Private Equity Interview Course

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300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

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  • Associate 2 in IB - Gen
Aug 26, 2020 - 7:20pm

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.

Jan 15, 2021 - 12:29pm

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.

  • Intern in VC
Jan 27, 2021 - 10:44pm

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.  

Jan 28, 2021 - 12:31pm

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

Jan 31, 2021 - 3:03pm

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)

Feb 4, 2021 - 8:02pm

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.?

  • Investment Analyst in PE - Growth
Apr 4, 2021 - 12:45pm

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.

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Total Avg Compensation

April 2021 Private Equity

  • Principal (7) $694
  • Director/MD (15) $627
  • Vice President (63) $371
  • 3rd+ Year Associate (66) $267
  • 2nd Year Associate (127) $250
  • 1st Year Associate (266) $224
  • 3rd+ Year Analyst (24) $164
  • 2nd Year Analyst (60) $136
  • 1st Year Analyst (171) $117
  • Intern/Summer Associate (18) $71
  • Intern/Summer Analyst (191) $60