I’m a 3rd year associate at a MM PE fund that has been successful in deploying our first fund and we’re now raising our 2nd at ~$400M. I was the 1st hire 2+ years ago and am the only associate. I do everything including DD, PortCo value creation and IR. Currently paid $250k all-in in a HCOL but with no carry & work 70+ hrs. Am I paid market? How should I broach a title/raise/carry participation discussion? My partners haven’t run a PE firm before as they were operators so not sure they know.

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At an LMM where you were there for the first fund, you should be getting some carry.

Cash comp looks fine, but it’s (IMO) a little strange for first hire at an LMM to not get any carry allocation

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I came from upper market IBD myself and am making a little more than that in all-in target comp as a senior associate.

Most of the way done with Fund II deployment more in the $800 range. Also getting some (shadow) carry.

Heidrick report

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I think you're at the right market rate based on your YOE

Are you hiring?

How many total YOE do you have?

4.5 yes of IB M&A experience prior to joining

I would push for $500-750k ish of carry over the life of the next fun

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