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Multistrat credit fund (closer to $50bn but not MF), previously in banking at EB. Came in Associate 1 level, 150k + 50% bonus this year all cash. 50-55 hrs per week, nonexistent weekend work. This was actually more competitive pay than similar roles at Ares, Bx etc when I was exploring several offers so lucky in that respect.
Sales & marketing / IR team is pretty lean so responsibility is fairly open-ended which is terrific. The banking experience has helped for sure (given more technical responsibilities a la returns / fund modeling, ad hoc analytical work) which I’ve enjoyed and I think has helped me stand out.
i think most people bounce around in this space in some form of IR, Marketing, Strategy, Client Solutions, or Product role. Enjoying it so far and hope finishing the CFA will keep more options open - see a lot of it in this niche.
Congrats on what sounds like a great role. Can you share how you expect your comp to progress at your current firm or in the space in general? Did you join after two years as an ib analyst?
This is a really terrific answer, thank you. Do you have any idea which of the MF comp their IR team the best, and maybe firms that view their IR teams with high regard?
I assume cash comp progression will be similar across all the big names. Juniors usually aren’t on a commission model and aren’t as externally facing (from my own experience). Be conscious of the asset class / product you’re fundraising for and how the IR role is siloed (or not) - obviously different products command different returns and that’ll impact carry (if any) and can impact commission as well. Some Funds have IR cover everything, some on specific products depending on size / scale / headcount / fundraising focus.
culture hard to tell and will depend on fundraising environment in how hard you get grinded. I’ve had fair share of late nights for sure.
Hi - did you have to do a case study for this IR role or any of these firms? How was your experience? any color would be greatly appreciated. Thank you.
Thanks! I’ve been told that CFA will definitely help with future comp growth and will preserve my optionality to go “upstream” to go to a MF if I choose (although we have several MF alum in my current team, so unsure if grass is greener?).
Once I’m promoted to VP I’ll have an opportunity to defer / coinvest which will be nice. I think a lot of future growth will depend on fundraising cycle and whatnot but cash comp (from what I can tell) seems to be very generous for a seat like this. I left banking at the end of my analyst stint yeah - just wasn’t passionate about buyout even though the options were there.
Ultimately comp in any of those seats is linked to being in a Sales seat right? I worry for people that join IR but realise they are not great at the client stuff / bringing money in. Obvs can have a good career in the other roles
Half of these teams are project managers and not sales people (Product Specialists).
CFA has absolutely 0 bearing or influence on your comp in an IR seat. Idk who told you this but they have no idea what they're talking about.
Interested in learning more about the work you do and how you are applying the investing/analytical mindset and skills from deploying capital to where you are now in IR. What exactly is IR? I enjoy my current investing role (Asc 1 in PE) but enjoy the bigger picture things more - feel like Ptf Mgmt would be an ideal role but don't want to end up silo'd into a specific product class or industry type. Thought about general research but lose the investing piece I also enjoy.
RE fund (over $50b but not MF) currently VP in an IR/capital raising role, $475k total cash comp for 2023 plus carry. 9 YOE. Typically travel weekly so hard to pin down hours. Expect cash comp to increase to $650-750k at the principal/director level. Pay for IR/Capital Raising roles is generally similar across strategies.
Great data point, thanks! Is it safe to assume MF would pay similar to this, or a haircut?
What is your main measure of success? How many new investors you can cultivate?
This is similar to the VP level at most mega funds.
How much are associates making and how much experience is needed for a vp role?
I think we start associates at like 225-235k all in. Senior associates more like 275-300. I see VPs in the 7-8 years of experience range. My firm historically promotes slow-ish though.
I actually just got an associate offer for a MF IR role comping me 165k base with a 165k bonus target. Is this too good to be true/am I destined to get worked as hard as I am in my current buyout seat?
We don’t pay top of street so I don’t think this is necessarily unheard of, especially if the firm doesn’t have a formal senior associate title. I can think of at least one MF shop that pays better associate comp then us and this may be that.
As far as workload, as an associate at a MF you’re doing a lot of processing, especially when your specific fund is in market. The way to think about IR work load generally as a junior is that it usually won’t have nearly as many super tight deadlines like in the deal world, but there is far less downtime so depending on your team you can be worked more consistently week to week. In fundraising, there is literally always something to be do. There is less of a concept of not being staffed on a live deal because there is always another call that you can make, a new proposal to shoot off into some black box of unresponsiveness, a new product idea to think through etc.
Are you in a true sales role or product specialist / product management role?
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