Chicago PE Comp
Received an offer at a MM shop in Chicago with total comp expected to be 240-270. Fund size is in the 1-3bn range. Is this pretty standard? Feels like a step down if I were to stay on as an IB asso.
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Vast majority of PE shops will be a step down compwise to IB. Comp seems pretty in line, maybe a tad lower for fund size. For reference, at a 750mm fund in Texas with TC around 260 for As1.
Seriously? What places are paying that in texas??
I think Sterling Group in Houston is around 270, their latest fund size is ~1bn. Energy focused shops tend to pay pretty well too (Quantum, Encap, Tailwater, NGP etc. all well over billion $ funds though) - Harder to get talent due to its relative nicheness so would assume thats why comp can be so solid down here even at the smaller shops.
Unfortunately cannot contribute, but are you doing IB in Chicago as well?
Feels pretty standard. Until recently similar funds in Chicago, Dallas, etc. were closer to $200k all in. Would def diligence wlb because it can be all over for funds like this.
Is this for a first year associate position? Seems fairly market to me. MDP / GTCR, which are $5bn+, are $310-320k for first years all in I believe
Yes 1st year asso, 150 base
325-335 a little more accurate
This number is correct. Not 310-320. $150 base
outside of MDP/GTCR/BDT, PE comp in chicago is 200-250 all in. Know lmm funds that pay as much as $5B AUM funds.
Thank you, this is helpful.
Not Chicago, but MM PE (non NYC) offer with ~250k all in. Guess it’s in line.
Can confirm that a $3-6B fund in Chicago is offering $200k all-in for first year associates. However, culture is great and WLB is good (relatively speaking).
Could I PM you? Looking to recruit for LMM PE in Chicago next year and interested in you have a perspective on more culture/WLB friendly funds that I have in mind in the healthcare/business services space. Thanks.
Think this is the lower end of what would be considered 'average'. Also there's a chance that target increases over time; when I started at my PE gig the all-in was $225k for first years and was $300k by the time I left (I was at a UMM Chicago shop).
Linden or Vistria?
PM me
Waud is 240k all in as a first year
is IB -> PE worth it only if you stay in the long term for PE and get carry? seems like you take a step down in comp and its harder to get promoted up the ranks of PE as opposed to IB
If all you're thinking about is cash banking is better.
But, if you're more interested in investing it would be a no-brainer to move to the PE/buy-side even if its a haircut as honestly on a post-tax basis its not the biggest difference in the world.
is moving up the ranks in PE much harder due to fund economics? seems like most PE associates get pushed out after 2 years and either have to go to MBA to re-recruit for VP positions or exit downstream to get a promotion bump. seems like jumping through endless hoops to hope you just get the next promotion vs banking relatively straightforward
I got a PE Ass1 offer under 200 am I getting railed
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