Updated Canadian Buyside Landscape for Exits
Buyside in Canada is thin. Exits even thinner. Wanted to make this thread if anyone wants to opine on what the exits landscape looks like in Canada come 2024 and timelines for associate recruiting.
Looking at both public and private markets. We all know the basic Altas/Onex/Brookfield + Birch Hill/Torquest//ONCAP/Maverix + OTPP/CPP as some of the main exits for your average Canadian banker in PE but
Any new funds? Underrated funds? Shops that suck? Any public market funds that hire bankers? Anything helpful here
I’d add Imperial/Novacap/Clairvest to your list
Fair yeah, think Novacap known for severely underpaying. Wonder if anyone knows of any public markets shops in Canada that are worth looking into outside of like Burgundy/Polar type guys
For VC/GE I would throw in Georgian alongside the Pensions (OTPP/OMERS/CPP) - but that’s basically it. I do think shops like iNovia are respected (and do take bankers) but the comp is too much of a discount
PSP in MTL
As you alluded to, the buyside opportunities in Canada are very sparse where I think there is not always a structured annual recruitment cycle like there is in the US. The only places that I think would have something like that in Canada are probably Onex, Brookfield and some of the pension funds. All of the other places likely hire people on as needed basis as their teams are pretty lean. I would say you will see ex bankers in both private equity and the public market funds, however there are probably more ex bankers in PE.
The hedge fund scene in Canada is pretty sparse where the notable funds with hedge fund strategies include Maple Rock, Polar, Picton Mahoney, Waratah, K2 & Associates and Anson Funds. However the teams at most of these places are pretty lean and they probably only hire on an as needed basis where it is not like they hire a whole class of analysts every year. Also if you look at the analyst bios, they have mixed backgrounds where some have been doing public market investing since finishing their undergrad while others are ex bankers, etc.
There are definitely a lot more long only/traditional asset manager places in Canada/Toronto where you have places like Burgundy, Turtle Creek, CC&L, RBC PH&N, Fidelity, MFS, etc. I presume they all hire ex bankers, but also probably a variety of backgrounds too.
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