Am I being underpaid? 3rd year associate at NYC megafund on the infra team. Latest fund size is ~$20bn.
Base $200k with a 1.3x bonus target. Feels pretty light for how much I work / what I am hearing other funds paying their associates and VPs. Would love to hear what everyone else is getting
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Based on the most helpful WSO content, your compensation as a 3rd-year associate on the infrastructure team at a NYC megafund appears to be slightly below market expectations for your role and fund size. Here's a breakdown:
Base Salary: $200k is within the range for associates at large funds, but it leans towards the lower end for a 3rd-year associate at a megafund, especially in NYC.
Bonus Target: A 1.3x bonus target (or 130% of base) is reasonable, but combined with your base, it may still fall short of what peers at similar funds are earning. For example, total compensation for 3rd+ year associates at megafunds often exceeds $300k, with some reaching $350k+ depending on fund performance and carry opportunities.
Workload vs. Pay: If your hours and workload are significantly higher than peers at other funds, this could further highlight the gap in your compensation.
You might want to benchmark your pay against other megafunds or infrastructure-focused funds to confirm. If the gap persists, consider discussing this with your team or exploring other opportunities where compensation aligns better with your contributions and workload.
Sources: Infrastructure Compensation, Likely Getting Pushed Out at End of 2 Years (LMM Buyout), Q&A: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt), Confessions of a former second year IB Analyst, What is "Street" MM PE Compensation for Associate 1 & 2 and Senior Assoc. (3rd year)
Last I heard range for senior associate is 450-550 so sounds about right. Not sure if your fund has senior associate title but I would equate 3rd year ASO to a 1st year Sr ASO without more context. Some funds make you roll a portion of your bonus into co-invest.
Do senior associates typically get carry or RSU/options if employer is public?
Yes a portion of your bonus is in stock with a vesting schedule but I don't have specifics on the allocation. I just know headline total numbers friends have quoted me
Helpful. So the 450-550 you quoted is not all cash? That includes stock?
Yes that’s right. Base is usually 175-225 and bonus is 75% cash 25% stock iirc. Though a material portion of the cash is re-invested into mandatory co-invest at some funds. Range I quoted is all-in comp excl carry.
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