Benchmarking MF PE Associate Salaries
Hey all,
Trying to get a sense for where MF Associate 1 salaries shake out for benchmarking purposes. The WSO database / other sources online may be a bit outdated, so just wanted to consolidate here. Not trying to debate what is / isn't a MF, just throwing some names down. The below is from my experience / anecdotal evidence. Any input is welcome.
Megafund Associate 1 Salary (Base / Bonus):
- Apollo: $175k / $200k
- Blackstone: $140k / $200k
- Carlyle: $130k / $170k
- KKR: $150k / $200k
- TPG: $130k / $170k
- Warburg Pincus: $180k / $180k
TPG is 335k, this isn’t right
Would that make it ~205k bonus or do you have a different data point on the base?
130 base 180 bonus
any insights into Thoma Bravo, Sixth Street, or Silver Lake?
.
Also interested in info regarding sixth street
Following
Warburg is $180/$180
Are these quoted bonuses in offers or actuals? At an UMM that quotes ~320ish in target comp in offer letters but always pays out more and I know that’s pretty common
Usually actuals
Were the bonus numbers above recent or during COVID?
Not sure why the other person said usually actual. These all read like quoted target numbers from offer letters.
Source: Received two MF offers and both has a base and “target bonus” which are in range of the numbers people are saying here, but know people regularly get more if strong performer
Bain Cap?
CDR- 150 + 150-175
Permira - 175 + 175
surprisingly low for cd&r
Can confirm CD&R numbers accurate…for ASO1 pre-pandemic. Commenter perhaps a few years out of the ASO comp game
CD&R ASO 1 is closer to $175 / $200
Yes, that’s correct after the increase from $150k / $150k paid in 2021.
Mildly off topic but Permira’s VP offer is 275+275
+1. any insight into carry?
Does Permira provide carry for 1st year associates? I've read mixed things on WSO about Permira providing carry to Associates + when they do so
KKR was quoted at 150 base. Unclear on bonus.
believe kkr is 150/150, bx is also around there in TC
Surprised it's not higher?
BX
ASO 0 (summer through December stub): $140k Base + $160k Bonus (pro-rated, so like ~$60k if you join in August)
ASO 1 (first full year): $150k Base + ?? Bonus
Bain Cap?
Lol all this is within $10-30K of each other so what’s really the point here
Exactly. It’s all pretty close. HR coordinates across industry.
Just because I think younger folks in the industry sometimes are way too focused on drawing tier lines when in reality the economics work out very well at almost any scale including LMM….. UMM ASO1 330k, ASO2 375k. Can’t remember splits but again all pretty banded.
Point on LMM model makes more sense once carry gets layered in. Unless you want to light money on fire in your spare time (which you probably don’t get for a very long time at bigger funds any way), you’ll be doing great.
"There difference is only a couple inches what's really the point here"
C'mon man, you know why the young bucks wanna know
“I wanna make BANK bro.. I wanna get ASS”
Modelz & Bottlez broski that's what they told me
A model a week keeps away the PEAC.
Everyone knows that. If you don’t, how are you thinking about b-school? G2g get this cash off me.
See you on the battlefield Tuesday.
Quick question for the MF/UMM guys on here - for these bonuses listed, are they actually in your offer letter? And if so, does that mean they are legally binding if you stay for at least 1 year (barring issues like giving notice, misconduct, etc.)?
At least for MF, usually not in the offer letter. Nothing is legally binding except the firm’s clawback rights :)
UMM - yes
Any comparison on UK salaries?
Can we do this for London too?
I don’t know specifics but London seems to be around £200 - £250k all in, depending on fund (and if they grant carry).
Are these numbers for buyout division only? How far off would private credit arms be?
In line at the large funds
Hire me pls
Is this all U.S. comp or only certain cities?
Carlyle is $150 base from what I've heard and bonus of up to $200 on the high end
For first years Carlyle is $150k + $150k. This is for credit so could vary for PE
Believe Vista is 140k base, 160k bonus, and carry pool for associates (anecdotally heard ~50k), if anyone can confirm
Wow they pay carry to associates? Any other funds do that?
Not sure about magnitude, but associates at Brookfield get stock + carry. Doubt it's meaningful tho
Vista recently raised to 140+180+carry (~50k first stub year, ~100k year 2)
So you're telling me in the first full ASO calendar year at Vista, you're clearing $420k?!
Holy sh*t! ASO kids are generally how old, 24 maybe 25?
Bump - source ?! And 420k incl carry ?!
source on this?
source - I work there
An1 looking to recruit at Vista / similar shops for Associate and came across this - is this true?! On the one hand, 320k seems like a discount to most MFs, but on the other hand, including carry (370-420k) seems insane. How long until the carry gets paid out? Do you essentially have to make VP to reap those benefits?
Bump, in a similar boat
It is very funny that these analysts think carry is like a straight number paid out all at once on an annual basis lol. Unless I'm missing something, 100k yields far less than that amount in terms of annual paycheck, and even less if it's 100k DAW
Is this carry paid out in cash throughout the year? Or is it just dollars at work to your name if you stay at the firm for a certain period of time, and then it vests?
wow - source?
Does no one have the comp numbers for Bain Cap?
Are these places all sweatshops?
Lol probs
How do Real Estate numbers differ?
RE numbers are the same at most shops people are naming here
Just curious - for these numbers you've provided above, is that the stub-year (AS0) or the following year (AS1) if the firm is on a Dec-end cycle? For instance, APO is on Dec-end, so is the 200 bonus referenced here the face amount AS0 is being pro-rated off of (so ~60-80 adjusted), or is that 200 flat post-stub the 12 months succeeding
Any insight on Bain Cap?
Down bad bruh
Bain Cap $155 base, $175 bonus AS1 (plus $30 signing bonus for 1st year associate)
Insight on Ares?
For credit - Asso1 is typically 165 + 175-200 - last year was a standout year so Asso1's got 200 but dk if that's the norm.
Generally how much does pay scale for ASO2 over ASO1?
Focusing on $ comp as a MF Associate is completely stupid. The value of the seat is the FV not the PV.
PV of an Associate seat (per above) is like $500-700k.
FV of a career partner track seat at a MF is like $50-100m+.
Focus should be how to maximize probability of success in getting to the latter, not optimizing for an extra $30k right now.
This post is the equivalent of having a fully funded college fund and optimizing for which Ivy has the lowest tuition so you’ll have $10-20k leftover after you get your UG degree. No one is going to Tufts over Harvard because it’s $3k a year cheaper — unless you’re an abject moron.
I'd agree with this on a conceptual basis, except most ASOs know (or will get to know) that they're not trying to be career track. PV differences are still dumb, but the real value is the escalator you get into walking into the Strat or BusDev or family office or whatever of your choice with leverage that far outpaces your years out of school.
any insight on Apax (US) and New Mountain Capital?
Apax Base - $200k, Bonus - $150k
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