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https://www.wallstreetoasis.com/forum/asset-management/how-much-do-you-…
This should get you started
Edit: BlueWing's comment (below) perfectly illustrates the endowment and foundation comp scale
https://www.wallstreetoasis.com/forum/asset-management/qa-endowments-fo…
Type: Endowment / Foundation
AUM: >$10bn
Work Experience: 4 years
Base: $145k
Bonus: $100k
What are your hours like? And are the 4 years of work experience all at the endowment/foundation?
50-60 depending how busy things are. The bulk of the four years was on the sell-side
Also interested
Fund of funds pay carry at more senior levels.
This is not the case usually for pensions or SWFs.
My FoF pays carry to some senior associates ($800k DAW from first tranche). Also carry tranches are more frequent than a traditional buyout - will have a new tranche every 18-24 months as we raise different funds at different times. It is not just one fund that is being invested.
Cash comp is lower than banking. More in the $300k all in range.
Working hours is 40-50 with zero weekend. Could go up if on a very busy co-invest with tight schedule.
Numbers are for NY.
Still pretty solid, overall seems like some good WLB.
This seems amazing can you share some names of FoF that have this level of comp and carry?
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.
How should one think about carry? When you say 800k do you get paid $800k at payout?
Also curious about how to think about the carry… Would you think of it like each tranche, you get $800k DAW. Let’s say there’s a new tranche every 2 years. So you’re comp is base + bonus + $400k carry ($800k / 2 year cycle)?
Over 8-10 years every time. So $800k/10 for this tranche. Future tranches should reflect higher underlying % of the overall pot (as expected when you grow in seniority) and as a result higher DAW but every time over 8-10 years.
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