PE Associate Comp Benchmarking
Noticed many threads where ppl ask for comp for a specific fund. Figured it'd be best to compile all of PE associate comp in one place and how it scales up from ASO1 to ASO3.
Please specify ASO (1/2/3) and city and rough fund size.
For NYC, anecdotally heard of CD&R, Warburg, Apollo, Veritas as top of street paying ~$400k for ASO1. What do these firms pay ASO3 or Senior Associate, $500k+?
In Chicago, GTCR/BDT paying $330k for ASO1. Also have Waud paying $240k as of two years ago.
No figures on SF/Bay but think Vista in Austin has a unique structure with phantom carry.
What is street for MM funds ~$5bn fund size in NYC/NY? Is $320-350k reasonable to expect?
Based on the most helpful WSO content, here's a breakdown of PE Associate compensation trends and benchmarks:
NYC Mega Funds (e.g., CD&R, Warburg, Apollo, Veritas):
Chicago:
Middle Market (MM) Funds (~$5bn fund size) in NYC:
Other Notes:
If you're targeting specific firms or fund sizes, it's always worth negotiating and considering additional perks like carry or co-invest opportunities, especially at smaller shops.
Sources: Life in Acquisitions (Analyst/Associate), Q&A: 2nd-Year REPE Associate @ Carlyle - AMA/Knowledge Dump, $125k - the New PE Standard?, Is this associate compensation competitive?, What is "Street" MM PE Compensation for Associate 1 & 2 and Senior Assoc. (3rd year)
ASO1 - Got quoted $300 (150+150)
MM Fund ($4.5B)
Which city? Feels low for NYC if it's LG
Very good for Chicago/LA/Austin though
~$1.5B fund in Florida
AS1 was quoted $125/$125 base/bonus
Paid $125/$180 (the latter being stubbed @ 4 months)
Bumped to $140 base when bonuses were paid eoy
No new expected bonus figure communicated
What city in FL?
You have 2-3 realistic options and all treat comp largely the same at that scale
TPG has standard associate 1 and 2 comp across SF and NYC, and across all funds (growth, impact, buyout).
It’s a bit weird because they give you a stub when you join for the first 5 months, and then get you on a calendar year bonus cycle. If you leave after 2 years, you also get a half year stub. You also get a $25k starting bonus so I include that in my aso 1 number.
TC for associate one is ~$390k and about $20k higher your second year.
is 390 first calendar year or first twelve months?
IIRC it’s something like:
$130k base first 5 months + $180k stubbed
$140k base first full year + $250k
$150k base the next year + $270k
When you come in you get a $25k bonus then $180k or $185k stubbed (so let’s say you get $75k your first December). So that’s $100k + let’s just say half of $130k base (even though it’s 5 months) = $165k. Then the next full year is $390k TC so half is $195k. So total “first year” is $360k. “Second year” the blended is closer to $410k.
390 is very high but only scaling by $20k every year? so senior associate would just be 430?
That’s pretty normal — think about VP1 being ~$500-$600k cash. If you start at $390k as an associate 1 and move up, for example, $50k per year, you’re at/surpassing VP1 comp as a senior associate, which no firm would allow.
$4bn MM in NYC
$325k for ASO1
harvest charlesbank or lindsay goldberg? any idea on those firms if not one of those
can u let me know how hours / stress has been?
At MM (900m dollar latest fund) and first year comp is 255. Is it normal for comp to go up significantly after your first year ? Hoping to get at least a little bump.
I’d probably expect like $20-30k bump
Non-NYC / LA
UMM
Assoc 1: 150k base + 220k bonus
Yearly increment of ~50-60k
----
Other anecdotes (received offer):
NYC Infra MM
~$5 Bn upcoming fund target:
Assoc 1: 165k base + 150k target bonus
No increment in base until senior associate (which is 3 years in)
Bay Area Fund? Genstar?
Tier 1 city
UMM ($4-7bn fund)
Assoc 1 haven't gotten bonus yet but quoted at 140 / 140
Now I'm feeling like I'm underpaid lol
Seems pretty low for your fund size. At a $1bn and quoted at $275k total
Boston? THL?
Believe APO now starts ASO at 450 with 100k increments
Source?
UMM Infra NYC 150 base 190 bonus ASO2
Natus at at praesentium ab quos. Quos iure voluptatem doloribus ratione qui magnam eos voluptatem. Et deleniti aliquid dolor impedit commodi libero qui.
Et omnis dicta quaerat. Et dolores in id iusto in odio fugiat. Nihil culpa qui dolores ut consequuntur. Autem est fuga nihil.
Necessitatibus ex vel ut eaque consequuntur et voluptas. Sed distinctio et eveniet. Non aliquid dolores molestiae repudiandae corporis. Voluptatem veritatis officiis possimus quibusdam voluptatem inventore omnis. Numquam doloribus et ut qui quia eum totam. Quo qui autem sed sunt ullam et non.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Fuga laborum distinctio assumenda et ut. Aliquid quia quae ad ea magnam aspernatur fugiat tempora. Distinctio accusamus ipsam accusamus sit velit ut. Earum et atque deserunt impedit similique.
Id excepturi omnis cupiditate aut et. Accusantium totam ex sed non eveniet non necessitatibus. Sed quidem sed nam quasi et.
Nihil sequi numquam incidunt et cum nisi. Voluptatum qui quibusdam consectetur. Odio quo accusantium ea.
Repellat facere magni praesentium itaque excepturi omnis. Voluptatibus officia eaque rerum maxime officiis. Esse doloremque qui unde voluptas. Dolor molestiae dolor quia debitis eveniet dolores beatae.