Lower MM PE Comp
Few of the associates at my fund are wondering how comp is across the street. We are at a Lower MM PE fund but the amount of work and responsibility is pretty up there.
Wondering what others are getting base + bonus.
As1 100 base 100 bonus for me, LCOL city
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What? This is for lower mm pe, like the post asks for
Associate 2, $230 all in with phantom carry when we exit deals and guaranteed promotion to Senior Associate.
Was at $175k ASO1 then $195k ASO2 in MCOL city, left for an NYC-based fund. Current fund, still LMM, pays $275k for ASO1 and $300k ASO2
275 for Aso1, that’s awesome! What’s the base / bonus split? Also curious if this is a spin out from an UMM/MF or established lmm fund
$125k base with $150k bonus target. Second year is still $125k base with $175k bonus target.
Established LMM shop that’s raised several funds, with the idea that we’re competing for talent (and therefore compensation) with funds that are a good deal larger than we are.
What are the hours like in the NYC fund?
Lots of dealflow, which means hours can be rough, but a lot of them get over the finish line so people get good experience, and returns have historically been very good. Luckily not too much in the way of needless analysis or chasing low likelihood auctions
OP what does your fund pay and is it in a tier 1 or tier 2 city?
Just to have one more data point:
LMM Firm in T2 city (~500M latest fund) quoted me 225-250k cash comp plus carry (no clue on amount) the other day. Sounded like they were maybe looking for more of an experienced associate though than a brand new one
Aso2 in LCOL city $120 / 110, base / bonus. Offered senior associate promotion but haven't been given comp guidance yet.
NYC ~$300-$320k AS1 - 50 / 50 comp and bonus split. Investing out of Fund 1. Good returns, small and active team.
Awesome numbers, congrats! Whats the industry focus?
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ASO 1 - 260k TC in LCOL city. About 55 / 45 base bonus split.
That’s pretty awesome. What’s the fund size/aum
latest fund 600m, total AUM rn is little over a 1bn.
LMM - NYC area - firm has raised multiple funds with the last one being significantly smaller (senior turnover, lower returns). Value focused shop.
Aso 1: 250 50/50
Aso 2: 300 50/50
Wow that’s a huge jump from aso1 to aso2
Firm has large AUM relative to last fund size and continues to do true MM deals. Bump was what Asos’ called true up to MM pay and not indicative of normal bumps within firm. Firm doesn’t have good infrastructure otherwise - think no dinner/transport home benefits, bad travel policies, carry firm’s accounts payable for things purchased on your card for months (no corp card and no phone). Sounds great given pay and has average 9-7 hours but harder to save money in NYC than you think given above and firm’s declining fund size and internal promotion trajectory.
Was offered 65k +15k bonus for a small shop. Non-tier city. Analyst level.
80k total what’s the thought?
Had to be REPE
It was not
Only 50 hour work weeks
I have a friend at an MM ($1B fund) shop, I don’t think it would be LMM, but his comp is I think around $220 for his first full year.
Seems kind of low for a $1bn fund.
Agreed, he isn't that happy with the comp either. At the same time, he’s pretty much done with work at 7 and has no weekend work vs. the 90-120 hours I pull each week at my MF.
https://www.heidrick.com/en/insights/compensation-trends/2022_north_ame…
Is LMM PE recruiting through the traditional head hunters as well or do they have separate processes?
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