Private equity salary, in posted numbers

Most private equity salary tables give one industry-wide range per level, taken from compensation surveys and forums. This page has no survey numbers. It lists every base salary that a firm on this list has posted for a junior investing role in the United States: 31 figures from 16 firms, each read from the firm’s own posting on November 11, 2026. Base is the only part of pay that any of these firms posts.

37 programs tracked · Last verified November 11, 2026 · See the full Private Equity List →

Every posted junior base, read November 11, 2026

There are 31 figures here from 16 firms, each quoted from the firm’s own posting. Rows are grouped by level, because the levels are different jobs: one new-graduate analyst, then associates and other experienced hires, then MBA interns.

Firm	Role, as posted	Level	Base salary	City	Track
Warburg Pincus	2028 US Analyst Program (Full-Time)	Analyst, new graduate (starts August 2028)	$125k	New York	Growth equity
Vista Equity Partners	2027 Private Equity Associate, Chicago	Associate, pre-MBA (2+ years preferred)	$120k–$150k	Chicago	Buyout
Partners Group	Associate, Private Equity, Goods & Products	Associate (experience not stated on the posting)	$155k–$175k	Broomfield	Buyout
General Atlantic	Associate, Life Sciences	Associate, experienced hire (2–5 years, at least 2 in life sciences)	$150k–$160k	New York	Growth equity
Summit Partners	Associate (2027): Investment Team	Associate, pre-MBA (most have two to three years)	$150k–$160k	Boston and Menlo Park	Growth equity
Blue Owl	Blue Owl Technology Solutions, Technology Growth Investing, Associate	Associate, experienced hire (1–3 years)	$90k–$175k	Menlo Park	Growth equity
Blackstone	Blackstone Credit & Insurance - Chief Investment Office, Portfolio Management, Associate	Associate, experienced hire (2+ years)	$120k–$150k	New York	Private credit
Blackstone	Blackstone Credit & Insurance – LCS, Restructuring, Senior Associate	Senior Associate, experienced hire (2+ years)	$140k–$170k	New York	Private credit
KKR	US Credit Solutions Group (Private Credit/Direct Lending), Associate/Analyst	Associate/Analyst, experienced hire (3+ years)	$150k–$175k	New York	Private credit
Apollo Global Management	Associate, Consumer ABF	Associate, experienced hire (2–4 years)	$175k–$200k	El Segundo	Private credit
Carlyle	2-Year Associate, Direct Lending (Summer 2027)	2-Year Associate, pre-MBA (2 to 3 years)	$150k	New York	Private credit
Carlyle	2-Year Associate, Asset-Backed Finance	2-Year Associate, pre-MBA (1–3 years)	$150k	New York	Private credit
Carlyle	Associate, Liquid Credit Research	Associate, experienced hire (1–3 years preferred)	$150k	New York	Private credit
Ares Management	Associate, Credit, US Direct Lending	Associate, pre-MBA (1.5+ years)	$130k–$175k	New York	Private credit
Ares Management	Associate, Credit, US Direct Lending	Associate, pre-MBA (1.5+ years)	$130k–$175k	Los Angeles	Private credit
Ares Management	Associate, Alternative Credit	Associate, experienced hire (3+ years)	$130k–$175k	New York and Atlanta	Private credit
Ares Management	Associate, Infrastructure Debt	Associate, experienced hire (2–3 years)	$155k–$165k	New York	Private credit
Partners Group	Associate, Private Credit	Associate, experienced hire (2+ years)	$155k–$175k	Broomfield	Private credit
Partners Group	Associate, Private Credit	Associate, experienced hire (2+ years)	$170k–$195k	New York	Private credit
Audax Group	Associate, Private Debt	Associate, experienced hire (2–4 years)	$110k–$150k	New York	Private credit
Blue Owl	Alternative Credit, Credit Secondaries – Analyst / Associate	Analyst / Associate, experienced hire, one combined range (1–3+ years)	$110k–$165k	New York	Private credit
Blue Owl	Alternative Credit, Investment Professional	Investment Professional, experienced hire (2+ years)	$125k–$175k	New York	Private credit
Golub Capital	Analyst (or Associate) - Direct Lending	Associate, experienced hire (1 to 3 years)	$185k–$200k	Chicago and New York	Private credit
Golub Capital	Analyst (or Associate) - Direct Lending	Analyst, experienced hire (1 to 3 years)	$160k–$165k	Chicago and New York	Private credit
Sixth Street	Asset Based Finance Platform Associate	Associate, pre-MBA (1–4 years)	$150k–$200k	New York	Private credit
Bain Capital	Associate - Special Situations	Associate, pre-MBA (2 years)	$150k	Boston and New York	Special Situations (outside the three tracks)
Brookfield	Associate, Investments (Energy)	Associate, experienced hire (2–4 years)	$150k–$200k	New York	Energy (outside the three tracks)
Brookfield	Associate, Infrastructure AI	Associate, experienced hire (years not stated)	$150k–$200k	New York	Infrastructure (outside the three tracks)
Vista Equity Partners	2027 Private Equity Summer Associate Internship	MBA summer intern (annualized)	$120k–$150k annualized	Chicago	Buyout
Blackstone	2027 Blackstone Infrastructure, Investment Summer Senior Associate	MBA summer intern (annualized)	$175k annualized	New York	Infrastructure (outside the three tracks)
KKR	2027 MBA Internship Program - Infrastructure	MBA summer intern (annualized)	$170k–$175k annualized	New York	Infrastructure (outside the three tracks)

Read from each firm’s own posting on November 11, 2026. Do not compare across levels: an undergraduate analyst, an associate with two years of banking behind them and an MBA intern are different jobs. Internship figures are annualized, as posted; one MBA program, at Partners Group, states a monthly figure instead and is listed with the internships, not here. No bonus or carried interest is included, because no firm posts either.

How private equity pay is built

Pay for a private equity investor has three parts, and a job posting only ever tells you about the first. Base salary is the fixed part. Every figure on this page is a base salary.

The bonus is paid once a year and is discretionary. The postings confirm it exists and stop there. Warburg Pincus says its analyst role “is also eligible for a discretionary annual performance-based bonus”, Ares says total compensation “may also include a discretionary performance-based bonus”, and Vista says other components “may include an annual cash bonus”. None gives an amount, a range or a target.

Carried interest, or carry, is a share of the profit a fund makes on its investments. It is paid if and when those investments are sold at a gain, which can be years after the work was done. No posting we read says whether a junior role receives any. The closest is Summit Partners, whose associate posting says compensation “includes the ability to participate in Summit’s deals”, with no figure.

What no firm posts

No firm on this list posts a bonus figure or anything about carried interest for a junior role. That is why this page has no total compensation figures and no all-in ranges. Salary guides elsewhere print all-in numbers by level; they come from compensation surveys, self-reports and forum threads, and none can be traced to a firm’s own posting. We leave them out.

Read every base here as the fixed floor of one role’s pay at one firm, for the level named beside it. It is not what the firm pays in private equity generally. At Blackstone, KKR, Apollo Global Management, Carlyle, Ares Management and Audax Group it is not a private equity figure at all: none of those 6 posts a base for a junior private equity role. At Bain Capital and Brookfield the figure is from another business line, which is named beside it.

Whether a posting states pay depends partly on where the job is. Golub Capital labels its range “For Illinois and New York Only” and Audax “For New York City only”. Vista posts its 2027 associate class twice: the Chicago posting states a range and the Austin posting states none.

One posted base per firm, and the 21 firms with none

Ordered by ranking. Click through to any company for the full band, sourcing, and hiring status.

#	Company	Base salary (posted)
1	Blackstone	$120k–$150kCredit arm: Associate base (2+ years)
2	KKR	$150k–$175kCredit arm: Associate/Analyst base (3+ years)
3	Apollo Global Management	$175k–$200kCredit arm: Associate base (2–4 years)
4	Carlyle	$150kCredit arm: 2-Year Associate base (2 to 3 years)
5	TPG	—
6	Bain Capital	$150kSpecial Situations: Associate base (2 years)
7	EQT	—
8	Warburg Pincus	$125kUndergraduate analyst base (new graduate)
9	Hellman & Friedman	—
10	Thoma Bravo	—
11	Permira	—
12	Apax	—
13	Silver Lake	—
14	Vista Equity Partners	$120k–$150kPre-MBA associate base (2+ years preferred)
15	Hg	—
16	Advent International	—
17	Clayton Dubilier & Rice	—
18	General Atlantic	$150k–$160kLife Sciences associate base (2–5 years)
19	CVC	—
20	Leonard Green & Partners	—
21	Insight Partners	—
22	Ares Management	$130k–$175kCredit arm: Direct lending associate base (1.5+ years)
23	Partners Group	$155k–$175kPrivate equity associate base (experience not stated)
24	Brookfield	$150k–$200kEnergy arm: Associate base (2–4 years)
25	GTCR	—
26	Francisco Partners	—
27	Providence Equity Partners	—
28	TA Associates	—
29	Summit Partners	$150k–$160kPre-MBA associate base (most have two to three years)
30	Ardian	—
31	TCV	—
32	Audax Group	$110k–$150kCredit arm: Private debt associate base (2–4 years)
—	Blue Owl	$110k–$165kCredit secondaries Analyst / Associate base (1–3+ years)
—	Golub Capital	$185k–$200kDirect lending associate base (1 to 3 years)
—	HPS Investment Partners	—
—	Oaktree Capital Management	—
—	Sixth Street	$150k–$200kAsset-based finance associate base (1–4 years)

Posted base bands, compared

Apollo Global Management

$175k–$200k

Credit arm: Associate base (2–4 years)

Brookfield

$150k–$200k

Energy arm: Associate base (2–4 years)

Golub Capital

$185k–$200k

Direct lending associate base (1 to 3 years)

Sixth Street

$150k–$200k

Asset-based finance associate base (1–4 years)

KKR

$150k–$175k

Credit arm: Associate/Analyst base (3+ years)

Ares Management

$130k–$175k

Credit arm: Direct lending associate base (1.5+ years)

Partners Group

$155k–$175k

Private equity associate base (experience not stated)

Blue Owl

$110k–$165k

Credit secondaries Analyst / Associate base (1–3+ years)

General Atlantic

$150k–$160k

Life Sciences associate base (2–5 years)

Summit Partners

$150k–$160k

Pre-MBA associate base (most have two to three years)

Blackstone

$120k–$150k

Credit arm: Associate base (2+ years)

Carlyle

$150k

Credit arm: 2-Year Associate base (2 to 3 years)

Bain Capital

$150k

Special Situations: Associate base (2 years)

Vista Equity Partners

$120k–$150k

Pre-MBA associate base (2+ years preferred)

Audax Group

$110k–$150k

Credit arm: Private debt associate base (2–4 years)

Warburg Pincus

$125k

Undergraduate analyst base (new graduate)

TPG, EQT, Hellman & Friedman, Thoma Bravo, Permira, Apax, Silver Lake, Hg, Advent International, Clayton Dubilier & Rice, CVC, Leonard Green & Partners, Insight Partners, GTCR, Francisco Partners, Providence Equity Partners, TA Associates, Ardian, TCV, HPS Investment Partners, Oaktree Capital Management have no posted base for a junior investing role and are not charted. Each bar is one role at one firm, named beneath it. The levels differ, so the bars are not like for like.

Common questions

There is no average that can be traced to firms, because firms post only base salary and only for some roles. What can be stated exactly is what is posted. For a new-graduate analyst: $125,000 at Warburg Pincus, the only one. For a private equity associate: $120,000–$150,000 at Vista Equity Partners and $155,000–$175,000 at Partners Group; no other firm posts one. For growth equity associates: $150,000–$160,000 at Summit Partners and $150,000–$160,000 for a Life Sciences associate at General Atlantic. Private credit associate bases are posted by 10 firms, from $110,000–$150,000 at Audax to $185,000–$200,000 at Golub Capital. Bonus and carried interest are not posted.

In base salary, as posted: $120,000–$150,000 for Vista’s 2027 associate class in Chicago and $155,000–$175,000 for a private equity associate at Partners Group in Broomfield, Colorado. No other firm on this list posts a private equity associate base. In growth equity, Summit Partners posts $150,000–$160,000 for its 2027 class. In private credit, posted associate bases include $150,000 at Carlyle, $130,000–$175,000 at Ares, $150,000–$200,000 at Sixth Street and $185,000–$200,000 at Golub Capital. All of these roles ask for prior experience, and every posting leaves the bonus unstated.

The only new-graduate analyst base posted by a firm on this list is $125,000, for Warburg Pincus’s 2028 US Analyst Program. Be careful with the title elsewhere. Golub Capital’s Analyst role is posted at $160,000–$165,000 and asks for 1 to 3 years of experience. KKR’s credit Associate/Analyst role ($150,000–$175,000) asks for 3+ years. Blue Owl’s Analyst / Associate range ($110,000–$165,000) covers both titles. None of those is an entry-level analyst figure. Vista, Insight Partners and Partners Group run analyst routes for undergraduates or recent graduates and state no pay.

No. Not one firm on this list posts a bonus amount or a carried interest figure for a junior role. Postings say a role is eligible for a discretionary bonus and leave it there. Any all-in figure you see for a private equity analyst or associate comes from a survey, a self-report or a forum, not from a firm.

Posted base, by firm and role: Blackstone $120,000–$150,000 (Associate, portfolio management, 2+ years); Blackstone $140,000–$170,000 (Senior Associate, restructuring, 2+ years); KKR $150,000–$175,000 (Associate/Analyst, 3+ years); Apollo Global Management $175,000–$200,000 (Associate, Consumer ABF, 2–4 years); Carlyle $150,000 (2-Year Associate, Direct Lending, 2 to 3 years); Carlyle $150,000 (2-Year Associate, Asset-Backed Finance, 1–3 years); Carlyle $150,000 (Associate, Liquid Credit Research, 1–3 years preferred); Ares Management $130,000–$175,000 (Associate, US Direct Lending, 1.5+ years); Ares Management $130,000–$175,000 (Associate, Alternative Credit, 3+ years); Ares Management $155,000–$165,000 (Associate, Infrastructure Debt, 2–3 years); Partners Group $155,000–$175,000 (Associate, Private Credit, Broomfield, 2+ years); Partners Group $170,000–$195,000 (Associate, Private Credit, New York, 2+ years); Audax Group $110,000–$150,000 (Associate, Private Debt, 2–4 years); Blue Owl $110,000–$165,000 (Analyst / Associate, Credit Secondaries, one range, 1–3+ years); Blue Owl $125,000–$175,000 (Investment Professional, Alternative Credit, 2+ years); Golub Capital $185,000–$200,000 (Associate, 1 to 3 years); Golub Capital $160,000–$165,000 (Analyst, 1 to 3 years); Sixth Street $150,000–$200,000 (Associate, Asset Based Finance, 1–4 years). These are base salaries for experienced hires; none of the roles is open to new graduates.

The MBA internships posted with annualized pay were $120,000–$150,000 for the 2027 Private Equity Summer Associate Internship at Vista Equity Partners (Chicago), $175,000 for the 2027 Blackstone Infrastructure, Investment Summer Senior Associate at Blackstone (New York) and $170,000–$175,000 for the 2027 MBA Internship Program - Infrastructure at KKR (New York). The KKR and Blackstone programs are in infrastructure, not corporate private equity. Partners Group posts its 2027 Summer Associate Program in Broomfield, Colorado at $12,500 gross per month, a monthly figure that we do not annualize.

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