Senior Associate/VP1 REPE Comp
Looking for some data points for senior associate/vp1 REPE comp 10b+ in HCOL. Search was yielding mainly analyst/associate comps.
Thanks!
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Would be curious to know as well. Likely heavily dependent on where and strategy.
300k cash min for sr associate acquisitions. MF to MF lite VP 400-500 cash + 200-250 annualized carry. Carry not real right now though.
What firms are considered MF lite
Hard to pin down a size, mainly have to be in the industry know. For example I would consider Westbrook and Harrison street in that tier. Compete with the big boys on deals, capital, and talent.
Feels like carry would be the most real right now though, no? With values “resetting” now may be the best time (of our generation) to get carry as a mid-level professional
Senior associate in acquisitions at a ~$5bn shop in a MCOL, so not quite what you asked for but I'll give a datapoint. Base + bonus just under $200k, additional bonus based on dealflow (best year I had as associate was +40% on top of regular bonus), and 2-3% carry at the deal-level (annualizes to ~$85k/yr based on deals I've completed).
Supposedly on the path to VP promote next year, from what I've gathered total cash comp for year 1 VP in the $250-275k range, same dealflow bonus, 4-5% carry at the deal-level, plus you start getting in on fund-level carry. Our last two funds have averaged ~$1bn in commitments.
Overall relatively low cash comp, but love the culture, HQ location, and strategy. The "asshole factor" is extremely low. I have had a lot of responsibility during my associate years due to acquisitions being a small team (just myself and head of acq), but he and the CIO are great guys and I have tons of schedule flexibility. All about trade-offs, especially when you have kids.
On a related note, I'm always surprised in this industry how wide salary ranges are. You read some of the big comp threads on here and it makes it seem like if you're a 1st year associate with 3-4 total YOE you should be raking in $250k+, VP's at 7 YOE making $500k+ and substantial carry, etc. That hasn't been my general experience between my current MCOL market and my 7 years in NYC before that, but I've been at relatively smaller shops with less structure. The salary ranges in CEL Associates' comp survey honestly feel pretty accurate to me on a national level, but always feel low relative to what you see here on WSO. To a previous poster's point it's dependent on so many variables.
Last datapoint - recently hit up by a recruiter for a VP role at multifamily/industrial shop in Orange County. They wanted someone with 10+ YOE and strong sourcing, and base offered was $225k + up to 30% bonus + carry. Group was in the $3-6bn AUM range.
Can you PM me? Interested in OC opps.
PM'd you
I’ve seen the complete opposite in terms of comp on WSO. Some of the numbers I’ve seen are ridiculously low, like associates with 3-5 YOE getting $150k all-in when several shops pay that to new grads. The disconnect comes from shop size and location. Tiny family offices in Atlanta aren’t going to pay anywhere near BX in NYC, nor should they.
For HCOL areas, I’ve found Rhodes to be the most accurate representation of market comp.
Can't speak for NYC, but in LA I found Rhodes to still be generally high. I can count on one hand the amount of times I heard of someone making, or talked to a recruiter about a position that offered the high end of the Rhodes range over 7 years in LA, and most of them were at places known to be real sweaty. I actually can think of far more positions that I heard of that fell outside of Rhodes range to the low end than I can think of ones that were inside of the range but to the high end. Rhodes range at the low to mid end seemed to cover most positions at institutional shops (so not counting family offices, a 5 person company placing private capital, etc.)
On the flip side, I've heard of a few people getting fat promote checks at a relatively young age (28 - 33 years old) that is well outside of the Rhodes "25 - 50% of total comp" for a VP level. Talking a couple that hit multi 7-figure promote checks in their early 30s, though I personally think those days are over for a while with where the market is at. Those guys I heard that got the fat promote checks were generally at smaller shops that went in big in a market like Nashville, Austin or Miami back in 2016-18 and cashed out in 2020 - 2021.
Agreed on wide salary ranges. I'm at VP level and have recruited lightly and talked to peers. I'm 100% sure there are VP's with 7 YOE making $500k+ in cash comp, but they are very much the exemption and while I don't know the specific shops, I'd bet you I could name a few (Blackstone, Brookfield, Rockwood, etc.). My experience has been more $300k - $400k in cash comp at higher paying shops for VP roles with 7 - 10 YOE, but have talked to many that are more like $250k - $300k but with significant carry.
I'm not at the level yet to confirm, but I was close with an old boss who went to a bigger REPE shop (but not by any means Blackstone) with 11 or 12 YOE in more of a Senior VP / entry level MD role and he told me his cash comp was $450k - $500k and he was getting promote expected to be $100 - $200k per year. This was 5 years ago now so I'm sure the equivalent position is higher today, and while it is a big shop he mentioned it's more of a 40 - 50 hour a week type of place
Exactly. I don't doubt people at the top shops in the biggest cities are making that kind of money, but agreed that I think it's the exception. Feel like people new to the industry reading those threads could walk away thinking those are the rule across the country.
I'd guess the WSO user base skews more towards those upper-end roles, so that probably plays a role.
This is solid comp for MCOL and low asshole factor. Congrats man you made it.
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