Private Credit 2025 Bonus Megathread
Now that it's bonus season, I wanted to start a thread for visibility. Will comment below with my own when I receive it later this week. Crediting piergianni from last year's thread for the template below:
Level: [AN1 / AN2 / AS1 / VP2 etc]
Institution: [Large AM / PC shop / AUM etc]
Group: [DL / Alternative / Special Sits / ABF / Infra / Industry Focus etc]
Ranking: [Bottom / Middle / Top]
Location:
Base $$$ / Bonus $$$ / Total Comp $$$:
Stock / Deferred / Carry:
Based on the most helpful WSO content, creating a megathread for Private Credit bonuses is a great way to gather insights and benchmark compensation trends across the industry. Here's a refined version of the template you can use to encourage detailed and consistent responses:
Level: [AN1 / AN2 / AS1 / VP2, etc.]
Institution: [Large AM / PC shop / AUM, etc.]
Group: [Direct Lending (DL) / Alternative / Special Sits / Asset-Backed Finance (ABF) / Infrastructure (Infra) / Industry Focus, etc.]
Ranking: [Bottom / Middle / Top]
Location: [City / Region]
Base Salary: $XXXk
Bonus: $XXXk
Total Compensation: $XXXk
Stock / Deferred / Carry: [Details on % stock, deferred comp, or carry allocation]
Encourage participants to include any additional context, such as changes compared to last year, hours worked, or market trends they've observed. This will make the thread even more valuable for benchmarking purposes. If you're looking for inspiration, check out the London Private Credit Compensation 2022 thread on WSO, which has detailed examples of how users shared their data.
Sources: 2022 Bonuses: Private Credit/Special Sits/Direct Lending/Infra Credit/Project Finance/Fund Finance, London Private Credit Compensation 2022, London Private Credit Compensation 2022
Ill get us started:
Level: VP2
Institution: Small PC shop, $500mm AUM
Group: Special sits / ABF
Ranking: Top
Location: T1 City
Base $$$ / Bonus $$$ / Total Comp $$$: 180 base, 220 bonus
Stock / Deferred / Carry: None
Would appreciate some context on bonus and commentary from people at Blue Owl or other funds where BDCs are trading at a meaningful discount while employees potentially have 'carry'/DAW tied to those marks.
Level: AS1
Institution: >$25Bn AUM (MM)
Group: Direct lending
Location: T1 City
Hours: 50-60
Base $$$ / Bonus $$$: 140 base, 70 bonus
This feels super low... no? Thought AS1 was clearing $260K at least.
Yeah I’m not thrilled about it
Very low. I thought my old firm under paid but this is another 10-15k lower and this is still for a tier 1 city
sounds like Monroe
Usually would not be wrong but can confirm Monroe comp isn’t out yet
bump
Most don’t comp out til January.
Nice megathread you got here bro lots of replies
Bonuses aren't out yet you clown
Europe, assoc1, €100k fix, €85k bonus, Private Credit Arm of a large AM (>$100bn aum)
What strategy?
Vanilla DL
Level: VP
Institution: c. £5bn AUM
Group: Direct lending (MM)
Location: London, UK
Hours: 50-60
Base / Bonus : £140k base, £90k bonus
This feels quite low no? Do you have significant carry DAW to compensate?
That is awesome. Congrats! Would love to hear more from you if you are open to it (Associate 2 in US looking to transition to London).
Bump
Appreciate the thread guys. Needed a good laugh
Level: AN2 (Ignore title)
Institution: >$50Bn AUM
Group: ABF
Location: NYC
Hours: 50-60
Base $$$ / Bonus $$$: 125 base, 100 bonus
Solid
Is 50-60 hours common for analysts in ABF? Or dependent on shop
Level: VP3 promote to director
Institution: MF Credit
Group: Direct Lending Origination
Ranking: Top
Location: NYC
Comp: All Cash, base of $200 and bonus of $675
Nice pull, are you also originating or strictly underwriting?
Impressive, how have the hours been? Thinking of staying long term I assume?
Definitely HPS
was this tied to deals you sourced?
Level: Senior Associate 1
Location: London
Institution: MF Credit
Group: Direct Lending
Hours: 45-65h
Ranking: Upper Mid
Comp: £140k base - £170k bonus
Which firm if you don’t mind sharing?
Thanks for sharing - how many YoE? I am guessing around 5-6? I am guessing Senior Associate 1 ~ VP1
Level: Senior associate
Institution: >$10bn AUM
Group: DL
Location: SF
Hours: 50-60
Base $$$ / Bonus $$$: 205 base, 330 bonus
Sheesh.
Damn 50-60 hours is insane for that comp
Should’ve stated that I was top bucket and have been in the seat for 3 years. But yes it’s a good gig overall
VP Liquid Credit
Level: VP3 --> Director
Institution: Large AM
Group: Liquid Credit
Ranking: Top
Location: Tier-1
Cash Comp: $215 base, $205 bonus, $130 payout from prior deferred years
New Stock / Deferred / Carry: $170 deferred
Hours ?
Ballpark 55 hours on average, +/-10 depending on new deal cadence, restructuring/LMEs, earnings etc.
Does this mean $170 of your total comp this year was deferred?
Yes. So this year on paper I got $215 Cash Base + $205 Cash Bonus + $170 Deferred Bonus = $590 on paper.
Cash in my acct is $215 + $205 + $130 from vesting of prior deferred = $550
Do you have a certain strategy or skew (Ex: performing vs distressed)? Or is your mandate open?
Majority performing, but we have quite a lot of flexibility.
What’s the associate 1 comp at the big credit players in Europe / London?
recruiter told me 100-120 + 80-100%
Can confirm. I am in Conti-Europe and make 100€ + 85€ as assoc1.
Confirm. AS1 in the credit arm of a MM PE and at £110k + £80k
Any color on Ares?
Level: Senior Associate
LMM Private Credit / Mezz
Direct Lending / Special Sit
Hours: 40-60
Location: Tier 2 City (US)
Base: 150 Bonus: 90 Total: 240 (no carry)
Mind if I PM?
For sure
Level: Senior Associate / AVP
Institution: PC Shop
Group: DL
Ranking: Middle
Location: Non-NYC
Base ~$175k / Bonus ~$200k / Total Comp ~$375k
Stock / Deferred / Carry: ~$30k in stock that is within the ~$200k bonus
.
were you happy with this? And hours?
bump
bump
Doesnt this seem low? Is your firm known to underpay
Level: VP1
Institution: Middle market private credit (mid-single digits billion aum)
Group: DL
Ranking: N/A
Location: NYC
Base $200 --> $215 / Bonus $235 / Total Cash Comp $435
Stock / Deferred / Carry: $25 carry, subject to delayed vesting
How's the work life balance at a smaller shop?
Feels bad man
Level: VP1
Institution: large cap
Group: Niche DL
Ranking: N/A
Location: ex-US
Total Comp: ~USD415k split between base / bonus / additional comp. I got the same bonus as my junior associate
To confirm, is this a non-US location?
yes
Level: Associate
Firm/fund: MM PC
Strategy: DL
City: NYC
Ranking: NA
Base: 145->155
Bonus: 155, 15% of bonus is deferred
Hours: 60-70 if on multiple live deals, otherwise 50
Could I PM?
.
.
Level: AS1
Institution: Specialist Credit Fund
Group: ABF
Ranking: Middle
Location: London
£125k Base / £85k Cash Bonus / £30k Deferred Bonus (paid in 4 years)
Bump
Level: Sr. Associate
Institution: MM PC
Group: DL
Ranking: Top
Location: T2
Base: $150 +$150 bonus = $300k tot.
I feel like this is low? Is this low COL?
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