LP comps

Answers are on here - have a look at prior threads on best FoFs etc. You need to have the AUM to afford to pay well but that is not the full picture. Firms like HarbourVest, Goldman, Neuberger Berman, Blackstone pay very well. Junior all in comp will still be below banking but it is a different job with better prospects and much better WLB I would argue. Sure, it can take you longer to get to VP / Director vs. banks which at some places you get there in 5.5 / 7.5 years but you need to take a longer term view about your career.

A lot of young kids in banks at the moment seem to be taking very short term view and staying in banking for a bit longer. It is great when M&A fees are soaring and banks are paying you well but I wonder how things will shift if current earnings quarter is an indication for the reality over the next 2-3 years. The AUM of funds will almost certainly not drop by 50% in 12 months which is what banks advisory revenues are doing. Sure, carry may take longer to realize because IPO window is closed and fewer transactions are getting done but high quality assets are still trading and FoF carry is highly diversified across multiple funds / co-investments to the point where it is highly unlikely to be significantly smaller than the amounts you were given because 1 or 2 investments went sideways.

Sorry - realize I went a bit off track with this answer but hopefully helpful.