MM PE Senior Associate Comp
Does anyone have any recent data points on MM PE senior associate compensation? Base, bonus, carry / GP commit (if any) by fund size?
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Bump - interested
Bump also interested
Am in this boat. $280k cash (50/50), plus 50bps of carry. No GP commit, but the fund will lever coinvest if you choose. $1.5B fund size. I think my cash comp is a little below market, carry maybe a bit high
50bps of carry is pretty dam attractive. congrats
Super helpful, thanks for sharing. That’s a nice piece of carry!
Decent carry, particularly with no GP commitment
LMM PE ($1 Bn fund size) outside of NYC/SF - Senior Associate 1 (3rd-year post-banking) cash comp of $300k (50/50) with no carry. Pay isn't bad at all after "normalizing" for the hours (~60 hours per week on average), however, I am concerned that the gap with MM/UMM peers will widen if/when I am able to progress to becoming a VP.
Makes sense, thanks for sharing.
Senior Associate should be equivalent to VP, no..?
I'd say somewhere between high 200s and low 300s cash with potentially a small amount of carry is generally right for most MM PE funds. If your Geo is NYC/SF and/or the fund is a little larger, so maybe $1B+ recent fund, I'd expect a little more cash and probably not carry. If you're not in a major market city and/or the fund is smaller, I'd expect lower cash, but then you have more of an argument for more significant carry. For smaller funds, I've seen up to 100bps or so. On the carry piece, I'd do the quick math and figure out what the $$ amount looks like at a 2x and 3x return for the fund. Your carry package, if any, should equate to something between 250k to 1M. Annualize that out over the vest and add it to your comp and some of the LMM/MM packages could end up being pretty decent if you stay.
As with all MM PE comp, it's variable, but the above is the relative range you're probably operating in. I haven't seen too many figures way outside of those ranges. The bigger money and carry really comes at the VP title.
Given your reference to converting into $$ - what would be a reasonable range you’d be looking for? And how would that look like on VP level?
Also interested on how these numbers look at the VP level. Also, for places outside US, such as Australia, how would these numbers look?
Pg 10 on the linked 2021 report is good reference for comp across fund size / title. Total comp for associate/senior associate of ~$250-$300k for funds $2-20bn. Later pages touch on carry but it's a smaller sample size https://www.heidrick.com/en/insights/private-equity/2021-north-american…
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