I’m an IBD analyst interviewing for an experienced analyst position at a REPE fund with $2 billion AUM. The fund has a value add strategy with ~25 people (15 currently in the investment team)
Based on this information what comp could I expect at the experienced analyst level and later at the associate level? Would it be below or similar to IBD?
Would you say the AUM to team size ratio is good or average or bad?
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Assuming youre not in NYC:
if less than 3 years of total experience you're probably looking at like 80-90k base and 25-40% bonus; If NYC I would say increase that total by 20% or so
Every shop is different but hours at smaller shops tend to be pretty chill in the 45-60 hour range so keep that in mind
REPE comp tends to scale pretty linearly with shop size in my experience/observation.
Overall your total comp if at a BB investment bank will probably be lower but your life will be way better.
Source: I work at a reputable REPE shop of similar size in not NYC
Thanks for the insight very helpful, yes this is outside of NY. I assume those are analyst figures, any insight what to expect at the associate 1 level?
damn that’s a painful pay cut, my current base is around $90k and my bonus in 2020 was 100% as an IBD analyst which would mean around a $50-75k pay cut. Do you know if the pay gap worsens, remains similar or improves as you progress more senior in REPE vs IBD?
but yeah as you said (hopefully) better working conditions, and I find RE far more interesting than IB so I’d prefer the role even with the pay cut.
Analyst/Associate is a meaningless distinction in REPE and means nothing for comparing comp - I am an Associate in my second year out of school. Plenty of other people with Analyst title at other shops who are older than me. The major pay bumps happen after like 3-6 years of experience when you start hitting VP level and get carry/much larger bonuses. Generally the point of working in REPE is to get fat carry in deals that you work on but that amount is wildly variable. IBD will always pay more base/bonus at every level than REPE, aside from carry/promote/etc.
If you just did your 2 banking years comp for REPE associate in NYC is ~$100k and +/-100% bonus.
I feel like analyst would be salary below $100k, maybe in the mid $100s all-in. Associate would be at or above $100k salary and maybe around $200k+ all-in. Maybe up to $300 at a really good shop, but most likely topping out around $250k. Senior associate/VP in the $300s-400s all-in cash and that’s when carry could start to be a factor. Then you kind of stabilize in the $300-600k area with ups over that based on carry if you can stick around and earn. Would be for NYC, so maybe take some off for non-NYC but i have no idea how much. Range depends on stuff like AUM and who the group is, how solid is the team, the roster of LPs, the deals you actually do, fees, old fashioned opportunity cost, etc. don’t take this as gospel, but should be a decent starting place for a reputable NYC group.
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