Debt Fund Comp
What is market compensation for Senior Associate role at a Debt Fund (5bn aum) in NYC?
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You’re interviewing at Brightspire too?
They been blasting alumni lists and postings lol
Why can’t they get anyone to fill the role?
Nah.
.
Sounds like square mile
Sound like a top shop
Could be TPG's property trust TRTX
Guys - I am looking at a few different roles and could use some actual color on compensation rather than speculation on what company it is.
I'm from the Sun Belt so have very little insight on NYC pay.
Thanks!
Recruiting for similar roles with some friends in the space recently (all NYC). I think the biggest factors explaining dispersion is going to be the fee structure, what kind of returns the fund targets, and the AUM to IP ratio.
BDC/CLO types for Sr. Associate should be around $300-350k
Seeing $450k for more illiquid opportunistic credit funds
~$600k at the high end for top opportunistic credit/distressed funds
Given that we're heading into a recession I would reduce these estimates by $100k. Bonuses will be shit over the next two years, BUT, coming out of this market turmoil there will be some amazing opportunities to scoop up distressed debt, which debt funds can take advantage of.
On the other hand...I've seen many debt funds over the last 3 years originate high leverage floating rate bridge loan at 300-500 over SOFR without a cap. These deals worked when SOFR was at 50 bps, but a 4% SOFR index will put significant stress on a lot of these deals . If the sponsors can't refi out of these bridge loans, the funds will be stuck with shitty debt on there books and could struggle. Long way of saying you should think about job security when considering a position at a debt fund, not just pay.
Not a chance these figures are accurate for more than maybe 1 or 2 mega funds. Senior associate (4 Yoe) at 400-500-600k??? lol
This is real estate debt funds we’re talking about?
Feel like its usually in line with comparative REPE roles, maybe 20% less on the bonus.
My guesstimate for associate in sun belt is 125-175 base. 35-100% bonus. Wide range but real estate is too firm dependent.
That range is for NYC as well?
Yea we really can’t help much without firm name. Comp in real estate in general is all based on where you work. You can be doing the same job as someone at KKR RE Credit, and be making half.
I agree. I was hoping to find at least a couple of comps but you're correct.
Can give a comp that I was given for KKR RE Credit back when I interviewed. 150k + 100-150% bonus
Thank you!
Was this as an associate?
Not the commenter, but I’ll say no. It would have to be AVP/Senior associate comp to hit that $375k mark
$300k for a first year is feasible, my shop is $250k for first years
How many hours a week are you pulling for this type of comp? And is this in HCOL city?
Yea to HCOL. It CAN be a lot of hours, but it’s honestly not. It’s typically just very busy 8:30-6:30 without much time to chit chat. But honestly today I didn’t do much and I have days like that fairly often. Of course I also have days where I work til 9:30, but they’re usually self imposed to avoid crunch time at IC.
Sometimes I have to work weekends because we’re prepping for IC, a closing, whatever. But that doesn’t happen that often. I honestly think I found a goldmine - I don’t plan on leaving any time soon.
And no I won’t share the name because I like that we don’t have WSO Hardos beating down our doors to come work for us. Hit up the recruiters because jobs like mine aren’t posted on LinkedIn.
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