Comments (61)

 
  • Associate 1 in PE - Growth
Feb 11, 2020 - 12:08am

FYI last year was a great year so that bonus range. this year still good but not so great - my buddy told me he got ~20% of vase this year.

 
Oct 1, 2019 - 4:33pm

If you're going to a name brand shop, associatecomp will be between the $200k-250k range. These shops mostly recruit out of IB analyst programs (Ares, Golub, GSO, PennantPark, THL Credit, Maranon, HPS, Owl Rock, Bain Capital Credit, AEA Private Debt, etc)

Array
  • 7
 
Oct 1, 2019 - 9:16pm

On par with IB at the analyst level and lower than IB at the associate level. Bonus potentially more variable depending on how the fund performs.

Array

  • 1
 
  • Analyst 1 in AM - FI
Jul 23, 2020 - 1:23pm

This looks a bit low at the associate and VP level for some of the firms mentioned. I think Antares pays significant less than the MF credit arms.

 
  • Associate 2 in PE - Other
Jul 26, 2020 - 10:39am

PFSynergies:

Analyst: $80-95k + 10-45% bonus
Associate: $100-150k + 25-75% bonus
Sr. Associate/AVP: $150-200k + 50-100% bonus
VP: $175-235k + 80-130% bonus
Principal/SVP: $225-275k +100-150% bonus
MD/SMD: Who Knows

Side note - my firm is notorious for paying under market and we pay slightly higher than those numbers on the AO / SAO side of things. Some comp is deferred but dropping as a data point.

 
  • Prospect in IB - Ind
Feb 11, 2020 - 1:58pm

Why are hours so much better than PE, IBD? Don't you still need to do diligence into companies and everything that PE firms do?

 
Feb 11, 2020 - 2:20pm

PE shops will diligence an investment harder than the credit funds. I can take educated guesses on primary reasons:

Equity investments are, by definition, riskier and should require a more robust investment thesis.

The PE shop may take an active role in operating the company and directing its strategy, wheras the lender is a passive participant.

Credit funds often have longstanding relationships with sponsors, and to an extent they can rely on some of the diligence done by the sponsor rather than duplicating efforts.

And I could be very wrong on this last one, but I assume PE funds are taking fewer, more concentrated bets, while credit funds have greater portfolio diversification.

  • 5
 
  • Analyst 1 in AM - FI
Jul 23, 2020 - 1:20pm

I would say it's somewhat lighter, but mostly less variable since you have more processes at any one time. Fewer 100 hour weeks, but there's always something going on. Distressed tends to be more volatile like PE.

 
  • Associate 2 in PE - Other
Jul 26, 2020 - 10:50am

HighlyClevered:

PE shops will diligence an investment harder than the credit funds. I can take educated guesses on primary reasons:

Equity investments are, by definition, riskier and should require a more robust investment thesis.

The PE shop may take an active role in operating the company and directing its strategy, wheras the lender is a passive participant.

Credit funds often have longstanding relationships with sponsors, and to an extent they can rely on some of the diligence done by the sponsor rather than duplicating efforts.

And I could be very wrong on this last one, but I assume PE funds are taking fewer, more concentrated bets, while credit funds have greater portfolio diversification.

Also depends on where you are in the debt cap structure.

My firm when we do a 1L at say c. 3.5x leverage on a well diversified business that trades at 10x + will do significantly less diligence than say doing an unsecured mezz piece at say 6.5x on a more concentrated business. Debt is all about principal protection rather than how fast we can grow the business.

Also doing business with repeat sponsors is good because you can generally figure out whether the sponsor is going to be a pain in the ass about putting in more money / taking aggressive moves if the business goes south.

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