UK Regional LMM/Growth PE - comp?

Looking to get a feel for total comp at the Investment Manager / experienced Associate level (base, bonus, carry, co-invest)

Thinking the likes of BGF, Maven, YFM, Foresight up to slightly larger funds such as LDC, Livingbridge, ECI, Inflexion etc.

Appreciate these are a broad mix of fund types but I’m currently interviewing to move over from a Corp Dev role that pays c. £100k all in - so any datapoints points are much appreciated as it’s tough to find figures outside of London.

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Based on the most helpful WSO content, here’s a breakdown of compensation insights for UK Regional LMM/Growth PE at the Investment Manager/experienced Associate level:

  1. Base Salary: Typically ranges between £80k-£120k depending on the fund size and location.
  2. Bonus: Generally 50-100% of base salary, with some variation depending on fund performance and individual contribution.
  3. Carry: Carry allocations are less common or smaller in regional LMM funds compared to London-based MFs/UMMs. However, for funds like LDC, Livingbridge, or Inflexion, carry could range from £500k-£2m over the life of the fund (e.g., 5-7 years).
  4. Co-Invest: Co-invest opportunities are more fund-specific. Larger funds like Inflexion or ECI may offer structured co-investment programs, while smaller funds like BGF or Maven might have limited or ad-hoc opportunities.

Your current Corp Dev comp of ~£100k all-in aligns with the lower end of this range, so a move to PE could offer a step up, especially with the potential for carry and co-invest.

Sources: Private equity comp in London?, Q&A: London REPE MF Associate, Growth PE Comp Progression, I invest in GP-led secondaries, and it’s awesome., 2017 Private Equity Report – 8 Category Highlights

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Use the H&S comp report for Europe. Fits well when you use the adjustments for fund size.

That being said very different funds. Inflexion and Livingbridge strong. ECI OK to good. Rest not strong. Also most with a very UK centric focus and culture

 

Use the H&S comp report for Europe. Fits well when you use the adjustments for fund size.

That being said very different funds. Inflexion and Livingbridge strong. ECI OK to good. Rest not strong. Also most with a very UK centric focus and culture

Thanks, I wasn't aware of the H&S report - helpful resource for benchmarking. Agreed on the difference in funds - these are more a collection of who has the most headcount presence in my region. Definitely not all the best in terms of quality but unfortunately not in a position to move to London at the moment so gotta work with what ya got.

 

For the LMM ones you’re looking at around £150 all in 

for the larger ones you’re looking at 175-200

Thanks that's helpful - roughly in line with what I expected (if maybe slightly higher). Would be interested on any views on carry being offered at this level. I know 1% is thrown around a lot on this forum as a baseline for junior but would be keen to hear any datapoints to make sure I don't lowball myself / look stupid asking for something punchy.

 

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