Midlevel Comp - Market Check

Hi all,

On a throwaway for obvious reasons. Would like to get a sense from others in the NYC area if I'm being underpaid or not given tenor, fund size, and responsibilities to get a sense for market

Experience - 5 years total (2 banking, 3 PE at MF), have been quarterbacking deals (VP responsibilities) for over a year now including docs, diligence, negotiations, underwriting and portfolio management

Comp - ~300 cash, 325 DAW (w/ vest)

Where do VP's price in today's market? Would value feedback from anyone who's recent made a move at this level / further along in careers to get sense of if i'm getting screwed or not and what to expect when speaking with recruiters

Thank you

Comments (15)

Jun 4, 2019 - 5:44am
frank_reynolds, what's your opinion? Comment below:

Are you a vp or do you just perceive yourself as having "vp responsibilities"

My initial reaction is that with 5 years experience you are not underpaid, though maybe weighted more to daw than cash than I'd expect at that level

Jun 5, 2019 - 1:56pm
jcrawford92, what's your opinion? Comment below:

Any details on DAW? What is it? Annualized carry points?

For reference, cash comp with similar years of IB/PE experience. $325k at MM fund

Most Helpful
Jun 5, 2019 - 3:06pm
butcherer, what's your opinion? Comment below:

There's a substantial bump between Associate and VP. As a 3rd year associate you are not underpaid.

DAW is dollars at work for everyone else, it's a way of dollarizing your carry. Think fund size * carry percentage * your bps of carry = dollars at work.

So if you are at a $5B fund with a 2-and-20 structure and you have 25bps of carry, your dollars at work are: $5,000 fund size * 20% carry * 25 bps = $2.5M dollars at work.

Jun 10, 2019 - 9:09am
throwawaybuyside, what's your opinion? Comment below:

butcherer - What does that bump typically look like typically from associate to VP? Understand tenure matters for this type of stuff but I have many inbounds for VP roles elsewhere and don't want to "choke the golden goose" to chase a short term gain as I generally like where I work and the responsibilities/trust/autonomy I've been able to achieve

Jun 24, 2019 - 4:37pm
Wags_Wagner, what's your opinion? Comment below:

I am not certain this is totally true in all cases as "bps" can refer to the entire equity profit value of the company or to a portion of the firm's portion of the equity. Be sure to check which applies to you.

For example, in a $100M equity profit scenario at 20% firm carry, 50 bps of total carry is equal to 2.5% of the firm's carry ($500k) while 50 bps of firm carry is only $100k.

"well thank god your feelings aren't a fucking priority here"
Jun 7, 2019 - 9:09pm
princepieman, what's your opinion? Comment below:

Is DAW annualised or just an estimate of total carry entitlement across all funds?

Big difference between annualised $300k DAW vs $300k / {some average period of investment/divestment time across funds}

Jun 16, 2019 - 3:28am
princepieman, what's your opinion? Comment below:

Thanks for clarifying.

Jun 23, 2019 - 2:54pm
snowywhite, what's your opinion? Comment below:

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