Secondaries/Coinvestment Compensation
Anyone have insight into the Analyst-Associate-Partner compensation at a Hamilton Lane/Partners Group/Ardian/Stepstone Group type firm? There is little info out here about this.(Base, bonus, carry expectations later on)
Bump
Bump... also looking for harbourvest, coller, lexington, alpinvest, etc
Bump
Bummmmpppp
Bump
Should expect ~200-250k at the top places
GCM Grosvenor secondaries associate comp was $135k base and $135k bonus target
For first year associates out of banking?
Correct. That is the number that I was given by a recruiter.
Know from a friend who worked there: At HL, analyst out of undergrad is somewhere around 70-75k and then end of year bonus. Pay slowly scales over first 2 years or so until Associate and then there’s a competitive jump. Other estimates from someone out of IB to associate look pretty accurate.
Honestly surprised people who don’t get top/solid/average IB roles don’t give some of those firms mentioned by OP a better look rather than go to boutique IBs. Although Fund Investing wouldn’t be ideal to join, I know HL and I assume other similar firms as well have been growing their Direct credit and equity teams, and already offer roles in Co-investments, secondaries and also have a more quant like advisory/analytics arm that works with external clients. From everything I’ve heard all of these shops have great work-life balance, decent pay to start, and from LinkedIn send some analysts and associates from each of the non-fund investing teams to respectable PE shops. Just my 2 cents.
Any idea about associate number at HL?
Secondaries comp varies quite a bit by firm, both by $ and by structure. For example, I know at Partners Group, cash comp is lower but there is an equity component introduced early on in one’s career. My info is a few years stale, so it could have changed.
Generally speaking, associates at top 15 shops can expect low 100s in base and total comp ranging from high 100s to low 200s. Senior associates have a bit of a bump in base and sit in the mid 200- high 200 comp range. VPs have base in the 150-200 and total comp from 350-500+ in addition to carried interest.
Anyone have any insight into Glendower Capital (NY analyst/assoc comp, lifestyle, etc)? They seem to focus exclusively on secondaries and have a lot of fundraising success over the past year or so.
Had a recruiter recite me the pay at almost all the secondaries funds in London a while ago when I was recruiting for a role (DM if you need the name of the recruiter, he seems to do a lot in the space).
All numbers for first year associate: - lower end was Hamilton Lane which was c. $140k/£100k all-in but supposedly great lifestyle (7pm leaving is a long day) - Alpinvest, Pantheon, Adams Street slightly higher (want to say $165k/£120k all-in, maybe a tad higher / lower depending on shop) - Standouts were Glendower and Lexington at $205-220k/£150-160k
For London, what sort of background do you need to get into these firms/roles? Had a look on LinkedIn and many people at these firms don't seem to be exiting from the traditional GS/MS/JPM M&A teams after their analyst years (despite the decent hours for Hamilton Lane you mentioned and decent comp imo)
From Linkedin, I see most people come from traditional IB backgrounds, at least for the top shops Lexington, Coller, Harbourvest etc.
Do you know what's the progression like
keen to hear a bit more about lexington and the career progression here! are people generally happier vs IBD?
Thanks all for the insights - just wondering if anyone can share who are the headhunters that work with AlpInvest, Adams Street, Lexington, Glendower, StepStone, etc.?
In London, PER is one.
When I was at a relatively small FoF shop in decent COL US city CHI/BOS/DLS, etc., I was making ~110k all-in as an analyst doing a mix of coinvestments and fund investments. Pay in the industry is really firm and team dependent and some places like harbourvest and Hamilton lane have been known to underpay at the analyst/associate level, which is why you see a lot more turnover at the lower levels of those shops.
surprise to hear these big places (harbourvest and Hamilton lane) underpay their juniors, what about at VP level and up?
Not really too sure about higher up, just had a friend that was an analyst at one of the two, but would have to imagine it’s more in line with the industry. Unsure why they’re unwilling to compensate lower levels.
Any additional info on Stepstone’s private debt team? I think they are big on secondaries / co investments.
Anyone have insight into comp progression at the VP+ level? Interested to see how big of a discount co-investment is to GP considering both have a carry component but LPs are more 1/10 than 2/20.
Interested too
Bumping. Any info on Stepstone associate & VP comp?
I would expect comp to be low if it's a legacy Greenspring team. Can't speak to historical StepStone comp.
Bump, does anyone have an idea for compensation at GS AIMS or BX Strategic Partners? At all levels
BX Strat Partners comp is in line with their PE division at least from an analyst/associate level
do you know who SP's headhunter is?
AIMS in line with GS IBD, at least at junior level
who's their headhunter? looking to move into secondaries at a large fund
At my shop (secondaries) its been ~500k cash (base and bonus) plus ~1m DAW in carry per year for VPs. I know of people at similar shops that make lower and higher, but data is really non transparent
can you please let us know which firm or which what type of firm? would love to go into secondaries
You might want to anonymize more. Your prior posts say you are in Houston and not many secondary funds there ...
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