2022 Private Credit Year End Comp
Starting this thread for 2022 in the US - there was a good one from last year for 2021 that I (and I'm sure many others) found super helpful.
Curious to see how comp was in a slow and sometimes volatile year for leverage capital markets, as well as if shops have continued to adjust/react to the somewhat recent IB salary increases.
Thanks in advance!
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1st year analyst, 235k all in (110 base, 100 bonus, 25 signing) if extrapolated from stub
Is this Bain?
jesus christ, what firm is this
Bain Cap im pretty sure
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Bump
Haven’t received numbers yet, however, was told that bonuses will be flat from last year.
Bump
Bump
MF Assoc0. 300k cash total 15k equity. TC 315k. (Don't pay attention to profile title, haven't used this site nearly as much since I went buyside)
What is VP and Director cash and TC at your firm? Rumored or substantiated - either way looking for data points.
Bump
MM PC - credit opps fund. 6bn AUM. Promoted to sr aso
base: 150
bonus: 165
other: 15
carry points valued at $75k (over life of fund)
Do you mind sharing what your new base salary will be as Senior Associate? Facing a similar promotion myself in a few weeks
Can you comment on ballpark % hit in valuation / book (understand it may be offset by gross AUM growth); and what a similar title got YoY - flat, down, or up? Those are solid numbers - congrats.
New base is $170.
On valuation, the carry figure is based off my % in the GP of a specific fund, if that fund hits a gross 1.45x MoiC.
location?
Monroe?
$250k all-in ASO 0 (not accounting for stub)
Location? Aum?
Experienced VP (2+ years) at MM/LMM fund focused on senior lending with $2-3B AUM in HCOL city:
Base: $170k (same as last year)
Bonus: $250k (up single digit % from last year)
Carry: Have in a variety of funds, total valued at ~$400k (over the life of the funds)
Any part of the bonus get deferred in PC roles?
None of mine was deferred. I think some firms do though.
This is all super helpful as I await my weak BB Lev Fin bonus (or layoff)
How did you end up faring?
Pretty great all things considered with the market and deal flow last year.
$225k base + $200k bonus = $425k all in
$25k of bonus was deferred (stock)
Promoted to VP1 from ASO3, new base $275K
Hoping to see VP1s in this thread at or around that $400k level...
MF PC
AS01
Base 150 Bonus 225 (annualized)
total annualized 375
Aso 1 at a 40b+ AUM PC fund.Total was 300+ roughly half bonus/half base.
Aso 2 at $60 billion AUM PC. $275k total comp.
Sixth Street?
Antares/Golub both $60b and that sounds like non-NYC comp for associate at those two.
Senior Analyst in DL group of large AM firm
TC: 185k (100k base / 85k bonus)
Promoted to Aso1 and bumped to 130k base
aum? location?
Senior associate at a DL
Base: 200k
Bonus: 125%
That’s very solid, few questions if you don’t mind?
- How big of a DL firm and investing across cap stack or mostly 1L paper?
- What are hours like at the senior associate level?
- How long did it take you to hit senior associate at your firm?
-Large DL (15B+), mostly 1L and unitranche
- Hours aren’t too bad. When it’s dead (as it has been for the last 1-2 months) it’s usually 40-45 hours. When “healthy” busy, more like 50 hours. And then can get to 60 when slammed, but rarely too much more. Also rarely any weekend work other than some emails
- my situation was a little unique, but timeline for associate to senior associate is usually 2-3 years
tier 1 or tier 2 city?
Associate 2 -> promoted to VP at a large aum direct lending shop. Base for 2022 was 175,000 with cash bonus of 300,000 for the year. No other perks / benefits would highlight such as carry / coinvest
Holy crap, that bonus is insane for an associate. Is this more special situations or more sponsor coverage?
Eh yes and no. That’s pretty much market for that level at tier 1 funds in nyc. Do not think pay has changed at all since maybe 2016 or so
Is that 300 all in or bonus?? Don’t think I’ve ever heard associates making 475 all in since 2016.
Can name multiple funds where true: ares, hps, blackstone, golub all around these levels
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2nd year associate in middle market credit. $150K base and $160K bonus
That’s awesome. What’re your hours like?
nyc?
MM direct lending Assoc 0 200k stubbed in 2021. Sounds like market consensus is around $300k all in 2022, still waiting on it
nyc?
Bump, interested for VP/Director level
Came in as a Sr Associate mid year. $115k base $60k bonus, base bumped to $120k. Annualized bonus would be $110k, but normal target is 70-80% of base ($80-$90k in my case) assuming you perform as expected and the firm has a typical year.
MM/LMM DL shop, $12-$25bn AUM. T1 city
This seems a bit low… what kind of shop is this? Assume not NY?
Correct, Non-NYC. I’ve heard anecdotally our comp is slightly below market, even compared to other shops in the city. Pretty standard DL platform though. MM/LMM, 1L / unitranche, maybe a small coinvestment. Rarely (if at all) doing mezz/RX/SS etc
Great WLB and culture so I’m okay with the comp (for now)
Regardless of city, this is def low for 2023. Definitely push for a base bump when time is right.
MidCap?
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