London Private Credit Compensation 2022

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

Comments (41)

  • Analyst 1 in HF - Other
7d

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

5d
Tommy1303, what's your opinion? Comment below:

Fund size: £6-7 bn/annum with 60% in private credit

Fund type: Annuities (DB schemes) team in a Large UK life insurance company

Level: AN1

Base: £45k

Bonus: 5-10%

Hours: 40 - 50 hours with two days WFH (Fridays and Mon/Tue). No work on weekends.

The WLB is great but the bonus is horrible.

  • Intern in IB - Gen
5d

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)?

  • Associate 1 in PE - Other
3d

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.

5d
StonksAlwaysGoUp, what's your opinion? Comment below:

Definitely a great seat for London, what type of shop is this and what is your background?

4d

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(!)).

  • Intern in IB - Gen
4d

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?

  • Intern in IB - Gen
4d

Sounds pretty cool indeed - I'm guessing your fund doesn't take interns but if this is not the case would you be ok to speak further (however you want, I'm happy to message you on a burner account lol) ? Background is target school, internships in levfin and liquid credit.

Most Helpful
  • Intern in IB - Gen
4d

Yep, have realised this is the case - most places that take interns do vanilla pc as far as illiquid goes. Then there's places like GSAM hybrid capital, Apollo hybrid, BX tacopps where you'll get to look further down the capital structure, but from the 3 mentioned names there's problems like;

1) lifestyle at apollo

2)BX tacopps isn't really a credit role - have seen everything from series funding to majority equity, and it seems there's quite a bit of time/money allocated to FIG businesses which isn't really a sector of interest

3)Hybrid team at GS basically just churn with sponsors - so one's experiences would be different to yours at your fund

Anyway like I've said, if at any point next year your fund is happy to start taking interns please feel free to refer back to this thread. Very interested in the space, particularly the non sponsor cases where you have more thinking/freedom involved in your underwriting.

  • Intern in PE - Other
3d

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

15h
2rigged2fail, what's your opinion? Comment below:

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15h
2rigged2fail, what's your opinion? Comment below:

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