Private Credit Salary Thoughts
Finishing my 2 years at a BB and just got a private credit offer paying between 250 - 270 (range provided verbatim in offer letter) for a first year associate. Latest fund size of 2bn in a special situations / opportunistic credit strategy.
My initial reaction is that this is quite low? This is in a DAL//CHA/HOU so I can understand a bit of a discount, but there’s other firms in my area paying closer to 300. And it’s my understanding that firms in NY are paying closer to 350?
Would be helpful to know if this is line. Admittedly I’m kind of bummed about the salary but wanted to gauge an audience
Does seem a little low...$300k should be right range. Do they lead?
My thoughts as well but unfortunately seems like the comp is not negotiable. Yes they do lead and typical check size is anywhere from 50 - 200M.
At a fund with a similar strategy. $350 would be on the higher end even in NYC at a non-MF. For fund size / geography, the comp feels about right.
At a credit focused shop in one of the three cities you listed and will be making $360+ as a first year associate.
Size and location
2Bn for a debt fund is pretty small, I think that comp for a T2/3 city is reasonable
I was thinking the same thing. Aren't Dallas and Houston supposed to be cheap?
I think that is pretty reasonable for a first year associate in a T2 city at that AUM level. Will you get anything outside that cash comp in that range? Also the Odyssey PC comp report will probably drop soon so that will give you all the info you need.
To give you the stats from the 2024 report: For an Associate at a fund with $2B or less (non-NYC), median base and bonus in 2023 was $130k and $110k. 2024 average base they had at the time of the report was up to $140k. Hope that helps
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