London REPE Analyst Comp Beginning of 2023?
Just curious where compensation is at for REPE shops in the beginning of 2023. It would help if you could list your fund size as well. Some MFs listed below but it would also be good to know how the pensions and SWFs like CPP/ PSP/ Temasek / GIC, insurance firms (AXA etc.), and hedge funds pay. If you have multiple analysts in your group and won't get called out, drop the firm name too!
From what I know (correct me if wrong) and in GBP. No idea what bonuses look like for these places:
BX: 80k base
Ares: 70k base
Brookfield: 70k base
KKR: 65k base
GSAM: 70k base
MSREI: 70k base
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What is the typical increase to associate you have seen
As a reference point, I am at an owner/operator with a base salary of £75k and bonus of c20%. At the associate level here.
How many YOE size of operator and what does you role entail?
4 years experience, £500m AUM.
Since currently a fairly small operation, have exposure to acquisitions and asset management but lately more focused on asset management and investor reporting.
Are you talking pounds or dollars? You must be talking the latter.
OP here. The figures from the post are in pounds. Most US counterparts are making more when converting to USD...
If USD that would mean salaries would be like £45k-£50k GBP. That's what everything was pre-bumps two years ago. £70k is street for An1 now (with maybe 60-80% target bonus), with some paying above that.
New York street is $100k for AN1 (£82k GBP)
Street is now $110k. 60-80% may have been target pre-bump, now it ought to be closer to 40-50%.
paying on par / less than IBs? interesting - surely you would think there’s bit of a premium for the analyst buyside seat
Most PE is in line or slight discount to banks now (note: same as Associate positions, bumps have not happened in PE at junior levels to the same extent as at banks). There may have been a premium 2-3 years ago which has been eroded away now.
HF seats usually still have a (small) premium to IBs now, PE in-line/ slight discount to banks.
Tristan Capital Partners: An1 £60k
LaSalle IM: An1 £65k
Any idea on bonus for these places?
I heard Lasalle pays really below street. Is that 65k figure verifiable?
Any idea on bonuses?
Both figures come from headhunters, I trust them to be accurate.
This is the debt and value add team, I don't think they ever paid much below street. Other teams may do though, might just be outdated info too.
I don't know on bonuses but would guess in the 20% - 60% range for this type of firm.
Depends on the bank and if it’s a real estate coverage group. Also depends on the fund. PM me if you’d prefer to discuss in more detail.
MM firm ($10B AUM) Analyst 1-3: £60k to £65k, with 100% target bonus
Top 5 in PERE are about 130-160 gbp TC according to friends and HHs in 2023.
Given associate TC is £180k, £160 seems too high for an analyst.
Top 5 PERE that take Analysts. Think BX, KKR, Starwood, Brookfield, etc.
Blackstone REPE pays £80k base for An1 so would not be surprised if the bonus scales to 100% by An2/3 for top bucket, which fits with the numbers above.
Is associate not £240k all-in-comp at 'good' shops (higher at Apollo/ top paying shops, lower at MM).
That figure seems on point... for an Associate 2 at Apollo during the boom years. Can't really benchmark against the top payer in the industry during a boom year.
Bump. What is Analyst and Associate comp now?
Ares An1 at 85 base now
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