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Bump, interested in more SSG numbers as well.
Special sits associate at MF (5yr total YOE): $500k
Thanks. Includes carry or cash only?
Cash only - no carry yet.
5 YoE = Sr Assoc?
6y total YoE with 4y at distressed / event HF. 975k total TC for 2021. fund performed above median
Thank you. I should have specified private capital. HF is inherently much more volatile so not really LfL. But great comp 👍🏻
ah okay. I’m totally in the dark with how to compare my comp because it’s gotten so volatile the past few years, so I find these threads helpful comparing with others doing similar strategies (buying distressed bonds / loans / event equities). Didn’t realize SSG meant more direct lending special sits. It seems private lending type firms are much more formulaic / follow PE path of comp vs. HF more volatile (with performance being good last few years = good comp, maybe next few years it will be bad).
I agree with you. A VP in private credit SS won’t make 975k but is also unlikely to get fired, ever. Comp more in the 500k+ range but steadily growing YoY + carry (at some point) + fund co-investment w/out mgmt & perf fees.
This is based on my experience at MF SS.
I disagree, that may be with most MM funds, but MF PE credit SpecSits ~VP2/3 can expect 650-750k cash comp, and after including carry on an annualized basis can fairly easily get to 1m after you include carry. Odyssey report confirms this if you use the top 75th percentile and above to represent MF.
Either way still great comp for the poster. Congrats!
Are you an IB analyst? Me and a few of my friends who all work at <10-15 investment team HFs participated in that comp survey, and MFs certainly are not the 75th percentile examples. You can call Chris or Anthony and even ask. From what I've found over last few years, MFs pay notoriously less than [75th percentile] HFs but are much more stable.
Don't mean to sound rude but you seem misinformed.
Yeah this is misinformed and inaccurate. Just even thinking through which PE MFs even have a real spec sits team, it boils down to Apollo. GSO has long abandoned distressed strategies, Carlyle/KKR have either wound down or never had a fund in this space that took off. TPG mostly let go of this type of strategy with Sixth Street spinoff. As for Oaktree or Ares, I view them a bit differently as credit asset managers and less of a PE shop, but you could make the argument.
There is no shot that any VP in these seats made $1m, with or without annualized carry (not to mention the carry math is much less reliable than PE given performance). You go to these places for the safety and name brand, not the comp or investment experience. $450-600K is a more realistic range.
The 75th percentile is more likely to be places like Mudrick, GoldenTree, Redwood, Elliott, etc that run lean and have a true HF structure. And probably some places that you’ve never heard of. But highly unlikely that mega funds populate this range.
Are you at Elliot or Silver Point?
if you = me, then no
SSG private credit is so underrated. The search for higher yield given the low-yield environment has made PC comp and AUM f*ckin boom.
Reviving this thread. Credit HF this year are in the red generally so perf fees =0 and HWM will be ambitious to beat for some time. On the other end, illiquid SS funds have deployed more than ever.
Any hint on 2022 comp for credit HF and illiquid SS funds?
Bump
Interested in special sits credit comp too
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