Hi,
Which of the above cities is the best for working in PE? For example, which of them offers the best total comp (and carry) at specific career stages (especially VP/Principal/Partner). What are the differences in the work-life balance?
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This is highly dependent on the individual fund. Obviously, you have better tax laws in Switzerland, but Zurich is on the higher end re taxes if I am not mistaken. A lot of funds have their operations based in smaller Swiss cities e.g. Zug (Partners Group) as tax laws are based on regional areas. So, these smaller cities may not be too attractive in comparison. Overall pay is very good in Zurich but cost of living are obviously crazy.
Frankfurt pay is overall pretty good. Also in comparison to the cost of living (noting that Frankfurt is one of the most expensive city). I am currently working in Frankfurt for years now, so happy to answer any other questions.
However, I would highly recommend you check out Munich if you are interested in Germany and PE. ~70% of PE funds (especially MM) are based in Munich (although Frankfurt is THE finance hub in Germany with all major IBs and large cap funds). Its crazy how many funds are based in Munich - also, a lot of international funds are currently opening offices in Munich.
How do you think WLB, total comp and curry (especially at VP+ levels) in Frankfurt and Zurich compares to London?
Do you mind if I DM for more info on the PE space in Munich? Do the existing / incoming funds cover other regions of Europe in the sense that knowledge of German would not be required? Interested in PE within the EU area (expected applicant profile, main hubs, compensation, strategies, etc), so any info would be extremely helpful!
Also
To be honest I think breaking into PE in Munich without German Knowledge is quite difficult. Most of these funds are MMs with a focus on the DACH area. The funds have a very regional approach I think its almost impossible to work in such a MM fund in Munich without German. MM target companies can be very „oldschool“/classic German, sometimes the management doesn‘t even speak English (especially in Bavaria/Southern Germany). Hence, no chance if you can‘t speak German. However, I would say the larger the fund the easier for you to have a chance. In frankfurt for example you have all the big major funds (BX, Cinven, Permira, CVC etc.) and obviously you won‘t have a problem there as their target companies are way more professional than MM targets.
I can only speak for Germany but I would say main PE hubs are (sorted by quantity of funds): Munich (mostly MM), Frankfurt (large caps and some MMs), Berlin/Hamburg, Düsseldorf
Assoc pay for MM ranges between 160 - 200k EUR all-in, sometimes with carry on top Large cap pay probably 200-250k.
I am also interested in Private Equity in the EU, so if you don't mind, I would be happy to send you a PM.
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