Hi, I'm considering a private equity fund of funds role (specifically the primaries division i.e. investing in private equity funds) but the fund also has a secondaries division. I wanted to find out what comp would be like at the more mid-senior levels for a role like this?
I'm an IBD analyst based in London and I know at my bank the bases for associates (£90-110k) and VPs (£120-150k) are around this and receive bonuses around 100-150%. I'm not sure about the directors or MDs comps here but an associate at my place thinks the directors could clear round £500k and MDs would clear above £1m in total comp if they have had a decent year.
Could someone provide an insight into what comp would be like at the more mid-senior levels i.e. associates, vps, directors and partners? Would it be similar to the above, less or more?
Thank you
Hi Anon163862, don't worry, the WSO Monkey Bot is here.... I'm hoping one of these links will help find your answer:
Hope that helps.
I think for a Senior Associate role on the secondaries side, ~$150k base and anywhere from 50-100% base depending on the firm, seniority, and how well you do is fair to expect.
I would expect a slightly lower base and a bonus more in the 25-50% range on the primary side, although that's a bit of conjecture on my part.
Caveat that these are NY numbers, not sure how London differs beyond the exchange rate.
Thank you for the comment!
By the looks of things it sounds like I would be earning more if I stayed in banking
One key comp component that the previous comment was missing is carried. Some firms do allocate carried down to the associate level.
Really? I didn’t know you get carried interest at a fund of funds?
Thanks
PE FoF firms are compensated in the same way typical direct firms are (i.e. mgmt fees and carried), but typically charge lower rates (1.25/12.5 for example versus typical 2/20). Most of the comp of a middle-level FoF executive comes from carry, at least for the secondaries firms I am familiar with. Might be different on the primary side / will likely represent a much lower portion of comp.
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