London Off-Cycle Pay For PE/IB Interns?

Doing an off-cycle internship in PE, with 50k pounds per annum for the duration. I've seen SAs have their internship pro-rated with A1 normally, but I've seen in older threads that OCs can vary depending on firm and title. Can any other off-cycles drop their comp and type of firm (PE or IB - drop firm name if possible) and confirm if their intern salary was pro-rated to A1 pay or not? Feeling a little bummed out with the pay bumps on the street and remaining at 50k...

Also, my title is "Intern" so assuming that I get the ft offer, does that probably mean that my base comp will be bumped to Analyst street (which, correct me if I'm wrong, is 65-70k)?

Comments (14)

Most Helpful
May 18, 2022 - 4:25am
Tactical Threat @BX, what's your opinion? Comment below:

50k pro rata in London for an intern in PE is very high.

I know Bridgepoint / PAI / Astorg pay interns around 35k pro rata. 

Other firms like IK Investment Partners / Aurelius / Tikehau / MV Credit (Private Credit) are known to pay their interns 1.6k - 2k a month if not less. 

Curious to know Apollo / Carlyle / KKR intern salary in London! Doubt Analyst salary will be 65-70k but depends on the fund. Know places like Brookfield who pay Analysts 53k first year with 20% bonus.

  • Analyst 1 in PE - LBOs
May 18, 2022 - 4:39am

Have heard BX is at £80k for Analyst 1, KKR at £65k. I'm at a similar fund with similar base to KKR. Note BX doesn't take normal undergrads really, only Masters students with 2/3 internships & KKR is small on UG recruiting. I don't think Carlyle/ Apollo recruit at all.

May 18, 2022 - 4:41am
Tactical Threat @BX, what's your opinion? Comment below:

Apollo recruits for their Global Hybrid Value Fund and Carlyle as well but their internship is locked to specific target unis.

Think BX is an outlier since they have a tangible pipeline where they actively recruit interns / analysts. 

  • Analyst 1 in PE - Other
May 18, 2022 - 4:49pm

Wow who knew intern pay at these places was so low. A place like Tikehau is like 30B AUM and they pay 2k/ month? Do you know what A1 comp would be at places like these? I was assuming base was at least with mid range of banking pay base (65k). 

Not too familiar with Brookfield, but given their massive scale and what I've read on this forum, I am a bit suspicious of the comp and bonus you provided. Don't most PE funds pay 100+% bonus? Would you be able to share your source? Also, KKR A1 is at 65k and their intern comp is pro-rated I believe.

I heard GSAM off-cycle is close to 50k as well, could be wrong though. I'm just unsure why off-cycles take a discount compared to summer analysts.

May 18, 2022 - 5:13pm
StonksAlwaysGoUp, what's your opinion? Comment below:

I feel like the numbers in your head for PE are overinflated. I guarantee most are closer to that Brookfield figure than the 65k of KKR or 80k of BX. From what I've heard 45-60k is standard for the junior guys. 

  • Analyst 1 in PE - Other
May 18, 2022 - 5:51pm

I could be wrong but I was basing it off these IB Analyst pay and posts like this one for London PE pay (although OP is in RE PE). BX, KKR, Brookfield are PE massive funds so I'd expect pay to be up there compared to a traditional AM like a Schroders.45-55k seems in the range of LMM pay. I'm heading to a European fund and would expect a premium versus the LMM in London. So 65-70k was my expectation for base, pretty disappointing if it's not for A1. Rather do two years IB and switch over when comp hits 250k, especially with inflation and rents rising.

May 19, 2022 - 4:46am
Tactical Threat @BX, what's your opinion? Comment below:

 Tikehau is notoriously known to pay interns absolutely crap - think its even below 2k, around 1750k if not mistaken. 

Have a friend who interned there and heard that junior pay is crap, think base is like 45k with little bonus. 

Regarding Brookfield, when was the last time you heard them on a deal that wasn't RE or Infra? Have a friend in generalist program and his bonus was absolutely crap 

  • Analyst 1 in PE - Other
May 19, 2022 - 5:46am

If that's the case, Tikehau is trash. Any idea how BC Partners pays Analysts? Similar aum size, european, and strategies.

Brookfield has a Corporate PE arm with over 100B aum, been checking their website more since this thread lol. They are very well known for re and infra too. You're saying all-in comp was ~65k (53+20% bonus)? Is that pre-covid pay bumps? What's their generalist program like if you have any intel, do they work across strategies or generalist within one group?

  • Analyst 1 in PE - Other
May 19, 2022 - 5:47am

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