2026 PE Associate Bonus Thread
Wanted to get a thread going for the PE associates who are on a summer cycle.
I’ll go first:
Strategy: Special Sits MF
City: Non-NYC/SF (tier 2 city)
Level: Associate 1
Base: $150k
Bonus: $200k
Other: $25k sign-on
All-in: $375k
Bucket: Don’t know but the bonus was above my target so at least upper-mid bucket
Based on the most helpful WSO content, there isn't a specific thread or detailed breakdown for 2026 PE Associate bonuses in the context provided. However, compensation insights from prior years suggest that Associate 1 roles in private equity typically see total compensation packages (base + bonus) ranging from $227k to $280k, depending on the fund size, location, and performance bucket.
Your reported compensation of $375k (including a $25k sign-on) is significantly above the average for Associate 1 roles, especially in a tier 2 city. This suggests either a highly competitive fund or an exceptional performance bucket placement.
Sources: Summer 2018 PE Recruiting has begun, 2023 Associate Compensation Megathread, Recruiting on-cycle PE as A2A associate?, 2025 PE Recruiting (Post On-Cycle), Impact Funds Oncycle Recruiting?
Bump
Bump
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Associate 2 NYC MM
$350k TC top bucket
Can you dm me please? Associate 2 in NYC MM too
Why
Not an ASO, but firm has Q1 YE / bonuses paid ~June
Strategy: Secondaries PE
City: NYC
Level: Principal (8 YOE + MBA)
Base: $250k
Bonus: $550k
Other: $175k 40act shares / firm is on annual carry grant - $2.75m
Bucket: Unsure
Hey -- I don't know how to message people on here, but I'm relatively late in an interview process with a secondaries firm (primarily single asset), and would love to hear your thoughts on the industry. If you can, would you mind messaging me?
Thanks for sharing - by carry grant do you mean annual grant or DAW (assume the former given your level)?
Fund size?
Do you work on the 40 act fund? Is this STEP?
How much was your guidance originally when receiving the offer a few years ago?
Do you think it also has to do with Special Sits having a good year?
What does ASO2 look like? closer to 400?
IB associate 1 is simply making $350K now for a mid bucket, mid bank and like $400K for an EB lol. For a way easier job.
Only promise of PE is “carry” but every fund underperforms
Not sure who asked. Go back to spreading comps
It's a fair critique of PE
Go back to no VP promo with ur receding hairline from stress debating 2032 Capex only to lose every process you’re in and still make less cash than me (who used Claude to spread comps in 30 seconds)
Sure, but in the long-run the opportunities in PE are far far greater than staying in IB. You also get to develop new skills in PE and get to think like an investor rather than execution monkey. IB is simply a far less interesting job intellectually. I am okay getting paid 20-25k less than someone at an EB that works longer hours than me in a less intellectually stimulating job.
Right except there’s no VP promos for any associates since every fund performs like shit lol. Where u gunna go sunny?
Yes except most funds have a 10% promotion rate.
TA has some of the bloated mid levels and probably one of the best funds out there for promotion visibility yet even their promotion rate is around 20%.
H&F cd&r Carlyle it’s gonna be 10%
Even though I’m an IB analyst leaving for PE, I think IB is better.
The cash comp difference becomes more meaningful down the line where PE at VP+ levels require GP commit, but more importantly at IB I have better promotion visibility.
Even if IB overall has sweatier hours, if you’re trying to be 1 of the 5 PE associates in your class that gets the return offer to become VP post-MBA, you are gonna be working IB hours. As opposed to being an IB A2A where you have goodwill built up in your group + analyst under you + promotion rates even from ASO->VP is 50%+
Bull shit. I come from a hard science background, nothing about both jobs are intellectually stimulating. Both are rinse and repeat, change little things to sound smart, juniors larp, screaming “ You’re a Genius”! LOL, I know they just want to be in good books
Currently an analyst at an EB (PJT / MOE / LAZ) that A2A after two years, and yeah, going to PE is a pay cut, esp when all in Aso1 makes 400k on top of 75k promotion bonus.
I’ll still leave for PE at a large cap fund (>10B buyout fund / >100B aum). I still think IB is a better risk adjusted career path, but it’s easy to go back to IB after PE, whereas if I don’t exit to PE at the associate level, its hard to break in.
Even though the fund im going to has been increasing in size + doesnt require MBA, realistically i expect I won’t make VP track in PE (given that promotion rates at most firms are 20%) and I’ll get pushed out to biz school, in which case I plan to just return back to my EB and clip the higher cash comp + better promotion visibility
This is a perfectly valid strategy. I just find it funny how a bunch of people who study risk-reward for a living go to these MFs and then suddenly start getting mad when there are no spots for promotion. You are taking zero risk and the fund is already bloated at the mid-level, I do not understand why you think they will give you a slice of carry. There are a bunch of smaller funds that are not bloated and/or growing that promote people up the ranks. If what you are solving for is career earnings within PE, those are very clearly better seats.
Strategy: LMM Buyout
City: Tier 2/3
Level: Associate 3
Base: $190k
Bonus: $110k
Other: 50bps on a $500mm-$1bn fund
All-in: $300k
Strategy: LMM Buyout
City: Non-NYC/SF
Level: Associate 2
Fund size: $500M-1B
Base: $125k; Bonus: $105k
All-in: $230k, up from $220k as Assoc 1
a couple data points across 500mm funds in T3 cities: all are 50/50 base to bonus split
Are the hours at least chill?
AS2 has been consistent 65-80+ hour weeks
this feels very off-market. My first year associate comp was like 260k all-in (4 years ago) and our latest fund size at the time was just under 750 mil.
What were hours worked compared to buyout? Think thats also an important indicator as some seats are especially grindy even though comp is better (APO)
Definitely on the higher end of the spectrum because of a combination of lean team + looking at opportunities across the cap stack (public, private, 1L through control equity, etc.) which meant at any given point in time there are an endless no. of opportunities. Not Apollo level grind though.
Strategy: UMM Buyout
City: Non-NYC/SF (tier 2 city)
Level: Associate 2
Base: $155k
Bonus: $155k
All-in: $310k
holy mid on mid on mid on mid
Strategy: Workouts/RX (Taking over sponsor position on non-performing assets) at a LMM Primarily Credit & Structured Equity shop (with some buyout)
City: Tier 3 MCOL
Level: Associate 1 (or 2? Unclear given firm structure)
Base: $130k -> $140k
Bonus: $35k cash on initial target of 50-60k
Other: $175k carry (as presented at signing), now worth ~$75k according to firm, but likely lower.
All-in: $165k cash, value carry at $0. Headline figure when I joined was $210k including carry ($190k cash) but that didn’t turn out to be true…..
Bucket: N/A
Leaving firm for non-PE/IB role. Not a place I would go back to, even despite how firm pays juniors poorly, and word from others is already low bonuses are being paid out low due to poor fundraising….
it is amazing how much lower comp is at MM pe than IB.. and i am squarely in that camp.
all of our associates come from BB or EB's and then get paid 250k ASO1 comp at our fund. bad bad bad
What is your fund size roughly?
500M-1billion
Strategy: LMM PE
City: T3 City
Level: 6 YOE (2 IB / 4 PE)
Base: $175k
Bonus: $100k
Other: $250k - we are a unique shop that pays out bonuses for platforms / exits on top of carry.
Carry: $500k of DAW
Hours: 30-40 in non deal sprints. 60-70 during deal sprints.
30-40 is crazy. assuming you're senior aso/VP. Do you see a strong track record of staying on and getting more carry?
Also, by LMM, do you mean closer to $1bn fund size or more like buying $5-10M EBITDA businesses hence the bonuses for platforms / exits?
Strategy: Buyout
City: T1
Level: SA (5 YOE)
Base: $200k
Bonus: $250k
All-in: $450k
Bucket: Mid
Very helpful - rough fund size? and how has this progressed over your aso / senior aso years?
To confirm, 2 years banking and then this was 3rd year PE? People write the YOE thing different ways
Strategy: MF Buyout
City: NYC
Level: Associate 2
Base: $150k
Bonus: $260k
All-in: $410k
Bucket: p sure top
Public firm?
No - private
Warburg?
Strategy: MF Buyout
City: NYC
Level: Associate 2
Base: $160k
Bonus: $235k
All-in: $395k
Bucket: 2nd out of 4
What was ASO1 pay and do you expect ASO3 to be a bigger bump if staying?
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