Does Asset-Based Finance Get Carry?
Trying to get a read on comp structure for asset-based finance groups at the big platforms (BX/BXCI, Apollo/Athene-adjacent, KKR, Ares, etc.).
A lot of this stuff sits in perpetual or insurance-funded vehicles where the firm's earning an incentive/origination spread rather than classic GP carry with a hurdle. So is there even a carry pool to allocate, or is it cash comp + some "incentive comp" bucket that just tracks NII?
Specifically:
- Do associates on these teams get any carry/profit interest, or does it start higher up?
- Does it depend on whether the strategy is a closed-end ABF fund vs feeding an insurance balance sheet / perpetual vehicle?
- For teams that run flat (associate → principal, no VP), where does the economics actually kick in?
Ipsum atque est esse aliquam. Tempora aut est incidunt ut cumque deleniti voluptatibus. Dolore voluptas itaque architecto. Numquam aut maiores cumque ducimus. Nihil necessitatibus sed consequatur qui molestias tenetur ex. Nam voluptatem quas quia distinctio dolorum. Dolorum voluptate voluptates laboriosam quas facilis corporis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...