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SAMPLE REPORT © Jobsearchdigest.Com Private Equity & VC Compensation Report Private Equity & VC Compensation Report SAMPLE REPORT © JobSearchDigest.com www.PrivateEquityCompensation.com © PrivateEquityCompensation.com You may not forward, copy or reproduce this content in any format. CONTENTS © PrivateEquityCompensation.com – SAMPLE REPORT You may not forward, copy or reproduce this content in any format. Private Equity & Venture Capital Compensation Report Page 1 Introduction For 12 years now, we have gone to the source to track private equity and venture capital compensation – professionals inside the industry. While we have previously seen significant swings in compensation, we recently have documented greater stability and predictability in industry compensation, even as market and fund performance varies. This year's report includes actual data from hundreds of partners and employees representing several hundred private equity and venture capital firms. We polled respondents in October and November 2018, and dug deep to learn about a variety of factors that could affect pay. The 2019 Private Equity and Venture Capital Compensation Report summarizes our findings and answers questions such as: • What are the compensation levels and ranges by title? • How does fund size and performance affect pay? • What is the balance between base salaries and bonus payouts? • How are bonuses calculated and when are they paid out? • Which titles earn the most and how has their compensation changed? • Who is sharing in carry and at what levels? • What are the primary drivers of carry participation? The report also seeks to understand how private equity and venture capital professionals perceive their work, their pay and their job security. Where possible, we offer insights from the industry and our experience. However the focus of this report is data collected directly from private equity and venture capital professionals. Our report is a time-tested compensation benchmark that is affordable, comprehensive, and reliable. We expect you will find it valuable, whether you are negotiating your compensation package, setting goals for your professional development, or establishing targets for your firm's compensation policies. © PrivateEquityCompensation.com – SAMPLE REPORT You may not forward, copy or reproduce this content in any format. Private Equity & Venture Capital Compensation Report Page 2 List of Figures Figure 1: 2017 Levels of Earnings Figure 2: 2018 Levels of Earnings Figure 3: 2017 Base vs. Bonus Pay Figure 4: 2018 Base vs. Bonus Pay Figure 5: Year over Year Change in Cash Earnings Figure 6: Compensation Change by Title Figure 7: Guaranteed Bonus Percentage Figure 8: Method of Bonus Size by Bonus Calculation Figure 9: Bonus Criteria Figure 10: Number of Bonus Payouts per Year Figure 11: Months When Bonuses Are Paid Out Figure 12: Cash Compensation Mean, Median and Ranges by Title Figure 13: Size of Group and Firm Figure 14: Compensation by Firm Size (Employees) Figure 15: Type of Firm Figure 16: Organizational Structure of the Firm Figure 17: Compensation Differences between Firm Type by Job Title Figure 18: Change in Pay by Firm Type Figure 19: Fund Performance Ranges Figure 20: Bonus Level by Fund Performance Figure 21: Most Common Investment Strategies Figure 22: Size of Most Recent Fund Figure 23: Average Compensation by Fund Size Figure 24: Base Compensation Change by Fund Size Figure 25: Change in Bonus Compensation by Fund Size Figure 26: Mean Cash Compensation by Fund Size for Common Roles Figure 27: Base and Bonus by Firm Size (AUM) and Title Figure 28: Hours Worked per Week Figure 29: Compensation by Hours Worked per Week Figure 30: Earnings per Hour by Title Figure 31: Vacation Earned Figure 32: Vacation Taken vs. Earned Figure 33: Job Security Concerns Figure 34: Why Concerned About Job Security © PrivateEquityCompensation.com – SAMPLE REPORT You may not forward, copy or reproduce this content in any format. Private Equity & Venture Capital Compensation Report Page 3 Figure 35: Which Positions Are in the Greatest Demand Figure 36: Work & Personal Life Balance Figure 37: Quality of Firm's Training Program Figure 38: Size of Carried Interest Pool Figure 39: How Carry is Shared Figure 40: Carry Participation by Title Figure 41: Carry Participation by Years of Work Experience Figure 42: Carry Type by Fund Type Figure 43: Executive Level Allocated Carry Percentages Figure 44: Mid-Level Allocated Carry Percentages Figure 45: Lower Level Allocated Carry Percentages Figure 46: MBA Compensation Comparison Figure 47: Years of Work vs. Private Equity Industry Experience Figure 48: Sources of Private Equity Jobs Figure 49: Backgrounds of Private Equity Professionals Figure 50: Reasons for Dissatisfaction with Compensation Figure 51: Who is Happiest with Compensation © PrivateEquityCompensation.com – SAMPLE REPORT You may not forward, copy or reproduce this content in any format. Private Equity & Venture Capital Compensation Report Page 4 Executive Summary In this, our twelfth annual Private Equity & Venture Capital Compensation Report, we look to that past to better confront the challenges of the future. The goal of this report is to identify industry compensation trends and provide insights into their effect on compensation practices, recruitment and retention. This year marks the fifth straight year of compensation gains in the private equity and venture capital industry, with 64 percent of this year’s respondents expecting total compensation levels to increase over last year, while only 5 percent expect to earn less. We have noted several trends in this year’s compensation report, one of which is increasing base salaries and declining bonuses as a percentage of overall compensation for private equity and venture capital professionals in the highest pay band. This year’s report confirms the continuation of another unsettling trend—the diminishing correlation between bonus pay and firm performance. For example, we see that respondents employed in firms where fund performance is down by 1 to 9 percent still forecast an average bonus of $114,000. Seeds of this trend surfaced in 2014, sprouted in 2015, grew in 2016 and matured in 2018. In-house training continues to receive unfavorable reviews, despite last year’s movement in a positive direction. Why the industry ignores the potential benefits of robust in-house training programs remains a mystery, particularly in the competitive job market that exists today. Quality internal training programs have the potential to attract and retain talent, but statistics show this potential is broadly ignored, as a mere 17 percent of this year’s respondents rate their in- house training as good to excellent. Higher MBA base salary, bonus compensation, and vacation time as compared to their non-MBA peers has been a regular feature of this report since its inception. This year, we can once again, confirm the monetary value of an advanced degree. © PrivateEquityCompensation.com – SAMPLE REPORT You may not forward, copy or reproduce this content in any format. Private Equity & Venture Capital Compensation Report Page 5 Job seekers will appreciate the section of this report devoted to identifying which positions are in demand, what percentage of firms are hiring, and what percentage are cutting back. For example, 54 percent of respondents’ firms are hiring investment personnel, while only 1 percent are cutting back in information technology hires. The 2019 Private Equity and Venture Capital Compensation Report serves as myth- buster and forecaster, debunking misconceptions, and providing readers insightful, industry-specific information regarding the complex subject of compensation. Other highlights from this year's report include: • Respondents working in firms with less than $100 million in assets under management (AUM) earn more than 10 percent less than peers in firms with $1 billion or more; • Three quarters of professionals do not receive a bonus guarantee; • The least-favored investment strategy is PIPE; • Bonus pay totals 44 percent of all compensation paid to industry professionals; and • It's been a good year with half of respondents work in firms with fund gains of 10 to 24 percent. © PrivateEquityCompensation.com – SAMPLE REPORT You may not forward, copy or reproduce this content in any format. Private Equity & Venture Capital Compensation Report Page 6 Methodology We surveyed hundreds of partners, principals and employees during October and November 2018 to benchmark compensation practices. Respondents represented firms from around the globe, with a strong concentration in North America. Included are some of the largest and most recognized private equity and venture capital firms and the small, boutique firms that make up most of the industry. A sample of some of the participating firms includes (listed with participant permission): 2nd Generation Capital Greycroft Oak Lane Partners Abbott Labs H.I.G. Capital Octopus Ventures Adams Street Partners Hamilton Lane Pfingsten Partners Alpha Capital Partners Industries & Finances Providence Energy Aquiline Capital Partners Partenaires Prudential Capital Group Ardian International Finance Quilvest Private Equity Arsenal Growth Corporation Route 66 Ventures Audax Group Investissement Quebec Safeguard Scientifics Barings Irving Place Capital SEI BDMI JP Morgan Servco Pacific Capital Ben Franklin Technology Lone Star Funds Spring Lane Capital Partners M-Ventures TeleSoft Partners Black Toro Capital M12 TPG Blackford Capital Macquarie The Riverside Company Caixa Capital Risc MedCare
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