Megafund REPE Comp
There is a lot of ambiguity for REPE comp at the Megafund firms as this RE forum is so broad. I think it would be helpful for those of us who work at these places to create a thread with information such as below. By MF I'm referring to firms with latest fund sizes of ~$3 billion or more but I understand that this is arbitrary. I can start with the first comment below. Let's please try to limit this to REPE only.
Position:
Market (office location, not coverage):
Years of experience:
Latest fund size:
AUM:
Base:
Bonus:
Based on the most helpful WSO content, discussing REPE compensation at megafunds can indeed provide valuable insights for those in the industry or aiming to join. Here’s a structured way to share compensation details that aligns with your suggestion:
For example, a typical entry might look like this: - Position: Senior Associate - Market: New York City - Years of Experience: 5 - Latest Fund Size: $5 billion - AUM: $20 billion - Base: $150,000 - Bonus: 100% of base salary
This format will help standardize the information and make it easier for professionals to compare compensation across different firms and positions within the megafund REPE sector.
Sources: REPE compensation, Q&A: London REPE MF Associate, Let’s talk REPE Comp, Let’s talk REPE Comp, What is REPE?
Edit: due to no one else sharing their comp data, removing mine
Great comp. Do you like your job?
Please PM me. Also at an institutional group 5 yrs in and would like your advice on ramping up / hopping to get to where you’re at. In acquisitions.
There’s an issue with your definition of mega fund. There are huge firms that pay like ass in RE. Not going to shame them but anyone who works in the industry will know the names.
Focus should be on firms that recruit out of Ivy+ schools at the analyst level and out of top RE analyst programs (Apollo, Ares, BX, KKR, Starwood and co.) and investment banking at the associate level. These firms will pay on par with corporate IB and PE. Just google “private equity total compensation” and you’ll get the numbers. The RE ranges may be 0% to 25% lower but nothing crazy (think $250k-$300k all-in vs $350k all-in at the first year associate level). I’ve personally been at exactly the middle of all of those online ranges and I’m up there in YOE.
You’ll find people hesitant to share specific figures because the industry is so small. There are only so many large RE firms and there are only so many associates within KKR’s RE equity team in NYC.
True — heard all-in comp is on par with other MFPE strategies. Do you know how the debt team pays relative to equity? Heard it’s the same, but hoping to have more clarity.
Also how is the pipeline from MF real estate debt as an analyst to MF real estate equity as an associate, and vice versa? I would assume it would be much more competitive than a typical REGAL IB or general IB profile, since the workflows are largely similar at the junior level.
Debt and equity compensation is about the same and close enough make the decision based on individual preferences vs compensation. Debt sees more transactions at a higher level while equity sees fewer transactions but more in depth. Debt has traditionally had slightly lower pay but slightly better WLB. Equity has been the belle of the ball but most firms are committed to building out their debt platforms moving forward (huge growth area).
In terms of associate+ recruiting, debt to equity and vice versa is easy in a normal to good job market but in a bad one, you’ll need to be doing the exact same job but at a different firm to land the offer. There isn’t enough data to say MF debt analyst > REGAL IB or vice versa. I will say a lot of groups really like the ex-IB backgrounds (mine included) because banks are really strong training grounds and you can at least guarantee that analysts from banks can grind, produce good quality work and have a decent level of professionalism. That being said, you’ll be more than fine from Apollo RE credit or BREDS.
Think OP’s definition of megafunds ($3B+ in latest commingled fund) suffices. All the “huge” firms I know that pay below “REPE street” don’t satisfy that criteria - and largely focus on SMAs and other structures. Talking about: AEW, Clarion, CBRE IM, PGIM, Canadian pensions, lifecos, those types of firms.
How are the economics different structurally of commingled vs smas to pay people so much more
Where does a firm like Stockbridge (in SF) fit in here?
if my sole goal was to maximize pay, would you recommend going into REPE MF or MM Corp PE?
I was just contacted by a recruiter for a development associate at a mega fund. Any reference for what comp would be? Like I said , development associate at one of the largest MF’s, located in a tier 2 city (DC, Boston, Miami, Dallas). Thanks
The recruiter should know what the compensation is. Just ask them
bump
MF REPE Analyst 2024 220k total
2
What’s WLB like? HCOL?
Position: Vice President
Market: West Coast Tier 1
Years of experience: 7.5 years
AUM: Over $25B (can’t be too specific)
Base: $225K
Bonus: $220K
Year: 2024
you made 395k as a senior associate and 445k as a VP, meaning you only made 50k more? Seems light, no? Was expecting 500k+ at VP level.
Yeah…The firm had a bad year and most people were flat or down YoY but I was up because I was promoted and had a good performance review. Hoping for $475k next year but I imagine I’ll be like $455k-$465k. We’ll see!
Appreciate you sharing! What’s your wlb like?
Position: Senior Associate
Market: West Coast Tier 1
Years of experience: 6.5 years
AUM: Over $25B (can’t be too specific)
Base: $190K
Bonus: $205K
Year: 2023
Position: Associate
Market: West Coast Tier 1
Years of experience: 5.5 years
AUM: Over $25B (can’t be too specific)
Base: $150K
Bonus: $200K
Year: 2022
Position: Analyst
Market: West Coast Tier 1
Years of experience: 4.5 years
AUM: Over $25B (can’t be too specific)
Base: $105K
Bonus: $120K
Year: 2021
Position: Analyst
Market: West Coast Tier 1
Years of experience: 3.5 years
AUM: Over $25B (can’t be too specific)
Base: $100K
Bonus: $100K
Year: 2020
Just shared all comp years above at REPE MF. Everyone should be open and transparent to help everyone out! I wish there was more clarity on comp when I was just starting out. Would have made it a lot easier for me to stay motivated and not give up (which I didn’t)!
these are great numbers congrats!
Thank you and glad it’s helpful!!! More should share to shed light on REPE MF comp and comp progression over the years at the same firm!!
Position: Associate
Market: West Coast Tier 1
Years of experience: 5-6
AUM: Over $20BN (can’t be too specific)
Base: $150k
Bonus: $125k
Year: 2023
Nice comp and thanks for sharing. Were you also an analyst previously at the same shop? If so, I think it would help others out to see how you progressed (even if it’s just one year)!
Been an associate the whole time
…..
Pretty grindy but not the worst I think… don’t think we’ve seen any Eastdil
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