I would say depends on associate or VP. This feels probably about right for associate. I would say 200-225k all in for VP.

Can also be pretty location dependent. Dallas or Atlanta will probably pay better than Charlotte or Nashville, which are all lumped into “2nd tier” cities.

 
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At a shop of that size, in my experience you usually start getting carry while you're an associate in exchange for below market cash comp. Pay at these smaller shops varies widely. I'd say:

- Associate - Depending on your experience as I've seen some associates with 1 year experience at these smaller places. Assuming a typical 3 -5 YOE associate - Cash comp (salary + bonus) of $125k - $200k + small amount of carry (worth maybe $20k - $50k+ per year if things go well)

- VP - Assuming this is a 7 - 10 YOE VP - Cash comp $200k - $350k + significant carry worth around $50k - $300k+ per year. I know this varies wildly, but that's how it is at these types of places. The places paying a VP $200k cash comp are usually the ones giving you carry that COULD be worth $300k+ per year. Usually, if they convince you your carry is worth $300k per year, 7 times out of 10  it'll end up being worth <$150k in reality but I have seen cases like this where it ends up being worth $500k+. At this size shop, making $350k as a 7 - 10 YOE VP in cash comp usually means limited carry. 

 

Adding on to say that it's truly difficult to capture the right range for smaller shops. I have definitely heard of associates making <$100k at such places. The thing is, $400M AUM can mean MANY things. There are REPE shops with $400M AUM but they're on their first fund and have a big institutional team expected to bring the thing to $2B in a few years. There are also sponsors with $400M AUM that they've accumulated over 5 - 10 years and only do a couple new deals a year. As you can imagine you're going to get many different responses in this spectrum. 

 

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