There are lots of data points on here for IB and PE but haven’t seen much on Private Credit and specifically in London.
With bonus season coming up would be good to see comp across different funds. Suggested inputs:
Fund size: £Xm / bn range (Debt only if PE company)
Fund type: Debt / Private Credit division of PE or bank
Level: Title and year
Base: £Xk (+/- x% vs. last year)
Cash bonus: £Xk (+/- x% vs. last year)
Carry allocation: £Xk / Xbps (+/- x% vs. last year)
Average weekly hours: X
bump, agreed would like to see more UK information for PC/DL in terms of comp
Bump
Fund size: $100bn range
Fund type: Private Credit division of a bank (asset management)
Level: AN1
Base: £65k (+/- 0% vs. last year)
Cash bonus: unknown but heard 20-70% vs. 100% for last year
Carry allocation: NA. only for VP or above
Average weekly hours: 70 - 90 depends if needed to work on weekends or not
Happy to see other data points… feel like we are way underpaid compared to the street as hours are as horrible as IBD
Can only think of GSAM or MS, is it one of those?
I was under the impression that neither have as much fund size and I know at least one pays more than that base
GS private credit has that size though. and sounds in line with what friends told me at GSAM
Fund size: $100bn+ range
Fund type: Private Credit / Special Sits
Level: ASS1
Base: £120k
Cash bonus: 80% - 100%
Carry allocation: NA. only for VP or above
Average weekly hours: 50 - 70 depends if needed to work on weekends or not
Sounds like a fantastic deal, esp. given avg. weekly hours. I am guessing Apollo?
Probably more GSO / BX Credit which also pays £120k base. Apollo Special Sits is in Hybrid Value now I think. Not sure what Carlyle, KKR or HPS pay - they could also fit that description.
Got my bonus - was above that range so pretty happy
Also got a pay bump which I'm happy about
Life is GOOD.
What fund? Please reach out would like to know more about your trajectory…
hello An1 here at a similar size shop but much worse hours. Would love to hear more from your side - Would you be open to connect?
Likely because you're still a junior (not in an insulitng way) and may take more time to get your head around certain tasks etc.
The more reps you get the faster you'll get at doing the job etc.
Also, worth having a sector specialty so you don't need to relearn entire industries each time you see a deal...
Fund size: >20bn AuM
Fund type: Private Credit fund (with multiple strategies)
Level: AN2
Base: £80k
Cash bonus: 75-100%
Carry allocation: 10bps
Average weekly hours: 60-80
Keep them coming, also curious
Bump. Following.
Also following
Bump
Fund size: 500m
Private credit fund (abs focus)
Associate 2
£75k base
30% cash bonus + 25% LTIP invested in the fund
Avg 60-70 hrs
Feel severly underpaid. Someone send help pls
In the sellside ABS/RMBS, can you PM so I can ask you about your situation ?
Deleted
Is this not just a long only liquid credit type of role? I thought the thread was focused on illiquid/direct lending (and more junior lending possibly)?
This is Barings for anyone interested
Barings pays way below market in the US as well.
Someone in another discussion said last January that Barings was paying 100% bonus. How can sources be so different?
Fund size: £60bn
Fund type: Private Credit (senior&junior)
Level: Associate / VP (will provide both)
Base: £80k / £115k
Cash bonus: £170k / £185-235k
Carry allocation: None until director
Average weekly hours: 60-70
Bonus for associate seems insane - was this for experienced associates or junior ones? If junior it would bring total comp close or above MF PE.
This is for experienced associate (6y total exp). Base is the same across levels, bonus changes. The comp is looked from a total comp basis, ie bonus as % of base is irrelevant.Junior associate can expect £180-200k total comp.
Just wanted to briefly chime in on this. Can confirm that large cap PC ASO1 can expect to earn the same as their PE counterparts. GBP 250k is certainly doable at some of the top shops.
Fund size: £2-3bn
Fund type: Illiquid special sits
Level: mid-level VP
Base: £145k
Cash bonus: £230k
Carry allocation: Still to be allocated
Average weekly hours: 50-60
Definitely a great seat for London, what type of shop is this and what is your background?
Also very interested to hear more info on your background etc.
3y IB, 3y PC, now 2y in this seat (special sits).
This is a special sits strategy within a larger company.
To be honest this is low end of range. HH indicated to me (a few, so somewhat credible) that I should have some carry (hopefully I will soon) and that total cash comp should be more like £400-450k.
When we are on a deal we clearly work more but as a VP I’m def not expected to do 12h/day on a regular basis (did it as an associate though).
I think we are lucky because we have a clear mandate so for example we don’t do processes and we disregard financing grids etc so all the sell-side imposed timeline don’t affect us for the most part.
We also don’t do secondaries which means less pressure to execute a deal “asap” or risk losing it.
I work 9-7 weekdays and no weekend (weekend reading doesn’t count(!)).
Interesting colour - would you mind sharing where typically your commitments may sit in the capital structure (you’ve said no secondaries so I’m assuming it’s a junior/hybrid lending type of role?)? Any participation in non-sponsor cases?
Our portfolio is a mix of HoldCo and senior secured. If the latter, the mid-ten target returns are due to various idiosyncratic factors (eg non-sponsor, earlier stage of operations, noise in the historical financials, etc.)
Fund size: €10bn+ range
Fund type: Private Credit fund
Level: AN1
Base: £65k (+/- 0% vs. last year)
Cash bonus: 50-90%
Carry allocation: NA. only for VP or above
Average weekly hours: 60-80
This is BlackRock
Bump
numbers don't seem right for typical buy and hold CMM managers... maybe SS...
Which numbers don't feel right
are we talking about run of the mill DL?
https://www.pageexecutive.com/sites/pageexecutive.com/files/legacy/inve…
theres another survey on google by 'heidricks' that reckons asso on 100k base 75k bonus (2 data points) where as managing partner base 189k with 116k bonus (12 data points)
bump
bump
Ignore title.
Fund size: £5bn+
Fund type: private credit, SS
Level: ASSO1
Base: £90k
Bonus: 80-100%+
Carry: N/A until more senior levels
Hours: 50-60 per week
Quite a good gig tbh
Thanks for adding - would also be interested to hear what sort of experience you had prior to this role?
What kind of a shop is this? Credit only or a larger shop with multiple strategies? What kind of deals fall under your “ss” mandate?
Fund size: £20bn+
Fund type: Private Credit
Level: AVP2
Base: £154k
Bonus: £110k
Carry allocation: £400k
Hours: 50-60
Is this an American firm? And how many years of experience if you don’t mind me asking?
European firm with 7 years experience
Thanks for sharing! Quick follow-up question: is this total carry allocation or indicatively annualized amount?
Total allocation which increases yearly. Would take maybe 7-10 years for full realisation but annual payments are relatively evenly spread (unlike some equity carry which is heavily back ended although significantly higher).
So with carry like the 400k figure above, does that mean you’ll actually get paid out 400k cash this year since there are those quarterly payments? Otherwise how much of the 400k would you get paid in the one year and what would be the timeline for the rest?
thanks
Deleted
Deleted
Bump
Fund size: c. £5-6bn
Fund type: Private Credit (Portfolio Mgmt + Origination)
Level: Senior Associate
Base: £100k
Bonus: £50k (target bonus 50%)
Carry allocation: none (starts at VP)
Hours: 45~50
Fairly relaxed gig - 3day wfh. Most days are 9 to 6pm with slightly longer during live execution phase
I feel like I know who this is - if so, hello!
Wow, sounds like an ideal role. Would you mind giving some info on your experience prior?
Fund size: US MF
Fund type: Credit Oriented Special Sits Fund
Level: Associate 1
All in: GBP220k
Carry allocation: None at my level - expecting it at the VP equivalent level
Average weekly hours: 50 - 90, varies quite a lot, have had few super quiet weeks where I could go to the gym mid afternoon and others where I’m crazy busy. On average I’d say somwhere around 70hours is a normal week (o/w 5 hours of weekend work but more focused on reading materials).
AP?
What type of mandate does the fund have?
Liquid / Illiquid / both?
Performing / Stressed / Distressed?
Fund type: Direct lending
Level: VP2
Base: £175k (staying flat into VP3)
Cash bonus: £205k (split 85/15 cash / deferred over 3 years)
Carry allocation: c. £1m (pays out roughly £50k per year over 5 years and the rest back ended)
Average weekly hours: c. 50 + bit longer when deals are closing, bit less when pipeline is thin
Interesting - any chance you can give any indication of fund size
One of the largest direct lending funds in Europe.
Fund size: $3-5b
Fund type: Infra/Energy Debt Fund
Level: 3 YoE / Associate 1
Base: £110k
Cash bonus: 20% target (40% max)
Carry allocation: None
Average weekly hours: relaxed 40 (very little if any weekend work, unless I feel like reading up); in office max 1-2 pw (encouraged but no hard expectation)
Aware that bonus is low and unsure about comp going forward. The group atmosphere is really chill and I genuinely enjoy the people - nice, cordial, professional. So, idk if it’s worth trading this for double the comp but double the hrs and a risk of drift on team vibe. The work is really interesting and it doesn’t feel like a “job” really, which makes me in turn relaxed/focused on doing my best, even if comp wise I’m kinda handicapped for the return on effort.
Any advice from someone who has been in a similar sort of situation? Cheers!
Can't say I have the experience to comment anecdotally, but from a (perhaps naive?) perspective, making £130-150k on 40hrs per week in an environment you enjoy working in sounds better than making £250-300k in a sweaty group where you're working 70+ hrs per week.
Might be nice to keep an eye out for vacancies that give you hours/comp that stacks somewhere in the middle?
Honestly it’s such a personal choice. Money is a significant part of the motivation for me to go to work and I’d rather do 70h+ for £300k than 40h for £150k. I admit that I don't have that many hobbies so I'd struggle to fill the rest of the time. I’m lucky because my team culture is great so I’d probably think differently if the 70h+ were in a sweatshop.
One separate point however is being underpaid vs market: if your skills are comparable to other professionals and they get paid way more than you, there’s only so much a good culture can make up for and you should have a conversation with your manager.
Anyone know about:
HPS
Alantra
Hayfin
Ares (SSG & DL)
BX
Golub
Owl Rock/Blue Owl
Pemberton
Fund size: £7bn
Fund type: Private Credit
Level: Portfolio Management Associate 1st year
Base: £65k
Cash bonus: £30k
Carry allocation: Promote only for >VP
Average weekly hours: 45-50h
bump
Nothing to bump until YE
Bumping it now folks! Market reading is: deployment has been slow (not zero) but so have realisations (almost zero). Base rates helped overall returns immensely. Defaults have remained low. Funds and LPs are happy.
Unless your fund had particularly bad situations in the portfolio (or your team had) this year should be slightly up comp YoY. Don’t let them lowball you. Flat is down when rates are up 400bps.
Good luck!
Bumping it now folks! Market reading is: deployment has been slow (not zero) but so have realisations (almost zero). Base rates helped overall returns immensely. Defaults have remained low. Funds and LPs are happy.
Unless your fund had particularly bad situations in the portfolio (or your team had) this year should be slightly up comp YoY. Don’t let them lowball you. Flat is down when rates are up 400bps.
Good luck!
Bumping it now folks! Market reading is: deployment has been slow (not zero) but so have realisations (almost zero). Base rates helped overall returns immensely. Defaults have remained low. Funds and LPs are happy.
Unless your fund had particularly bad situations in the portfolio (or your team had) this year should be slightly up comp YoY. Don’t let them lowball you. Flat is down when rates are up 400bps.
Good luck!
Bumping it now folks! Market reading is: deployment has been slow (not zero) but so have realisations (almost zero). Base rates helped overall returns immensely. Defaults have remained low. Funds and LPs are happy.
Unless your fund had particularly bad situations in the portfolio (or your team had) this year should be slightly up comp YoY. Don’t let them lowball you. Flat is down when rates are up 400bps.
Good luck!
Bumping it now folks! Market reading is: deployment has been slow (not zero) but so have realisations (almost zero). Base rates helped overall returns immensely. Defaults have remained low. Funds and LPs are happy.
Unless your fund had particularly bad situations in the portfolio (or your team had) this year should be slightly up comp YoY. Don’t let them lowball you. Flat is down when rates are up 400bps.
Good luck!
Fund size: +£20bn
Fund type: Private Credit (DL and mezz/equity co-invest)
Level: Investment Associate 2
Base: £108k
Cash bonus: £108k (total cash comp £216k)
Carry allocation: No carry
Average weekly hours: 50-60h
Bump - would be good to see some more figures for 2023!
Bump for 2023!!
Any figures for: Sixth Street/Tikehau/HPS/Eurazeo?
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