’d argue larger and active domestics have more headcount / hiring cycles vs less active globals.
Does anyone have benchmarks for comp and what to expect there?
Based on what I got from a recruiter earlier this year:
- Mid market funds $130-180k incl. super + 30-50% bonus
- Larger funds (<$1bn) $150-200k incl. super + ~50% bonus
- $1bn+ funds: $200 - 275k incl. super + ~100% bonus
Wow that's a big range. on the low end that seems very uncompetitive with banking (so far below what a 1st year analyst would make)
Do you know if it vary much between sydney and melbourne given cost of living is so much higher in sydney?
Why such a big range?
Quadrant - check out Jonathon Pearce's obituary
Both BGH and PEP offer carry to associates
Carry would change the game a lot - do you know if it's a meaningful amount for associate level, or more tokenistic? Any range would be super helpful
Unclear on the exact amount. I know some firms offer 1 year's worth of salary as carry every year, and others would offer $1m+ for the latest fund when you join
Can anyone provide a tier list / recommendations regarding the best domestic and global funds in AUS?
Bump, would also love to know this (and why - eg highest returns?)
Best in what regard?
Are most PE funds working fully from office or still hybrid in Aus? I love the flexibility to wfh and wouldn't want to give that up
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