Introduction

As we head into 2025, the market for private equity talent in London is competitive—especially for Associate roles. Whether you’re moving from IB, MBB, or already in PE, here’s what you need to know about compensation.

1. Base salary range
Private equity Associate base salaries in London currently range from £90k to £120k, depending on fund size and strategy. Growth and mid-market funds tend toward the lower end; megafunds and elite firms offer the higher end.

2. Bonus expectations
Bonuses vary widely but are generally 50% to 150% of base. High-performers at top funds can earn £200k+ all-in at Associate level. Funds with carry or co-investment options offer long-term upside beyond annual comp.

3. Carry & long-term incentives
Most Associates won’t see meaningful carry until they’re promoted, but some growth funds offer early-stage equity or performance-linked incentives. It’s worth asking about vesting schedules, hurdle rates, and participation structures.

4. Other perks to consider
Think beyond comp: work-life balance, team culture, sector focus, deal flow and promotion track all matter. Some firms offer flexible working, wellness budgets, or training programmes—these can add major value.

5. What’s driving salary growth?
Demand is outpacing supply. With many junior bankers switching to tech, funds are upping the ante to attract committed advisors. Specialisation (e.g., tech, infra, healthcare) can also boost your value.

Conclusion
Circle Square works closely with London’s most respected PE funds and we see real-time data on salary benchmarks, comp trends and bonus structures. If you're considering a move, we’d be happy to benchmark your profile confidentially.