UK MM / LMM PE Comp
Hi all (ignore job title)
Thought it’d be worth seeing what one can expect to get as a comp package for London PE in the current environment, particularly for MM / LMM outfits (think the likes of Livingbridge / ECI / Inflexion / Limerstone / LDC etc) at the Investment Associate / Investment Manager levels?
Any ballpark figures for Base / Bonus / Carry (if applicable) would be helpful.
Am considering my options at the moment (as with most people in banking who’ve been burned by terrible bonuses this year), and wouldn’t be surprised to see hiring pick up in this space in the coming months given the historically low hiring activity L12M… so hopefully will help others as well!
Thanks in advance.
I’ll get the ball running on one of the few datapoints I have in hopes of bumping this / getting more traction - last I heard LB was paying c.£85k for an Investment Manager role. No specific datapoints on bonus or whether carry is allocated at that grade (if anyone knows do shout).
I think LB has upped it a little. Unsure to what. But I don't think carry at IM level there.
following
I was at a LMM fund (part of a larger organisation however, which probably boosted pay) and received as AS1: £90k + 150% bonus; AS2: £105k + 110% bonus (2022, bad year). Also received 1% carry in a $600 fund. Then as AS3 I was paid £120k but was then made redundant (bad fundraising and we were all supposedly overpaid based on workload...)
Thanks - that’s super insightful (and sorry to hear about the last bit…!)
At what grade were you offered Carry - was that during A3 or since day 1? For some added context how many people were in this specific fund?
Also… slightly specific question (only because there is barely any available info on this, particularly for the UK…) - is 1% allocation fairly standard at the junior grade?
We were granted carry from day 1 (although I had to wait c 10 months until the actual annual allocation day happened). We were c. 10 IPs.
Re whether 1% is standard, I think yes but am really not sure. Or put differently, I think the DOW (money equivalent in 2x scenario) is roughly the same, which might correspond to 1% at a $600m fund, 0.5% at a $1.2bn fund etc.
Sorry to hear about being let go. Those are truly impressive numbers! Without going into depth what sort of firm was this? Or if you could PM me with more info that would be great! And generally what was your WLB like?
Thank you. It was a global MM name, and I was in the tech team. WLB was great (9.30-8pm, weekends free, holidays good but occasional small interruptions) - I guess the combination of great WLB, pretty good pay and tech focus together with really tough fundraising conditions made it only a matter of time before there would be layoffs tbh...
Not sure if can be characterised as pure play MM as my fund invest on a wide range of valuations but still rather small compared to MF (2-3bn latest fund). Base for assoc 1 is £105k + apparently a minimum 100% bonus (but was apparently 130-150% in previous years). Carry starts 1.5-2 years after starting at the firm (senior associate level)
~£250 - 300m fund.
IM comp was ~£95k + ~50% bonus + ~£1m at work.
I think cash comp is too light in London MM. We should go on strike.
Currently being offered £70k / 25% bonus at a lower MM PE shop which seems on the lower end. Anyone have any insight on this and room for negotiation?
Is that the norm there?
What position?
Damn, those hours better be chillllllll
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