Im in the later stages of interviewing for a really cool firm that essentially functions as a multifamily office with every major asset class covered, but a particular focus on Alts.

Im interviewing for aPEmanager selection/fund investing role across primaries, secondaries, and co-investments. It seems to me like around half of the investment professionals are focused onPE/VCfund investing, with a few dedicated toHF, mutual funds, or real estate.

The team is really impressive with most of the more junior people coming fromIBor manager selection roles, and the senior people either coming through as Associates, coming from directPEinvesting, or joining out of topMBAprograms.

The headhunter insists he has no idea what comp would be but also claims whatever Im reasonably expecting, theyll probably be able to make it work.

Does anyone have a good sense what a range of comp may be for 1st year Associate here? They have $30B in AUM and ~25-30 investment professionals if thats useful.

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Im at a very similar shop in a tier 1 city. Similar AUM but not as many people on the team.

235 all in (135 base, 75% target bonus for year 1 associate).

Im at a very similar shop in a tier 1 city. Similar AUM but not as many people on the team.

235 all in (135 base, 75% target bonus for year 1 associate).

Also is your package market rate? It seems outstanding to be honest

for family shops, the challenge is that you get what the patriarch thinks you should get.

Theres surveys out there, and I can send you some if you DM me.

But I dont think it will ave much bearing on what they will pay you.

From a recent LP compensation survey with a sample of 23 associates:

Of note that about half of respondents were at public pensions, private sector responses were closer to the average / top quartile figures.

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I dont disagree with the range but when you have NuclearPenguins with his comp so much higher in a similar role, it confuses me. Not saying Im expecting $235k to be the norm but when half the associates at the firm come fromIBand the other halfER/general otherAM, its hard to entice them (especially in a high COL city) with anything less than $140-160k all in if I would guess.

Do you have that report youre able to send? Im curious.

@NuclearPenguinsseems to have a bit above market, but indicative of the type of role

@I.Am.Liquid.seemed to have posted generally accurate info.

Also, . There are no real standards, especially for a family office

I can PM you the report. It slices and dices different roles with several organizational level & personal characteristics.

In response to the talent pool & high COL, you must also consider that at a family office you will likely work at a reduced cadence with a better work/life balance thanIB- which some may find enticing, though not monetarily.

Ive worked in a similar role and we attracted talent of a similar caliber (though more so at the PM level). From my experience, my comment was a pretty good reflection of what an associate level employee would make. Again, being private sector and in a high COL city, I would expect the pay for this position to be closer to the top quartile. Im sure there were a few associates in the survey who reported outsized base or bonus figures bringing their all in comp more in line with NuclearPenguins.

I.Am.Liquid touched on the biggest reason, which is that public sector comp sucks compared to private sector. I dont have any specifics to offer beyond that unfortunately.

Also size / type of institution matters a ton. For example, I know that at my alma maters endowment (small liberal arts school probably w/ like $1B in AUM), there is no way associates are making anywhere close what I am making.

From a recent LP compensation survey with a sample of 23 associates:

Of note that about half of respondents were at public pensions, private sector responses were closer to the average / top quartile figures.

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