What is current market compensation (base and bonus) at the Associate level at Blackstone, KKR, Oaktree, Ares, Apollo, Carlyle, Starwood, etc. on their commercial real estate debt teams?Compensation across finance seems to have increased significantly over the last 12-24 months and I'd like to get a better understanding of where market compensation is now.
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All in ~225k to 300k maybe. Have not seen a pop like in IB...
fwiw I'm older now, so a little removed for associate but I know we haven't changed analyst/associate comp much. But direct knowledge of vp level comp all-in 425, 475, and 550k (3x roles, 3x shops all mentioned above). This is base/bonus.. then potential for long-term on top. All debt fund teams. I know its a bit of a range, but experience levels at vp could be 6-10 + years and also may depend on the specific role.
How many hours do they work with that kind of comp?
not sure shop to shop, but would guess 70 ballpark on average... ~65-80. I'm usually 65.. maybe less.
Is that normal? What’s your comp with those kind of hours?
So what does a typical week look like for you working ~65 hours. Do you feel that is sustainable or the type of schedule you want to be maintaining in the long run?
Maybe 60-65 actually.
I mean that's 730-8am (I like being in earlier side) to 9pm M-W, maybe 7-8pm Th and 6-7pm Fri. Usually all meals at the desk besides dinner Thurs or Fri (or client shit). Rarely weekends now, maybe just a couple hrs.. but my own to catch up/get a head start etc. Summers usually slower. Really not bad.. but I guess my level is ~late 20 / low 30s ballpark, so working later sucks w wife or a family compared to doing 80hrs+ as a 22 year old.
Sustainable idk.. for now fine with it. I really don't mind working til 10pm or so M-W, as long as I can have chiller Th/Fri to grab drinks/dinners etc and be out (and have my my weekends). I honestly don't know what to do if im out of the office 5pm on M-W lol (gym in the am so can't even try to snag that). Also don't forget you have more responsibilities, but also get more string... and can delegate/hand shit off to the team etc. I.e. I'm never missing a planned dinner/trip etc. unless its some massive fire-drill
But honestly if you want to make principal/MD/partner... the ppl who crush it are 35-45 and still at the office (or online at home) at 7-8pm + at night. Maybe run home for dinner and shit w fam, but back online ripping emails at 9-10pm (and again at 6am lol). Buddies in PE/IB its pretty much the same. Kinda just what you signed up for.
Also at RE debt fund as an associate and can confirm the $225k-$300k range. Not at one of the funds listed but my fund still has some preftige
Little sad to hear the $425k number for VP :( obviously that’s still a very good living, just not as much as I hoped, especially if we’re talking NYC/SF
That was a friend who got an offer at that level. Actually not a fund up there but brand name i guess mf (idk what ppl think the cut off is on here) cre debt. Thought it was low but might have been more of a senior associate tbh. But as I said upwards of 550k for veep cash. Maybe more … plus carry.
what about acquisitions, are they different?
uhh not really sure, can't imagine it being very different .. either way. If you mean REPE investments/acquisition I bet its similar .. think PE vs. private credit..
I’m surprised that there is no premium between top tier PE comp and CMBS comp at a BB bank.
Are PE firms paying all cash bonuses vs banks that might pay a portion of the bonus as stock that takes a couple of years to vest?
The benefit is you don’t have to work in CMBS. Debt funds deals are way more interesting
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