私募基金公司的薪酬结构

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1、私募基金公司的薪酬结构2007-03-2720:53CompensationStructuresatPEFirmsbyJChenIamweighinganopportunitytojoinauniquePEopportunityasaPrincipal/VP.Canyousharewithmehowcompensationatthatlevelisstructured?Thisisadifficultquestiontoanswerbecauseinternalfirmstructuresvaryconside

2、rably.AcommonstructureisapartnershipstructureusedatVCfirms.Analternativeismoreofacorporatestructure.Atanyfirm,whetheritbeaPEfirmoraLawfirm,thereisalwaysgoingtobeanInnerCircleofFoundersandPartners.GiventheevolutionofPrivateEquity,itisclearthatthepartnershipst

3、ructureismoreoldschoolandthe"institutionalization"offirmshasbroughtaboutacorporateladder.IhavealwaysfeltthatoneoftheweaknessesofthepartnershipsystemisthatitisnearlyimpossibletobreakintotheInnerCircle.Eitheryouhavetoclimbtheladderfortoolongoryouneedtohitahuge

4、winner.Eitherway,thisobstacleistheprimaryreasonthatfirmshavetroubleretainingtheirstars.EithertheyletthemjointheInnerCircleortheywillendupbeingyourcompetition.NotthatIwanttomentionBlackstoneagain,buttheir$40billionvaluationwouldbeatLehmanBrothers$39.5currentv

5、alue(bothBlackstonefounderswerepreviouslyatLehman).Eventhoughthisreader'squestionisaboutcompensationatthePrincipal/VPlevel,IammentioningtheInnerCirclebecausetheobjectiveofanybodyatatPEfirmshouldbetolearntheskillsnecessarytoruntheshow.Itsimplyisn'tintheperson

6、alitiesofmostyoungambitiousfinancierstoonedaybecomethesecondorthirdguyincharge.Thosethataresecondorthirdarelikelytobepatientlywaitingthechangingoftheguard.Otherwise,thoseguysarethetypethatprobablyneverimaginedbeingthereinthefirstplaceandaremorethansatisfiedw

7、iththeirwealthandtheirextracurricularactivities.Oneotherdifficultyintalkingaboutcompensationisthatnowadaysfirmshavesomanylevelswithintheirranksthatitisdifficulttogaugewhoactuallydoeswhat.Iwouldsaythemorecommonspectrumisthis(withsomehavingmultiplelevels):Anal

8、ystAssociateVPPrincipalDirectorManagingDirectorPartnerThemaindifferencebetweenfirmsishowmuchcarryissharedwiththelowertiersandhowmanylevelsoflowertiersthereare.Atmanyfirms,youwillnotshareinthecar