2 years in out of undergrad and recruiting for MM PE roles. What kind of comp (base vs bonus) should I expect? Do entry level PE roles usually include carried interest?

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ONE MILLION DOLLARS

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I strongly recommended the Heidrick & Struggles and GoBuyside comp studies. Both provide excellent cuts by fund size. I think the latter is slightly better, particularly as they break out first versus second year associate comp. If you pick up those studies, you’ll notice that there’s a fairly wide spread of average compensations across fund sizes that could be conceivably called middle market ($500M-$5M). In general, I would say that 210-250 is a good range for all-in first year middle market associate comp, depending on geography (NYC and SF should pay more, partially to compensate for higher taxes and generally tougher cultures for NYC in particular). Some will be slightly above and some slightly below, but I think you can expect to land there in terms of cash. Most funds do not offer carry to pre-MBA associates, unless they’re microcap (<$5M EBITDA buyout fund) or lower middle market, and I would be willing to bet that only a small minority of funds in either category do. Some offers, particularly in the middle market, allow for co-investment, which can be lucrative depending on deal and fund performance. Hope this helps.

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Thanks P1

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And I wanna say you can expect around 130 for base

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No carried interest for entry

Analyst or Associate roles?

Pwc 1 is wrong. MM PE Associates on the deal team will get 90-100 base. Bonus is where real Money is made. Expect at least 100% of base

Might I ask how you did/plan to line up these opportunities? I’d be really interested in getting into PE but assumed only folks at MBB had a shot. Where are you coming from?

A1 that info is fantastic- thanks so much for all the detail

I checked out the GoBuyside comp study but looks like it’s a paid report ($695). Do you happen to have downloaded a copy? If so would be fantastic to check it out- my burner is privateequityfish@gmail.com. Thanks! Let me know if I can help you out somehow.

Ac1 I’m 2 years in at a T2 firm (S&, OW, ATK). Just got lucky- have done a bunch of PE projects and listed them on my LinkedIn, then recently had a few recruiters recently cold message me on LinkedIn

OP - sent to you.

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