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Any PE fund paying you $200k all-in in NYC is probably one you don't want to work for. I think MMPE median is around $275k all-in now for NYC.
$200k base or $200k all-in? If the latter, agree hard pass. But if $200k base then I'm not as surprised.
All in
Not worth it at all imo, especially if your current role is any lower cost of living city than NYC.
I think helpful context would be why you're looking to make the switch and what you perceive the inherent benefits of PE to be.
Doubt many on this site will tell you the comp is better, the work is more interesting, or the WLB is substantially better. I know less than most about the HF space so I could be incorrect here, but I have never heard of people going from HF to PE for a reduction in comp. Only logical reason I could think of to do so would be if you felt your fund might go under or for increased job security.
My thought was that although my compensation is good where I currently am I don't know if I see the ability to get to 500k+ or significant carry dollars at my current firm. I feel like going to traditional PE would broaden my skill set and provide me with greater opportunity to earn carry in the event that I am a strong performer. The flip side is, I know firms can be very fickle with carry and the attrition at lower levels is high, so I could very well end up spending the next 2 years earning below market comp only to get fucked on carry. I guess you could always lateral to another firm after 1-2 years….I also find what I currently do interesting and the hours aren't bad / little weekend work if any aside from catch ups.
confusedContra the others, I think this could make sense if you view it as an investment to switch tracks. If you don’t see growth in your current niche and want to get to PE, you might need to take a step backward. Could you jump again to a market rate PE firm after 1-2 years?
My thought was that although my compensation is good where I currently am I don't know if I see the ability to get to 500k+ or significant carry dollars at my current firm. I feel like going to traditional PE would broaden my skill set and provide me with greater opportunity to earn carry in the event that I am a strong performer. The flip side is, I know firms can be very fickle with carry and the attrition at lower levels is high, so I could very well end up spending the next 2 years earning below market comp only to get fucked on carry. I guess you could always lateral to another firm after 1-2 years….
I also find what I currently do interesting and the hours aren’t bad / little weekend work if any aside from catch ups.
If this is a 500M fund that’s a fairly normal comp range. It’s below market but not by much.
Fund size was $1.2b so it’s clearly a low ball
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