What is average market pay for an Assc. at a $1B+ MM fund in a T2 city?

Think hubs in Texas, South Carolina, Florida, etc.

Currently making <$70k base, no guaranteed bonus structure and just a few bps off of any deal I manage to source (I'm both execution and sourcing). $1B+ MM fund that has us working avg. 70+ hours a week, almost always some weekend work. No real benefits, just a small health stipend. I came from a non-IB background so I assumed a pay cut was reasonable but when I do the math my hourly earnings are barely cracking $20/hr which seems a bit unreasonable. Comp discussions coming up soon so I figure it might be time to broach the topic of at least getting to the street average unless my employer tells me to my face I'm a below average employee which I'm certain I'm not. 

What is a good way to approach the conversation w/ a supervisor?

Comments (7)

Jan 28, 2022 - 9:57pm
Lil'Leverage, what's your opinion? Comment below:

Bruh. You should lateral immediately. A2 comp at +1Bn fund is ~300k cash comp with additional fringe benefits/comp depending on comp. Positive that they took a chance on you given unconventional background, but that is yuge discount to mkt

  • Associate 2 in PE - LBOs
Jan 29, 2022 - 9:16am

I've been approached by recruiters for roles at firms like TA, Diversis, and some other MM/LMM firms that are in my sector but I haven't made the jump because all the roles are in NYC/SF/LA and I have 0 desire to move to any of those locations.

  • Associate 3 in PE - LBOs
Jan 28, 2022 - 10:11pm

Texas, South Carolina, or Florida

One of these things is not like the others… associate at a fund with $1B fund size should be $200k-$225k, even in Tier 2. If it's $1B AUM across a few funds, maybe $175k or so. Family office with $1B could be as low as $140k… highly variable

  • Associate 2 in PE - LBOs
Jan 29, 2022 - 9:12am

It's a single fund that's $1B+, not spread across multiple smaller funds. You could argue my firm is like a hybrid multi-family office. A group of UHNWs and few larger family offices for LPs + a large chunk of the fund is the managing partner's own capital. I know I'm well below market just gauging how to approach the conversation w/ my MD since they run a super lean operation (<10 headcount).

Jan 29, 2022 - 4:09pm
finbrah, what's your opinion? Comment below:

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