European MF pay in Us (CVC,EQT,Permira,Apax)
Does someone have datapoints into comp at the associate and VP level for CVC, EQT, Permira and Apax?
thanks!
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Huge range in above list from 475-625+
Permira / CVC / EQT start off at roughly $325-$350k for first year associates, then bump up $40-60k / year in cash comp so around street for MFs, maybe a tad higher. Believe there are aspects of coinvest (not sure if levered or not), and carry starts kicking in after two or three years at the firm (at least for Permira / EQT). Don't think it's a very meaningful amount (maybe something to the effect of 10 / 20 basis points), but scales to closer to 100 basis points as a principal.
The typical fund size for an EQT is around $20B, right? So assuming a 2x MoM, with $20B carry dollars, 100 BPS seems like quite a hefty carry payout - am I missing a critical aspect that makes the numbers more sensible?
2x on 20bn results in 5bn carry dollars, not 20. But I agree, that fund is massive with lots of mouths to feed so 1% of the pool for not even a senior investment guy seems too much
Their “typical” size is not 20. They are expecting 20 in their latest fund, but the one before that was like 15, which again was up from 12 or so.
2x mm would be like 4 in carry pool. 20% of 20 = 4. Firm takes like 30%, then 70% to the team. Partners take like 70% of the remaining, leaving 30% of 70% (approximately 21% of total carry) to below partner level.
Lol, you aren't getting 100bp as a principal a third to half of that for these MFs
What about Apax?
Some of this is a bit off. First year comp, for one of these is up to 450k, carry kicks in after a year, and you also get co-invest opportunities from day 1. From speaking to recruiters I’d say the carry and co-invest scheme is really unusual for a fund of this size (in being made available so early on) but then again, it’s really not a 2 and out shop so they pay accordingly
Which one god damn
Which one?
I wonder if Glendower will increase comp to match CVC since the acquisition.
Adding Hg
210 base / 370 all in for ASO1
CVC Associate 1 comp (they call it Investment Executive) is $130K base.
EQT Partners Associate 1 is $150K-$170K base.
Permira Associate 1 is $150K base.
Would assume 100% bonus for all of this.
This info is all publicly available in the h1b salary database.
Close ! But no cigar
Unless you work at any of those firms, I’m going off more reliable information than just hearsay
delete
Interviewed at EQT before landing my current gig at a US-based MFPE - one thing that left me utterly shocked was that they give 25 PTO days to first year associates (hurt even more when I found out I was getting 10 at my current place)
Gotta love it
Anecdotally have heard that Hg (European UMM/MF - raised a $11B buyout fund) gives 30 days pto. believe it's a european thing.
even EU BB such as DB gives 20 days to analysts while most US EBs/BBs give 15 days
That’s just a Europe thing. The U.S. offices often have cultures where they don’t take it all.
Have heard EQT and CvC pay above U.S. MFs with the exception of Apollo
probably to compensate for their lack of exits + eu waterfall for carry
can you elaborate
Everybody has a lack of exits and an "American waterfall" (carry paid out by the deal exit) is very rare, even among American funds, these days.
Hg also pays ~370 all in for ASO1
do you have insights into how that scales into vp & carry daw?
At junior level EQT and CVC have wider performance comp bands than US peers w/target bonuses. First year asso at EQT in theory could make $400k+ all-in. In reality in a bad or mixed year (low deployment, poor portfolio performance, low DPI, firm politics), US asso comp can lag at these firms vs US MF peers (even though those things are entirely out of an asso’s control). It doesn’t help that European colleagues in LDN or continental Europe make less than their American peers. Firm politics and optics play a big role, although they have to put an unofficial floor on cash pay to align with US peer benchmark comp. But a bad year could still put you 15-20% below your peers. In a good year you could earn above market. This is all cash comp - excludes phantom / deal carry which I believe CVC gives even assos.
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