What is the salary range for London PE meganfunds? Such as Carlyle Blackstone Warburg etc. would be great to know what is the base / bonus
Trending Content - Private Equity Forum
Career Resources
WSO Free Modeling Series - Now Open Through
June 30, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
BX REPE AN1 base is 80k
aren't US MF paid in USD?
That s quite in line with BB (analyst 1 is 70k base), do you have intel for associate level?
that’s the same as PJT lol - have heard rothschild merchant banking is 85 for An1 but not 100% sure
How much are they paying in GA?
Associate 1: £135k base + 45% (£61k) bonus. Carry: additional $300k capital to work (vesting over 5 years)
Base is good. This is one of the best I've seen in London
Apollo? Heard they had a similar vesting structure
Hi - sorry I don’t really understand the language here. Does this mean you expect to be paid out 300k in 5 years’ time?
If the fund meets the threshold, then yes at the minimum I'll be paid our $300k.
This year I'll get another allocation of 'capital to work', which again will vest over 5 years.
Assume £180k all in as a minimum. Carry - depends.
HH for H&F told me H&F A1 is 300k gbp all in (base + bonus)
That seems really high. I've heard Advent / Apex are around ~£200k all in.
5 SBs and I'll name drop this HH
MFs typically more like £250k all-in, with further upside for over-performance / deal bonuses. Carry is firm-by-firm.
Could be true. They’re known to pay (far) above others. Absolute grind though and you’ll need to find a new job after 1-2 years as they don’t promote (or you’ll be burnt out)
What happens after the 2 years? Huge pay cut as you look elsewhere or do you HAVE to do an MBA? HF maybe?
They are known to pay significantly above market (~$400k) and also grant shadow carry (~$50k).
H&F is high because they don't allow you expense anything (so late night dinners, taxis come out of your own pocket)
That's the first time I've heard of this practice in London. Interesting.
Which HH is manging H&F?
Have heard that TA Associates give 240k all-in for Asso 1. Would it make sense?
Also seems a little high but not outlandish
Not sure if it’s true - heard as of 2021/2022 first year assoc total comp at TA is around £180-200. Maybe they bumped end of last year.
They give sourcing bonus though if you source a deal so that might bring total up
I have TA as £180k in my tracker too.
I heard Warburg Associate 1 is about £300k+
Can confirm it’s true - it’s very top of the market
If you also look at the number of people that get burnt within a year you also understand why they tend to pay this much… Can’t confirm that the amount above is true however
It’s actually not - even if it is very high (forget exact number)
What's Apollo paying in LDN?
Do they also get capital towards carry?
Brookfield pays analyst £105k
All-in? Which group is that? One of the buyside shops to take Analysts so curious
Base
Only Infra / Real Estate teams takes analysts (maybe some exceptions in Renewables and PE), but overall majority of hiring is done at associate level
Advent is ~£110 + ~100% bonus
P.s. would appreciate 2 SBs if possible...
Heard the same. They used to do deal by deal carry, but not sure whether that applies at Associate level? Or is it 'shadow' carry?
No carry or shadow carry at associate, only deal bonus
Not true, at least not for inc class. It’s &125k + 100%
not true. friend just signed, its 110k GBP
Could someone elaborate on carry types / functioning? Thanks
Also interested. I did an internship at a PE fund and the VPs spoke about having to invest their own money to get carry. I was under the impression that carry was given to you for free.
I guess this is a co-invest type vehicle where you invest alongside the deals. I know a few funds that also do this, but it typically only scales well when you’re putting in 500K+
Actually it is the norm that you invest your own capital to get carry (and this is why it's taxed as CGT rather than income). You'll also be investing an increasing % of the fund as you get more senior.
Anyone has insight on CPP’s comps in London?
£75k + 100% bonus for an1.
Source: reputable HH
Insights on associates?
Some VPs on 160k-170k base now.
What’s total comp on that?
Anyone have (recent) insights into London pay for Secondaries or MM/LMM PE?
AN1 at top secondaries
70k + 60% bonus
Have heard the larger secondaries pay £180 all in for first year associate
secondaries pay is shit. associate 2s just got a sub £10k bump on a base of £100k..... LMAO
Isn’t this in line with most MM PEs? (Assuming close to 100% bonus). For sure can’t expect secondaries to pay the same as MFs?
Anyone has insights about EQT?
GBP 100 base / 80-100 bonus
Thanks - how does this progress for Y2 / Y3 / VP?
What is CVC comp, believe they are the strongest player in london
Any clue on the HH they using?
Nordbridge
Associate 2: £105 base + 100% bonus. No carry
CVC? Have heard bonus is way above 100%
150%
also untrue no carry - one big upside of cvc is deal based carry (even for associates) assuming they did the deal
Base is 105k, Bonus 120-130k
Do you know how this progresses for later years (and titles)?
What are REPE / RE Debt numbers at top shops like (e.g. BX REPE/ GSO/ Apollo RE debt)? Similar to Apollo numbers above (£145k base + 100% bonus for ASO1)?
BX 130 +100% afaik
For AS1 ?
That is for ASO3 though (bonus can be higher than 100%).
Ares REPE AN 1 at 85k
Do they hire out of undergrad?
Anyone any intel on Associate 1 at Bain Capital large cap LDN?
Around 220 all in
Current IB analyst in London. How can I make the move to NY PE? I assume it will be near impossible to land a PE ASO 1 role in NY straight straight from IB in London? What about joining UMM / MF in London and moving across to NY after 1-2 years?
Believe option 1 (straight to NYC) is going to be nearly impossible if you don't have a visa (+ additionally, they do on-cycle recruiting, which you already missed out on). Option 2 (rotate after a few years) will be the more feasible alternative, although big caveat that your firm is open to this (not all are, so make sure to have it as key diligence point in choosing between offers).
Thanks for the reply. Have you seen many people make the move across after 1-2 years?
Sorry for what I'm sure is a very stupid question but don't want to not ask and screw myself over.
Are associate salaries at MFs non-negotiable? I assume all ASO1s at each firm are paid the same so you take what they offer you?
Not really negotiable. HR / legal problems otherwise - paying people different amounts at same level ripe for issues…
Makes sense, thanks for the response!
Some firms are open to it, most are not. Best is to speak to the HH who's running the process. My firm pays different levels of salary for same level, although the range is not too wide. The firm that placed me did a good job at pushing for a higher total comp (+ they were also incentivised to do that given they earn %age commission on my total comp)
Thanks for the response, really helpful - I'll see what the HH has to say
Signing bonus is potentially negotiable especially if you would leave money on the table by departing your current firm.
Can someone please highlight if there are any pay bumps in between associate levels? Heard some funds have none
Yeah, quite significant - at my firm you increase total cash comp by ~$50k a year.
BX comp day was last week. AS1 = £300k all-in. No carry, up to $200k optional co-invest allocation. Carry hits at Senior Assoc (AS1 -> AS2 -> SA).
Note your comp is benchmarked in USD (so you make the same as NY counterparts) and then converted to GBP at w.avg FX rate over the year. So essentially if GBP depreciates against USD that's actually good for you (as you get a higher GBP bonus to compensate for depreciation).
This is helpful - any idea about Apollo, Brookfield or Starwood (REPE)?
Apollo higher, Brookfield lower (probably meaningfully so). No clue about Starwood.
Remind me - AS1 is after 2 or 3 years of experience at BX? You have to do at least 2 years as an analyst if I am not mistaken? So AS1 would be for people that started their career in the Summer 2020? Assuming you did 2 years analyst, 6 months as Associate 0 (I think you get the promotion in the summer to associate). Is that a fair assessment or would that be AS2?
Yes, correct. AS1 = started career in Summer 2020. Note if you start as an Analyst at BX and go all the way through you'll get promoted to Senior Assoc in 1.5 years, i.e. Class of 2020 is up for Sr Assoc promo now / this winter.
Any insights on Carry levels once they set in?
No meaningful insight. That's when it starts varying by fund / strategy as well. BXG is not getting paid for a while, for example.
Ares REPE AN 1 at 85
Made £215k as an associate 2 and £240k as an associate 3.
Both years I got told the fund was leaning in to recognise the hard effort, which feels BS for a $50bn AUM fund.
Should get co-invest next year and carry allocation in 3 years time.
Advent?
Carry in 3y while you are already Associate 4? Shouldn’t it be sooner (I.e next year for your VP promote)?
VP promotion only after 5 years, with carry allocation from the 6th year
Libero quia illum aut aspernatur cum sit. Nihil molestias expedita reprehenderit molestiae ipsam et eveniet rem. Ullam repellendus quo quo tenetur omnis libero odio. Id est vel totam sit doloribus recusandae.
Corporis consequatur et pariatur aliquid qui corporis vitae similique. Ad exercitationem ratione tenetur deserunt et est nemo. Consequatur cupiditate rem asperiores quo aut eveniet. Quod accusantium qui atque nostrum quia quisquam aut. Necessitatibus ducimus quia sunt.
Nobis sunt consectetur beatae suscipit tenetur. Sapiente et voluptates enim omnis. Commodi ipsam consequuntur autem. Voluptates in ea autem id voluptates omnis.
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...
Voluptatem laboriosam perferendis consequatur ab accusamus aut. Molestias illum aut est dolorem possimus velit. Sapiente hic veniam aspernatur cumque nemo voluptatem. Cupiditate rerum ut expedita dignissimos neque vel esse. Dolorem vitae saepe et eligendi modi enim sit.
Ut pariatur alias qui quis. Repellendus quia recusandae totam ut est voluptatem. Voluptate voluptatem est aut quasi eum nisi et molestiae. Et at dolorum omnis quam occaecati sunt ducimus aliquid. Rerum consequatur cum sequi dolores. Ea ad quo nulla autem non optio. Esse ea sunt molestiae sunt deserunt molestias. Et molestiae qui inventore nostrum sint et voluptatem.
Fugiat explicabo aut est debitis. Nihil et et pariatur cum assumenda.
Harum necessitatibus quos et eos. Sed aliquam aperiam ad ipsam dignissimos porro. Quam eum qui quis velit et.
Rerum voluptate ad explicabo et. Perspiciatis ut et blanditiis sunt. Nostrum ut incidunt ex dolores maxime et vel porro.
Nulla vel sed eos perspiciatis soluta. Et eum adipisci vero aut est vel labore. Numquam perspiciatis ut iste beatae magni ipsum tempore. Eaque magnam nisi sit quis quasi.
Sint et nostrum quia ducimus laboriosam nulla et. Saepe consequuntur qui est nam cumque aut et. Cupiditate velit provident aut sed quia. Placeat aliquid aut totam suscipit ut. Nostrum eius vel provident corrupti. Qui aut nemo incidunt voluptatum soluta dolores ut. Asperiores minus iure molestias autem impedit voluptatem.
Rem veritatis et quasi laborum corporis eos assumenda doloremque. Earum necessitatibus ipsum similique et sunt ea. Fugiat voluptate ex accusantium ipsum eum molestias deleniti. Aperiam placeat similique aut unde sunt. Porro et exercitationem asperiores autem. Autem cupiditate sapiente et excepturi ipsa quidem. Tenetur neque enim iste eos.
Officia soluta eum accusantium corrupti sit repellendus. Porro enim alias occaecati rerum. Unde vel molestiae deleniti assumenda. Enim nam nesciunt assumenda porro voluptatem eos.
Ut minus voluptas illo praesentium atque. Et aliquid vero vel doloribus repudiandae aliquid voluptatem.
Et et est voluptatem enim rem est rem. Eos aut sed reiciendis dolores eligendi. Illo molestiae voluptas aut sint quibusdam.