REPE compensation
Hello,
People who works in the industry - let's get done with it once and for all:
what is your / someone you know compensation?
Market: (Where you based, not invest)
Experience: X years
Graduate degree: (if so - which one)
Role:
Firm Size: $ X B AUM
Salary: $X
Bonus: Y%-X% of Salary
Carry:
Hours: X hours/week
Let's get it boys!
NY
4 yrs exp
MSRE
Acquisitions
1bn AUM
125k salary
Bonus is generally about 5% of amount entitled to the firm from acquisition fees charged to deals(downside is if slow year lower bonus)
Carry is deal by deal basis, generally 1% promote calculated on the promoted position the firm is entitled to
50-60 hr work weeks with one day a week wfh
You guys hiring? That work life balance is stellar
Market: NYC
Experience: out of undergrad
Role: Acquisitions
Firm size: 20-40bn AUM
Salary: 100k
Bonus: 40-70% target range
Hours: 60-80 hours a week (usually closer to 80 than 60)
curious about the shop
Market: East coast
Experience: 3-4 years prior in brokerage and development, new to REPE.
Role: Acquisitions/Devt
Firm size: $2B AUM
Salary: $100k
Bonus: 30%
Carry: None
Hours: 40-50+
HCOL?
There's been previous posts like these, but I think it's a good thing to get a new one going for where the world is today which is very different than the other posts from a couple years ago.
Market: Sunbelt (HCOL for a sunbelt city but not NYC/LA)
Exp: 8 years, no MBA
Role: Acquisitions and Asset Management
Firm Size: 1B AUM
Salary: $170k
Bonus: Last year was $100k, I'll be expecting the same or better this year and will be pushing to start having 100% bonus targets
Carry: 2.5% of a fund which should average to be about $100 - $150k a year if things go to base case but mine doesn't vest and our first payout is still years away so I value it close to $0. Especially with where we are in the market right now, I sort of expect the upside on anything we buy now to be limited, so I'm not expecting a big pay out here.
Hours: 20% of the time is 25 - 40 hours, 50% of the time is 45 - 55 hours, 30% of the time is 60 - 80 hours. We also work remotely 2-3 days a week.
I've talked to recruiters/peers and have found that working in acquisitions for a fund at the 8-10 YOE is now pretty commonly $175 - $200k salary plus 100% bonus expectation (potential to beat it in a killer year) + some form of promote. This is almost regardless of your market, though most of the funds are obviously going to be found in the big city, HCOL markets. I think this is up from a couple years ago when it was more like $150k salary + 100% bonus. This does not apply to operators, developers, etc. Specifically referring to funds. I find that operators are more like $140 - $170k salary, 40 - 100% bonus depending on the year, and a more meaningful piece of promote that pays deal by deal so you make money over the years instead of one large payout at the end of a fund and could be enough to give you a 7 figure year on the best years (think maybe once or twice a decade if you're lucky) but other years are worthless.
Hey man would you be willing to PM to connect? Totally understand if not!
Thanks
Does anyone have the link to the database that was put together?
I don't remember where did I find it before, but it's not updated anyways - all the data is quite old.
Yeah just think it'd be better to add this data there instead. I just wish they had better data validation in that sheet.
Northeast FL
2 Years experience
Acquisitions / capital markets
500M AUM
80k salary
Bonus 50-70%
50-60 hours / week
What do you do in capital markets for RE?
Market: HCOL
Experience: 3 years
Graduate degree: N/A
Role: Acquisitions
Firm Size: $ 500M AUM
Salary: $100K
Bonus: 0%-40% of Salary
Carry: N/A
Hours: 40-50 hours/week
Acquisitions/Development, yeah.
Market:: South Florida (not Miami)
Experience: 1 year
Role: Acquisitions, Asset Management (small firm so wear many hats)
Firm Size: $1.5B AUM
Salary: $80K
Bonus: 25%-40%
Carry: None, but unlimited coinvest on each JV
Hours: 45-50 hours a week
Hey! I'm in the same market doing something really similar. PM if you want to connect
I’m looking to enter REPE in South Florida after I graduate. Are you open to connecting?
How exactly does the the coinvest work?
Like you get to lump your cash in with your firms GP cash position? Earn Distribution & promote off your investment?
Exactly. Get to invest in other industries as well (firm also has a traditional PE arm and fixed income team, so I've been able to throw money into a car wash and garbage distribution roll up as well). Pretty sweet, and I'm not capped on my contributions. Just lucky to have saved up a lot since I've been working since I was a kid, and made a killing off of small cap upstream O&G plays during COVID in college
West Palm Beach? Just moved here and looking to connect with fellow CRE folks. Role is Dev/acquisitions
Market: SF
Experience: 3 years
Graduate degree: NA
Role: Asset Management/Cap Markets
Firm Size: $ 3 B AUM
Salary: $140
Bonus: 30%-45% of Salary
Carry: Zero
Hours: 45 hours/week
.
Market: Los Angeles
Experience: 5 years
Role: Acquisitions
Firm Size: $1B
Salary: $200K Base
Bonus: +/-50% of base salary
Carry: ~$100k annually (2.5% of the deal level promote)
Hours: 40-50 hours per week
I did 2 years as an investment sales analyst at brokerage shop (Think CB/JLL/C&W) then transitioned into acquisitions. Started as an analyst on the team and ended up running my own vertical in a specific geography.
Market: California
Experience: 10 years
Graduate degree: N/A
Role: Acqusitions
Firm Size: $ 4B AUM
Salary: $200k - will push to $225k at YE
Bonus: $250k - will push to $275k at YE
Carry: 1% of fund / 1st promote was paid out in 2021/2022 at $1m / value next two fund at $1.5m - $2m with distributions every 3/4 years.
Hours: 40-50 hours/week
You win
Nice work. What is strategy and/or product type?
Value-add
Market: Secondarh city in Northern California
Experience: 2 years
Graduate degree: None
Role: Associate Asset Manager
Firm Size: $0.5B AUM
Salary: $100k
Bonus: 5% of Salary
Carry: Deal by deal basis
Hours: 38-45 hours/week
Market: East Coast HCOL
Experience: 5 years
Role: Acquisitions
Firm Size: $10B AUM+
Salary: $150K
Bonus: 35%-40%
Carry: None
Hours: 45-65 hours a week
Market: WC HCOL
Experience: 2 years
Role: Investments (AM/Transactions)
Firm Size: $15B AUM
Salary: $120K
Bonus: 60%
Hours: 55-65/week
Market: EC HCOL
Experience: 8 years
Role: AM - equity
Firm Size: $3b AUM
Salary: $165K
Bonus: 50-60%
Hours: 45-55/week
Market: WC HCOL
Experience: Out of undergrad
Role: AM
Size: $20B AUM
Salary: 100k
Bonus: 30%
Hours: 60
Market: EC HCOL
Experience: 8 years
Role: Acq/AM @ GP
Firm Size: $1b+ aum
Salary: $300k
Carry: 50-200% annualized
Hours: 40-50
Noice
Nice. What's your day to day like at GP? Do you believe in your carry figure post interest rate run up?
No two days are the same, we all wear a lot of hats. Right now for me, it's more focused on asset management and capital markets, while last year it was non-stop acquisitions mode. Part of my carry total is fees which are coming in already, while the other chunk is fund carry. I will know how much I believe in the latter by the end of next year when we are done with pre-dev on all the projects in the fund and we presumably have more clarity on the economy and the brave new world as a whole. As of now I'm pretty confident as all of our buys in the past year have been at an excellent basis (distressed deals) and our exits are 5+ years from now. If markets are still fucked at that point well, then we're all pretty fucked.
You’ve made $900k in a year 8 yrs in?
Can someone cue up a jumping to concusions meme. Since you don't seem to understand how carry works let me clarify.
As of today I valued my carry at 150-600k annually. This is my realistic 2sigma range, doesn't mean it can't end up outside this range whether higher or at zero. Most of that carry will hit in one year when the fund is fully realized. So no I didn't make 900k in my 8th year out of school. You must be mistaking this for the bond traders forum. Though I will concede one of my friends got his first 7 fig carry payout at 30 but this is NOT typical at all.
Role: RE Capital Raising
City: HCOL
YOE: 2
Salary: 185k
Bonus: 100%
Carry: none
I’m wondering too
Market: HCOL
Experience: 5 years
Role: Acquisitions
Firm Size: $1-$5BN
Salary: $150k Base
Bonus: $125k
Carry: None
Hours: 40-60 hours per week
Market: NYC
Experience: 2 Yrs
Role: Investments
Firm size: Large Asset Manager
Salary: 150k
Bonus: 125k target
Hours: 55-65 hours
Market: Texas
Experience: 2
Role: Acquistions and some AM
Firm size: $1b
Salary: $125k
Bonus: $50k
Carry: none, can co-invest
Hours: 40
Is this associate 1?
delete
Yes, and prior exp at a development shop out of UG
What shops pay similar in texas?
Delete
Market: NYC
Experience: 1.5
Role: Acquisitions Analyst
Firm size: ~$15b
Salary: $125k
Bonus: ~100%
Carry: none, can co-invest
Hours: 60 - 80
IB background (mid-tier BB). Mix of entity and asset level.
Market: SoCal
Experience: 0 years
Role: Acquisitions analyst
Firm size: $1-2B AUM
Salary: $85k
Bonus: 0-20%
Hours: 40-50
Location: MCOL
Title: Associate
Role: Equity Acquisitions / Development / AM
Experience: 4-5yrs (1.5yrs acquisitions / asset management at startup LP, 3yrs multifamily value-add acquisitions / asset management at large GP)
Firm Size: $300mm AUM
Salary: $125k
Bonus: 20%
Carry: N/A until VP
Hours: 40-65
Market: NYC
Experience: 5 years
Role: Acquisitions - Associate
Firm size: Institutional firm (Hines, etc.)
Salary: $135k
Bonus: 55% target
Hours: ~40, been even less lately while its slow.
All in comp is ~$200k. Feels a little underpaid…but good WLB makes up for it I guess. Will be promoted at year end 5.5 years experience and comp should be closer to $240k all-in with that bump.
Hired out of undergrad
Market: Major NE (not NYC)
Experience: 10 years
Graduate degree: MSRE/MSRED
Role: VP - Portfolio/Asset Mgmt
Firm Size: $ 250B+ AUM
Salary: $200k
Bonus: 50%-60% of Salary
Carry: ~15% of Salary / year
Hours: 40-50 hours/week
Is this VP level? If so, how long until you anticipate the next move up? Any idea how comp would change then?
Yes - quite honestly, I feel like I'm tapped out in terms of trajectory, just me personally. Over my 10 years, I've consistently been averaging ~10% bump or so every year. I'm probably going to do 5% bump or so for the next couple of years then reach a ceiling for me.
Most of my colleagues in my position, at my firm, (non-executive managerial positions) are probably maxed out at 400-450k all in. Anything beyond that you're talking about an executive level type role (head of east coast XYZ, executive VP, etc..) with a lot more risks involved - a lot of my colleagues don't want that and just stay where they are after they get into their 40s. You're going to have to manage PEOPLE, much harder to do than acquiring/managing RE.
You can probably make more going to one of those hardcore firms that work their people 60-70 hour/week. Or start your own venture. Neither of which I want to do at the moment.
WC HCOL
3 YOE
AM
Firm Size: $5-10B AUM
$90k + 20-35% bonus
Hours: 35-40
Market: West Coast (VHCOL)
Experience: Out of undergrad, ~ 1.5 years of internship experience (Brokerage, Acq, & AM)
Graduate degree: N/A
Role: Acquisitions/Asset Management
Firm Size: $1bn
Salary: $40k
Bonus: 2.5% of acq/dispo fees
Carry: 2.5%
Hours: 40 hours/week
Whats the expected total comp?
.
Sounds very similar to my current role.
- London,
-£1B AUM,
- Hotel AM/Acquisitions.
~ £35k base
~ 50-100% bonus
Let me know if you’d like to connect and share experiences!
H
MCOL
4 YOE
AM
$3-5B AUM
Salary: $80K
Bonus: 75%
Carry: 1.5%
Market: DFW
Experience: 1 year
Role: Acquisitions
Firm Size: $0.5B AUM
Salary: $50k
Bonus: 5% of acquisition fees
Carry: 2.5%
Hours: 35-55/week
Anticipated total comp?
Just landed a new gig:
Market: Major NE (not NYC)
Experience: 5 years
Role: Acquisitions - REPE
Firm Size: $5B+
Salary: $150K Base
Bonus: +/-50% of base salary
Carry: none
Hours: 40-60 hours per week
Market: Midwest
Experience: 10+ years
Graduate Degree: None
Role: Debt Fund
Firm Size: $10bn+
Salary: $200k
Bonus: $300k+
Carry: Several points in fund
Hours: 50-60/week
For another old man comp
Market: NYC
Experience: 10 Years
Graduate Degree: None
Role: UHNW Family Office
Firm Size: $10b
Salary: $190k
Bonus: Bonuses are based on team production (leasing/acq/capital markets) and have ranged from 250K to 450K the last several years but last year was 700K (thank you industrial market)
Carry: None
Hours: 40 hours a week
Bring on the old man comp. I find the analyst/associate comp less interesting.
And for all the analyst/associates watching - this is why you shouldn't worry so much about making $10 - $20k more in salary at your age and worry more about being in a place that you can graduate to these level of comps. Take a look how widely comp varies at this experience level and think about how much of a bonus you'll leave on the table by having to jump ship halfway through the year to get to a better shop when you're at VP+ level. It trumps the $20k a year you're worrying about now.
You bring up a good point in that I effectively cannot leave after the first half of the year. Even after the first quarter is tough. Luckly my company pays out bonuses quickly (in December and a true up in January) but I know many have to wait until April or so to be paid for the previous calendar year.
How did you find a gig at a family office? Was it through recruiters or network? Did you come in at a younger age and work your way up or did you come in recently?
Solid position. Can you give us more detail as to your background and how you were hired?
Market: NE
Experience: 8 years
Graduate degree: Bachelors
Role: VP - Multi Acq.
Firm Size: Multiple Funds around $500mm
Salary: $200k
Bonus: 25-35% of Salary
Carry: points in each fund, varies
Hours: 40-60 but this year has been around 40 or less.
West Palm Beach/Fort Lauderdale. Any South Florida CRE folk feel free to hit me up. Just moved to the area.
6 Yr (Development for Hines/Related/Brookfield/Tishman)
Undergrad
Acquisitions + Dev for PortCos
125K salary
Bonus has no cap, 100%+
Carry promote depending on deal/fund basis
40-50hr weeks, wfh flexibility based on my discretion and MD calendar. Can go as slow as 30hrs or as high as 60hr.
Just moved from there - miss it, hope you enjoy
Market: East Coast LCOL
Experience: 3 years
Graduate Degree: MBA & MACC
Role: Acquisition & AM
Firm Size: $1B (slightly less)
Salary: $90k
Bonus: 20% - 30%
Carry: none
Hours: 40hrs
I did graduate degrees straight from undergrad.
Does this seem on par?
Should I be prompted to associate this upcoming year?
(I’m a very valuable team member & they’ve told me this-small team)
I was in financial consulting (1yr) & IB (1yr) for my first two years so only been in PERE for a year.
Also did MBA straight from undergrad. Curious how employers viewed this
They liked it since I had focused on Finance/accounting during the MBA (undergrad was data analytics).
Didn’t have as big of an impact as if I had done it with a few years of experience.
I think it won’t matter though in a couple years on when my MBA was done. As long as I have one..
Market: MCOL Mountain
Experience: 0
Role: Acquisitions
Firm size: 5-10bn AUM
TC: 120-140k
Hours: 40-60 hours a week, usually closer to 60
Not AM nor Acquisitions. Basically make the same amount as my non-MBB consulting friends.
Market: MW
Experience: 12 years
Graduate degree: Bachelors
Role: Senior Associate, Fund Management (+ some financial controller work)
Firm Size: $10b, fund size $2b
Salary: $100k
Bonus: 75-100% of salary
Carry: 1%, $50-100k per year
Hours: 40-60
Market: NYC
Experience: Out of Undergrad. Internships
Role: Acquisitions/Originations
Firm size: MF
Base:115k-125k (to keep anon)
Bonus: ~50%
top 15 size fund on PERE list. Think BX/TPG/KKR size fund.
would add I know some peer funds that have significantly higher bonus at same level (up to 100% in good years)
That's insane that someone is paying that high of a salary for straight out of UG. I've heard of high total comp numbers after bonus, but never a salary that high
meant to be competitive with banking since most of us also had BB or EB offers which range from 110-120k base. Also have friends in REPE with even higher bases.
Market: major NE (not NYC)
YOE 2
Bach
Acquisitions
>$15 B AUM
Salary: $70k / year Bonus: 20-25% / year Carry: n/a Hours: 40-60 / week
Location: MidAlantic
Exp: +2 Years, (5yrs Consulting/UW on LEEDS construction/infrastructure improvements)
Ed: MS
Base: 129K
Bonus: 25-30%
Carry: 2.5% until 100% vested at 10%-15%, depending on revenue growth YoY
Location: NYC
YOE: 6.5
Base: 150k
Bonus: 30-40%
Carry: $100k annualized paying in 5-6 years
Pretty mediocre cash comp but coming up on promotion discussions so hopefully will get moved closer to VP level cash comp, tough capital markets / job market backdrop to negotiate around but is what it is.
Good luck!!!! Don't let them use that it's been a hard year against you. Been arguing with my boss the same!!!!
What’s your argument against “it’s been a hard year”?
Milan (italy)
8 yrs exp
Private equity RE/
125k salary
Bonus is generally about 50/100%
50 hr work weeks with 2 day from home
Can you pm me?
Experience: 10 years
Role: head of acquisitions for sponsor (self storage / rv parks)
Firm Size: $800m AUM
Salary: $200k
Bonus: 50%
Carry: 5% of fees and 4% of equity in deals
Hours: 60-70 per week
All in 700k+ for this year. Had a couple of refis + sales this year that crushed it. Not expecting anywhere near this for next year.
NYC?
Market: California
Experience: 4-5 years
Role: Acquisitions associate
Firm Size: Tens of billions of AUM
Total Comp: $350k expectation this year (all cash)
Hours: 50-80 per week
Market: Chicago
Experience: 4 years
Graduate degree: None
Role: Investments and Portfolio Management
Firm Size: ~$10Bn
Salary: $100k
Bonus: Unknown
Carry: None
Hours: 50-60 a week
Have had several weekends blown up. Have a significant amount of responsibility for my title and am constantly recognized for my work. Fortunate to have built a strong level of trust with the executives at the firm. However given the level of responsibility I have vs peers and sheer amount of work I have I believe I should be paid + bonus'ed a decent amount.
Am I underpaid with my current base and what should I expect for bonus?
Yes, you're underpaid for your experience + size of your firm + workload. I'd say salary should be closer to $120k but wouldn't be surprised to hear higher. Bonus probably in the 30% range.
Feedback from team was that bonus is going to be around $10k...terrible.
Debating whether to leave (most of friends making significantly more than me) or if there is room to negotiate for higher pay and bonus.
Market: Miami
Experience: ~3.5 years
Graduate degree: None
Role: Acquisitions
Firm Size: $ 3.5B AUM
Salary: $140,000
Bonus: 60%-75% of Salary
Carry: None
Hours: 50 hours/week
Jealous. I want to work in Miami but seems like spots are very limited. Seems like great comp for 3.5 years too
I was going to say the same thing too.
Are your 3.5 YOE in acquisitions?
What asset class?
Spots are very limited but I grew up here and made connections and much easier to sell a shop on your long term commitment when you have roots in the city
Can you please PM me? Would love to learn more about the Miami RE market.
Market: Southern California
Experience: 5 Years
Graduate Degree: None
Role: Acquisitions
Firm Size: $2B
Salary: $200,000
Bonus: 25% of Salary
Carry: +/- $100,000 Annualized
Hours: 35-40/week
Market: NYC
Experience: 5.5 Yrs now
Role: Acquisitions
Firm size: 20bn AUM for RE team but at a GIC type LP firm
Salary: 150k
Bonus: 70-100% target range ('22 was 70%, waiting to see '23 number)
Hours: 30-35 hours a week
Name of firm pls to apply.
We are not hiring right now, focusing heavily on several underperforming positions and what to do with maturing debt. But you can always apply to GIC. I know our pay are similar.
.
Location: Texas
Position: Associate
Experience: 4yrs
Hours: 35-45
Salary:105k
Carry: 100k-200k annually
Market: Mid-Atlantic (non-NYC)
Experience: 1 Years
Graduate Degree: none
Role: Acquisitions
Firm Size: MF (can’t reveal specifics as it would be fairly obvious which firm)
Salary: $80,0000
Bonus: 10% of Salary
Carry: none
Hours: 50-60/week
am I getting hosed?
No, that's probably above-average pay for 1 year of experience in a non-NYC or non-California market
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