PE firms that give carry at Associate or earlier level
Hope everyone is doing well. It would be great to hear whether there are any firms that give carry at an associate level. I know it's quite rare, but it would definitely be interesting to hear.
Thank you.
MM/LMM more common than UMM/MF. Cash comp you get at a slight discount but more potential for upside
I get carry as an associate, but it took 1.5 years as an associate and I was told I'm being promoted to director next year. I think it's uncommon for associates to get carry, but it's even more uncommon to get carry right away. Firms want value out of you and usually ASO1's don't add much. Also depends on AUM, we have $750M-$1B AUM, so we are pretty small. We also do tech + RE, but mostly RE.
Agree with other comments. LMM and MM Funds especially early / young funds may pay some carry.
I get carry at my shop as an AS2.
That's great for you! Just curious, does the pay be lower compared to the bigger firms since you receive carry earlier than them?
PE in Europe (not London) is generally not paying that well imo. I came from a bigger fund in the US - took probably >50% paycut (but lower cost of living etc.) but 2% carry on a 200-300m fund. So all-in all that should equal out.
Generally the bigger the firm the more pay, but the lower the chance for carry.
Went to a small independent sponsor as their first associate. I took about 50k less in cash comp than comparable firms would pay associates but in exchange get 3% carry in any platforms we close during my tenure.
Insight Partners
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