Credit Fund/Direct Lending Salaries 2019
I'm interested to hear what comp looks like for an analyst/associate/VP at a credit fund or direct lender. Please list the market. Thanks!
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Total Avg Compensation
December 2021私人产权
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Principal (8) $676
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Director/MD (18) $575
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Vice President (70) $361
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3rd+ Year Associate (70) $270
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第二年助理（143） $252
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1st Year Associate (294) $220
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3rd+ Year Analyst (26) $159
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2nd Year Analyst (63) $134
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第一年分析师（190） $118
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Intern/Summer Associate (21) $67
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Intern/Summer Analyst (226) $59
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Comments (68）
撞。对此有任何洞察力吗？
布鲁（Bruh）刚刚听到MD在GSO Make Make Make Alle Comp等大型球员中听到的MD，并获得携带（少于PEtho）你们都可以退缩吗？？？
撞
Bumping.
Bump - interested as well
Array
From friends in the industry: analyst salary is usually the same base asIBanalysts ($85k) and bonus is slightly lower ($30k-$50k)
FYI last year was a great year so that bonus range. this year still good but not so great - my buddy told me he got ~20% of vase this year.
Depends on the shop. Some large funds pay very well ($100k and 60-80% bonus). Some smaller funds will be anywhere b/t $140k-170k.
If you're going to a name brand shop, associatecomp will be between the $200k-250k range. These shops mostly recruit out ofIBanalyst programs (Ares, Golub, GSO, PennantPark, THL Credit, Maranon, HPS, Owl Rock, Bain Capital Credit, AEA Private Debt, etc)
200-250都在正确吗？对来自S＆T（信用）的人数有什么想法吗？
Will Echo this as being true. Interviewed at a few of the shops listed.
与IB在分析师级别，低于IB在助理级别。奖励可能会根据基金的绩效方式而定。
Array
Analyst: $80-95k + 10-45% bonus
Associate: $100-150k + 25-75% bonus
Sr. Associate/AVP: $150-200k + 50-100% bonus
VP: $175-235k + 80-130% bonus
校长/副总裁：$ 225-275K +100-150％奖金
MD/SMD：谁知道
Wow that's pretty damn good all around.
can confirm this is 100% correct
Pretty wide band for the associate range, any chance you'd be able to narrow it down as to which types of firms are at both ends of the spectrum?
撞。Helpful to know, are we talking about funds like Golub / Antares here?
Great question. Would like to know this as well
今天我得知我的薪水不足...
Sorry to hear that man. Would you mind sharing what size firm and what general location you work in?
This looks a bit low at the associate and VP level for some of the firms mentioned. I think Antares pays significant less than theMFcredit arms.
Do you work at a MF? If so, could you shed some light on the pay?
Side note - my firm is notorious for paying under market and we pay slightly higher than those numbers on the AO / SAO side of things. Some comp is deferred but dropping as a data point.
What size AUM for this:
Can confirm base ranges, but bonus can get much higher at megafunds (Apollo credit, GSO, Ares, Golub). 2019 and 2020 my firm had associate bonuses 115%+ of base for top performers in direct lending. Then forMFs我基本上将您的每个奖金范围应用于以上职位（分析师25-75％，SR ASSO/AVP的80-130％，VP的100-150％等）
source: sr asso at a megafund
这些公司的时间是多少？特别是品牌名称？
45-70 hrs. usually ~50-60
为什么小时比PE，IBD？您仍然不需要对公司和所有这些PEfirms do?
PE商店将比信贷基金更努力地进行投资。我可以就主要原因进行有根据的猜测：
从定义上讲，股本投资更风险，应该需要更强大的投资论文。
这PEshop may take an active role in operating the company and directing its strategy, wheras the lender is a passive participant.
信贷基金通常有长期关系with sponsors, and to an extent they can rely on some of the diligence done by the sponsor rather than duplicating efforts.
我在最后一个，但我认为PE基金正在菲wer, more concentrated bets, while credit funds have greater portfolio diversification.
Agree with your last point and would even argue that if an investment goes badly they can always sell at 30c:$1, yes it's a loss but better than lossing everything.
我会说这有些较轻，但大多数变量较小，因为您一次都有更多的流程。更少的100小时，但总会发生一些事情。苦恼往往会像PE。
Also depends on where you are in the debt cap structure.
当我们在c上做1升时，我的公司。3.5倍的杠杆作用在多元化的业务上，交易以10倍以上的交易要比说在更集中的业务上以6.5倍的速度做无抵押的MEZZ作品要少得多。债务是关于本金保护的，而不是我们可以发展业务的速度。
Also doing business with repeat sponsors is good because you can generally figure out whether the sponsor is going to be a pain in the ass about putting in more money / taking aggressive moves if the business goes south.
Current banker in the credit space, most investors will do extensive diligence regardless of what we do but this varies by shop. You're correct in thatPEfunds mostly invest credit along companies that would typically fit their equity mandate, or they do combo debt/equity deals. While some credit funds are more diverse in what they invest in, there are also some that have very specific mandates as well and are much more concentrated.
What is the best experience to leverage into private credit? I have seen LevFin is most common, but is it possible to recruit from a more generalIB分析师计划？
While either LevFin orRXare great backgrounds for private credit; generalist M&A or analysts in coverage groups are still considered.
Does anyoneknow whatcompsshould be for a second year analyst / associate at a venture debt fund?
Bump
Bumping
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