Secondaries Advisory VS Secondaries Fund AN1 Salaries - London
Here's what I gathered for AN1 salaries in top-tier secondaries advisory (Evercore PCA, PJT Park Hill, Campbell Lutyens, etc.) VS secondaries funds (Ardian, BX Strategic Partners, HarbourVest, Lexington, AlpInvest etc.)
Correct me if I'm wrong.
Secondaries Advisory: £60k - £80k, 50 - 100% bonus
Secondaries Funds: £50k - £60k, 100% bonus
Why do secondaries funds pay so little for analyst positions?
Based on the most helpful WSO content, your salary estimates for Analyst 1 (AN1) roles in secondaries advisory and secondaries funds in London are fairly accurate:
Secondaries Advisory (e.g., Evercore PCA, PJT Park Hill, Campbell Lutyens):
Secondaries Funds (e.g., Ardian, Blackstone Strategic Partners, HarbourVest, Lexington, AlpInvest):
Why Do Secondaries Funds Pay Less for Analyst Positions?
Nature of Work: Secondaries funds focus on investment management and portfolio analysis, which is less transaction-heavy compared to advisory roles. Advisory roles often involve intense deal execution, requiring longer hours and higher pressure, which justifies higher compensation.
Career Trajectory: Secondaries funds often offer better long-term earning potential through carried interest (carry) at senior levels. Analysts may accept lower initial pay in exchange for the opportunity to grow within the fund and eventually benefit from carry.
Work-Life Balance: Secondaries funds generally offer better work-life balance compared to advisory roles, with fewer late nights and weekend work. This trade-off can make the slightly lower pay more appealing to some candidates.
Market Dynamics: Advisory firms compete directly with investment banks for talent, which drives up compensation. Secondaries funds, on the other hand, often attract candidates who are more focused on the buy-side career path and are willing to accept slightly lower pay initially for the long-term benefits.
If you're deciding between the two, consider your career goals, work-life balance preferences, and appetite for long-term compensation structures like carry.
Sources: 20 Most Frequently Asked Questions - London Edition, https://www.wallstreetoasis.com/forum/investment-banking/everyone-and-their-moms-want-to-lateral-to-centerview?customgpt=1, Differences between Co-invest and Secondaries?, Q&A: Equity Analyst at a Sovereign Wealth/Pension Fund
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What is William Blair and houlihan AN1 salary for secondary advisory?
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