Am I Underpaid? Private Credit
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Yes it seems like you’re underpaid if you’re in an investment role in a T1 or T2 city
That feels light for a senior associate at a large fund. Know analysts pulling in 200 in CHI/NYC after 2 YOE at smaller funds. I’d bounce and tell your boss he/she should be grateful you worked for him/her upon exit.
Definitely light for a firm of that size. No argument about it. Your background doesn't matter now that you're in the seat.
Given the fact your boss’ retort to your question was that you should be thankful, it seems clear your best path to fair pay is via a new fund.
Depends on strategy but tier 1 / 2 city you should be making at least 300k - that level at large PC firms you should be clearly 500k at the higher end
What type of fund? Credit arm of PE or insurance co or asset manager? Any way, get the experience for now, post-tax cash delta not material and bounce once you get 2 years under your belt. Your boss sounds like a dick - pretend to like it and be nice. Your goal is to get as much deal experience - modeling, process, and documentation. Know how to do DD, know structures and how to run a process. And then bounce. And you will have more leverage internally if you can establish yourself as a good performer and want to stay. Is this mainly senior debt for LBOs or some other strategy? What city are you in? Babson and Blackstone won't pay the same -
Curious , what is the aum and strategy of the firm? A buddy of mine who is a As2/3 working at a Antares/Golub type shop saw around a $150+ base and close to the same in bonus. I’ve heard some shops will pay less for senior lending strategies but not always the case. For example, he mentioned that for some reason a firm like MidCap underpays ($100-$140 base and 25%-75% bonus ~ associates) their juniors despite the amount of capital they have within their disposal.
Yes, MidCap definitely underpays. People tend to stick around though - generally good culture / hours.
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