So, I recently interviewed with a small PE shop. (<$100M) The people there are rather experienced on the buyside and this isn't the shop's first fund, so I am not worried about the firm itself getting deals done. However, they didn't raise as much as they initially intended to ($100M - $150M) so I have a feeling an offer, should I even get one, will be a bit less than what I would have initially thought.
Luckily I know a guy who just left and he gave me an insight on what he was getting paid. The pay will certainly be a good deal below street, however, I would be extremely thankful to actually have this opportunity and wouldn't necessarily press my luck to try and get more than he did. However, he did not get a sign-on of any kind...which I feel might be the case for me given their lower initial close, however, I would have to relocate for the position, where as, the previous guy didn't (he was raised there, went to school there, etc).
Ultimately I would disappointed with the comp package he got, but given my very limited number of options and the fact that I should get some great experience (will be only junior guy) I would be willing to "sacrifice" a bit. I am wondering though, given that I have to relocate, what would be a good number to throw at them should they ask for my comp range?
I know what the guy was paid before me, so should I just give them the same number they were paying him or should I risk working in a relocation/sign-on too?
I have virtually no money and parents are not wealthy by any means, but could afford to get me moved, however, part of the sign-on, in my mind, is to put a deposit on an apartment/condo and get a wardrobe that is acceptable for work, etc.
Also, this is a boutique shop with just a handful (less than 5 and none of them lower than the Principal level) of people there right now and are not located in a huge market (NYC, Chicago, LA) but in a decent size city (Dallas, Houston, Tampa, Atlanta, Charlotte, D.C. etc) and they focus on Mezz deals, so although they don't have a high AUM their deals will be significantly small and realistically, they might be getting another 8-12 deals done in the next 2-3 years assuming they put all of the dry powder to work.
The guy before was getting $50k, 2 weeks vacation, medical and dental and a potential for another $5-$10k should they close on any additional capital (probably won't be the case for me) and a possible year end bonus, but something very small ($5k-$10k...possibly).
Has anyone been in a similar situation or have any insight as to what I should do?
I am thinking if they ask what my target comp is I would give them a small range of either $50k-$60k or of $55k-$65k (if I felt like pushing it a bit), plus I would request a sign-on of $5k-$10k to assist with my relocation.
How does this sound? Fair? Crazy given my lack of other offers at this time?
P.S. Money wouldn't matter as much but I do have some sizable loans to pay off and car payment so at 50k I don't have much wiggle room at all, hence the "need" for a sign-on.