Private Credit Comp

Based on the most helpful WSO content, here’s a breakdown of compensation in private credit, specifically in direct lending, for Associate 1 and Associate 2 roles:

1. Associate 1:

   • Base salary: Typically ranges from $85,000 to $130,000 depending on the firm and location.
   • Bonus: Generally 25% to 100% of base salary, with some firms offering co-invest opportunities.

2. Associate 2:

   • Base salary: Commonly reported between $105,000 and $200,000.
   • Bonus: Ranges from 75% to 100% of base salary, with potential for co-invest or carry depending on the firm.

Examples from WSO threads: - At a smaller direct lending firm (~$1Bn AUM) in a no-tax location (e.g., FL or TX): - Associate 1: ~$90k base + 75% bonus (no carry/co-invest). - Associate 2: ~$105k base + 75% bonus (no carry/co-invest).

• At a mid-size NYC direct lending firm:

  • Associate 2: ~$100k base + 100% bonus + co-invest.
  • Senior Associate (no MBA): ~$130k base + 100% bonus + co-invest.

• At larger, name-brand shops (e.g., Ares, Golub, Owl Rock):

  • Associate 2: ~$130k base + ~$85k bonus.

Let me know if you'd like more details on specific firms or roles!

Sources: Private Credit / Direct Lending Comp, Private Credit/Debt/DL Comp Variation, Credit Fund/Direct Lending Salaries 2019, Private Credit / Direct Lending Comp, https://www.wallstreetoasis.com/forum/private-equity/qa-non-target-top-bucket-ssg-private-creditdirect-lending?customgpt=1