London REPE compensation
Hi, does anyone know what REPE funds typically offer (basis + bonus) to analysts, associates, VPs and more? I am talking mostly about value add/opportunistic funds, but any info on core+ or funds of funds would be great.
Trending Content
| +82 | LP coming into deal at higher land basis. How to model returns to GP? | 18 | 11h | |
| +76 | Increasing RE Industry's Cash Compensation, Collectively | 43 | 9h | |
| +72 | Major Decisions | 13 | 1d | |
| +28 | Niche down to an operator or stay an allocator | 9 | 3d | |
| +24 | Breaking into CRE late 20s | 7 | 3d | |
| +23 | Thoughts on joining an early-stage REPE fund | 7 | 9h | |
| +22 | Self Storage ECRI | 9 | 2d | |
| +20 | Doom Loop or Creative Urban Reemergence? | 3 | 6d | |
| +19 | How to get good at RE Modelling? | 16 | 4m | |
| +18 | Henderson Park London | 21 | 11h |
Career Resources
Also interested
When you are talking mid market PE or FO REPE analyst your looking at around 40-55k with a bonus around 70%. For MF can be around 70k with a bonus 100-150%.
For Assoc or VP scale proportionately and sometimes have higher bonuses and a little of carry.
Thank you, this is helpful. Do you have any comps regarding secondaries team/indirect investments ? Is one can ask for 65k + 70% bonus as a junior associate at a top fund within the indirect investment team?
Do the hours vary with the comp or is it broadly the same across the board? Seems like a huge delta
Surprised by this as I did the Analyst/Associate rounds in London and seen one small fund doing 50% bonus, which funds are doing 70-150%?
Megafunds? Why is this a surprise
Commenting on this a bit late. My understanding is that middle market REPE base should be about £50k for an Analyst and a bonus between 30-50%. MF repe £70k and a bonus of 100%.
Keeping in mind you will have much more chill hours at middle market repe (9-6) then at a megafund (8/9-11 and regular weekends) so don't just think about pay.
Can you name drop the MF repe shops that pay 70k pounds with 100% bonus?
Here's what I know for base and would be curious to know pay at these firms since they take Analysts for investment roles (will update as it goes on). Bonus unsure but would be appreciated if known:
BX: Analyst = £80k base
KKR: Analyst = £65k base
EQT:
Brookfield:
Starwood:
MS REI: Analyst =£60-70K + 50-100% bonus; Associate = £90K-£120K base
GSAM: Analyst = £60-70K + 50-100% bonus; Associate = £90K-£120K base
JPM AM: Analyst = £60-70K + 50-100% bonus; Associate = £90K-£120K base
Other:
Tikehau:
Ardian: An3 Secondaries = £80k + 60% bonus
Partners Group:
BC Partners:
Cerberus:
Lone Star/ Hudson Advisors: Analyst = £70k + 50% bonus; Associate = £80-90k + 100-150% bonus
Macquarie MIRA: Associate = £100k base
ICG: Associate = £100k base
I’m not sure on exact figures - but I met someone who used to be in Partners real estate team and my understanding is they pay very well (at the forfeit of sleeping very little lol).
I have a friend who works at Ardian who is a 3rd year analyst in their secondaries team (not real estate, but not sure how correlated Analyst pay is this early on in career). He’s on £80k and a 60% bonus
bumping this, please drop comp data!
I should also add that lots of the MF’s have an ‘up or out structure’. I.e, either you perform and get promoted, or they want you gone. Bare in mind you are up against the absolute top talent at these shops, so it’s not like progressing at a normal repe firm.
Not trying to dissuade anyone from joining an MF at all and if that’s what you want then power to you. I’ve just had a few buddies that have joined with the plan to make a boat load of money, then they don’t make it past 2 years due to burnout and being annoyed at not being able to see friends and GF’s regularly at all. Each to their own!
Interesting. Do you know more about specific funds such as Lone Star / Hudson Advisors?
Yeah I do. Analyst £70k and 50% bonus. Associate £80-90k and 100% bonus (think top performers at Hudson get 150% at Associate level).
Many thanks for the info, very useful! I have been approached recently to join several teams including this one. It seems to be very opaque, I can’t get a lot of information on their team.
Do you know what exit opps could be? Let’s say if one was targeting KKR/Starwood/Blackstone/GSAM after this? Otherwise, do you know a bit more about their reputation, culture etc?
Thank you again for the help.
Anytime dude.
So Lone Star / Hudson are hiring at the moment as they just acquired a bunch of student accommodation for around $400m but are also expanding their opportunistic funds.
In terms of prestige Lone Star is right up there - more so than MSREI and GSAM. They are just very under the radar so you don’t hear about them much.
Exit opps you can leave to the likes of BX and KKR. Honestly though they won’t pay you that much differently.
Culture wise, you will be worked like a dog and regularly work weekends. The work is also sporadic - I.e, it won’t be uncommon for you to be getting ready to see your girlfriend or going to a party and suddenly having to cancel. You will also probs leave the office near 11 and in the busy period the early hour of the morning.
People there are all super smart which is the good thing about the culture there, you will be surrounded by very clever and competent people.
Part of the assessment there is a cash flow modelling test. I understand this is in the office and takes a few hours. You need to be good at modelling (can do waterfall models and promote structures out your ass).
Hope that helps!
A friend of mine recently joined a top fund, but not one of your list above. Told me that he got ~80k for a senior analyst position, with 80% bonus. During the recruitment process, the headhunter and the firm told him that for the associate level he should expect around 90-100k with 100% bonus.
Hope it can help. Curious to see if this is under what the market is paying now or if he made a good deal.
80+80% is quite good, and the Associate pay seems great if it's not a MF (read comment on the WLB tradeoff). For senior analyst, is that An3 or An2? Like how many years of experience did he have going into this.
He got almost 3 years of experience, so analyst 3. Regarding hours, when on a live deal it can be pretty crazy (midnight+), but otherwise it varies a lot (can be out at 7pm sometimes, or 9pm).
I’d say that’s a very good deal tbh - thing to remember is that the vast majority of REPE in London is MM and this will be far and above almost all of those shops. Even in this market there are few positions in the MF’s!
Any idea on SWFs salaries? E.g. GIC or PSP
Not sure on pay, but good WLB relative to pay for the most part. I think the Canadians like CPP, PSP, and Oxford pay very well, but I don't have numbers.
I can confirm that CPP pay around £80K + bonus for 1st year analyst and the hours are 50-60 per week.
FYI found this on PERE. US comp data for Associates and up if you want to see what Americans got paid in 2021:
https://d16yj43vx3i1f6.cloudfront.net/uploads/2022/03/Sousou-compensati…
Yeah it’s mad what they get compared to over here lol. If you ever want to feel better then check out Canadian comp - lower than UK
At the same time, I think these are megafund numbers (BX, Brookfield, Starwood, KKR, TPG, Apollo and the likes). I've seen other posts on American comp which is not as high, although might not be PERE firms (maybe insurance/ lifeco).
Based on this forum, Canadian buyside comp seems trash for the most part compared to sell-side IB, especially real estate.
Going to be joining a €15bn AUM REPE in London with £60k base and expecting bonus of 80% for first year analyst.
WLB doesn’t seem great or terrible from conversations I’ve had with colleagues. M-F 9-9pm + some work on weekends and check emails during holidays.
bump drop your comp (and firm if numerous Analysts/ Associates) you pussios.
~75k+~70% bonus as a senior analyst in London. Acquisition team of a large fund. I expect to get 85k+85% or 100% bonus when being promoted to associate level.
When you say large fund, is that like MM or MF realm? Comp seems at a discount to MF (BX, BAM, STWD, KKR, etc.). So just curious if all MFs pay around 250k pounds, or if there are ones paying deep discounts.
Never heard about MF paying 250k in London excepting Apollo (my only reference) that is known to offer 120+120 if I remember well.
Large fund I described above could be similar to Cerberus, BentallGreenOak, Lone Star, EQT etc.
Est cumque molestias amet quis molestiae voluptatem. Perspiciatis itaque eligendi dolores pariatur quisquam quas. Impedit autem illo nihil temporibus iste officiis. Magni dolores nihil ipsa placeat sapiente. Aut cupiditate non molestias sit esse praesentium necessitatibus. Tempore impedit laborum atque a ipsa ut sint eveniet. Similique molestiae consequatur iusto nobis ad.
Repellat ut perferendis excepturi. Quia ut sequi similique doloribus at nemo. Saepe aut veniam porro cupiditate rerum illum. Est quia id vitae. Iste optio molestiae aut quo iste quidem. Animi ea sint repudiandae inventore vel qui dolore. Animi eius libero doloribus architecto perspiciatis quisquam.
Ad architecto corrupti aut facilis provident alias. Eveniet ut quia earum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Veniam ratione accusamus eum et. At sed libero in officiis quia odit. Nisi eos nihil et ea dolor quos. Molestiae et itaque et impedit nam dolor quis non. Quidem quia assumenda rem neque repudiandae.
Accusamus sed ab dolor sit rerum eum in. Eligendi aliquid officia dolor quis. Totam quia et deleniti esse. Non est consequatur recusandae deserunt. Esse est ipsum magnam et et est consequatur. Eos delectus nihil aut aliquid tempore incidunt fugit dolores. Eligendi reprehenderit harum quae eum eum.
Vitae sint voluptas a quibusdam deserunt neque qui perspiciatis. Quo amet labore dolor nostrum est possimus numquam. Cumque ut laudantium quae. Modi quod incidunt explicabo voluptatem. Hic delectus autem blanditiis unde sit modi blanditiis. Tenetur earum reprehenderit explicabo iusto repudiandae.