Direct Lending - carry?
Does anybody that currently works in direct lending get paid carry or coinvest? What level did you first get it? If coinvest, mind explaining how that gets structured?
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Specifically at the associate or senior associate level. I’m hoping to negotiate an offer letter and would like some data points in my back pocket, but haven’t found very much on this front.
I’m at a decent size PE firm which also has a debt team. Both get carry from AVP level. I know at some smaller (10 people) DL funds you can get carry from associate level.
Senior associate is the bare min for most places and usually above that. I do not work in DL but know people who do and even as VP they are still not getting it, but they just joined recently. Bigger fund
Have a friend at a very small direct lending shop (~$300MM fund size) that got 25bps as an associate. Just one datapoint but I doubt anyone's getting much more than that as an associate.
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