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Based on the most helpful WSO content, here's what you can expect for total compensation at a megafund (e.g., BX, Carlyle, KKR, Apollo, Blue Owl) for someone with 8-10 years of experience in a Tier 1 HCOL metro:
Base Salary: Typically ranges from $300K to $400K, depending on the firm and specific role.
Bonus: Bonuses can range from 100% to 200% of base salary, heavily tied to individual and fund performance.
Carry: Carry participation becomes meaningful at this level. While specifics vary, mid-level employees might see carry allocations that could translate to $500K+ annually over time, depending on fund performance and vesting schedules.
RSUs (Restricted Stock Units): Publicly traded firms often include RSUs as part of the package. This could add another $100K-$200K+ annually, depending on the firm's stock performance and vesting terms.
Sign-On Bonus/Buyout of Unvested Carry: If you're lateral hiring, firms may offer a sign-on bonus or buyout of unvested carry from your previous employer. This could range from $100K to $500K+ depending on your prior role and the firm's need to secure your talent.
Co-Invest Opportunities: Many megafunds offer co-investment opportunities, often on a levered basis. This allows employees to invest alongside the fund, potentially amplifying returns.
Additional Kickers: Some firms may include perks like profit-sharing, enhanced benefits, or other incentives tied to fund performance.
Keep in mind that compensation structures can vary significantly between firms and are often influenced by fund performance, individual contributions, and market conditions.
Sources: What is life like at no-Bulge Bracket Investment banks?, Q&A: MD in M&A and Capital Markets with Bulge Bracket and Boutique experience, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1, David and Goliath: The Boutique and The Bulge Bracket, David and Goliath: The Boutique and The Bulge Bracket
Bump. Would also love to know difference between Equity and Credit groups
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