2022/23 Associate Compensation (All)
Other thread was focused on 1st Yrs, was earlier on in 2022 and felt a bit unspecific. Odyssey Report is out as well but presumably a lot of blending here across lower COL cities, etc and so am interested in seeing individual data points.
Please list in this format (feel free to exclude any lines you feel uncomfortable divulging) -
Size - MF/UMM/MM/LMM/Pension(SWE)/Growth/VC
Vertical - Generalist/Tech/Energy(Infra)/FIG/Consumer(Retail)/Industrials/RE
Deal Type - Buyout/Credit/SS(Opportunistic)/Secondaries
City - T1/T2/T3
All-In Cash Comp (incl. Carry separately if you have it) - $x (y bps carry)
Level - AS1/AS2/AS3/SrAS1/SrAS2
MBA Promote Req? - Y/N
% Certainty - Confirmed/Guidance/LTM Data Point
I will start it off -
Size - MF
Deal Type - Buyout
City - T1
All-In Cash Comp (incl. Carry separately if you have it) - $350k
Level - AS1
MBA Promote Req? - N
% Certainty - LTM Data Point
Size - MF
Deal Type - Buyout
City - T1 (NYC)
All-In Cash Comp (incl. Carry separately if you have it) - $370k base+bonus. Received $30-50k one-time cash bonus LTM (in addition to $370k)
Level - AS1
MBA Promote Req? - N
% Certainty - LTM Data Point
Thx
Bump. Interested
Size - UMM
Deal Type - Buyout
City - T2
All-In Cash Comp (incl. Carry separately if you have it) - $310k base+bonus+sign on
Level - Incoming AS1 (meaning these are what I signed up for)
MBA Promote Req? - N
% Certainty - 95% it will be this number or higher
Thx
Size - MM
Deal Type - Buyout
City - T1
All-In Cash Comp - 300k minimum likely $330/340k
Level - Incoming AS1
MBA Promote Req - N
% Certainty: 95%
Very nice numbers!
Fund size?
$1-2B
MM Buyout T1 City ($1-3B)
All in $300k min, upside to $340
AS1
MBA No
95% Certainty
Thx
Is the 2022 Odyssey comp report out?
yes
Mind sharing the link. I’m not seeing on their website
Size - LMM
Deal Type - Buyout
City - T3
All-In Cash Comp (incl. Carry separately if you have it) - $200k
Level - AS1
MBA Promote Req? - N
% Certainty - Guided
Nice - thx
-UMM
-T1
-370k all in guaranteed; + discretionary upside + coinvest
-A1
Amazing.
Size: LMM
Vertical: HC
Strategy: Buyout/Roll-Up
City: T3
All-in Cash Comp: 90+10, 5% carry in one deal
Level - AS1 (early A2A)
MBA Promote req: N
% Certainty: 100%
Size: MF
Vertical: Tech & Software
Strategy: Venture / Growth
City: T1
All-in Cash Comp: 350k (does not include phantom carry / deal bonuses too)
Level - Incoming AS1
MBA Promote req: N
% Certainty: 100%
Insight?
any London data?
It will make you sad
Do American MFs in London not pay their associates in USD via the same comp structure as in the US? Have seen that mentioned on this forum a few times.
EUR trading below parity with USD as we speak.
Lololol. Europoors BTFO.
Size - MF
Deal Type - Buyout
City - NYC
All-In Cash Comp - $140k base with $160k target bonus (w/ "material upside" per HR) + co-invest with leverage
Level - AS0 (just started)
MBA Promote Req? - N but "encouraged" by certain Partners
% Certainty - 100% on $300k minimum all-in comp, but expecting closer to $350k
Really interesting structure. What does "material upside" mean here? Is your performance from AS0-AS1 ranked then bucketed significantly vs your peers?
Co-invest w/ leverage is very cool though.
Basically when I got my offer the HR person told me target comp is $300k and then insinuated it's usually higher but they didn't want to put that in writing. Folks on the desk confirmed I should expect closer to $350k.
Ignore my title, I just started the gig after 2 years in banking.
Also worth saying that we get paid a stub in December / January and then a full-year bonus the following year, hence me characterizing as AS0. I think that's the case with most PE funds so personally am careful when people say $350k all-in comp first year because I imagine that's really the LTM figure 1.5 years in.
Nice.. MBA promote requirement refers to promotion from AS3 to VP1? Thanks
Yep
Nice!.. MBA promote requirement refers to promotion from AS3 to VP1 ?
Size - MM
Vertical - Tech
Deal Type - Buyout
City - T1
All-In Cash: 325 Base+Bonus 25 Signing + coinvest
Level - AS1
MBA Promote Req? - N
% Certainty - Confirmed
fund size?
<$3B
Size - UMM
Deal Type - Buyout
City - T2
All-In Cash Comp (incl. Carry separately if you have it) - $405k + coinvest but no carry
Level - AS2
MBA Promote Req? - N
% Certainty - LTM Data Point
Those are great #s - congrats
I know I can't complain about comp as I make great money... but man, it hurts seeing someone at the same role as me with a comp spread starting with a '4' over my '2'. Congrats on the gig, hope it is treating you well!
Any chance you could PM the firm name? Thank you!
firm?
how do you get the odyssey report?
^
Had to have submitted comp info in the survey
Any chance you could share base/bonus info for associates at funds <500M from the report? Curious if I’m being paid above/below/at market
Size - UMM
Deal Type - Buyout
City - T2
All-In Cash Comp (incl. Carry separately if you have it) - $450k with coinvest on all deals (no carry)
Level - AS3
MBA Promote Req? - N (encouraged but not needed)
% Certainty - Confirmed / LTM Data Point (as of last month)
Very nice. Super curious on what culture is like at places that allow individual deal co-invest as opposed to fund... do you find that type of structure to actually be incentive-aligning at your workplace?
Specifically:
1. Does anyone @ IC ever ask "who's co-investing, show of hands" and have it be perceived as a negative if there isn't much interest?
2. Post-investment, do you find that deals w/ large co-invest interest take money off the table quicker than deals that do not? Re: re-financing in y2-3 to take out sponsor equity, special dividends, etc on cap table side and/or larger cost cuts & more consolidation on operating side. AKA stuff that returns initial capital quicker to de-risk, and/or stuff that inflates IRR in shortened-window but may cut down on overall MOIC
At the end of the day, the carry is where all the real money is at. Don't get me wrong, co-invest is still something I appreciate a lot and it does help a bit with incentive alignment but it doesn't justify slaving away on deals for partners who don't really respect you or your time.
1. No. To be fair our ICs are typically contained to the deal team so you'd just be asking 1-2 associates and I could imagine that conversation could get kinda awkward. I think all VPs and above are required to co-invest in all deals.
2. I don't think so. I'd say co-invest interest is typically high. Many associates just invest in every deal because they figure it's better not to try betting on individual companies and you get better diversification on your portfolio. Can't speak to co-invest level of VP+. Our firm probably does a dividend recap every year or two (not that common). We are always trying to find ways to improve our IRR but I think that is typically in the context of the broader portfolio in general rather than a few companies with higher co-invest.
Any credit?
Any VC?
MF
Buyout
London
AS1
All-in cash comp: €275 all in + €25 signing
Leveraged co-invest
No MBA required
100%
Any infra fund numbers?
Size - MF
Deal Type - Buyout
City - London
All-In Cash Comp ( Carry separate) -£700k base+bonus
Level - VP
MBA Promote Req? - N
% Certainty - 90% it will be this number or higher
Wow congrats! Must be an outlier, no (Apollo, Silverlake)? And what is Carry if you don’t mind sharing (directionally)?
Is this VP1 level? How many years of experience (PE only)?
He is doing MF real estate
See that you are doing Real Estate at BX. Very impressive numbers. I dont know any VP 1 with 350k GBP base.
Is the £700k FX-adjusted? i.e. is comp fixed in USD to the US-equivalent and then paid out in whatever the GBP equivalent is at the time?
No it's fixed. I wouldn't take the currency exposure risk.
do you have any insight into if MF REPE pays the same as MF corp PE? Current senior in college who's trying to get as much info as possible on what field I should go into. Thank you!
Thank you! Expecting carry, across the 2 funds in which I have carry, of ~$8-10mm over the next 7-8 years.
Size - MM
Deal Type - Buyout
City - T1
All-In Cash Comp (incl. Carry separately if you have it) - $280k; $275 carry vesting 1/2 on second year and 1/2 on third
Level - AS1
MBA Promote Req? - N
Will post again for information thread:
No carry until AVP or S-ASO level, which hopefully I skip. WLB good though!
How is the WLB
Good. Hours are still up there... 55-65? The important thing for me is flexibility. I'm not required to be in the office at any given time unless there is someone who needs me there, or a meeting, or something similar. But if I want to dip out early one day and I've gotten all my shit done? I just roll out, and they're generally respective of my time. Due to recruiting season (and a number of deals that I'm on which have been sitting at 98% now for weeks), I can't say the same about my time flexibility now, but overall they seem to actually encourage ASO+ to have a life. Analysts I can't speak for LOL
gotta be carlyle
Yessir
Size - MF
Deal Type - Credit
City - T2
All-In Cash Comp (incl. Carry separately if you have it) - $290k + $35k in mandatory 401k contribution + levered coinvest allocation (not needle-moving)
Level - AS1
MBA Promote Req? - N
% Certainty - 95%, with informal upside to wage inflation
Is this Bain Cap Credit?
Size: Startup LMM fund, $500mm AUM
Deal Type: Equity
City: NYC
All-in Cash Comp: $125k base + $110k bonus ($235k all-in), 1% carry on a deal-by-deal basis
Level: ASO1
MBA Promote Req: No
% Certainty: 100% to achieve cash comp above with potential for upside
Bump - getting this going again with EOY numbers coming in
Size - 600mm last fund
Vertical - Energy/Infra
Deal Type - Buyout
City -T2/3
All-In Cash Comp - 175 (135 base + 40) pro-rated bonus, hit desk in Sept. so illustrative full-year TC would be like 250
Level - "AS0"
MBA Promote Req? - N
% Certainty - Confirmed last week
TC $250mm for a <$1bn fund in a T2/T3 city is excellent. Nice #s
Is this Houston by chance?
yeah it is
Size - UMM
Deal Type - Buyout
City -T1
All-In Cash Comp - $290 all-in + 60k+ onetime = $350k
Level - AS2
MBA Promote Req? - Y
% Certainty - 90%
Thanks for the data point - what is the 60k one-time? Something like a retainer bonus or a sign on?
Size - MF
Deal Type - Credit (invest across cap stack - not senior only)
City - T1
All-In Cash Comp - $350 all-in (base + bonus)
Level - AS1
MBA Promote Req? - N
% Certainty - 100%
Bain or Ares?
Size - UMM
Vertical - Real Estate
Deal Type - Across The Spectrum
City - T1
All-In Cash Comp ($350K: $150K Base + $200K Bonus) | Received ~$1.5MM Worth Of Long-Term Carry With Year-End Promotion to SNAS1
Level - AS1
MBA Promote Req? - N
% Certainty - Confirmed
SNAS1 = Sr Associate? You get carry as sr associate?
Yes, I meant senior associate. And yes, I got carry. I was pretty surprised as I hadn’t even pushed or asked for it!
Mind PMing the company you’re at?
I need to get out of Dev. Think the equivalent comp at my shop is in the 225-250 range. 350k is new VP money for us
How much YOE?
Dev = Real Estate Development?
5.5 years of experience as of year end 2022.
Could you PM the name of the firm you're at?
Did you receive the promotion after 1 year of AS1?
What company?
Interesting trend I noticed was only 1 of all the responses said their firm required an MBA for promote.
Agree it's interesting. Though I'm curious what the actual promote rates are for ASOs.
Thanks - that's a helpful data point. Have you received any guidance on FY 2023?
100k stub for 1/3rd of a year? Like that's a 300k bonus if you were there a full year?
Are you able to negotiate comp as an associate 1 at MF, or is it standardised? Also, do all funds give signing bonuses, or is that rare?
Standardised, at least in London
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