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Career Resources
1st year assoc in large cap PE is pretty consistent at $250k - $300k, with 2nd year usually being quite a bump going up to as much as $400k. There are 1-2 outliers that pay some additional non-cash perks on top. Afterwards it gets a bit more blurry as the duration of programmes differs across firms, and might include senior associate vs. VP vs. xx, include or exclude carry etc. VP / principal level usually gets 25-40 bps of carry, depending on the size of the underlying fund (e.g. global fund vs. smaller European vehicle). Afterwards I guess the sky is the limit, but I'd expect the average large cap PE partner to be at mid- to high single digit $m a year (not all cash).
Standard in London for UMM / Large Cap is GBP 90 Base + GBP 90 Bonus for first year Associates
That was my understanding too. Depending on fund can remain unchanged for first 2 yrs or maybe +10k. Then for Senior Assoc (ie Y3) should be ~110-120k (probably on the upper end). And VP (Y5) 150-175k. All numbers with 100% bonus.
Happy to be proven wrong if this is below market.
Few things to consider:
1. Ability to get promoted - these funds are quite saturated at the senior level, so it’s actually quite hard to move up the ladder and these places can be incredibly political
2. While you may make $400k as a senior associate at these places, it’s looking particularly good right now with where the FX is vs. historical levels
3. Number of these shops are absolute sweatshops vs. their European counterparts
4. And even then sometimes shops outside of that list pay very well but not all cash, I have friends at MMs having a good amount of carry at the associate level - sure it’s deferred but for some of these guys will clip in checks worth millions in 3-5 years if they stick around / the fund delivers and they have very favorable co-invest terms (i.e. levered co-invest at no cost) which is basically free money
Long story short, maximizing cash earnings at the associate level might not be the best way to maximize your income over a longer period of time