Anyone have a sense for what to expect for their “Investment Leader” title? Seems to be the equivalent of VP at other firms but not sure how their progression works. Any general thoughts on the Partners platform would be helpful too.
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Partners Group investment leader is a weird middle titling ground, probably between VP and principal at most firms at firms that delineate there.
95% of MBA hires are hired as associates (1-4 full calendar years) -> senior associate 2-? full calendar years to investment leader. They have demoted quite a few lateral employees in to a title below what you’d expect (VPs moving over as senior associates, MDs as “senior investment leaders” etc).
Pay will never really knock it out of the park, 60%+ EBITDA margin target with a pretty poor employees over AuM number. The real money was in the stock - probably 15+ early employees who made 9-10 figures, starting at the firm as their first job in late 90s, early 000s. No real way to get that upside these days.
Investment Leader is what they call their VP title. Salary 210-260k, similar bonus with part in stock. The annual carry grant will take you up to ~1m all-in for a year. More carry if you get a deal done.
wow, $1mm for a VP? not bad at all
Yes, but its 4-7+ years out from post-MBA compared to other firms in its ballpark deal size which tend to have that comp level day 1 post-MBA.
Carry is also ordinary income at Partners Group. Its not horrific but you aren't clearing banking step by step on an NPV basis the entire way up the ladder since comp is very deferred.
Also get to work in Denver though in pretty much what I believe is more like a 9-6 job than Park Avenue finance...
Is this true about hours / culture?
Private equity is private equity. They have word IC memos so will let you guess at that one.
The big one is that their IC deadlines in the US are early afternoons on Friday so usually free up earlier than else where.
Living in Denver on 500k sounds really nice ngl
One thing they do differently on the carry front is that they communicate a set DAW as opposed to a % of the carry pool. The rationale is that it caps you're downside if the fund doesn't perform as well as one would have thought. The downside to this approach is that you're also capped from any major upside. The above applies to the PE direct investing fund and as an FYI, you start receiving carry at the senior associate level.
This is incorrect. DAW vs set % doesn’t change the risk profile at all.
You still need the fund to pay out carry for you to earn your dollars at work.
The change in risk profile is that they have a couple funds without hurdle rates, just high water marks, and since they pool carry you still likely get minorly paid unless the world burns.
That’s exactly right. Thanks for the clarification on my comment.
So im guessing the DAW figures are quoted based on a 2x returns profile? So do u get 40 million instead of 20 million if the fund returns 3x instead of 2x in your example or does it stay the same regardless of fund performance? Also is it taxed like normal bonus or at 20 percent like actual carried interest?
Ok so what does this imply for total comp at each post-MBA level equivalent assuming 2x fund return?
Total comp is 250k give or take post MBA, you come out as an associate.
Wow that's awful, why would anyone agree to that? I would sign up for Denver PE in a heartbeat if there were any shops that paid decently in the UMM or above.
Is this stale? Comp range i was quoted for associate 1 in Denver out of a 2 year banking stint is 250-300k (100% cash) + a generous stock signing bonus and base salary is above market. I know there was a major comp adjustment this year to fight turnover, so maybe that's the case here. Or do they basically give you no credit for your MBA / pre-MBA experience? they hire associates with 1.5-2 years of banking experience... Seems like that is really the ideal sweet spot to get hired there, otherwise you will get crushed with a big title demotion and comp cut?
Any new insights into Partners Group‘s updated comp / wlb across different ranks and regions?
bumping this.
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