Does anyone have insight into what compensation, culture, and exit opps tend to look like for associates joining secondary shops. Focused on experiences at BX Strategic Partners, Alpinvest, and Lexington. Also what do exits look like, possible to go to direct PE after a stint at a secondaries shop?
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Comments ( 15 )
Evercore PCA AN1 all-in comp is higher than M&A
Base: $120
Bonus: 80-100%
Signing Bonus: $25k
All-in was ~$250k for AN1
What year was this? Any associate comp numbers for EVR PCA?
Bump
Going through the process of lateraling right now as an AS2 (ignore title). Initial offers I'm getting are 140-160k with 50%-80% bonus target.
WLB depends entirely on the firm but is certainly better than IB or direct PE .
Next to zero chance of moving to direct PE unless you're at a firm like Partners Group where you may be able to network and move internally.
Any insight into how that scales for a VP / principal? Have heard like ~400k range cash comp, which is tough relative to traditional PE . Curious about carry as well with smaller pool from lower fee structure.
At the bigger shops senior associate pay is around 400k VP probably 500-600 with director being above that.
What are the exit opps for associates coming out of secondaries programs. Is it really that tough to get into traditional PE or VC / Growth?
Secondaries is the exit opp, plenty of people never leave the industry. Otherwise, it's to asset management / allocator roles usually, and I've seen some smaller Corp dev roles too.
Also worth mentioning secondaries investors moving to secondaries intermediary roles. Pay may be better. I would imaging very hard to move back to the investment side.
Is pay at top secondaries firms in-line with traditional PE?
Think it's similar at junior levels given cash comp is based on management fees. Fees are lower for secondaries teams but the fee gap is offset by secondaries being more scalable.
Would imagine the gap in pay diverges significantly when carry is considered. Some structural advantages that direct PE enjoys is higher expected MOICs for funds (typically 2.5/3x gross vs 1.5-2.0x) and higher carried interest fees (20% vs 10-12.5%).
If you're successful you'll be highly paid regardless. Illustrative best case scenario may be something like $20 million net worth in secondaries by 50 vs 75 million in direct PE due to carry gap.
Trade off for less pay is much better work life balance. I doubt partners are working more than 50 hours a week. If they are it would be because they are including travel in that number.
Evercore PCA is the highest revenue generating group at the entire firm
any insight on comp at pensions/SWFs like CPPIB/GIC?
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