CVC London
Hi,
Can anyone provide any views around CVC in London, and then hours of the different teams.
How is salary / bonus at associate level, and what's the yearly increase during the associate stint?
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Based on the most helpful WSO content, here’s what you need to know about CVC in London:
Hours: While specific details about hours for CVC in London aren't explicitly mentioned, general insights from VC roles suggest that the work can be intense at times, requiring efficient time management and context switching. For example, a VC associate in the Valley typically works from 8 AM to 6 PM in the office, with additional hours from home. This could be a reasonable benchmark for CVC roles as well.
Salary and Bonus:
Yearly Increases: Specific yearly increases during the associate stint aren't detailed, but compensation progression in VC roles often depends on fund performance, individual contributions, and market trends. Carry allocations and bonuses may also grow as associates gain more experience and responsibility.
If you’re considering a CVC role, it’s worth noting that compensation structures and work hours can vary significantly depending on the fund's size, focus, and culture.
Sources: VC London Pay, Q&A: Sr. Associate at a CVC fund, Current VC associate taking questions, BB Associate Base Salary, London S&T Salary progression
Are they hiring? Heard they paused their process.
Which team are we talking about?
I heard they upped comp over the last 18 months - but apparently it is a bit specific on your prior experience. I think £240k all in - this could be wrong, my numbers are a bit outdated.
Apparently they did also cap carry on a per deal basis to [£1m] at [Associate/IE] level - needs verification, but what I heard.
Sweaty - but excellent fund, do see a good amount of attrition after 2 years it seems.
Isnt £240k all in a little bit low given they tend to hire senior associates as junior executives?
Used to be top notch European PE for previous vintage, but the current one is the only MF fund with negative IRR…
Only deal carry so you can get unlucky and end up with 0 carry after 5+ years there if you do no / bad deals.
People need to be more calm about sweeping generalizations on early life funds. Deep breath
These peopld just don’t understand how things work in practice - especially for funds that get paid fees on committed capital vs. drawn.
can you please explain?
How do you recover from an -8% IRR on your 2023 vintage when you need to target 18% net IRR ?
I don't understand why this would not be a red flag.
If you were a second year PE associate, you’d know this…
Early on in the fund’s life, management fees are being taken while investments are mostly held at cost (and with CVC US/Europe having investments in businesses in countries with different currencies, FX can mess around with the Euro marks as well), then the fund will be at maybe 0.92x because all the investments are held at 1.0x and then mgmt fees are deducted. Investments that perform will get marked up over time and then sold at above 1.0x, which will then lift the IRR into positive territory
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