Private Credit Comp Across Levels in London – What Are You Seeing?
Trying to get a better read on where private credit comp sits in London right now, particularly on the direct lending side. The space has obviously grown massively over the last few years, but comp data still feels pretty opaque compared to more traditional PE or banking roles.
I believe the bigger funds are paying around £70k base at the junior end. Can anyone confirm or push back on that? Curious how that moves with bonus and whether there's meaningful variation between the large-cap direct lending platforms and the mid-market players.
Would be great to hear from anyone currently in the space or who's recently moved. Specifically curious about:
- Analyst / Associate: What does all-in look like beyond that ~£70k base? How much is bonus as a percentage?
- VP: How wide is the range here? I imagine it varies a lot depending on platform size and deal flow.
- MD / Partner: Any sense of what the top end looks like, particularly with carry economics on the direct lending side?
Also, how does direct lending comp compare to sponsor-side PE at equivalent levels? Is the gap narrowing given all the dry powder?
Based on the most helpful WSO content, here's what you need to know about private credit compensation in London, particularly in the direct lending space:
Analyst/Associate Level:
Vice President (VP) Level:
Managing Director (MD)/Partner Level:
Comparison to Sponsor-Side PE:
Variations Between Platforms:
If you're looking for more granular data or additional insights, engaging directly with professionals in the space or leveraging WSO's resources like the company database and compensation reports could be helpful.
Sources: London Private Credit Compensation 2022, London Private Credit Compensation 2022, Private Credit / Direct Lending Comp
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From a couple years ago, all ASO 1:
- Carlyle Credit Opps - 125 + 125
- Permira Credit - 110 + 70-90
- Sona - 150 + 150
I don’t work at any of these places but was what I gathered from HH
Carlyle ASO 1 is 110 + 110 from what a HH recently told me
KKR ASO 2 is 120 base (not sure on bonus)
Anyone have info on Barings London, for the DL team?
Ares DL - A1 - £75k (not sure on bonus)
CVC Credit - Asso 1 is 120k base
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