Trending Content
Career Resources
WSO Free Modeling Series - Now Open Through
April 30, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
$600mm fund in TX, 240k all in.
thats great comp - whats base/bonus split
Base 130, bonus 85%-100% of base, so could be higher than 240 but like to set low expectations lol.
Bump
well respected UMM, $330k all in not including signing or relocation
What was signing and relocation? Got offered $25K and $10K respectively, so wanted to gauge how that compares
MM fund upped their 1Y comp to ~$300Kish, maybe slightly more. Caused a bit of outrage among experienced Associates until we got a boost as well.
Sheesh secure that bag. NY location?
Yeah, think around ~$300K is now more standard among decently-regarded MM funds in SF/NY
This thread has the potential to help move the needle on PE's reaction to the IB bumps. Let's keep them coming. I'll be sure to update once I hear what my firm is offering, but we haven't kicked off yet.
Agreed, PE pay transparency is very needed. A lot of offers going out today with base or all in comp less than that of a BB Asc1. People need to get back to the drawing board a bit.
330k all-in in NYC. ~60% in form of bonus (bonus amount not stated in offer but target was communicated verbally). ~6bn fund size. No communication around co-invest. Obviously a lot of money, and I’m happy with it, but feels a little light given NYC, base/bonus split and fact that it’s a ~$60k discount to taking Aso promote at bank.
Which banks pay Aso 1 approx $390k?
GS + EBs
And MMs like Baird and WB based on comps here
Are you not allowed to coinvest?
Maybe it'd be helpful if people also mentioned the particular type of firm/strat (i.e. Buyout/PE, GE, PC, SS, HF, etc.) given comp is all over the place right now across different strategies, funds, etc.
Any growth numbers?
bump for growth
2 Midwest LMM funds, ~400m and ~600M, both 200 target all in (one had bonus upside to 250 all in)
Not familiar with the midwest comp environment but is that normal/desirable? Understand that COL is significantly less but that's ~100k+ off from what funds pay in most cities.
midwest comp in my experience is less than NYC for sure. This also isn't Chicago, rather a T3 city. The 400M fund feels a little light, would've preferred 110 base/bonus, as I'm taking a hit in base from 1st year analyst base now. The 600m fund I got an offer at had higher bonus potential, so 250 in a T3 city would be pretty good, but again 100k base doesn't go as far as it used to.
For analyst level?
Associate
.
Just signed at a smaller group (think growth) within a MF - $335K TC. Very happy with it.
2nd year associate restructuring - 450 total comp.
Bag secured
325 all in 25 signing 1-2bn tech pe fund east coast; Coinvest with leverage
That seems very good for a 1-2bn tech fund, congrats!
coinvest with leverage? the goddamn dream at this level
mind PM'ing firm name?
Hey would you mind PMing with fund name? Thanks!
How crazy are the returns from coninvest?
330K all in - $5-6B latest fund for UMM
berkshire?
~$375k all in including signing + relocation bonus, $3-5B latest fund for SF buyout firm.
Austin based (associate 1) - 800m fund 250k all in (125K base 125K bonus) not including signing or relocation. Coinvest from day 1 and then carry at sr associate. Hours are 9-6.
Mainsail?
Dawgggg, hmu with where, I'm a clown for going to this MF then
If you want to know feel free to PM me
Would appreciate a PM as well. Congrats!
Could you PM me the name as well? Currently in Dallas but interested in a move to Austin.
Do you mind pming me the name? I'm from Austin originally. Thank you!
PM as well
Could you also PM me this fund as well? Appreciate it
Pls pm me
200 base, 100 bonus; non-MF in NYC with 10bn+ most recent fund; nothing mentioned about signing bonus when I received offer
CDR?
Large international fund
What's the strategy? Buyout? Growth?
firm's flagship buyout fund
Sounds like a certain infra fund?
Firm has a 20bn+ infra fund but I'm going to corporate buyout fund which is smaller and growing
LDN based UMM/MM. £230-250k all in.
PE bases in London at UMM / MM got upped for ASO1? Or ASO2 with >100% bonus?
ASO2 with >100% bonus
MM in southeast. $210k. Prob equates to $260k in a place like SF?
fund size?
Just under 1B
How’s the wlb?
<$500M fund in TX. $220K all in ($120K base, $100K bonus). Carry and co-invest available starting day 1. $40K signing bonus
What’s market these days for these sized funds in the south? This feels competitive enough but curious
thats a great signing bonus
$3-4bn fund in SF with max comp (including relocation) of 375 but ~70k performance-based. Curious to see if anyone else has a discretionary bonus in offer letters
LMM offer i got had a discretionary bonus. 100k target, but potential up to 150 based on a few outlined criteria.
$330k all-in split in half at UMM (latest fund size $4-6bn)
{}
Do you mean coinvest, not carry?
{ }
{ }
What firm is this? (Can give a list including firm if not comfortable saying explicitly)
Is co-invest standard for associates?
Nah, I think only 1 second year at my bank has it and it’s cuz he’s going to a small firm. Everyone in my year just landed at a MF and nobody has it.
NY megafund, $180 base / $190 bonus (bonus guaranteed, though I've heard previous classes got more than the noted amount)
Do they put the bonus in the signing letter? Or just voiced over?
Holy fuck, what fund? That is BUSSIN. I just signed at a MF in NYC doing renewables and my TC is $335.
Should be WP
Which MF has a primarily renewables arm? KKR? Or is this like a GIP type MF
Think this is Warburg
Hg?
MF, with $150k base and a target 120% of base in bonus. They already raised the target bonus from 100%, but I feel like they need to raise again (I would make more staying as an Associate at my BB)
What is everyone expecting 2nd year PE associate comp is? Is it a meaningful step up from Aso1 comp or just $20-25k range increase in TC?
I’d be stoked with 25k increase. Also curious to know, but I’m anticipating 5k bump in base bonus?
My shop is $50k increases each year (from Assoc 1 —> Assoc 2 —> Senior Assoc)
yeah was ~50k increase YoY at MF in NY
Bump - anyone know how much is the step up generally at MMs (1-2bn funds) in base and bonus for each associate year?
SF based MF. ~340k all in
NY based MF: 360k cash all in
SF based MF: 325k cash, some shadow carry
Help me out here—what is shadow carry, and how does it differ from just regular "carry"?
Think of it as a bonus whenever the fund exits an investment - they'll earmark a small % of carry to pass around to the team.
Bump for more datapoints
3-4B fund NYC, base 135, bonus 165
Bump
5-8bn fund - non-NYC $300k + 15k sign on + liberal co invest + random small bonuses total of $2k a year
What's the base bonus split?
Boston flagship PE, large-cap, $330k all-in not including relocation or signing
Pm firm name?
Could you PM the name of this fund?
MM SF based - 280-290k all-in
Any relocation?
10k. Included in the all-in above
Any relocation bonus?
UMM 150K base; 100-120% bonus
MM in Silicon Valley; $150K base +150K target bonus
Mind DMing me which fund this is?
~$600mm fund in Texas. $150k base plus 80% bonus
Texas funds seem like they’re paying very well generally relative to fund size and other T2 geographies. Add in the no state income tax benefit and lower COL, and you come out way on top.
Up until a year ago most were sub-$200k all-in, with a handful of solid shops in the ~$225k range. I think the market has responded well to the recent comp increases, not to mention the massive increases in COL in Texas over the past few years
$180k base, bonus unspecified, carry after first year - NYC mega fund
Bumping for Chicago comp #s
One Chicago data point: 150 bonus, 170-180 bonus
I’m guessing this is one of MDP, GTCR, BDT?
Anybody have data points for GE/VC offers?
$260-$300 TC, non NYC (CHI, BOS, DC); latest fund size $4-5bn
Damn nice offer. Considering fund size, assuming that is GE. Any data points for VC?
deleted
Any Houston numbers?
Bump
135 base 70-90% bonus, ~600mm fund, not O&G
Are sign on bonuses typically offered as a part of the total comp package or do you negotiate? Currently have an offer with a MM fund in a tier 2 city but no signing bonus.
In my 2 offers I received no sign on, but did get a relocation reimbursement
NYC 280k total comp. $2-3bn MM fund. Am I getting underpaid?
$260 NYC. 1-2bn fund, is this market rate?
$225k in NYC all in (including signing, relocation, etc.). Am I being underpaid?
This is lower than 1st analysts @ EB
Two offers. One was a MM software fund in SF which was $275k ($125k base, $125K bonus, $25K signing) and one was LMM software fund in SF at $235k ($135k base, $85K bonus and $5k relocation)
What’s the fund size for the LMM fund
I think they were ~$1bn but were a top 2-3% percent fund
$180k all in at a $500mm fund in T3 city. Despite T3 city, I'm getting hosed right??? The lowest paid f'n PE associate in all of WSO. Hours suck too. Wonder when the 2022 Heidrick report is coming out so I can have real data to point to during my review.
I’m getting 200 in a t3 city for similar fund size so would say you’re not super far off
You are definitely not the lowest paid brother.
150k All-in LCOL
Hours are 9-5
Jealous of these comps
Hate to leave this insane WLB but unless they significantly bump up I'm going to lateral
You’re crazy
Well, fuck. I think I need to get off this forum before I get considerably depressed.
I’m a VP at a sub-$500mm fund (raising $500 as we speak) and my comp is lower than these associates lol. $225 all in, maybe closer to $275-$300 when new fund closes.
Tier 3 city, 9-5/6 and no weekend work really. Metric fuck ton of carry though - around $8mm or so over next 5-7 years.
How did you find this place. I’m beyond jealous
Right place right time really, and some very shitty luck with a prior firm that spurred my action to look for new homes; and may have made my career if the thesis pays off!
of course, I wish I was getting paid $500k cash comp like other VPs out there but the lmm varies so much firm to firm.
Do you expect to realize 100% of that carry?
That’s insane. Maybe not compared to other VPs, but they also probably don’t have your lifestyle!
$8m Carry DAW is absolutely crazy, you would maybe get half at most large cap funds. Congrats!
Congrats on this …. I would take this trade all day and just focus on outside hustles in my spare time. LMM is where it is at
You would have outside hustles if this was your package?
Can you pm the name of the fund
8% carry based off $500M at 2x?
Must be a super lean firm or very generous partners either way sounds like a good gig.
Based on current marks if I’m being conservative, the downside is probably $5-6mm DAW total across 2 funds.
But the sacrifice on comp is entirely for that extra $2-3mm based on our underwriting model & the results that follow. Carry is always a fickle mistress but sometimes you’ve got to make the jump & believe in the platform.
What would happen to your carry if you decided to step away? Would you get a payout, would it just stay as is until crystallized?
.
Is 140 all in as an analyst terrible for a first year analyst for a 500m fund GE fund?
I think that's about average. Buddy is getting a similar comp at a larger fund.
Bump for London
Top Growth Fund (GA/Insight/Summit)
~$350k (base + targeted bonus) + deal-related bonuses and phantom carry
What do you think your all in will end up looking like?
Guessing around ~400k
do all top GE firms pay this well?
Bump, also curious if this is standard
Definitely Insight/GA because Summit pay is absolute garbage
Really?? I would think Summit would have good comp with its pedigree. Besides Insight and GA, which MF growth shops have good comp?
Really ?
Dolorem dolore beatae vel. Ea vero quia harum est ad odit.
Enim qui quia eos nisi asperiores rerum. Iure et fuga esse corrupti rerum facilis. Illo sint sit aspernatur rem excepturi asperiores hic voluptatum. Distinctio eligendi expedita enim. Eos sit voluptas natus delectus iure. Voluptatem eligendi ducimus hic numquam eum impedit non. Occaecati aperiam quae maiores ea ut dicta non.
Commodi voluptatem omnis ut est reiciendis. Aspernatur ex eligendi voluptatibus est.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quo minima culpa soluta aut. Mollitia voluptas rem consequatur eos est autem ipsam. Eligendi minima ea esse tempora magni. Aut tempora dolorum facilis tempore suscipit et. Velit nostrum dignissimos voluptas et at tempora. Voluptatem sint voluptatem est vero aliquam aliquam. Sunt mollitia ut tenetur possimus.
Est aut incidunt ut nihil. Omnis dolores doloribus est voluptatibus sed. Velit esse sit tempora.
Nobis eveniet minus dolores qui iure deserunt. Tempora tenetur molestias recusandae odio inventore. Ea quis et eum et numquam. Praesentium culpa ut quo animi quis voluptatum. Molestias necessitatibus ea est ut et illo laboriosam.
Suscipit ipsa expedita deleniti sint ad tempora. Vitae deleniti doloremque quod voluptatem nemo aut hic. In consectetur accusantium maxime facere sint ullam. Magnam corporis ab voluptatum qui vel consequatur animi repellendus.
Quia molestiae natus aut necessitatibus assumenda aliquid harum. In ut dolorum necessitatibus esse nulla ea magnam. Tenetur inventore voluptatibus non explicabo officia quo et. Saepe quaerat soluta vel et nisi. Optio consequatur quaerat optio et voluptates et numquam.
Minima dolore quos non facilis qui. Accusamus fuga at animi voluptatem. Nemo reiciendis asperiores sunt et consectetur vel odit.
Doloribus aut qui et ut dolores repudiandae. Dolores necessitatibus nesciunt excepturi omnis accusantium qui vero. Doloremque expedita deleniti recusandae et necessitatibus. Officiis aspernatur dicta corrupti quas voluptate illum ut. Qui ratione suscipit ut enim fugiat illo aut dolore. Enim rem ea expedita ipsum quibusdam nemo.
Sunt qui ipsa aut velit. Quis facere et dolorem delectus. Deserunt laudantium voluptas ipsa vero. Voluptas hic itaque soluta accusantium repudiandae et eveniet. Dolores similique voluptatem error qui nihil non voluptatem. Autem tempore eligendi sit reprehenderit odio.
Occaecati delectus eius quia voluptatem. Recusandae corporis excepturi sed totam. Iste in qui et quo. Sit architecto optio vel quasi iure tempore.
Quidem pariatur veniam quisquam. Accusantium explicabo est aut placeat veniam nisi aut. Sed neque animi rerum quis sit. Praesentium minima reprehenderit dolores maiores pariatur minima minus. Et est molestias et enim excepturi. Explicabo libero at rerum cumque repellat.
Voluptatem fugiat similique labore. Ipsa quia corrupti praesentium nobis deserunt laborum ratione. Voluptatibus ut neque modi cupiditate facilis numquam voluptates.
Alias et voluptas perspiciatis laborum quis tempore molestiae accusantium. Veritatis incidunt maiores provident et qui eum.
Pariatur sapiente asperiores veritatis fuga asperiores sit voluptate voluptas. Et ullam enim ut fuga. Ut sunt sed laborum dignissimos. Exercitationem consequatur non sapiente corporis ipsa.
Perferendis laboriosam natus repudiandae libero minima pariatur occaecati. Veniam rerum magni quam alias. Enim suscipit autem ratione nihil a voluptatem iure.
Dolor ut praesentium veritatis ut voluptatibus itaque illum. Ut fugiat vitae a voluptates numquam. Aliquam et in animi quos nesciunt ratione enim. Nostrum placeat est in illo delectus repellendus aut.
Magnam perferendis sint sit est. Beatae nemo dicta sit libero dolorem ullam. Adipisci eveniet accusamus deleniti voluptates sapiente ut voluptatem.
Aut et omnis laboriosam labore occaecati. Excepturi tempora maiores nihil sint blanditiis dolores veritatis.
Repellendus voluptatem enim repudiandae adipisci saepe ullam. Exercitationem sed repellat magni laboriosam provident repudiandae enim. Minus sunt dolor veritatis vel. Quis temporibus optio et deleniti pariatur.