Top RE funds in Canada?
Can anyone shed some light on the top RE funds in Canada? What experience do you typically need to land junior positions there? How does comp look like for junior to mid levels?
Thanks
Trending Content
Career Resources
WSO Free Modeling Series - Now Open Through
May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
Brookfield is probably the biggest shop followed by Kingsett, Slate, and a few others. Pensions are good spots too. Fyi Canadian comp is generally shit conpared to the US.
Could you shed some light on a few more shops? Im trying to get an overall feel of the Toronto RE market.
and can you elaborate on how shit the comp is in canada, whats the market comp between 1st tier US cities and Toronto?
I’m paid (i think) above market in Canada (dev) and for exp I’m all in about what it seems people are getting paid in USD just in CAD.
CPP IB / OMERS / Oxford Properties
See below across different org types. Giving more detail on REPE as that's what most people here are focused on, the others I'll just list a few major players.
REPE (note a bunch of these are also vertically integrated OpCos and have other business lines like REITs and public equities):
- KingSett
- Slate
- Brookfield (note that they don't have much of an REPE team here, mostly just their traditional PE "Investments" team, but their Brookfield Properties AM/development branch is pretty active)
- Crestpoint
- Fiera
- Greybrook
- Starlight Investments
- Dream
- A bunch of smaller/less recognizable names as well as US-based shops with Canadian offices (Harbour Equity, Forgestone, Montez, Woodbourne, LaSalle, etc.)
REIT:
- RioCan
- Allied
- First Capital
- Choice
- SmartCentres
- CAPREIT
Developers:
- Tricon Residential
- Great Gulf/First Gulf
- Concord
- Minto
- Daniels
- Mattamy Homes
- Tridel
Pension Funds:
- CPPIB
- Oxford
- Cadillac Fairview
- Ivanhoe Cambridge
- PSP
- HOOPP
That’s a good list. I would also note that BX entered Toronto this year, focused on just RE at the moment.
Yep good call out, although I feel like they will be similar to Brookfield (few analysts, most work done out of NYC), but remains to be seen.
Quadreal
How does comp between REPE firms and pension funds compare?
At junior levels pretty similar, at senior levels REPE outpaces pension funds for top performers but pensions have WAY better WLB (unless you're like CIO which is true anywhere).
How about BentallGreenOak? and isnt Dream a developer?
BGO would technically fall under REPE, although I'd argue that their Canadian office is mostly focused on Core and Core+ and operate more as a conservative institutional investor, as it's really just the former Sunlife and Bentall guys. Their opportunistic stuff is mostly done out of the US offices.
Dream is a bit of everything - they have a couple of REITs, do a lot of development, and some direct/fund investing. You could really put them under any of the sections above.
Generally speaking, some RE funds in Canada hire summers, and extend full-time return offers. They do hire out of school. However, I've also seen individuals work in IB / Brokerage / Advisory before going into RE PE.
From what I've seen, comp is a wide range. Base-wise, I would say $60-$95K (1st year), bonuses tend to be 10%-20% (maybe much higher at a handful of shops).
Happy to chat more if you want. DM me.
EDIT: I realized that the $95K was a special case with a buddy of mine. I agree, probably $60-$80K first year base.
I don't claim to be extremely savvy on the details of everyone in the industry's compensation, but I've never heard of a firm that pays first years $95k. $80-85k is the higher end of what I've seen. Unless you're referring to shops that are hiring experienced analysts from IB/brokerage or out of MBA programs?
Right now I'm seeing Associate roles in the $90-$120k range with 10-30% bonus, occasionally with either co-invest (typically just at project level), carry, or direct equity contributed by the firm. Some shops have higher base/bonus (typically sweatier places) but this is the average range right now.
Went through the analyst recruiting process last year - this seems spot on for junior comp. Have a friend who was making $85k all-in as an analyst at Quadreal. Outside of her, I didn't know anyone making near that nor was I quoted that in any of the places I interviewed at. I think somewhere between $60-70k is a reasonable expectation.
Do REPE Associates work around 60-70 hrs/week?
Associates in RE only make 90-120k + 10-30%?
.
Anyone know anything about Trez Capital and comps?
Any info on Western Canada firms?
I would argue that "top" is harder to judge in Canada vs USA, particularly in real estate. Most of the Canadian economy is run in oligopoly-like conditions, primarily via families. This is very prevalent in real estate (someone like the Broccolini family from Montreal). Top cities being Montreal, Toronto, Calgary, and Vancouver.
Its also why there are barely any REITs in the country. Most stuff is held in private hands (families) or public funds (pensions)
Honestly, a lot of people sleep on Montreal firms. PSP, Ivanhoe Cambridge, Fiera (unsure if RE office is there too), and so many more. MTL is an amazing city to work at and a big financial hub in Canada. And other than Ivanhoe, you don't need to know French at a lot of firms (unless they do Quebec investments only I guess).
What is comp like for those firms in Montreal? Heard they're at a discount compared to Toronto
Don’t know exact numbers but definitely a discount. Cost of living is WAY cheaper though.
This might have changed but I interviewed with Ivanhoe a year or so ago and they lowballed me with $70K base as an analyst despite me having over 1 YOE. Very old fashioned and competitive with Montreal shops since French speakers tend to stay in Quebec.
Ivanhoe is the exception along with their parent CDPQ. You need to speak French with them. PSP pays well from my understanding.
Would like to resurrect this conversation around the Montreal REPE topic specifically. Studying for my GMAT now with the anticipation of applying to a MTL MBA program. I am currently in CRE as a street side broker. We also act as a principal, sometimes. Comp for post MBA w/ 3 YOE in CRE would be great to know. This is a great thread I've stumbled upon here. Fiera seems like a good shop from what I have seen online.
Sapiente vero nesciunt eum ea dolore sequi placeat. Soluta et natus ut voluptatem consectetur deleniti. Amet molestias sed fuga fuga nisi quia. Minima suscipit est sit sapiente quas atque autem.
Molestiae eligendi rerum impedit iusto. Aspernatur recusandae aperiam repellat voluptate et natus. Doloremque qui aut nulla autem magni voluptatem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Repellendus culpa aut rerum autem blanditiis libero. A possimus possimus optio expedita porro ducimus. Reiciendis quia nobis qui dolorem magnam voluptatum repudiandae.
Facere sapiente voluptas cupiditate qui doloremque harum nihil. Ab sunt facere repellat harum dolorem. Sunt in hic laudantium omnis. Ipsam dolorem dignissimos sed pariatur dolores.
Sed fugiat ducimus sit laborum quo sapiente et. Laborum est et ut qui fugit. Officia quibusdam qui velit. Officiis sed ut et aspernatur et nihil.
Voluptas labore distinctio fugit ut voluptas illo facere. Est cupiditate neque sint odio amet. Quia id possimus id et. Soluta voluptas praesentium repellendus est sapiente deserunt consequatur assumenda. Sed est voluptas et. Dolorem dicta aspernatur dolorem architecto delectus atque.