What is market comp for VP private credit these days?
Been going through recruiting processes with a couple of 50bn+ private credit firms in New York for VP level seats (~5 years of buyside / 8 years total experience).
What is market comp for these firms at the VP level for investment seats? Have a couple calls scheduled where I’ll have to give compensation expectations / ranges and not really sure what to answer.
It varies quite a bit depending on size of firm and location. I would say average range is anywhere between $540-620k total for VP1 at a shop of that size.
Median total cash comp for VPs in NYC for $25bn+ funds is $615k according to Odyssey. I was able to negotiate $700k+ at a big shop.
What is the latest fund size for these larger managers? Is that for VP1 after 3 years as associate?
How many hours are typical for a VP in NYC?
VP 1 id say 550k sounds about right. Typically slides nicely after that but 500-550k generally. $700k would be in my opinion a VP 2 or 3
How many years of experience for that? Is this like after 3 years as an associate? Or later?
3 years after associate, many funds will be moving to four likely but generally first year of VP after 3 years associates id say 500-600 with 600 being kind of the high end since all big PC shops pay the same til you get to Director / Principal level
Same comp for people with multiple steps to get to that VP title? Ie; Ares, Carlyle, Blue Owl, Golub?
Is comp pretty standardized on YoE basis with some outliers (ie; HPS)?
^^^feel like some firms take longer to promote to VP and that not all those titles are comparable in compensation
Yep. Unlike banking, where the majority of firms go An > As > VP, credit shops a lot of times will have one or two extra steps, such as: An > As > Sr. As > AVP > VP.
So depending on the firm, a first year private credit VP could have like 7-8 years of experience, and thus will be higher compensated than someone with the same title at a different shop that came straight from associate with 4-5 years of experience.
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