NYC MF Credit Associate Comp (recent data points, lateral move)
Can anyone shed some light on what type of compensation I should expect at a NYC MF credit group (think Apollo / GSO) as an lateral associate hire? I looked up a few of the data points on the WSO company database but am unsure if they are stale given the wide variance. Currently working in UMM PE at fund that has traditionally always been two and out and am currently a first year associate finishing my first year. I've had a really compelling opportunity come my way and have progressed through the first few stages of the "remote" portions of the interview process (phone/video interviews, case study). Though comp has not been brought up yet as I applied directly through the firm and not through a headhunter. I'm curious as to what should I generally be expecting? FWIW my target first year all-in cash comp is $275k at my UMM fund.
Hi Analyst 2 in IB-M&A, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:
More suggestions...
You're welcome.
Bump
in credit too. just curious how long have you been in banking before? what is the target 2nd year and senior associate salary?
OP here, I was in banking for two years before leaving. Second year target at my UMM PE fund is $300k all cash (I will supposedly get confirmation of this when going through my first year review but I'm just citing what has been quoted as the expected figure in past years). As I mentioned, my firm is basically 2 and out. Some associates have lingered for another ~3-9 months depending on their specific situations but my assumption is that they are getting paid the same as second years (run rate).
I'm not sure what the exact senior associate target comp is... all of our senior associates are either immediate post-MBA hires or senior associate lateral hires who are on the fast track to get promoted to VP within 6-18 months. I understand the comp to be a bit more variable and/or situation dependent. Additionally, I believe they begin to pick up a small portion of deferred comp once at that stage.
Doing my part here to contribute what I have gathered over the past few days -- FYI these are all second hand data points (again, for Credit, NOT PE):
I think I know which fund you're at. Would you mind PMing me your reason for leaving? Would appreciate it...
First-year at a MF credit fund (Ares, GSO, Owl Rock, etc.) is what you'd expect at a MM PE fund. Usually around ~$250k, but not sure what it'd be for a lateral hire. Potentially higher, personally not sure.
is it all cash? any deferred?
know of senior associate comp?
Base + Bonus. Don't believe it is deferred. Senior associate level is in the $300k-$350k range I believe
I'll say when I was recruiting two years ago (off-cycle) I worked with Robin Judson for a position at Owl Rock and she mentioned the base was $110. It seems low given competitor standards but this is what I was told. I'll caveat this was Owl Rock's Real Asset team which i know they recruited for a long time even after I got rejected from the job (IMO the senior guy interviewing me was the worst kind of finance hardo dick)
I know one of the MFs pays $300k for 1st year associates.
Totally unrelated but was wondering if you could briefly explain why you are making that switch (coming from an incoming BB IB analyst trying to decide which exits to target...)
Bump - anyone else know numbers here?
most MFs and highly ranked UMMs pay at least $300k. Advent, BC, KKR, BX (more than $300k), Apollo (almost $400k) etc. - they all do. only exception really is TPG
Just curious, since when does Advent have a credit fund? And for TPG, do you mean Sixth Street Partners? Understanding that they are their own entity now and separate from the TPG arm
I misread the crap out of this. everything I said was for PE. my bad
Deleted
revival. any 2021 numbers for MF credit?
bump. Any numbers here for pre-MBA 1st year Credit Associates. Specifically GSO or KKR Credit 2019-2021? Also what is base at 140?
I know bain capital credit pays 1st year associates ~$300k all in
Would also be very interested in GSO figures. Was guided it is in line with PE. Carry + Co-Invest from Senior Associate onwards. Very grateful if someone could confirm. Thanks!
Might also be helpful to include strategy in the comp discussion? Some of these groups have senior lending funds, Mezz/Special Situations teams and liquid credit/CLO funds. I would imagine comp varies across those teams and target return threshold. In addition to the comp details above, numbers for the Mezzanine / Special Situations / Distressed groups would be appreciated.
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