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?
Is the infra fund ECP? No step up in base seems tough or is that typical?
Yep, it’s ECP. I think it’s a mix - some firms raise bases some don’t.
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
any info on GA/TA
Bump
Providing two datapoints for 2027 recruiting
Tier 2 City (Austin / Denver / Miami)
$1.5B+ latest fund
$130k base / $130k bonus
//
NYC
$2.5B+ latest fund
$150k base / $150k bonus
NYC MM buyout (~$4-$6bn latest fund size): $175 base / $175 bonus plus small amount of levered co-invest with no interest
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