The average private credit fund manager took home €13.7m (£10.85m) last year, thanks to soaring demand for private credit expertise in the financial services sector.
According to new data from executive search firm Heidrick & Struggles, the top private credit professionals in Europe are now the highest earning buyside executives on the continent.
Over the course of 2023, their pay rose by 46 per cent as investment banks raced to attract top talent to grow their private market divisions.
Heidrick & Struggles noted that the €13.7m figure comprised of an average €389,200 salary and a €710,000 bonus, with the remainder of the income coming from carried interest payments.
In 2022, the head-hunter reported that private credit executives earned €9.4m on average. The year-on-year surge in pay reflects the demand for private credit expertise, said Heidrick & Struggles.
The private credit boom has seen numerous asset managers and service providers build out their private markets divisions in recent months.
Manulife recently appointed a global head of private markets, and last week law firm White & Case bolstered its global debt finance practice with a new hire.
Last month, Goodwin announced that it has hired credit fund expert John Anderson as a partner, joining its private investment funds practice.
And Freshfields Bruckhaus Deringer hired Mary Lavelle as a new partner on its private capital team and global transactions practice in London.