Hello everyone - I currently work for aMMPEfund inNYC。Long and complicated story as to how I got here, but I am an Analyst in my second year and for various reasons I am looking to go back to Europe (from Germany here).
I was hoping to get some input from you all in terms of the following:
-PE在欧洲招募
-PEFunds to recommend (E.g. comp / carry / learning curve)
- 期望什么？
-Work / Life Balance as compared toNYC
感谢我问了很多东西 - 因此，对任何一个答案都值得赞赏。
Best,
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Comments (48）
这就是我所知道的：
Main headhunters: KEA, Blackwood, Cornell.. and then PER, Dartmouth Partners, Albert Cliff, Walker Hamill. Contact them on their websites and they will reach out for phone calls. Recruiting seems to happen at end-of-program marks and on as-needed basis (when vacancies arise) rather than in a super structured fashion like in the US. Since you are from Germany, the move should be pretty doable. I have seen several cases ofMM>MM，，，，UMM,MFlateral moves in Europe; just less dogmatic a market. I think USPEexperience is well respected and regarded, and you will have a story about going back home. Big concern will be lack of European business knowledge but at least you have a local growing up perspective.
Firms: CVC and EQT are the biggest players, closely followed by Permira (older than EQT but smaller flagship today) and Cinven. Advent was originally a European fund only and remains a big European player. Carlyle (Akzo Nobel ~$10bn) ,KKR(Unilever spreads ~$8bn) also have large separate Europe vehicles. Other firms of note: Ardian, Bridgepoint, PAI, Hg, BC, Triton. CVC is the OG shop - can't go wrong there. EQT just went public so increasingly becoming a force. Permira has shifted focus to the US somewhat, with the biggest deals happening in US technology. Cinven just did Thyssenkrupp with Advent, and has been in every major European auction reported publicly, so probably a firm to watch on its way to become EQT/CVC in Europe.
Triton is a big German-speaking-focused fund. CVC, Permira (TeamViewer, big German success story), Advent, Cinven all have Frankfurt offices. EQT seems to be in Munich.
Comp perhaps ~30% lower than US peers.
W/L reportedly materially better than US. Less capitalist society.
good summary - only to add more details given I do have some GER background
其他要考虑的资金：蒙塔古（体面MMfirm),3i
这些公司中的大多数人wi像样的交易活动th smaller investment teams enabling to gain great exposures. pay, as mentioned, is below London but the relatively cheap life offset this. But living in Germany is in stark contrast to cosmopolitan cities such asNY或伦敦。语言也是关键，大多数这些公司都需要至少流利的德语。
Hi There - I really appreciate the input a lot. I am actually definitely planning to move back to Europe now - with the current Visa situation in the US there is no future for me there anymore.
Currently still employed at a mid sizedPEshop at Analyst level (would have made Associate next year). Currently at ~$160k Total Comp, with Associate going to be ~$250k.
你怎么看待小基金与曼氏金融?我kind of like in small growing funds is potential to grow with the firm and get more carry in newer funds. Am interviewing (coincidence) with one newPEshop in Berlin, but have no comp offer yet.
thoughts on CD&R? Exit pay performance
MMFunds: Ardian, Permira, Gimv, Eurazeo, Tikehau, L Catterton has a presence in Europe, BridgePoint,Lion Capital，，，，Antin (infra) ... Also Canadian pension fund (CPP Investments, OMERSPE，，，，CDPQ, PSP...)
Expect lower salary in Germany than London (but COL is significantly lower). For a data point, associates in France get EUR60-70k base in MMPE with possible carry if they started as analysts. Don't expext YoY increase in salary, except if you have an offer elsewhere and they really want to keep you.
Permira is notMM。Their fund is > Cinven's currently. CVC ($18bn), EQT ($13bn), Permira ($12bn), Cinven ($11bn).
而且，许多加拿大养老基金仅进行共同投资。
嗨，兹拉坦，非常感谢评论。我必须以$ 60-70k的基础来诚实，我不会这样做（除非有很多超级上涨等等）。
目前在分析师级别（下一个年份助理）的价格约为$ 160K，而Associate的全额为25万美元。
What's your opinion with SmallPEfunds that are growing (probably) pretty significantly in the coming years. I would think its more risky, but could be pretty rewarding in two ways. 1) You could be more part of the process and building it with the team 2) More carry and potential to move up quickly with more funds coming in.
Would be interested in opinions! Thanks a lot!
Well, salaries are much lower in Europe, especially with the current exchanges rates. As associate you could expect PS70/80k base and double with bonus and get close to yourNYCsalary. Also COL is slightly lower in London/Paris thanNYC。PM me if you have questions
Anyone know anything about Astorg, Eurazeo and Bridgepoint? I think they're all well known UMM European funds, but don't know much more than that
I'd say astorg is the best performing out of the 3 the buy very niche assets and turn them into good businesses that are often sold to most UMMs shops. Eurazeo is struggling from what I hear and bridgepoint has had major successes (F1, pret) and big fails.
Top 3 Dogs are by FAR.: CVC, Advent, Cinven if you know the deals and returns they made.
other US megafunds in Europe are very decent but just don't come close in terms of returns for some reason (egKKR，，，，Bx，阿波罗等）。
其他有趣的事实：-HG以具有可怕的文化而闻名，具体取决于您去哪种技术资金（大，中，下）
BC Partners is the guy that had their 'glory days' in 2013 but quickly lost that rep when they absolutely blew up some deals (dunmen orange, phones4U, daisy group, fitness first, pronovias). they've become the poster child for 'when the musics stops..'
KKRis known amongst recruiters to 'have a rock solid brand but lacking in returns'. I think they really turned this around with key people changes in L5Y
Bx is known to do very few, but big size mover deals. think Merlin, refinitiv etc. great for the firm, not so sure if great from a junior perspective (1 closed deal in....x years?)
APO can probably win the 'worst culture in Europe' award. Beating HG. high base starting pay for associates if you're willing to sell your soul though. work itself is also hairy and not as interesting as people think looking from the outside...
Hellman&Friedman Deserves a real special shoutout. they are slightly under the radar, but have out of this world returns. they would be the 'quiet guy who cares about nothing but great investments'. just google where their office is in London... kind of stands out and if you know, you know!
TPG and Warburg are both in the same camp of 'we would NOT even talk to you if not for your American track record'
贝恩资本是一群聪明的人，但是他们的基金4和可以说的基金5确实遭受了明天的苦难。智商真的不能保证回报
Cinven也很棒，但就像Advent的较短且不那么酷的兄弟（在基金规模方面，而是整体机构）
Ardian has better adjacent businesses (fund of funds, infra), but you really question 'what are you even doing in PE?'.
Permira would fall under the team of 'A Players' but similar to Cinven vs Advent, they are like the less attractive version of CVC
如果您查看他们的消费者团队所感动的一切，Apax确实受到了声誉。多亏了科技团队，他们以某种方式部分恢复了在欧洲的声誉，但也听到了艰难的文化
在市场的中 /小端，大喊到布里奇点，EQT中期市场基金，Vitruvian（Mini HG），Francisco Partners，
我认为，作为一个轶事，我认为欧洲人在PEis kind of nonsense if you compare averages... but of course at the extreme ends, the craziest person in America would probably 'win' most hours in the office. Whoever comes to Europe thinking it's sun tanning Friday or ski trip monday is in for a big shock
这是一个很好的回应，我真的很感激。我目前正在寻找一个非常小的全新PEshop in Germany. I can see the advantages of that in a way that I could be part of the growth story and potentially rake in some carry and rise within the company fairly quickly if new funds are raised quickly.
But its also risky if being stuck at a no namePE购物，如果做得不好。
What are your thought? Also what are your thoughts / experiences on hiring process and comp?
Currently Analyst inNYCPEshop ~$160k all-in. Associate next year should mean ~$250k all in.
Any responses greatly appreciated!
I wouldn't bank too much on that growth story - unless its explicitly written that you will get carry, never trust them is generally good advice.
我的意思是，这里真正的好处是为创始人和高级交易制造商而不是您。他们希望能够在建立往绩 /品牌名称之前吸引足够的人才。老实说，这里的棍子的短端对您。
That being said if the comp is attractive enough and you like the pedigree and culture of the people, by all means do it!
I am personally conservative so am biased to not take this risk
超级乐于助人，非常感谢！
Love this comment! Funny & insightful, it confirms what I have heard previously
Thoughts on CD&R? Pay exit performance (Europe)
Anyone have thoughts on InfraPEin Europe? Similar position as OP, am a German analyst atNYCBBlooking to make the jump back, London or Frankfurt.
首先，祝你好运 - 怪异的atm。
Big InfraPEin Europe would be GIP (office in London), but based inNYC。They did a few interesting deals with London Gatwick airport and a few big off-shore wind deals. Did not follow them lately, so not sure.
Pretty big funds in the US, but less well knows I would say. Absolute sweatshop from what I heard, decent pay.
Thank you - good luck to you too. Yes GIP is obviously a huge name, good to hear they're active in Europe too. During your research so far, have you seen many people make the jump fromNYCto EU at the analyst / associate level? Whether Infra or CorporatePE。
Also, anyone know what comp looks like in London for InfraPEin Europe as well? I imagine theMFs/opportunistic funds pay in line with street, but have heard of some core/core+ paying their associates barely GBP100k. Would be quite the pay cut fromNYCIB。。。
为什么要跳回去？
If you are a native German speaker and have the citizenship, there is not much besides potential logistics that stands in your way? With corona now, even that is no problem. Buddy of mine got his non-infraMFoffer without ever visiting the office.
签证and lifestyle. Mostly thinking about London (not ready to go back to Germany yet)
From what I've gathered most funds in Europe expect more experience coming in than inNY。Do you think recruiting as an A2 is feasible? Also not trying to take a 40% paycut.
I've never heard of any headhunter with a CVC mandate in London; does anyone know who do they usually go though by any chance?
Thanks!
No idea about London.CVCEurope offices tend to work with boutiques, for example a CVC strat opps Brussels/Benelux role (Investment Executive/Director）with European wide coverage was shopped by Nordbridge Group who have relatively few mandates and only have a couple recruiters in their employ.
Haven't seen IK Investment Partners being mentioned here once.
Are they not as good as the others, or what's the deal?
体面的LMMshop - Waterland, Inflexion, Livingbridge, Argos Wityu, Aurelius, EMK,D BCapital，指数，equistone，Ergon，Levine Leichtman，Gilde Buyout，A＆M Capital，Ares，，，，etc. all not mentioned. Also long-hold funds (CVC,EQT，，，，Core Equity, Castik Capital) got no mention.
The long row of European Mid Market players has a huge variability in culture, comp, performance, etc.
对富裕中的补充 /文化的任何见解指数和马林鱼在任何情况下？对操作方面特别感兴趣。
有人知道很多关于北欧资本?他们似乎to be big in Europe (€6bn last fund) and I have heard good things about the culture there.
嗯，取决于您与谁一起工作。听说伦敦团队很小，陷入困境，但北欧办事处具有良好的文化和交易。来自顾问方面的传闻。从那里遇到了一个高级男人，他很敏锐。通过多个强大的出口与LP的良好吸引力。
尤其是以HC为注重的经验PE。Have done a number of spec pharma plays (ridiculously difficult strategy - happy to dive deeper here) along with more tech-enabled HC plays. Within HC, they are incredibly well-regarded.
那孤星呢？他们在欧洲的声誉 /文化如何？
bump, keen to hear rep of EMK Capital andTrilantic
Any views on Rhone?
Supposed to be absolutely horrible
Can you elaborate? I heard culture is changing vs the past; but any insights on performances, perception from the market, type of job?
Any insights on Partners Group in Europe?
Anythoughts on Silver Lake？
Bump
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