I’m in acquisitions at a mid-size, Midwest based value-add operator and was recently promoted to Director. We do roughly a couple hundred million in total deal volume per year right now and I’ve closed 5 deals over the last 15 months. Hoping to get some feedback on the comp package they’re offering me, especially the carry piece.
Base: $150k
Bonus: 25%
Carry: 2.5% on my deals, 1% on others. This is off the deal-level GP promote and is deal by deal, not crossed.
My thoughts are that this is pretty light based on recent convos I’ve had with people in the industry, but want to make sure I’m not crazy. Would appreciate any data you all can provide.
Almost comically light (that’s more or less what I got paid as a first year development VP years ago) but Midwest + a dogshit economy will do that to you.
I’m not sure promotions are exactly negotiable though. Take what you’re being offered, keep grinding, and be ready to capitalize when things turn for the better.
I think there’s at least some room to negotiate so I’m certainly going to try. What would you think is fair on the carry?
I’d prefer a bit more on your own deals, but your carry is the most fair part. Salary and bonus are low, IMO.
What do you think the value of the carry is?
Cash comp seems low, but Midwest so hard to tell.
What fee streams does your shop have coming in? Its pretty easy to reverse engineer what corporate cash looks like when you add it all up for payroll.
This could be very different depending on where you are exactly and how many years of experience you have from extremely great package to non competitive.
If this is Chicago with 10 years probably on the low end.
I agree with CRE carry is likely the most fair aspect here - salary and bonus would be where to improve.
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