Job Offer Opinion - IB to PE
I've been in an IB Coverage group for just over a year (came in with industry experience and now an a3 up for associate promote in March). I've been offered a private equity role at a co-investment fund with AUM of 500MM. Comp is all in around 160 (base plus bonus with no carry). The comp represents a $20k pay-cut which i'm not very comfortable with; the firm is trying to sell me on the upside..but if you receive no carry..not much upside. How do you guys get comfortable making the switch with no carry and no clear line of sight to more money than banking? I want to be on the buy-side but didn't imagine taking a cut to get there. If i were to stay in banking and get the A to A promote - I would be at $220 all-in. Even if the PE comp went to $180 next year, the spread would just keep getting wider. Thoughts?
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