‘22 Off-cycle - PE Associate Comp
2022 recruiting off-cycle, and signed an offer at $3-6B fund, ~$280k target all-in comp as AS1 with opportunity for leveraged co-invest.
Happy with comp package but curious how it fares for MM / UMM in NYC.
Hi JustAnotherAnalystt, check out these threads:
More suggestions...
You're welcome.
Not in NYC, but I'll be heading to an UMM shop in a tier 2 city (e.g. San Francisco, Boston, Atlanta, etc.) with a fund size towards the top of your range. The target all-in comp is ~$340k as AS1 which includes some shadow carry. My gut says you have a good comp package especially if you're at the lower end of that range.
Huge difference in atlanta vs Boston/SF. Boston/SF are basically tier 1a in PE. Probably even above chicago.
I agree with you. Atlanta is not really comparable. It's above Chicago and more like a tier 1a (e.g. San Francisco, Boston, LA, etc.) as opposed to a tier 2 city like I previously mentioned.
It's a good, fair offer - it's definitely not off enough to ask for more or go elsewhere. Recently, believe $300K+ for a lot of the $2B+ funds is fairly typical after the whole banking pay thing (finally...), so not egregiously off market.
Heading to a shop with ~$650mm latest fund. total comp ~240k in LCOL (Atlanta, Charlotte, Houston)., solid bit lower than the 2bn+ funds, but comp seems to be within range for the size, or am i getting fucked?
That comp is great for the fund size
Agree, and geography
Yeah man I’d bet your WLB won’t be half bad either versus the bigger funds
You're actually above market, all things considered
Jesus. ~$3bn fund size, $250k cash, no coinvest no carry. LA / SF / Chicago. Am I really that underpaid?
Have a buddy whos at a 3.5b fund in NYC, also 250 cash
Damn that sounds like a 2-and-out. They DGAF about their associates.
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1.5bn fund, 270k, nyc. Curious what else is out there but seems like 250-325 is the going rate
Checks out with what I’ve gathered. Plan to be aggressive with the leveraged co-invest ($250k debt / $100k from IB bonus). Fine with the illiquidity and returns have been solid
You're in line with market
Lol, $8bn+ fund $280k all-in tier 1 COL (NY/SF/LA) seems like my fund is cheap given the size of the shop
Similar size $8-10B last fund, $250K all in, no coinvest/carry, LA/SF... starting to feel the same
that is super light for that fund size, especially considering guy above at 650m fund shop in T3 geography is making 240
SF / Chi / LA MM ~1.2bn fund 250 all in guide. Feels low given 2nd year IB analyst base is 125
If Chi, that feels pretty market
Market
$1B latest fund, ~300k cash + 1% carry, AS1, Tier 1 city (NY, SF, LA)
Can someone explain the levered co-invest? Joining a UMM PE in NYC this summer where they have a loan program which can be used to fund up to 70% of the co-investment. What’s the typical interest rate for this? Is this cash interest paid periodically or does it PIK and you can pay off the amount using your equity when there’s a distribution?
Also curious - my firm has the same set-up but doesn't charge any interest and funds up to 100%.
Sub $500M fund, LCOL city (TX). $230K (130 / 100) total comp, co-invest, carry.
That’s great
Similar offer. Sub $500M fund. $220K all in ($120K base, $100K bonus). Carry and co-invest starting day 1. $40K signing bonus. Located in TX
Pretty much all UMMs are at 300 or above.
What would be considered UMM now? >5B latest?
What’s peoples base bonus split? Signed with UMM at mid-300s but felt like a bigger base and lower bonus than I expected
40/60% base/bonus
500m latest fund. 300k cash + less than 1% carry
That's insane, where is this located
NYC/SF/LA
This is legit nuts. What’s base / bonus split?
Do you mind sharing the name? Looking for stuff off cycle potentially down the line
Congrats! Mind if I pm you?
$4bn fund. 300 total, (140 base, 160 bonus).
Traditional buyout NYC
Following
Just got an offer at a Tier 2 City (SF / Boston / LA), fund size a bit above ~$3 billion, 250k All-in Average (give or take 40k). Offer is a lowball or should I push for more?
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