MF & UMM Private Credit Associate comp/hours

Hi monkeys,

I may potentially join a MF (Apollo/BX/KKR/Carlyle are the firms I'm including here) or UMM private credit investing team. I'm looking for base/bonus breakdown that I could expect as a 1st year associate, and hours that I should expect to work. Particularly interested now that IB associate 1st year comp at BBs have been bumped to basically match pre-covid PE assoc pay. Please state if you're at a MF or UMM and what year you are.

Thanks!

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Comments (17)

Most Helpful
Oct 15, 2021 - 11:09am

Apollo - think this is something like 350 all in, expect heavy, brutal hours

Kkr- 275 was one datapoint have heard. Don't think they lead a lot of deals but they do take a lot of chunks of stuff. Assume hours are a lot but less than buyout

Carlyle - 250 datapoint have heard, would say have not heard anything they've done recently. Sounds like it's been a total shitshow past two years. Maybe they do a lot of deals where they take pieces of their own deals? Honestly I have literally never seen them in a deal

Bx- 275 datapoint. Less hours than you would think for blackstone, relatively up tight people but they do a ton. All staffings are cross fund so have some lower yielding stuff and higher yielding.

  • Analyst 2 in IB - Gen
Oct 15, 2021 - 12:14pm

OP here. Appreciate the data points. Do you know how old those are? BB IB comp now at ~175k salary, would beat all of those after bonuses including Apollo at some BBs, not even including EBs (which can expect 400-450 with the new associate salaries at most of them being ~200-225k). Thought KKR and BX were higher even pre-COVID.

And can you give numerical ranges for the expected hours of each firm? I know just from this site and word of mouth that Apollo Credit's hours are even worse than their PE unit. The other groups I'm not sure of their hours.

  • Associate 2 in IB-M&A
Oct 18, 2021 - 11:26pm

One thing to be cognizant of is that PE As and IB As may not be like for like when comparing a bank that has a 3 year analyst program. For example, EVR associates definitely make more than PE associates but they also have an extra year at $140k senior analyst salary + bonus so the right MF may pay more

  • Associate 1 in PE - Other
Oct 15, 2021 - 2:12pm

Thanks a lot for this.

Anecdotally heard $300k for BXC in line with BX's other main investing strategies. Will be interesting to see if they raise comp as this seems overdue by now.

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  • Analyst 1 in IB - Gen
Oct 15, 2021 - 3:33pm

Received offers from MF Credit shops similar to those listed above on-cycle. Target all in comp $300k for Associate 1, bonus scales higher from there. Think hours differ by group or strategy, but I'm expecting 60-75 on average, but who knows.

  • Analyst 2 in IB - Gen
Oct 16, 2021 - 2:41pm

Offers as in multiple? Can you state base/bonus breakdown, any possible sliver of carry? Can you state which firms, and were both of them for 300k target?

Are both of the salary offers less than your banking salary?

  • Associate 1 in PE - Other
Oct 16, 2021 - 3:20pm

Associate 1: $120-130k base + $170-180k bonus + levered co-invest. carry from VP onwards (after 5.5-6y total experience), so essentially in line with other main investing strategies.

  • Analyst 1 in IB - Gen
Oct 18, 2021 - 4:45pm

Yes, multiple offers. Base salaries ranged from 125-150k, with bonus brining you to $300k. All offers were 300k target yr 1. Base either flat yoy or slight increases. I think carry at the sr assoc level, prob not much though. Salary's are less than banking given new bumps to 175k, but lifestyle and work will be much better and more interesting. Bonus seems to scale significantly in following years. I did not come across co-invest but hopefully salary's come up. Think GSO/Carlyle/KKR type of firms.
 

Oct 16, 2021 - 11:57pm

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