20122013 holt thomson reuters pe vc compensation study us (1)

Current Trends in Design and Levels Of Compensation Private Equity and Venture Capital

2012-2013 Holt – Thomson Reuters Private Equity and Venture Capital Compensation Report North American Edition

©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage1

I. Executive Summary

PE/VC Compensation North America

EXECUTIVE SUMMARY

FINANCIAL AND OPERATIONAL DATA

HUMAN CAPITAL

COMPENSATION STRATEGY

YEAR TO YEAR CHANGES IN COMPENSATION LEVELS

COMPENSATION LEVELS PER POSITION (BY TYPE & SIZE OF FIRM)

COMPENSATION LEVELS BY TYPE & SIZE OF FIRM (INCLUDES ASIA PACIFIC)


I.  Executive Summary Page

KeyFindings 3 ScopeandMethodology 8 AbouttheAuthors 13

II. Financial and Operational Data CommiOedCapitalandCostofInvestments 15 NumberofFundsManagedandNumberofPortfolioCompanies 16

OwnershipStructure 17 ManagementFees/RelatedFees 18 FeesRatios 19 FeeSplits 20

III. Human Capital NumberofEmployees 22 StaffingChanges2011/2012 23 InvestmentManagerRatios(Capital,Fees,PortfolioCompanies) 25 HumanCapitalPolicies,ExperiencetoPartner,andMBAHiring/CompensationPractices

26

PayrollCostAs%ofGPFees/Revenues 27

IV. Compensation Strategy TypesofCompensation 29 BaseSalaryandBonusLevelChanges 31 AnnualBonusPlans 35

CarriedInterestPlans(CIP) 37 EmployeeBenefitsandPerquisites 45 GeneralPartnerCommitment(GPC) 48 Co‑InvestmentPlans 49

V. Year to Year Changes in Compensation Levels VI. Compensation Levels Per Position (By type & Size of Firm) VII. Compensation Levels By Type & Size of Firm (Includes Asia Pacific)

51

56

113

Table of Contents

Survey Background The2013Holt‑ThomsonReutersPrivateEquityandVentureCapitalCompensationReportisajointeffortofthreeparties.TheyarecompensationconsultantsHoltPrivateEquityConsultantsandMM&K;andglobalfinancialpublisherThomsonReuters.ItisjointlywriOenbyMichaelHoltandDavidM.Toll.

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Key Findings Introduction

Thetwo‑yearperiodfrom2011to2012hasbeenanexceptionallygoodoneforcompensationintheNorthAmericanprivateequity(includingventurecapital)markets.Salariesandbonusesrosesmartlyforseniorprofessionals,anddramaticallyforjuniorprofessionals,asevidentinTableI.Profitdistributionsalsojumped. Thereasoncanbetracedtothereboundintheprivateequitymarkets,withfundraising,deal‑makingandM&Aexitsontheriseagain,amidageneral,ifslow,economicrecoveryinthewakeofthe2007‑2009GreatRecession.

TableI:ChangesinMedianCompensation,2006‑2012

Fund‑raising,socriticalindeterminingcompensation,boOomedoutin2010forbothU.S.buyoutandventurecapitalfirms(seeTableII). Althoughlimitedpartnershavebeenpushingforlowermanagementfees,byandlargebuyoutfirmsstillchargebetween1.5%and2%ofcommiOedcapitalduringtheirinvestmentperiods,whileventurefirmschargebetween2%and2.5%.Asfirmsraisemoremoney,theybringinmoreinmanagementfees,andthemoremoneytheyhaveavailabletopaytheiremployeesinsalariesandbonuses. The2013Holt‑ThomsonReutersPrivateEquityandVentureCapitalCompensationReport(NorthAmericanedition)reflectsthecombinedeffortsoftwocompensationconsultancies—Florida‑basedHoltPrivateEquityConsultantsandLondon‑basedMM&K—andNewYork‑basedpublisherThomsonReuters.Thereportisbasedonanextensive,two‑partsurveyofprivate‑equityfirmsconductedinthespringandearlysummerof2012. Alltold,107firmsparticipatedinthesurvey.Theyprovidedinformationonalmost3,000workers,employedinsome30differentpositions,fromanalysttomanaginggeneralpartnerontheinvestmentsideoffirms,fromreceptionisttochiefoperatingofficerontheadministrativeside.Thesurveyquestionnaireconsistedoftwoparts.Thefirstgathereddataonfirm‑widerecruitingandcompensationpractices,suchasthestructureofcarriedinterestandco‑investmentprograms;thesecondgathereddataonthe2011and2012compensationpackagesofindividualemployees. Thereportitselfisdividedintosevenparts.Thefirstfourcoverfirm‑widecompensationpracticesfor16groupsoffirmsorganizedbyinvestmentstrategy,assetsundermanagement,andwhetheraffiliatedwithasponsorcompany(suchasaninvestmentbank).PartsV–VIIcoveremployeecompensation,byjobtitle,for24groupsoffirms,similarlyorganizedbyinvestmentstrategy,assetsundermanagement,andanysponsoraffiliation.FormoredetaileddescriptionsofthesamplesseetheScopeandMethodologysectionofthisexecutivesummary.

TableII:USBuyoutandVCFundraisingBouncesBack

($Billions)

$29.6 $25.0 $16.3 $13.6 $18.5 $15.9

$230.3

$156.6

$47.9 $44.6 $63.9 $54.4

$-

$50.0

$100.0

$150.0

$200.0

$250.0

Venture Capital

Buyout

Source: Thomson Reuters, as of Sept. 14

Partner Non‐Partner All

Salary Salary+Bonus

Salary+Bonus+Carry

Salary Salary+Bonus

Salary+Bonus+Carry

Salary Salary+Bonus

Salary+Bonus+Carry

2006/2007 N/A 13% 16% 23%

2007/2008 11% 14% 23% 13% 34% 35% 12% 18% 25%

2008/2009 0% ‐6% ‐12% 6% 10% 11% 3% 1% ‐5%

2009/2010 0% ‐5% ‐9% 5% 7% 8% 0% 5% 5%

2010/2011 1% 9% 12% 4% 7% 8% 2% 4% 10%

2011/2012 5% 11% 25% 21% 27% 33% 10% 15% 26%


Key Findings Sources of Revenue

Private‑equityfirmschargetheirinvestors,asamanagementfee,anywherefrom1.5percentto2.5percentofcommiOedcapitalannuallyduringtheinvestmentperiodsoftheirfunds.Thosewithsmallerfundstendtochargethehigherpercentages,althoughonanabsolutebasistheyusuallybringinlessrevenue.

Aftertheinvestmentperiodendsthemanagementfeestypicallystepsdowntoreflectthereducedworkloadneededtomanageaportfoliothathasenteredharvestmode,aswellasthefactthatafirmisoftencollectingfullfeesonsuccessorpartnerships.Inadditiontomanagementfees,buyoutfirmsalsogenerateincomethroughdealfees,consultingfeesandrelatedfees,althoughthesefeeshavecomeunderpressureaswell.Specifically,LPshavebeenpressingtokeepahigherpercentageofthesefees,tothepointwheremanyfirmsshare80%oreven100%ofthesefeeswithinvestors.

Accordingtooursurvey,themedianformanagementfeesasapercentageofallactivefundsis1.3percentacrossallfirmsinourstudy(seetablebelow).ForLBO/GrowthEquityfirmsinourstudythemedianis1.4percent,whileforVentureCapitalfirmsthemedianisalso1.4percent.

Oursurveyshowsthatthemedianprivate‑equityfirmdevotes60percentofitstotalGPfees/revenuestopayroll—seeTableIV.Thefigureis62percentforLBO/GrowthEquityfirmsinourstudy,and61percentforVentureCapitalfirms.

TableIII:ManagementFeeRatios(Detailsareinfullreport)

Firm Classification

Management Fee Ratios

As a % Of All Active Funds

As % Of Most Recent Fund

As % of Invested Capital

Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th LBO/VC/Mezz (Large) *** *** *** *** *** *** *** *** *** *** *** *** LBO/VC/Mezz (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** LBO/VC/Mezz (All) *** *** *** *** *** *** *** *** *** *** *** *** LBO / Growth Equity (Large) *** *** *** *** *** *** *** *** *** *** *** *** LBO / Growth Equity (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** ***

LBO / Growth Equity (All) 1.4% 0.7% 1.4% 1.8% 2.2% 1.2% 2.0% 2.7% 3.6% 2.0% 2.7% 3.4%Venture Capital (Large) *** *** *** *** *** *** *** *** *** *** *** *** Venture Capital (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** Venture Capital (All) 1.7% 0.9% 1.4% 2.0% 4.7% 2.5% 4.0% 4.9% 6.3% 2.0% 3.2% 4.5%Mezzanine *** *** *** *** *** *** *** *** *** *** *** *** Fund of Funds *** *** *** *** *** *** *** *** *** *** *** *** Corporate Venturing *** *** *** *** *** *** *** *** *** *** *** *** Infrastructure/Distressed/Turnaround *** *** *** *** *** *** *** *** *** *** *** ***

Secondary/ Co-investment *** *** *** *** *** *** *** *** *** *** *** *** Institutional *** *** *** *** *** *** *** *** *** *** *** *** All Firms 1.4% 0.3% 1.3% 2.0% 3.3% 0.7% 2.5% 4.3% 4.6% 1.9% 2.6% 3.7%


Key Findings Sources of Revenue (Continued)

Weknowthatemployeecountdoesnotgouponastraightlinewithassetsundermanagement;private‑equityfirmsthatraiselargerpoolstendtounderwritelargerdeals,whichdon’tnecessarilyrequiremoreresourcestotransact.Inlightofthis,wewouldexpectsalariesandbonusespaidtoprivate‑equityemployeesatindividualfirmstobecorrelatedwithassetsundermanagement.Andsotheyare.Themoremoneyafirmmanagesthemoremoneyittendstopayperemployeeinsalaryandbonus.

Thiscorrelationhasbeenborneoutbythisandcountlesspriorindustrycompensationstudies.Justoneexamplefromdozensinoursurvey:Partners(our3rdlevelinvestmentmanagementposition)atlargeventurecapitalfirms($1.0billionormoreinassetsundermanagement)inoursurveyearnedamedian(50thpercentile)of$543,000insalaryandbonusin2012,comparedwith$250,000fortheircounterpartsatsmallventurefirms(lessthan$500million).

TableIV:PayrollCostAs%ofGPFees/Revenues(Detailsareinfullreport)

Firm Classification Payroll Cost As % of GP Fees/

Revenues

Avg. 25th 50th 75th LBO/VC/Mezz (Large) *** *** *** *** LBO/VC/Mezz (Small/Mid-Size) *** *** *** *** LBO/VC/Mezz (All) *** *** *** *** LBO / Growth Equity (Large) *** *** *** *** LBO / Growth Equity (Small/Mid-Size) *** *** *** *** LBO / Growth Equity (All) 50% 28% 62% 76% Venture Capital (Large) *** *** *** *** Venture Capital (Small/Mid-Size) *** *** *** *** Venture Capital (All) 52% 41% 61% 74% Mezzanine *** *** *** *** Fund of Funds *** *** *** *** Corporate Venturing *** *** *** *** Infrastructure/Distressed/Turnaround *** *** *** *** Secondary/ Co-investment *** *** *** *** Institutional *** *** *** *** All Firms 50% 33% 60% 70%

Infact,buyoutfirmsinoursurveypaymoreinsalaryandbonusthandoventurefirmsinpartbecausetheytendtomanagelargerfunds.Inaddition,manybuyoutprofessionalshailfromthehigh‑payingfieldofinvestmentbanking,andbuyoutfirmscompetetosomeextentwithWallStreetfortalent.Venturecapitaliststendtohaveoperationalbackgroundsinthelessremunerativefieldsoftechnology,healthcareandconsulting.

Salariesandbonusescomprisetwolegsofthecompensationstool.Thethird,andmostimportanttoinvestmentprofessionals,arecarriedinterestdistributions.Thesegetpaidoutofcarriedinterest,orthe20percentofinvestmentprofitsthatprivate‑equityfirmsaretypicallyentitledtokeep(usuallyaftermeetingsomehurdlerateofreturn).ThepreviousfewyearshaveseenariseinM&AandIPOactivity,whichinturnhasledtoariseinexitsforbothbuyoutandventurecapitalfirms.Thisincreaseisreflectedinhighercarriedinterestdistributionsacrossoursurveysamples.

Needlesstosay,theprivatemarketsarenotmonolithic.Nextwetakealookatindustrytrendsthatplayintocompensationpayoutsintwoofthelargestmarketsub‑sectors,LBO/GrowthEquityandVentureCapital.


Key Findings 2011-2012 Compensation Trends: Independent LBO/Growth Equity

Deal‑makingintheU.S.buyoutmarketpeakedin2006‑2007beforefallingoffacliffandstayingatdepressedlevelsin2008and2009.Thelastthreeyearshaveseenagradualrecovery.Exitshavefollowedasimilartrack,leadingtoariseincarrydistributionsforLBO/GrowthEquitypartnersin2012(seeTableV). LBO/GrowthEquityfundraisinghaslaggeddeal‑making,asitalmostalwaysdoes,peakingin2007and2008,beforefallingoffin2009and2010—seeTableII.Thisyear(2012)weshouldseefundraisingbyU.S.buyoutfirmscomecloseto$200billion,wellaheadoftheprevioustwoyears,althoughstillshortofthemorethan$250billionraisedinboth2007and2008. Asinotherprivateequitymarkets,salariesandbonusesatLBO/GrowthEquityshopstendtorisefastestduringtimeswhenfirmsareraisingmoney,rapidlybuildinguptheirassetsundermanagement,andcompetingaggressivelyfortalent. Indeed,theboominfundraisingthatgeneratesmanagementfees,anddeal‑makingthatgeneratesdealfees,fueledarapidriseinsalaryandbonuscompensationforbothpartnerandnon‑partnerinvestmentprofessionalsatLBO/GrowthEquityfirmsfrom2011‑2012(seeTableV).Ourdatashowsthatmanybuyoutprofessionalsalsoenjoyedsizeablecarrydistributionsinboth2011and2012. Hiringalsotendstogohandinhandwithfundraisinganddeal‑making,asfirmsbulkuptohelpputmoremoneytoworkintransactions.Accordingtooursurvey,morethanhalfofLBO/GrowthEquityfirmsplannedtoaddnon‑partnerinvestmentprofessionalstotheirstaffsin2012,upfrom29percentthatactuallydidin2011—seeTableVI.However,relativelysmallpercentagesarerecruitingatthepartnerlevel,asignthatfirmsaren’treadytocommitsignificantresourcestoexpansion.

TableV:AllLBO/GrowthEquity,CommonJobTitles,YearoverYearMedianCompensation.

Firm Classification

Increase Decrease No change

2011 2012 2011 2012 2011 2012 %

Firms % Change (Median)

% Firms

% Change (Median)

% Firms

% Change (Median)

% Firms

% Change (Median)

Partners / M.D. 29% 16% 16% 5% 10% 24% 0% N/A 61% 84%Non Partners 29% 35% 61% 13% 10% 13% 3% N/A 61% 35%

TableVI:StaffingChanges2011andProjected2012,InvestmentProPartnersandNon‑Partners,LBO/GrowthEquity

BaseSalary($000) Salary+Bonus($000) Salary + Bonus + Carry Distribution ($000)

2012 2011 %Change 2012 2011 %Change 2012 2011 %ChangeManagingGeneralPartner(s)/CEO 550.0 550.0 0% 2000.0 1927.0 4% 3699.0 2377.0 56% SeniorPartner/SeniorManagingDirector(s) 350.0 300.0 17% 676.0 600.0 13% 846.1 615.0 38% Partner/ManagingDirector(s)/PorMolioManager 375.0 330.0 14% 644.6 495.0 30% 1007.0 650.0 55% Principal/VicePresident/Director(s) 200.0 185.0 8% 398.7 295.0 35% 432.0 312.0 38% SeniorAssociate(s) 150.0 140.0 7% 254.0 210.0 21% 257.8 225.0 15% Associates(s) 110.0 95.0 16% 193.0 145.0 33% 196.3 145.0 35% CFO 220.5 200.0 10% 302.0 285.0 6% 383.8 285.0 35% COO 400.0 350.0 14% 600.0 437.5 37% 622.2 588.4 6%


Key Findings 2011-2012 Compensation Trends: Independent Venture Capital

DynamicsintheU.S.venturecapitalmarketaresomewhatdifferentthaninthebuyoutmarket.Theventurecapitalmarketisstillrecoveringfromanastonishingboom‑and‑bustperiodbackinthelate1990sandearly2000s.Sincethentheindustryhasbeenshrinking.Manyventurefirmsthatgottheirstartatthetail‑endoftheboomdidn’tsurvivetoraiseasubsequentfund,whileothersscaledbacksignificantly.

Meantime,anumberofinstitutionalinvestors,smartingfromlosses,pulledoutofventurecapitalorratchetedbacktheirallocations.Deal‑makingandfund‑raisingremainatfar‑below‑peaklevels.Althoughbothhavebeenontheriseoverthelastfewyears(TableII),muchofthefundraisingactivityhasbeenconcentratedamongahandfulofbrand‑namefirms.Nevertheless,thishastranslatedtosignificantincreasesinsalaryandbonusforinvestmentprofessionalsatU.S.venturefirmsinoursample(TableVII).

Ahealthyexitmarket,bothforM&AandIPOs,infusedtheventuremarketwithnewlifefrom2010to2012,raisinghopesforanevengreaterpick‑upinfundraisinginthemonthsahead.Accordingtooursurvey,theturnaroundhasnotyettranslatedintoabountyofcarrydistributionsforthemedianprofessionalineither2011to2012(TableVII).Asforstaffing,moreventurefirmsplannedtohireinvestmentprofessionalsatboththepartnerandnon‑partnerlevelin2012,comparedwith2011.However,atthejuniorlevelthepercentagesaremuchlowerthantheyareforU.S.buyoutfirmsinoursurvey(seeTableVIII)asd

TableVII:AllVentureCapital,CommonJobTitles,YearoverYearMedianCompensation

TableVIII:AllVentureCapital,2011StaffingChangesandProjected2012,InvestmentPros,PartnersandNon‑Partners

Firm Classification

Increase Decrease No change 2011 2012 2011 2012

2011 2012 % Firms

% Change (Median)

% Firms

% Change (Median)

% Firms

% Change (Median)

% Firms

% Change (Median)

Partners / M.D. 10% 10% 18% 15% 8% 24% 5% 14% 83% 77%Non Partners 30% 20% 38% 45% 5% 84% 5% 23% 65% 56%

BaseSalary($000) Salary+Bonus($000) Salary + Bonus + Carry Distribution

($000) 2012 2011 %Change 2012 2011 %Change 2012 2011 %Change

ManagingGeneralPartner(s)/CEO 1025.0 1050.0 ‐2% 1116.1 1422.0 ‐22% 1575.9 1422.0 11% SeniorPartner/SeniorManagingDirector(s) 875.0 750.0 17% 875.0 750.0 17% 875.0 750.0 17% Partner/ManagingDirector(s)/PorMolioManager 490.0 450.0 9% 551.3 500.8 10% 553.8 512.5 8% Principal/VicePresident/Director(s) 218.5 215.2 2% 287.1 266.0 8% 287.1 266.0 8% SeniorAssociate(s) 165.0 141.2 17% 225.0 183.8 22% 228.1 183.8 24%

Associates(s) 110.0 100.0 10% 164.0 120.0 37% 164.0 120.0 37% CFO 250.0 300.0 ‐17% 310.0 310.0 0% 345.0 310.0 11% COO 500.0 500.0 0% 525.0 500.0 5% 525.0 500.0 5%


Scope and Methodology Sections II - IV: Strategy and Design

SectionsII‑IVcomprisethequalitativeorʺHowʺsectionofthereport.Wecollectedandanalyzeddataconcerningfinancialandoperationsinformation;humancapitalpractices;andthedesignofcompensationplansincludingsalary,bonus/incentiveplans,carriedinterestplans,co‑investmentplans,generalpartnercommitmentandemployeebenefits.Althoughthisis2012information,webelieveitcanbehelpfulinplanningfor2013.

SectionsII‑IVFirmClassifications: WeclassifyfirmsbytypeandbycommiOedcapitaltoallactivefunds.Altogetherwecreated16samplegroupstocomplementourdiscussionoffirm‑widecompensationissues(SectionsII‑IVofreport).Thesmallersamples(ie.LargeVC)correspondtoyourpeergroups;thelargerones(ie.AllFirms)showcasebroaderindustrytrends.

* LBO/VC/Mezz:CombinesLBO/GrowthEquity/Infrastructure/Distressed/Turnaround,VC,andMezzaninefirmsintoone“Catch‑All”categorywithastandard20%carriedinterest.ExcludesInstitutionalandothertypesoffirms

 Large:firmswith$1BillionormoreincommiOedcapital(allactivefunds)  Small/Mid‑Size:firmswithlessthan$1BillionincommiOedcapital(allactivefunds)  AllFirms

  LBO/GrowthEquity(excludesInstitutionalfirms):  Large:firmswith$1BillionormoreincommiOedcapital(allactivefunds)  Small/Mid‑Size:firmswithlessthan$1BillionincommiOedcapital(allactivefunds)  AllFirms

  VentureCapital(excludesInstitutionalfirms):  Large:firmswith$1BillionormoreincommiOedcapital(allactivefunds)  Small/Mid‑Size:firmswithlessthan$1BillionincommiOedcapital(allactivefunds)  AllFirms

  Mezzanine(Allfirms)   FundofFunds(Allfirms)   CorporateVenturing(Allfirms)   Infrastructure/Distressed/Turnaround(Allfirms)   Secondary/Co‑Investment(Allfirms)   Institutional(Allfirms)   AllFirms(includesallinvestmenttypesasdescribedabove

SampleCharacteristics Thetablebelowshowsyouthenumberoffirmspopulatingeachofthe16samplegroupsusedinSectionsII‑IVofthisreportcoveringfirm‑widecompensationpractices.Youcanalsoseethemake‑upofeachsampleintermsofassetsundermanagement(commiOedcapital,allactivefunds).

FirmSizeStatistics:

Firm Classification

Committed Capital - All Active Funds (Millions)

# Firms Avg. 25th 50th 75th

LBO/VC/Mezz(Large) 34 2,485 1,059 1,837 3,102LBO/VC/Mezz(Small/Mid‐Size) 60 353 100 269 516LBO/VC/Mezz(All) 92 1,141 175 610 1,279LBO/GrowthEquity(Large) 18 2,239 1,042 1,476 3,014LBO/GrowthEquity(Small/Mid‐Size) 19 363 102 300 630LBO/GrowthEquity(All) 37 1,275 300 825 1,453VentureCapital(Large) 16 2,153 1,039 1,837 2,400VentureCapital(Small/Mid‐Size) 27 341 105 223 486VentureCapital(All) 43 1,015 182 450 1,122Mezzanine 10 1,350 56 167 907FundofFunds 9 1,983 500 750 2,100CorporateVenturing 4 249 228 285 306Infrastructure/Distressed/Turnaround 6 1,971 339 1,980 3,475Secondary/Co‐Investment 1 1,382 181 700 1,400Ins\tu\onal 21 1,554 300 521 1,500AllFirms* 131 1,288 200 644 1,426

* Includes firms counted in more than one category


Scope and Methodology Section V - VII: Compensation Data SectionsV–VIIarethequantitativeorʺHowMuchʺsectionsofthereport.Wecollectedandanalyzeddataforvariouspositionsonsalaries,bonuses,andcarriedinterestdistributions.Italsocoverscarriedinterestasapercentofthefundandas“dollarsatwork”fromboth“mostrecentfund”and“allactivefunds.”Althoughthisdatawascollectedin2012,webelieveitisusefulfor2013budgetingpurposes.

ThetablebelowisanexampleoftheexhibitsweprovidetosummarizedatacollectedonPartIIofthesurvey.

SampleTables:PE02.SeniorPartner/SeniorManagingDirector(s)–AllPrivateLBO,VCandMezzaninecombined


Scope and Methodology Section V - VII : Compensation Data (Continued) LevelsOfCompensation: Foreachsamplestatisticwetypicallyshowaverage,25thpercentile,medianand75thpercentile.Alwaysbearinmindthattheaveragecouldbeinfluencedbyparticularlyhighorlowdatapointsinthesample,especiallyifthesamplesizeissmall.Mostfirmsthatusecompensationsurveyssetcompensationtargetsbetweenthemedianandthe75thpercentile. Firm‑WeightedDataversusIncumbent‑WeightedData: Compensationreportsbasedonemployeesurveysmayshowdataoneitheranincumbent‑weightedorafirm‑weightedbasis.Incumbent‑weightedsamplessimplyincludeallemployeesinthesample,evenifasignificantpercentageofthemallworkforthesamefirm;theresultsmaythereforebeundulyinfluencedbyafirmortwoandwon’tberepresentativeoftheoverallmarketplace.Wehavecorrectedforthisflawbycalculatingthedataonafirm‑weightedbasis.Forexample,assumethereare10firmsinasurveyandninefirmshaveoneincumbentonapositionandonefirmhas10incumbents.Thefirmwith10incumbentswouldaffectover50%ofthedata.However,ifweaveragethe10incumbentsandtreatthemasone,weeliminatethisissue. MixofCompensationTypes: Inouremployeecompensationtablesweshowsalaries;salariesplusbonuses;andsalariesplusbonusespluscarriedinterestdistributions.However,firmsinoursamplesmayviewthemixofthesecompensationcomponentsindifferentways,andgivemoreemphasistooneortheother.Venturefirmstendtopayhighsalariesandlowbonuses,whilebuyoutfirms,withtheirrootsininvestmentbanking,tendtopaylowersalariesandlargerbonuses.Mostfirmsseecarriedinterestasthemostimportantcompensationcomponent–atleastforhigherlevelemployees–asitrewardslong‑termpositiveperformanceonbehalfofthefirmanditsinvestors.Inlightofthis,well‑establishedfirmswhosepartnersalreadyhaveahighnetworthmaywellpayrelativelylowsalariesand/orbonuses.Thisofcoursecanvarybasedontheamountofmanagementandotherfeesthatarereceivedasrevenues. CarriedInterestPlanAllocation: Whereapplicable,weshowthreecarriedinterestallocations.Thefirstisthepercentofthemostrecentfundallocatedtoeachemployeeascarriedinterest,alsoreferredtoascarriedinterestpoints.Employeestypicallysharethe20pointsofcarryallocatedtotheGP,althoughaportionmaybeallocatedtoaparentcompany,orheldinreserveforfuturehiresandpromotions.Wealsoshowthecarriedinterest“dollarsatwork”forthemostrecentfund,whichisthecarriedinterestpointsassignedanemployeemultipliedbythesizeofthefund.Forexample,apartnerwith1pointofcarryona$100millionfundhas$1millionatworkinthatfund—inotherwords,thedollarsatworkthatcanresultinrealizedinvestmentgains.Wealsoshowanestimateofdollarsatworkforallactivefunds.


Scope and Methodology Section V : Compensation Data (Continued) SectionV.FirmClassification:

ForouranalysisofemployeecompensationinSectionVofthisreportwecreated24samples,describedbelow.Institutionalfirms(groupssponsoredbybanksorotherlargeparents)areincludedinthesesamplesunlessotherwisenoted.

  LBO/VC/Mezz:CombinesprivateLBO/GrowthEquity/Infrastructure/Distressed/Turnaround,VentureCapital,andMezzaninefirmsintoone“catch‑all”category.ExcludesInstitutionalandothertypesoffirms.

 Large:$1.0Billionormore  MidSize:$500–$999Million  Small:Lessthan$500Million  AllFirms

  LBO/GrowthEquity(excludesInstitutionalfirms)  Large:$1.0Billionormore  MidSize:$500–$999Million  Small:Lessthan$500Million  AllFirms

  VentureCapital(excludesInstitutionalfirms)  Large:$1.0Billionormore  MidSize:$500–$999Million  Small:Lessthan$500Million  AllFirms

  Mezzanine  Mid/LargeSized:$500Millionormore  Small:Lessthan$500Million  AllFirms

  FundofFunds  Large:$1.0Billionormore  MidSize:$500‑$999M  AllFirms

  AllCorporateVenturing   AllInfrastructure/Distressed/Turnaround/RealEstate   Institutional

 Large:$1.0Billionormore  Small/MidSize:Lessthan$1.0Billion  AllFirms

  AllFirms

.

StudiedPositions: JobdescriptionsforallthepositionlistedbelowareincludedinSectionVIofthisreport.

InvestmentProfessionals   ManagingGeneralPartner(s)/CEO   SeniorPartner/SeniorManagingDirector(s)   Partner/ManagingDirector(s)/PortfolioManager   Principal/VicePresident/Director(s)   SeniorAssociate(s)   Associate(s)   SeniorAnalyst(s)   Analyst(s)   VenturePartner/OperationsPartner

Administrative/Support   ChiefOperatingOfficer(COO)   Administrative/OfficeManager   ExecutiveAssistant   Secretary/Administrator   Receptionist

Finance   ChiefFinancialOfficer(CFO)   Controller   AssistantController   SeniorAccountant   JuniorAccountant   FundAccountant

MarketingandInvestorRelations   ChiefMarketingOfficer/HeadofMarketing   MarketingManager   InvestorRelationsDirector/HeadofInvestorRelations   InvestorRelationsManager

Legal,HumanResourcesandInformationTechnology   ChiefLegalCounsel   Compliance&RiskOfficer   ChiefHumanResources/TalentOfficer   HumanResourcesManager   ChiefTechnologyOfficer   InformationTechnologyManager


Scope & Methodology Partial Participant List

3i 5AMVentures AceroCapital AgstarFinancial AmericanInfrastructureMLPFunds AmpersandCapitalPartners AmericanInfrastructureMLPFunds ArthurVenGrowthFundLLC AscensionHealthVentures AtlasVenture AvenueCapitalAsiaFund BaOeryVentures BBVA BlackRiverAssetManagement BluePointCapitalPartners BlueWolfCapitalPartners CapStreetGroup(The) CelticTherapeuticsManagementLLC CharlesRiverVentures,LLC CitiInfrastructureInvestors ClairvestGroupInc. CMEACapital DCM DRICapital ElementPartners ePlanetCapital FalconAssociates FNBCapitalCorp FocusVentures ForbesPrivateCapitalGroup ForumSynergies FrazierManagement GenevaGlenCapital GMBMezzanineCapital

GreatHillPartners,LLC GreenspringAssociates GrotechVentures GryphonVenturePartners HealthEvolutionPartners H.I.G.Capital HummerWinbladVenturePartners IndustrialGrowthPartners InnovaMemphis InsightEquity InstitutionalVenturePartners InternetCapitalGroup JAFCOVentures JMIEQUITY KRGCapitalManagement,LP LamplighterFinancialLLC LBPLLC LeedsEquityPartners LifeSciencesGreenhouseofCentralPA LindenCapitalPartners LongitudeCapital LovellMinnickPartnersLLC MadronaVentureGroup ManzanitaCapital MarlinEquityPartners MassCECInvestments MekongCapital MeritageFunds Nike NorthernLightVentureCapital NorthstarCapitalLLC NorwestEquityPartners NorwestMezzaninePartners NorwestVenturePartners O’ReillyAlphaTechnologyVentures PaladinCapitalGroup

PalladiumEquityPartners PangaeaVentures PappasVentures PartnersGroup PentaMezzanineFund PermalCapitalManagement PintoAmericaGrowthFund Prudential QICBioVentures RiversideCompanyRCAF RiversideCompanyRMCF RiversideCompanyREF RiversideCompanyRAF RiverVestVenturePartners RobertBoschVentureCapitalGmbH RobertW.Baird&Co. SaybrookCapital SplitRockPartners SterlingGroupLP SterlingStamosCapitalManagement StrategicTimberInc. SVBFinancialGroup SVLifeSciencesAdvisors SWMFLifeSciencesFund TechnologyCrossoverVentures ThirdRockVentures TLVentures TrueBridgeCapitalPartners TwinBridgeCapital TZPGroup VantagePointCapitalPartners VolvoTechnologyTransfer VoyagerCapital WaterStreetHealthcarePartners YukonPartners


About The Authors

Holt Private Equity Consultants specializes inassisting clients with private equity/venturecapital organizational and human resourcesissues, which includes compensation andperformance management. The Holt firm hasdesigned numerous carried interest and co‑investment plans, as well as annual incentiveplans. It also has consulted with various realestate and investment/funds managementorganizations

Prior to founding Holt Private EquityConsultantsin2001,MikeHoltwasaconsultantwith William M. Mercer, KPMG, and HayManagement Consultants, where among otherthings he conducted private equity/venturecapital compensation surveys. Previously, hewas head of compensation and employeebenefits at Norwest (nowWells Fargo) and forPillsbury(consumerproducts).

Mike received his undergraduate degree at theUniversityofNotreDameandaMastersDegreein Business Administration from RooseveltUniversity.HealsoservedasaLieutenantintheU.S.Army.

R.MichaelHolt(Mike) [email protected](239)594‑5530

“MM & K is a leading independent remunerationconsultancy specializing in the planning, design andimplementationofpayandrewardstrategies. Founded in 1973, MM & K is based in the City ofLondonandmainlyfocusesonexecutiveandemployeereward strategies and structures. In recent years wehaveaddedotherservicestosupportourclients’needsthroughtheacquisitionsofIndependentRemunerationSolutionsandthelaunchofhighertalent,ourspecialistrecruiterofHRandrewardprofessionals. OvertheyearsMM&Khasbuiltupahugeamountofknowledge and experience in the private equity andventure capital arena. This yearwill be the sixteenthconsecutiveyearthatwehaveconductedapaysurveyintheUK/EuropeanPrivateEquitysector.InadditiontotheknowledgethatwehavegatheredbasedonourPrivateEquitySurveyswehavealsoadvisedmorethan40 different PE houses on their own pay and rewardstrategiesoverthelasttenyears. We put into place strategies that ensure clientremuneration programs are integrated with businessgoals. Experience shows us that when a businessachieves this integration, the overall competitivenessandvalueofthebusinessincreasessubstantially. Our consultants’ expertise areas include rewardstrategies, HR, share schemes, law, accountancy, tax,corporate governance, business management andstatistics. MM&Kisownedbyitsemployeesanddirectors. MM&K Limited is authorized and regulated by theFinancialServicesAuthority.”

JamesWaOsandNigelMills James.waOs@mm‑k.com +442072837200

ThomsonReutersistheleadingsourceofintelligentinformationfortheworld’sbusinessesandprofessionals,providingcustomerswithcompetitiveadvantage.Intelligentinformationisauniquesynthesisofhumanintelligence,industryexpertiseandinnovativetechnologythatprovidesdecision‑makerswiththeknowledgetoact,enablingthemtomakebeOerdecisionsfaster.

Throughover55,000employeesacrossmorethan100countries,wedeliverthismust‑haveinsighttothefinancial,legal,taxandaccounting,healthcare,scienceandmediamarkets,poweredbytheworld’smosttrustednewsorganization.

Forthepast20years,theDealsGroupatThomsonReutershasbeensupplyingvaluabledata,newsandanalysistoprivateequityandventurecapitalprofessionalsaroundtheworld.Itsflagshipproductsincludethebi‑weeklyBuyoutsMagazine,themonthlyVentureCapitalJournal,thedailypeHUBWireandtheInvestmentBenchmarksReportseriesofmarketintelligentstudiesofindustryreturns,partnershiptermsandconditionsandemployeecompensation.

DavidM.Toll [email protected] (646)223‑6784


II. Financial & Operational Data

PE/vc Compensation North America

EXECUTIVE SUMMARY


HUMAN CAPITAL






By Firm Type and Size

Financial and Operational Data Committed Capital and Cost of Investments

Part Iof the surveyquestionnaireused togenerate this report coveredfinancial,operational,humanresourcesandotherfirm‑widemaOers, andwe cover theresultsinSectionsII‑IIIofthereport.PartIalsocoveredthedesignofsalary,bonus,carriedinterestandco‑investmentplans,whichwecoverinSectionIVofthereport.Thetablesstartingbelowletyouevaluatethesizeofthefirmsinoursample—commiOedcapitalforallactivefundsandforthemostrecentfundaswellasthecostofinvestments.Somesourcesusetheterm“AssetsUnderManagement(AUM)”ratherthan“CommiOedCapital”whenmeasuringsize.Thisyearweaskedforboth.70%offirmsdonotdistinguishbetweenthetwo;28%offirmsshowAUMaslowerthancommiOedcapital;and2%showAUMashigher.

There are 16 type/size of firm samples used in Sections II‑IV of this report.Note that the category LBO/VC/Mezz also includes Infrastructure andDistressed/Turnaroundfirms.ThatcategoryaswellastheseparateLBO/GrowthEquitycategoryandtheseparateVCcategoryincludesprivate/standalonefirmsbutdoesnotincludeInstitutionalfirmsnorSecondary,FundofFunds,Co‑InvestmentorCorporateVenturingfirms.

Commi^edCapital(Millions)CostofInvestments(Millions)FirmClassifica\on AllAc\veFunds MostRecentFund

#Firms Avg. 25th 50th 75th #Firms Avg. 25th 50th 75th #Firms Avg. 25th 50th 75th

LBO/VC/Mezz(Large) 34 2,485 1,059 1,837 3,102 34 920 424 650 862 22 1,017 614 751 1,064

LBO/VC/Mezz(Small/Mid‐Size) 58 353 100 269 516 56 193 57 118 300 46 210 63 165 300

LBO/VC/Mezz(All) 92 1,141 175 610 1,279 90 471 100 300 520 68 471 100 273 614

LBO/GrowthEquity(Large) 18 2,239 1,042 1,476 3,014 18 934 613 763 1,057 13 883 508 740 1,035

LBO/GrowthEquity(Small/Mid‐Size) 19 363 102 300 630 18 251 101 179 426 15 222 100 115 382

LBO/GrowthEquity(All) 37 1,275 300 825 1,453 36 592 180 469 756 28 529 112 449 655

VentureCapital(Large) 16 2,153 1,039 1,837 2,400 15 644 331 450 683 10 1,137 680 750 1,317

VentureCapital(Small/Mid‐Size) 27 341 105 223 486 27 149 45 102 240 21 179 47 193 252

VentureCapital(All) 43 1,015 182 450 1,122 42 326 78 210 395 31 488 102 227 580

Mezzanine 10 1,350 56 167 907 10 680 51 149 446 8 238 38 65 344

FundofFunds 9 1,983 500 750 2,100 8 325 175 300 344 4 768 355 425 838

CorporateVenturing 4 249 228 285 306 4 175 100 150 225 3 199 149 207 254

Infrastructure/Distressed/Turnaround 6 1,971 339 1,980 3,475 6 1,355 100 801 2,625 1 3,300 3,300 3,300 3,300

Secondary/Co‐Investment 1 1,382 181 700 1,400 71 638 111 400 750 53 477 100 400 590

Ins\tu\onal 21 1,554 300 521 1,500 20 767 138 300 763 12 398 170 300 471

AllFirms* 131 1,288 200 644 1,426 127 543 100 300 562 88 504 100 300 595

* Includes firms counted in more than one category



Financial and Operational Data Number of Funds Managed and Number of Portfolio Companies

Largefirmsinoursamplestendtomanage4to6fundswhereassmalltomid‑sizefirmsmanage2to3funds.Slightlymorethanhalfoffundsmanagedbyfirmsinoursamplesarecurrentlybeinginvested,whiletherestarefullyinvestedbutnotwoundup.Somefunds,mostlyonessponsoredbyinstitutions,haverollingorevergreen funds. LBO/Growth Equity firms tend to have fewer portfolio companies than VC firms but they also havemuch larger investments per portfoliocompany.


By Firm Type

Financial and Operational Data Ownership Structure

Mostofthesurveyparticipantsareprivate/standalonefirms.However,ameaningfulsampleof30%areInstitutionalorganizations.

AmongInstitutionalorganizations,mostofthecapital–about71%– isprovidedbytheparentcompany



Financial and Operational Data Fees

ManagementfeesarepaidbyLimitedPartners(LP’s)toGeneralPartners(GP’s).Typicallytheyareabout1.5%–2.5%ofafundperyear.Largerfirmshavethelowerpercentagesbutdue to size generatemoredollarsof fees.The tables show thepercentof themost recent fundand thedollars fromall active funds.Feesaresomewhatloweraftertheinvestmentperiod(typicallythreeyears)ismostlyover.

Therealsoare“Other”feesthatarepaidbyportfoliocompanies.Examplesaretransactionfees;monitoring/advisoryfees;anddividends.Historically,GP’skeptallormost of these fees.Now it is closer to a 50‑50 splitwith theLP’s.There is a trend to an 80%LP– 20%GP split (which is in linewith the split of realizedinvestmentgainsfromexitsofportfoliocompanies).Alaterslideidentifiesthecurrentactualsplits.



Financial and Operational Data Fee Ratios

Thepreviouspagecommentsonthesplitof“Other”feesbetweenGP’sandLP’s,whichshownbelowisaboutone‑thirdtoGP’sandtwo‑thirdstoLP’s.

Totalmanagementfeesaveraged1.4%ofallactivefundsinour“allfirms”sample,3.3%ofthemostrecentfund;and4.6%ofthecurrentinvestmentsinportfoliocompanies.MostLP’slooktothefeesfromallactivefunds.However,itprovidesadifferentperspectivewhenotherratiosarereviewed.Thedatashowsthatfeesarebeingcollectedon“old”fundsandarequitehighasapercentofactualinvestedcapital.

29%

33%

34%

10%

71%

67%

67%

90%

0% 20% 40% 60% 80% 100%

LBO/VC/Mezz

LBO/GrowthEquity

VentureCapital

Mezzanine

Median"OtherFees"Ra0oofGPFeestoLPFees

GP LP


By Firm Type

Financial and Operational Data

ParticipantsinthesurveyreportedthatLimitedPartnersreceive68%oftransactionfees;69%ofmonitoringfees78%ofDirectorsfees;and98%ofDividends.Asstatedinanearlierslide,theGeneralPartner/LimitedPartnersplithaschangedconsiderablyinrecentyears.

Fee Splits


III. Human Capital


EXECUTIVE SUMMARY


HUMAN CAPITAL







Human Capital Number of Employees Per Employee Group

Itisobviousthatlargefirmshavemoreemployeesthansmallfirms.WhatislessobviousisthatVCfirms,allotherthingsbeingequal,normallyhavemorepartnersthanLBOfirms,butLBOfirmshavemorenon‑partnerinvestmentprofessionalsthanVCfirms.ThismakessensebecauseVCfirmshavemoreportfoliocompanies(andsmallersizeportfoliocompanies)thanLBOfirmsandthusrequiresmorepartnertime.Conversely,LBOfirmshavefewerandlargersizeportfoliocompaniesthatrequiremoreanalysis,moreduediligenceandmoremonitoring‑whicharetasksthatcanbedonebelowthepartnerlevel.


By Firm Type

Human Capital Staffing Changes 2010/2011 – Investment Professionals

BasedonstaffingforecastsbyfirmsinoursurveymostPEandVCfirmsaremaintainingtheirinvestmentteamsatcurrentlevels.Amongpartners,19%ofallsamplefirmsincreasedstaffingin2011(versus11%in2010and19%projectedforthisyear);and6%decreased(versus9%in2010andonly4%projectedin2012).Amongnon‑partnerinvestmentprofessionals,33%offirmsincreasedstaffingin2011(versus35%in2010and48%projecteddoingsoin2012).Meanwhile,only6%ofallfirmsinoursampledecreasednon‑partnerinvestmentprofessionalstaffingin2011(versus12%in2010andonly3%projectedfor2012).


By Firm Type

Human Capital Staffing Changes 2010/2011 – Administrative / Support Staff

Amongnon‑PartnerAdministrative/SupportStaff,27%increasedstaffin2011(versus29%in2010and24%projectedin2012);and10%decreasedstaff(versus11%in2010andonly1%projectedin2012).



Human Capital Investment Manager Ratios

AveragecommiOedcapitalperpartneris$235millioninoursampleofLBO/GrowthEquityfirmsand$206millionperpartnerinoursampleofVCfirms.Whenwedothecalculationforallinvestmentprofessionals(includingPartnerlevel),theamountfallsto$81millionperprofessionalinLBOfirmsand$108millionperprofessionalinVCfirms. Averagemanagementfeesperpartnerare$3.1millioninLBO/GrowthEquityfirmsand$2.5millioninVCfirms.Forallinvestmentprofessionstheratiofallsto$1.1millioninLBO/GrowthEquityfirmsand$1.3millioninVCfirms. Theaverageportfoliocompanies‑to‑partnerratiois4.0inoursampleofLBO/GrowthEquityfirmsand8.2inVCfirms.Theportfoliocompanies‑to‑investmentprofessionalratiois1.4inLBO/GrowthEquityfirmsand4.3inVCfirms.

Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th

LBO/VC/Mezz(Large) 318.1 211.7 282.6 302.7 131.2 94.1 126.7 147.7 3.4 2.0 2.7 3.1 1.4 0.9 1.2 1.5 6.8 3.7 6.5 7.3 2.8 1.6 2.9 3.5

LBO/VC/Mezz(Small/Mid‐Size) 103.7 50.0 89.7 103.2 46.5 33.3 43.4 51.6 2.0 1.0 1.4 1.8 0.9 0.7 0.7 0.9 5.2 3.5 4.3 5.4 2.4 2.3 2.1 2.7

LBO/VC/Mezz(All) 228.7 87.3 152.4 213.2 96.8 43.6 61.0 89.8 2.6 1.5 2.0 2.5 1.1 0.7 0.8 1.1 6.2 5.4 5.1 6.9 2.6 2.7 2.1 2.9

LBO/GrowthEquity(Large) 286.1 208.5 246.0 301.4 97.8 80.2 79.8 103.9 3.7 2.8 2.9 3.0 1.3 1.1 1.0 1.0 4.3 2.6 3.2 4.2 1.5 1.0 1.0 1.4

LBO/GrowthEquity(Small/Mid‐Size) 111.1 51.0 100.0 157.5 40.5 25.5 33.3 52.5 2.2 1.0 1.4 2.4 0.8 0.5 0.5 0.8 2.8 2.5 2.3 3.0 1.0 1.3 0.8 1.0

LBO/GrowthEquity(All) 235.4 100.0 206.3 232.4 81.1 33.3 63.5 72.6 3.1 1.1 2.5 2.8 1.1 0.4 0.8 0.9 4.0 2.3 3.1 3.6 1.4 0.8 1.0 1.1

VentureCapital(Large) 280.0 173.2 245.0 234.2 142.3 96.7 147.0 120.0 3.0 1.6 2.2 2.9 1.5 0.9 1.3 1.5 9.3 7.2 9.3 8.0 4.7 4.0 5.6 4.1

VentureCapital(Small/Mid‐Size) 103.4 105.0 74.2 107.9 56.1 35.0 37.1 64.7 2.1 2.3 1.4 1.9 1.1 0.8 0.7 1.1 6.8 12.0 6.8 7.2 3.7 4.0 3.4 4.3

VentureCapital(All) 205.9 91.0 112.5 160.3 107.5 60.7 64.3 93.5 2.5 1.5 2.0 2.1 1.3 1.0 1.1 1.3 8.2 6.5 8.0 7.1 4.3 4.3 4.6 4.2

Mezzanine 400.1 28.1 55.6 181.3 211.0 18.8 30.3 103.6 1.3 0.7 1.3 1.0 0.7 0.4 0.7 0.5 6.6 4.5 8.0 5.8 3.5 3.0 4.4 3.3

FundofFunds 482.4 250.0 187.5 525.0 153.9 100.0 68.2 175.0 3.5 1.2 1.2 3.1 1.1 0.5 0.4 1.0 5.1 5.0 5.5 5.5 1.6 2.0 2.0 1.8

CorporateVenturing 99.5 227.5 142.5 87.5 76.5 91.0 95.0 81.7 2.3 4.9 2.9 1.9 1.8 2.0 1.9 1.8 6.9 6.5 6.0 7.3 5.3 2.6 4.0 6.8

Infrastructure/Distressed/Turnaround 454.8 169.5 792.1 661.9 142.5 75.3 304.7 302.2 4.8 3.2 3.0 5.5 1.5 1.4 1.2 2.5 6.9 4.5 5.2 4.6 2.2 2.0 2.0 2.1

Secondary/Co‐Investment 275.0 90.3 175.0 233.3 123.2 60.2 77.8 93.3 2.8 1.0 2.0 2.3 1.1 0.7 0.9 0.9 5.0 3.5 3.3 4.7 2.0 2.3 1.4 1.9

Institutional 458.4 300.0 221.7 300.0 276.5 300.0 104.2 214.3 2.0 2.0 1.9 1.9 1.2 2.0 0.9 1.4 7.9 10.8 10.4 7.9 4.8 10.8 4.9 5.6

AllFirms 281.5 100.0 161.0 237.7 121.1 66.7 80.5 109.7 2.7 1.4 1.9 2.3 1.2 0.9 0.9 1.1 6.5 5.0 5.5 6.8 2.8 3.3 2.8 3.1

Partner / M.D. All Investment Professionals Partner / M.D.Partner / M.D. All Investment Professionals

Management Fees Per Investment Manager - Millions

Firm Classification

Committed Capital (All Active Funds) Per Investment Manager - Millions

Portfolio Companies Per Investment Manager

All Investment Professionals


Human Capital Human Capital Policies, Experience to Partner, and MBA Hiring/Compensation Practices

The average and median years from an MBA degree to partner/managingdirectoriseight.

The medianannualstartingsalary foranMBAforallfirms inoursurvey is$110,000and themedianfirstyearbonus (annualized) is$60,000.Largerfirms,becausetheygeneratemoreinfees,tendtopaymorethansmallandmid‑sizefirms.

Mostfirmshaveaformalperformanceappraisalsystemandaboutone‑halfhaveaformalcompensationpolicy.

82%

50%

18%

50%

FormalAppraisalSystem

FormalCompensa\onPolicy

HumanCapitalPolicies

Yes No



Human Capital Payroll Cost As % of GP Fees/Revenues

ThemedianpayrollasapercentofGPfees/revenuesis60%.Itishigherinsmallerfirms(about62%)thaninlargerfirms(about55%).ItisaboutthesameinVCfirms(61%)andLBOfirms(62%).


IV. Compensation Strategy


EXECUTIVE SUMMARY


HUMAN CAPITAL






Compensation Strategy Types of Compensation – Investment Professionals

Amongsurveyparticipants,69%haveacarriedinterestplanforPartners(81%ofLBOfirmsand70%ofVentureCapitalfirmsandonly52%ofInstitutionalfirms).21%haveaco‑investmentplan.ManyoftheInstitutionalfirmshavevarioustypesofstockoptions.

Aboutone‑thirdoffirmshaveasalary/partnerdraweitherwithasalaryorwithoutasalary.79%ofLBOfirmsand72%ofVCfirmsreporthavinganannualbonusor incentiveplan forpartners (this includesresidual feebonuses).Non‑partner investmentprofessionalshavebonusplans in97%ofLBOfirmsand81%ofVCfirms.Wewouldexpectcloserto100%butareshowingthedatathatwasreported.

By Firm Type

Base Salary

Salary Draw / Partner Draw

Annual Incentive/B

onus

Residual Fees Bonus

Carried Interest

Plans

Co-Investment

Plans

Phantom Stock

Performance Shares /

Units

Stock Options

Restricted Stock

Stock Appreciation

Rights

LBO/VC/Mezz 72% 34% 62% 16% 76% 24% 1% 4% 3% 3% 1%LBO/GrowthEquity 76% 35% 65% 14% 81% 30% 3% 5% 0% 3% 0%VentureCapital 70% 33% 56% 16% 70% 12% 0% 2% 5% 2% 2%Mezzanine 70% 30% 70% 30% 80% 50% 0% 10% 10% 10% 0%FundofFunds 67% 33% 56% 22% 67% 22% 11% 11% 11% 11% 22%CorporateVenturing 100% 0% 100% 0% 25% 0% 0% 0% 25% 50% 0%Infrastructure/Distressed/Turnaround 67% 20% 50% 0% 67% 20% 0% 0% 0% 0% 0%Secondary/Co‐Investment 100% 0% 100% 0% 100% 0% 0% 0% 0% 0% 100%Institutional 76% 10% 81% 19% 52% 14% 5% 10% 14% 19% 5%AllFirms 73% 28% 65% 16% 69% 21% 2% 5% 6% 8% 4%

Investment Professionals (Partner)

Firm Classification

Base SalarySalary Draw / Partner

Annual Incentive/B

onus

Residual Fees Bonus

Carried Interest

Plans

Co-Investment

Plans

Phantom Stock


Units

Stock Options

Restricted Stock

Stock Appreciation

RightsLBO/VC/Mezz 92% 0% 86% 4% 57% 25% 3% 2% 3% 1% 1%LBO/GrowthEquity 95% 0% 92% 5% 76% 43% 3% 0% 3% 0% 0%VentureCapital 91% 0% 81% 0% 44% 7% 5% 5% 2% 2% 2%Mezzanine 90% 0% 80% 20% 50% 30% 0% 0% 10% 0% 0%FundofFunds 89% 0% 56% 0% 67% 22% 11% 11% 11% 11% 11%CorporateVenturing 100% 0% 100% 0% 25% 0% 0% 0% 0% 0% 0%Infrastructure/Distressed/Turnaround 100% 0% 100% 0% 67% 40% 0% 0% 0% 0% 0%Secondary/Co‐Investment 100% 0% 100% 0% 100% 0% 0% 0% 0% 0% 0%Institutional 95% 0% 81% 10% 33% 5% 5% 0% 10% 5% 5%AllFirms 93% 0% 84% 5% 54% 21% 4% 2% 5% 2% 2%

Firm Classification

Investment Professionals (Non-Partner)


By Firm Type

Compensation Strategy Types of Compensation – Administrative / Support Staff

Administrative/SupportStaffatthepartnerlevelhaveasalaryratherthanasalarydraw.29%offirmsprovidecarriedinterestplansand8%provideco‑investmentplanstotheseemployees.

Amongnon‑partneradministrative/supportstaff,25%offirmsprovideacarriedinterestplanand8%provideaco‑investmentplan.


Annual Incentive/B

onus

Residual Fees Bonus

Carried Interest

Plans

Co-Investment

Plans

Phantom Stock


Units

Stock Options

Restricted Stock

Stock Appreciation


Firm Classification

Administrative / Support Staff (Partner)


Annual Incentive/B

onus

Residual Fees Bonus

Carried Interest

Plans

Co-Investment

Plans

Phantom Stock


Units

Stock Options

Restricted Stock

Stock Appreciation


Firm Classification

Administrative / Support Staff (Non-Partner)


By Firm Type

Compensation Strategy Base Salary Level Changes – Investment Professionals

32%offirmsincreasedpartnerlevelsalariesin2011(versus30%in2010andaprojected35%in2012.Themedianincreaseis5%forLBOfirmsand15%inVCfirms.

Amongnon‑partnerinvestmentprofessionals,63%offirmsincreasedsalariesin2011(versus65%in2010and52%projectedin2012).Themedianincreasewas10%forVentureCapitalfirmsand10%forLBOfirms.Veryfewdecreasesinsalarywerereportedfortheseemployees.

% Firms % Change % Firms % Change % Firms % Change % Firms % Change LBO/VC/Mezz 26% 6% 31% 5% 5% 17% 1% N/A 69% 68%LBO/GrowthEquity 19% 5% 34% 5% 3% 17% 0% N/A 78% 66%VentureCapital 28% 15% 24% 6% 5% 16% 3% N/A 68% 73%Mezzanine 50% 7% 43% 5% 13% 17% 0% N/A 38% 57%FundofFunds 88% 4% 83% 4% 0% N/A 0% N/A 13% 17%CorporateVenturing 67% 9% 67% 4% 0% N/A 0% N/A 33% 33%Infrastructure/Distressed/Turnaround 0% N/A 17% N/A 0% N/A 0% N/A 100% 83%Secondary/Co‐Investment 100% 4% 100% 4% 0% N/A 0% N/A 0% 0%Institutional 35% 10% 33% 5% 0% N/A 0% N/A 65% 67%AllFirms 32% 5% 35% 5% 3% 17% 1% N/A 64% 64%

2011 2012 2011 2012Firm Classification

Salary Changes in 2011 and Projected for 2012 - Investment Professionals (Partners/M.D.)Increase Decrease No Change

2011 2012

% Firms % Change % Firms % Change % Firms % Change % Firms % Change LBO/VC/Mezz 64% 8% 52% 5% 3% 21% 4% 10% 33% 44%LBO/GrowthEquity 56% 10% 61% 5% 0% N/A 3% 4% 44% 36%VentureCapital 59% 10% 42% 5% 5% 21% 5% 15% 35% 53%Mezzanine 88% 5% 43% 5% 0% N/A 0% N/A 13% 57%FundofFunds 100% 3% 86% 4% 0% N/A 14% 4% 0% 0%CorporateVenturing 67% 5% 67% 3% 0% N/A 0% N/A 33% 33%Infrastructure/Distressed/Turnaround 50% 9% 67% 8% 0% N/A 0% N/A 50% 33%Secondary/Co‐Investment 100% 4% 0% N/A 0% N/A 100% 4% 0% 0%Institutional 56% 8% 44% 8% 0% N/A 6% 5% 44% 50%AllFirms 63% 7% 52% 5% 2% 21% 5% 4% 35% 42%

Firm Classification

Salary Changes in 2011 and Projected for 2012 - Investment Professionals (Non-Partner/Non-M.D.)Increase Decrease No Change

2011 2012 2011 2012 2011 2012


Partnerlevelemployeessawincreasesinbonusesin22%offirmsfor2011(versus31%in2010andaprojected30%in2012).Themedianincreasewas8%.Conversely,13%offirmsdecreasedbonusamounts(comparedwith15%in2010andaprojected7%in2012.

Non‑partnerinvestmentprofessionalshadincreasesinbonusesin41%offirmsfor2011(versus44%in2010andaprojected37%in20112.Themedianincreasewas10%.Only7%ofthesefirmsdecreasedbonusamounts(comparedto9%in2010andaprojected4%in2012).

Compensation Strategy Bonus Level Changes – Investment Professionals


By Firm Type

Compensation Strategy Base Salary Changes – Administrative / Support Staff

Amongadministrative/supportstaffemployees,44%offirmsincreasedsalariesforpartnersand67%increasedsalariesfornon‑partners.Themedianincreasewas5%forpartnersand4%fornon‑partners.Decreasesinsalarywereveryrare.


By Firm Type

Compensation Strategy Bonus Level Changes – Administrative / Support Staff

20%offirmsincreasedbonusesforpartnerleveladministrative/supportstaffin2011and18%decreasedbonuses.Themedianincreasewas10%

29%offirmsincreasedbonuslevelsfor(non‑partner)administrative/supportstaffin2011,while7%offirmsdecreasedbonuses.Themedianincreasewas9%.


By Firm Type

Compensation Strategy Annual Bonus Plans: Bonus Determination Factors

Forinvestmentprofessionals,24%offirmsreportbonusesareentirelydiscretionary.Othersreportthatbonusesaresomewhatdiscretionarybutarebasedonindividualorfirmorteamperformance.29%haveformulaicgoals/objectivesand5%donothaveabonusplan.(9%ofVCfirmshavenobonusplan.)

Fornon‑investmentprofessionals,21%offirmsreportbonusesareentirelydiscretionary.Otherfirmsreportbonusesaresomewhatdiscretionarybutarebasedonindividualorfirmorteamperformance.23%haveformulaicgoals/objectivesand6%donothaveabonusplan.


By Firm Type

Compensation Strategy Annual Bonus Plans: When are Bonuses Distributed and Who Makes Bonus Decisions

Thetimingforpaymentofbonusesvariesamongfirms.28%paybeforefinancialyear‑end,40%duringthefirsttwomonthsafterfinancialyear‑end,and13%inthethirdorfourthmonth.20%offirmsprovideabonusuponexitofaportfoliocompany,and6%to8%foraclosingorrecapitalization.

Ifbonusesarediscretionary,themostcommonapproachtodeterminingbonusamountsisbythemanagingpartners.


Compensation Strategy Carried Interest Plans (CIP): As % of Most Recent Fund and Carried Interest Dollars at Work

The carried interest “percent” is worthy of note, but moreimportantarethe“dollarsatwork”thatarederivedfromthepercent.

For example, assume there are three funds each with $800million of commiOed capital.Onehas carried interest of 25%,oneat20%andoneat15%.Thedollarsatworkwouldbe$200million(25%);$160million(20%);and$120million(15%).

Asdescribedabove, the “dollars atwork”are returned to theLP’s, but any realized gains from those dollars are paid/distributedtotheGP.

TraditionalCarriedInterestplansforLBO,VC,andMezzaninefirmsrepresent20%of the CommiOed Capital. Limited Partners (LP’s) ultimately are (or should be)returned100%oftheircapitalbutonlyreceive80%ofanyrealizedgainsfromexitsof portfolio companies. The remaining 20% of realized gains is awarded to theGeneral Partner (GP) /private equity firm. The LP’s have allowed 20% of theircapitalto“carry”theGP’s.

Carried Interest is not always 20%. Some firms have had a 25% or 30% carriedinterestplan.Notethatthemediancarriedinterestis5%forFundofFundsand10%forsecondaryandco‑investmentorganizations;


Compensation Strategy Carried Interest Plans (CIP): Allocation

Partners/ManagingDirectorsareallocatedmostofthecarriedinterest.Non‑partners,whichdidnotreceivecarriedinterestuntilthelate1990’s,nowareallocated13%ofthe“carry”(16%inLBOfirmsand12%inVCfirms).

AmongInstitutionalfirms,theParentCompanyreceives34%ofthecarry.

By Firm Type

46%offirmsallocatecarriedinteresttoemployeesonapurelydiscretionarybasis.

Anadditional21%alsoarediscretionarybutbasedonarangedetermined by grade level. 13% allocate based on a formula,and16%basedonthegradelevel.


Compensation Strategy Carried Interest Plans (CIP) : Distribution Requirements and Hurdle Rates

72% of firms are required to return all capital (contributed orcommiOed)fromafundbeforeemployees canreceiveanycarriedinterestdistributions.

Asurprising24%offirmsareonadealbydealbasisratherthanafundbasis.ThisismostcommonamongLBOfirmsat50%.

Aboutone‑halfoffirms (68%LBO,33%VC) haveahurdle rate tosurpass before any carried interest distributions aremade.Amongthesefirms,78%mustmeeta“preferredreturn”thattypicallyis8%annualized.After the8%ismet, theGP’sreceive100%(mostfirms)or80% (afewfirms)or50%(veryfewfirms)ofthenexttranche(ortier or layer) of realized gains as a “catch‑up” until the normalcarriedinterestpercentismet.

16%ofthesefirmsmustmeetaNetAssetValuetest(typically120%)beforecarriedinterestdistributionsaremade.

7% of firms with a hurdle rate have a minimum return whichaverages8%(higherthanwe’dexpect).Thereisnocatch‑up.

By Firm Type


Compensation Strategy Carried Interest Plans (CIP): Vesting

Normally, if thereare carried interestdistributions,planparticipantsthatremainemployedwillreceive100%oftheamountdue.

Vesting of carried interest protects an employee in the event oftermination.Theterminatedemployeewillreceivethepercentvestedattimeoftermination.

Vestingaccruesonanannualbasisin64%offirmsandonamonthlybasis in 25% of firms. (VC firms are 48% monthly and only 36%annual.)

11%offirmshavenovesting–terminatedemployeeswillnotreceiveanycarriedinterestdistributions.

More than one‑half of firms base vesting for partners onthe time from inception of each new fund (i.e., vestingstartsoverforeachnewfund).

About one–forth of firms base vesting on the time sincedateofemployment.

By Firm Type


Compensation Strategy Carried Interest Plans (CIP): Vesting (Continued)

VestingamongInstitutionalfirmstendstobeprorataoverfiveyears.LBOfirmstypicallyvestoversevenyearsandVCfirmsovertenyears.

Thenormalvesting schedulemaybeaccelerated (normally to100%)due to certainevents. 38%offirmsaccelerate fordeath; 27% fordisability; and6%due toretirement.

By Firm Type


Compensation Strategy Carried Interest Plans (CIP): Treatment of Leavers

By Firm Type

Otherterminationeventscausethepercentvestedtobeforfeited. 59% of firms forfeit vesting for terminationduetocauseand46%ifanemployeeterminatestojoina competitor. 33%offirms responded that they forfeitfor termination not joining a competitor and 24% forinvoluntaryterminationnotforcause.

Thepercentofcarried interest that is forfeitedusuallyis either allocated to otherparticipants or isplaced inreserveforfutureallocation.


Compensation Strategy Carried Interest Plans (CIP): Treatment of New Employees and Timing Of Distributions

By Firm Type

If there is a new hire or a promotion where the employee isawarded some carried interest, 38% of firms dilute the carriedinterest of other participants while 41% have carried interestreservesfromwhichtheycanallocate.

Mostfirmsmakecarried interestdistributionsat the timeof exitfromaportfoliocompany(orwhenany lock‑upperiodhasbeencompleted).Veryfewfirmsallowfordeferralsofdistributions.


Compensation Strategy Carried Interest Plans (CIP):

By Firm Type

Duringthefollowingyear

Attheendofthelifeofthe

Over three years

Over five years

Other

LBO/VC/Mezz 23% 31% 0% 0% 46%LBO/GrowthEquity 17% 17% 0% 0% 67%VentureCapital 40% 20% 0% 0% 40%Mezzanine 0% 100% 0% 0% 0%FundofFunds 50% 50% 0% 0% 0%CorporateVenturing N/A N/A N/A N/A N/AInfrastructure/Distressed/Turnaround N/A N/A N/A N/A N/ASecondary/Co‐Investment N/A N/A N/A N/A N/AInstitutional 20% 20% 0% 20% 40%AllFirms 25% 30% 0% 5% 40%

FirmClassificationIfthereisadeferralmechanism,whenarepaymentsmade?

Partial Full NoneLBO/VC/Mezz 13% 4% 83%LBO/GrowthEquity 16% 3% 81%VentureCapital 7% 7% 87%Mezzanine 22% 0% 78%FundofFunds 14% 14% 71%CorporateVenturing 0% 0% 100%Infrastructure/Distressed/Turnaround 20% 20% 60%Secondary/Co‐Investment 0% 0% 100%Institutional 12% 6% 82%AllFirms 13% 6% 81%

FirmClassification Isthereapartialorfulldeferralmechanism?

LBO/VC/Mezz 53% 51%LBO/GrowthEquity 53% 56%VentureCapital 53% 47%Mezzanine 56% 44%FundofFunds 71% 71%CorporateVenturing 0% 0%Infastructure/Distressed/Turnaround 80% 60%Secondary/Co‐Investment 0% 100%Institutional 50% 67%AllFirms 54% 55%

FirmClassificationDoesaplancommitteehaveanydiscretionastothevestinGofleavers?

Isaportionofthecarryheldinreserveforthe

promotionsornewhires?


Compensation Strategy Employee Benefits and Perquisites

MostfirmsofferRetirementplans.401(k)plansarethemostcommon.InstitutionalfirmsalsoofferDefinedBenefitpensionplans(42%);CashBalancepensionplans(25%);andSERP/IRAs(25%).OtherplansnormallyofferedareMedicalandDental.Toasomewhatlesserdegree,lifeinsuranceandshort‑andlongtermdisabilityplansareoffered.

By Firm Type

Medianannualemployeebenefitcostis$40,000forpartners, $15,000 for non‑partners and $20,600 forallemployeescombined.

Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75thLBO/VC/Mezz 40.6 16.7 25.0 50.0 23.3 8.0 13.4 25.2 27.5 10.0 20.0 37.0LBO/GrowthEquity 27.4 10.0 18.8 34.9 21.4 6.8 13.1 24.0 21.5 8.1 15.0 24.0VentureCapital 49.6 21.8 32.8 50.5 26.0 9.0 20.0 38.0 32.5 14.0 23.3 43.0Mezzanine 49.4 20.0 39.0 51.3 24.6 10.5 22.0 40.0 32.8 12.0 22.0 43.8FundofFunds 31.9 19.6 20.9 40.0 25.2 8.0 16.3 30.0 20.5 7.0 17.7 21.0CorporateVenturing 92.5 58.8 72.5 106.3 40.0 30.0 32.5 53.8 60.0 30.0 50.0 67.5Infrastructure/Distressed/Turnaround 8.5 6.5 8.5 10.5 4.5 4.5 4.5 4.5 8.5 4.5 8.5 12.5Secondary/Co‐Investment 40.0 40.0 40.0 40.0 30.0 25.0 30.0 35.0 30.0 20.0 30.0 40.0Institutional 65.0 40.9 46.0 75.0 42.4 23.6 38.5 51.8 45.4 25.0 38.5 52.5AllFirms 42.5 19.0 40.0 66.0 25.1 15.0 20.0 40.0 31.4 15.0 20.6 40.0

FirmClassificationCostofEmployeeBenefits(000's)

Non‐Parnters AllEmployeesPartners


Compensation Strategy Employee Benefits and Perquisites: Portion of Benefits Paid by The Firm

MostLBOandVCprivatefirmspaythefullcostofmedicalanddentalinsurancebenefitsforbothemployeesandtheirdependents.Anumberofinstitutionalfirmsnowhavetheiremployeespayaportion(about15‑25%)ofthesecosts. Firmspay65%ofdisabilitycostsand79%ofthecostofbasiclifeinsuranceplans..Somefirmsalsohavesupplementallifeinsurancewhichwewouldexpectwouldbepaidbyemployees.

By Firm Type

FirmClassificationAvg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th

LBO/VC/Mezz 90% 100% 82% 100% 88% 100% 80% 100% 68% 100% 68% 100% 85% 100% 30% 0%LBO/GrowthEquity 93% 100% 79% 95% 90% 100% 76% 100% 58% 100% 63% 100% 82% 100% 10% 0%VentureCapital 90% 100% 85% 100% 88% 100% 82% 100% 79% 100% 77% 100% 88% 100% 55% 100%Mezzanine 82% 80% 82% 80% 85% 80% 85% 80% 63% 100% 57% 100% 86% 100% 0% 0%FundofFunds 78% 89% 75% 85% 75% 85% 71% 80% 64% 75% 79% 100% 33% 0% 0% 0%CorporateVenturing 72% 75% 83% 83% 83% 83% 83% 83% 100% 100% 100% 100% 100% 100% 0% 0%Infrastructure/Distressed/Turnaround 80% 100% 56% 80% 76% 100% 45% 40% 50% 50% 33% 0% 33% 0% 0% 0%Secondary/Co‐Investment 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0% 0%Institutional 63% 83% 66% 85% 68% 95% 67% 90% 50% 50% 39% 0% 74% 100% 28% 0%AllFirms 85% 100% 78% 98% 84% 100% 76% 100% 65% 100% 65% 100% 79% 100% 25% 0%

Short-term DisabilityPortion of Benefits Paid by the Firm - Partner Level

Medical (Employees) Medical (Dependents) Dental (Employees) Dental (Dependents) Long-tern Disability Basic Life InsuranceSupplemental Life Insurance

FirmClassificationAvg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th

LBO/VC/Mezz 90% 100% 81% 97% 87% 100% 77% 100% 68% 100% 71% 100% 83% 100% 21% 0%LBO/GrowthEquity 92% 100% 77% 90% 88% 100% 73% 85% 58% 100% 64% 100% 79% 100% 9% 0%VentureCapital 90% 100% 84% 100% 87% 100% 81% 100% 79% 100% 80% 100% 87% 100% 44% 0%Mezzanine 82% 80% 82% 80% 85% 80% 77% 80% 63% 100% 57% 100% 86% 100% 0% 0%FundofFunds 68% 80% 62% 75% 63% 75% 56% 75% 64% 75% 64% 75% 33% 0% 0% 0%CorporateVenturing 72% 75% 83% 83% 83% 83% 83% 83% 100% 100% 100% 100% 100% 100% 0% 0%Infrastructure/Distressed/Turnaround 72% 90% 46% 50% 76% 100% 45% 40% 50% 50% 33% 0% 33% 0% 0% 0%Secondary/Co‐Investment 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0% 0%Institutional 63% 83% 66% 85% 68% 95% 67% 90% 53% 100% 29% 0% 69% 100% 10% 0%AllFirms 83% 100% 76% 90% 82% 100% 73% 90% 66% 100% 64% 100% 77% 100% 16% 0%

Medical (Employees) Medical (Dependents) Dental (Employees) Dental (Dependents) Short-term Disability Long-tern Disability Basic Life InsuranceSupplemental Life Insurance


Compensation Strategy Employee Benefits and Perquisites: 401k Contributions Provided by The Firm

23%offirmsdonotmatchemployeemoney.Aboutone–halfoffirmsmatchonsalaryonlyandtheotherone‑halfonsalaryplusbonus.Afewfirmsvarythematchbased on firmperformance and/or length of service.Most firmsmatch 100% of the first 4% of compensation (salary or salary plus bonus) that is paid in byemployees.Afewfirmscontributeevenifanemployeedoesnotcontribute.Afewfirmscontribute3%or4%evenifemployeesdonotcontributeanything.

By Firm Type

No Matching % Salary % Salary plus bonus

LBO/VC/Mezz 25% 35% 40%LBO/GrowthEquity 36% 29% 36%VentureCapital 21% 39% 39%Mezzanine 0% 43% 57%FundofFunds 13% 50% 38%CorporateVenturing 50% 50% 0%Infrastructure/Distressed/Turnaround 67% 33% 0%Secondary/Co‐Investment 0% 100% 0%Institutional 0% 55% 45%AllFirms 23% 40% 38%

Firm Classification

If your firm provides 401(k) contributions, on what basis are they calculated?

Firm performance

Lenth of service

Form Performance and length of

service

None

LBO/VC/Mezz 5% 7% 5% 82%LBO/GrowthEquity 4% 4% 0% 91%VentureCapital 4% 12% 12% 73%Mezzanine 14% 0% 0% 86%FundofFunds 0% 0% 0% 100%CorporateVenturing 0% 0% 0% 100%Infrastructure/Distressed/Turnaround 0% 0% 0% 100%Secondary/Co‐Investment 0% 0% 0% 100%Institutional 21% 7% 0% 71%AllFirms 7% 6% 4% 83%

Firm Classification

If your firm provides a 401(k) match, on what basis does the match vary?

0%** 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12+%LBO/VC/Mezz 3% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%LBO/GrowthEquity 4% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%VentureCapital 3% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%Mezzanine 3% 1% 2% 3% 3% 4% 4% 4% 4% 4% 4% 4% 4%FundofFunds N/A 1% 2% 3% 4% 5% 5% 6% 6% 6% N/A 6% 6%CorporateVenturing N/A 1% 1% 2% 2% 3% 3% 3% 3% 3% N/A 3% 3%Infrastructure/Distressed/Turnaround N/A 1% 2% N/A 3% 3% 3% 3% 3% 3% 3% 3% 3%Secondary/Co‐Investment N/A 1% 2% 3% 4% 5% 6% 6% 6% 6% N/A 6% 6%Institutional N/A 1% 2% 3% 4% 5% 5% 5% 5% 5% 6% 5% 5%AllFirms 3% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%

**Less than 4% participant response to firm contribution when no employee contribution.

FirmClassification Employee ContributionPlease provide your firm's level of 401(k) contribution, by employee contribution


Compensation Strategy General Partner Commitment (GPC)

GeneralPartnersarerequiredtoputsomemoney“atrisk”inordertoqualifyforlong‑termcapitalgaintaxtreatment.Also,LP’spreferthatGP’s have“skininthegame”byinvestingalongsidetheLP’sThemostcommonallocationis2%ofthecapitalcommiOedtothefund.

GP’s often contribute pro rata to their share of carried interest. Italsoiscommontonegotiateinternallyamongthepartners.

ThemajorityoffirmsmaketheirGPcontributionsatthetimeofanLPdrawdown(88%VC,76%LBO).Anumberoffirms,mostlyLBOfirms,contributeonadealbydealbasis.

By Firm Type

# Firms Avg. 25th 50th 75thLBO/VC/Mezz 77 5.09% 1.00% 2.00% 5.00%LBO/GrowthEquity 35 5.35% 1.84% 2.46% 5.00%VentureCapital 32 2.34% 1.00% 1.00% 2.00%Mezzanine 10 3.86% 1.58% 2.00% 4.30%FundofFunds 6 0.65% 0.33% 0.65% 0.98%CorporateVenturing 1 1.00% 1.00% 1.00% 1.00%Infrastructure/Distressed/Turnaround 4 2.25% 1.50% 2.00% 2.75%Secondary/Co‐Investment 1 1.30% 1.30% 1.30% 1.30%Institutional 18 4.51% 0.00% 1.25% 2.00%AllFirms 107 3.71% 1.00% 2.00% 2.90%

StandardGeneralPartnercommitmentas%ofMostRecentFundFirmClassificationProratatoCarried

InterestPlaninterest

Internallyagreedamongstpartners

DiscretionaryIndividual

affordability

Fundmanagemententitypays

total

Fundmanagemententitypaysproportion

Other

LBO/VC/Mezz 48% 38% 20% 27% 3% 8% 3%LBO/GrowthEquity 41% 44% 25% 44% 3% 6% 0%VentureCapital 58% 29% 13% 13% 0% 13% 3%Mezzanine 30% 40% 20% 10% 10% 0% 10%FundofFunds 33% 67% 0% 0% 0% 33% 0%CorporateVenturing 0% 0% 0% 0% 100% 0% 0%Infrastructure/Distressed/Turnaround 25% 25% 25% 25% 25% 0% 0%Secondary/Co‐Investment 100% 0% 0% 0% 0% 100% 0%Institutional 22% 22% 6% 6% 6% 11% 11%AllFirms 41% 35% 16% 20% 5% 11% 4%

HowistheallocationoftheGeneralPartnercommitmentamongstthepartners/employeesdetermined?

FirmClassification

AttimeofLP Onanannual Allupfront OtherLBO/VC/Mezz 83% 4% 23% 7%LBO/GrowthEquity 76% 0% 31% 0%VentureCapital 88% 0% 8% 15%Mezzanine 100% 25% 40% 0%FundofFunds 60% 17% 20% 0%CorporateVenturing 0% 0% 0% 0%Infrastructure/Distressed/Turnaround 50% 0% 50% 0%Secondary/Co‐Investment 100% 0% 0% 0%Institutional 46% 10% 31% 0%AllFirms 73% 6% 25% 4%

FirmClassificationForthosewhocontributetotheGeneralPartnercommitment,

aretheyexpectedtosubscribeon:


Compensation Strategy Co-Investment Plans: Participation and General Plan Characteristics

Page29showsthat21%offirms(30%LBO,andonly12%VC)haveaco‑investmentplanforpartnersthatisinadditiontotheGPcontribution.Shownbelowarevarious features of theseplans. For partners, contributions aremandatorymore often thanvoluntary. For non‑partners, voluntary ismore common.Most co‑investmentsareprorataonalldeals–thereisliOle“cherry‑picking.”Mostinvestmentsareaftertaxeshavebeenpaidasopposedtopre‑tax.

By Firm Type

Loans (see table on next page) – 44% of firms with a co-investment plan provide loans to participants in the plan. A common loan ratio (firm money to employee money) is 3:1.

Interest on the loan is a floating rate more often than a fixed rate. The current rate is about 5%.

FirmClassificationMandatory Voluntary N/A Mandatory Voluntary N/A Mandatory Voluntary N/A Mandatory Voluntary N/A

LBO/VC/Mezz 55% 25% 20% 16% 68% 16% 12% 41% 47% 0% 47% 53%LBO/GrowthEquity 47% 27% 27% 15% 65% 20% 8% 31% 62% 0% 36% 64%VentureCapital 75% 25% 0% 0% 100% 0% 33% 67% 0% 0% 67% 33%Mezzanine 100% 0% 0% 50% 50% 0% 0% 100% 0% 0% 100% 0%FundofFunds 0% 0% 100% 0% 0% 100% 0% 0% 100% 0% 0% 100%CorporateVenturing 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%Infrastructure/Distressed/Turnaround 67% 33% 0% 33% 67% 0% 50% 0% 50% 0% 50% 50%Secondary/Co‐Investment 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%Institutional 80% 0% 20% 75% 0% 25% 50% 0% 50% 0% 67% 33%AllFirms 59% 21% 21% 24% 58% 18% 18% 32% 50% 0% 48% 52%

Participation in the co-investment plan (by employee group)Investment Professionals Administrative/Support Staff

Partners/M.D.'s Non-Partners/Non-M.D.'s Partners/M.D.'s Non-Partners/Non-M.D.'s

All Deals Specific Deals Only

Both

LBO/VC/Mezz 91% 4% 4%LBO/GrowthEquity 88% 6% 6%VentureCapital 100% 0% 0%Mezzanine 100% 0% 0%FundofFunds 0% 0% 0%CorporateVenturing 0% 100% 200%Infrastructure/Distressed/Turnaround 67% 33% 0%Secondary/Co‐Investment 0% 100% 200%Institutional 60% 20% 20%AllFirms 84% 10% 6%

Firm ClassificationCo-Investments are made on:


Compensation Strategy Co-Investment Plans

All Firms

Pre‐Tax Post‐TaxLBO/VC/Mezz 5% 95%LBO/GrowthEquity 9% 91%VentureCapital 0% 100%Mezzanine 0% 100%FundofFunds 0% 100%CorporateVenturing 0% 100%Infastructure/Distressed/Turnaround 0% 100%Secondary/Co‐Investment 0% 100%Institutional 0% 100%AllFirms 3% 97%

FirmClassificationAreco‐investmentopportunities:

SweetEquity PariPassu

LBO/VC/Mezz 14% 86%LBO/GrowthEquity 11% 89%VentureCapital N/A 100%Mezzanine 50% 50%FundofFunds N/A N/ACorporateVenturing N/A N/AInfastructure/Distressed/Turnaround N/A N/ASecondary/Co‐Investment N/A 100%Institutional N/A 100%AllFirms 13% 87%

FirmClassification

Areco‐investmentopportunities:

Fixed Floating

LBO/VC/Mezz 31% 25% 30% 100% 3% 3:1 24% 5%LBO/GrowthEquity 77% 37% 14% 100% 0% 3:1 43% 4%VentureCapital 8% 8% 100% N/A 0% 5:1 0% 5%Mezzanine 50% 0% 50% 100% 25% 3:1 33% 6%FundofFunds 0% 0% 0% 0% 0% N/A 0% N/ACorporateVenturing 0% 0% 0% 0% 0% N/A 0% N/AInfrastructure/Distressed/Turnaround 100% 100% 50% 50% 33% .5:1 50% 6%Secondary/Co‐Investment 0% 0% 0% 0% 0% N/A 0% N/AInstitutional 30% 22% 67% 50% 20% 3:1 21% 8%AllFirms 44% 25% 40% 82% 7% 3:1 21% 5%

Highest loan ratio of firm to employee

Loans

Average % of loan that is

recourse

Average current interest

rate

FirmClassification Are loans provided to employees?

Are employees required to invest their

own money?

Isthereavesting

scheduleontheloans?

InterestRate


V. Year to Year Changes in Compensation Levels


EXECUTIVE SUMMARY


HUMAN CAPITAL






All Firms - By Employee Grouping

Compensation Levels – Changes in Median Compensation Year -over-year changes in median compensation for investment manager positions

Theeconomyaffectsperformanceandperformanceaffectscompensation.Salaryplusbonuspluscarriedinterestdistributionsincreasedinagoodeconomy23%from2006to2007and25%from2007to2008.Theninabadeconomyfrom2008to2009theydecreased5%.Thingsgraduallyimproved,andtherewasanincreaseof5%from2009to2010,10%from2010to2011,and26%from2011to2012.Thisincludesallemployees.

IfwefocusonPartners,theyreceivednosalaryincreasesfrom2008to2009and2009to2010;only1%in2010to2011;and5%from2011to2012.Whenbonusandcarriedinterestdistributionsareincluded,thechanges(percent)werenegativefrom2008to2009and2009to2010butdidincreasereasonably(12%)from2010to2011;and25%from2011to2012.LBOrepresentedmostoftheimprovementin2011/12.VentureCapitaldidnotdonearlyaswell.

InvestmentManagers‑PartnerPositions

HistoricChangesinMedianCompensation


AllInvestmentManagers

Evenduring the poor economy, non‑partners received salary increases of 4% to 6% and salary plus bonus increases of 7% to 10%. From 2011 to 2012, salariesincreasedadramatic15%atLBOfirmsandsalaryplusbonusincreased27%.Partnersatthesefirmsapparentlywantedtoensurethatnon‑partneremployeeswerereasonablysatisfiedwiththeircompensationsothattheyremainpositivelymotivated.

VentureCapitalfirmsfornon‑partnerlevelcompensationsawsalaryplusbonusincrease19%from2011to2012.

InvestmentManagers‑Non‑PartnerPositions


Compensation Levels – Changes in Median Compensation Year-over-year changes in median compensation for investment manager positions (Continued)


AllEmployees

Non–investmentpositionemployeesreceivedsolidincreasesinsalaryandsalaryplusbonusfrom2011to2012,withLBOfirmsat17%andVCfirmsat15%.

Whenallemployeesareincludedfrom2011to2012,salaryplusbonusincreased31%atLBOfirmsand15%atVCfirms.

AllNon‑investmentPositions


Compensation Levels – Changes in Median Compensation Year-over-year changes in median compensation for investment manager positions (Continued)


VentureCapital

Wealso includeyear‑to‑yearchanges forcertainkeypositions inLBOandVCfirms.This includessalaries fromApril1,2011 toApril1,2012,andbonusesandcarriedinterestdistributionsearned/accruedin2010and2011.VCsalariestypicallyarehigherthanLBOfirms,butwhenbonusesareaddedtosalariesLBOfirmstend topaymore; andwhen carried interestdistributionsare included,LBOfirms furtherwiden thegap.Anexception thisyear is thePE02SeniorPartnerorManagingDirectorposition.ThisappearstobetruebecausethePE02positioninLBOfirmsseemslowerthanwewouldexpect.

LBO/GrowthEquity

LBO and Venture Capital Firms

Compensation Levels – Changes in Median Compensation Year-over-year changes in median compensation - Key Positions


VI. Compensation Levels Per Position (By Type &

Size of Firm)


EXECUTIVE SUMMARY


HUMAN CAPITAL






Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions

JobDescriptions

PE 01.ManagingGeneralPartner(s) / CEO:One ormore of the top level partners that provide both strategic and operational leadership to the private equityorganization,withresponsibilityforitsoverallsuccess,planningandgrowth.

PE02.SeniorPartner/SeniorManagingDirector(s):Exceptionalexperienceasdealmakersandportfoliomanagerswhooverseeinvestmentandexitingdecisionsforlargepartsoftheportfolio,andwhoheadupexecutionoforganizationalgoalsandstrategysetbythemanaginggeneralpartner(s).Theynormallyhaveatleast15yearsofrelevantexperience.

PE03.Partner/ManagingDirector(s)/PortfolioManager:Seasonedexperienceasdealmakers,eitherwithfinancialoroperationalexpertise,wholeadteamsthatsource transactions, negotiate them, andmonitor companies once in the portfolio. They typically sit on company boards and determine exit strategies. Theynormallyhaveatleast10yearsofrelevantexperience.

Observations

Page#10providesdefinitionsforvarioustermsusedinthisSectionV.Wewillsummarizesomeofthisinformation.

Inthissectionofthereport,welookateachsurveyedpositionseparatelybytypeandsizeoffirm.Thenwewillreversethedata,andshowallpositionswithineachtypeandsizeoffirm.

Weconsidersmallsizefirmsashavingunder$500millionofcommiOedcapitalfromallactivefunds;mid‑sizefirmsare$500 to$999million;andlargefirmsare$1.0billionormore.

Foreachcomponentofcompensation,weshowanaverageandamedian(50thpercentile).Wealsoshowa25th(low)anda75th(high)percentile.Weconsiderthemedianasmorereliablethantheaveragebecausetheaveragecanincludeoneortwoveryhighorlowpayingfirmsthatdistortthetruecompetitivemarket‑placecompensation.Thus,whenwecommentoneachposition,wewillfocusonthemedian(or50thpercentile).

Therearetwopagesformostpositions(unlessthereisinsufficientdata).Thevariouscomponentsof actualcompensationonthefirstpagearesalary;salaryplusbonus;andsalaryplusbonuspluscarriedinterestdistributions.Thesecondpagecoverscarriedinterestallocations(notdistributions)andincludesthepercentofthemostrecentfund(oftenreferredtoas“points”inthefund)andthedollarsatworkfromboththemostrecentfundandallactivefunds.Thepercentofcarriedinteresttypicallyislowerinlargefirmsforhigherlevelpositionswhilethedollarsatworkforthesepositionsarelargerthaninsmallfirms.

Forhigherlevelpositions,sizemakesasignificantdifferenceincompensationlevels.Forlowerlevelpositions,sizecanmakesomedifferencebutlesssothanwithhigherlevels.Therefore,ourcommentarywillfocusonlargefirmsforPartnerandPrincipalpositionsandonallfirmsbelowthePrincipalposition..

LBOfirmshadmuchhighercarriedinterestdistributionsin2011thanin2010.VCandotherfirmsdidnotdoaswell.


Compensation Levels Per Position (By Type & Size of Firm) Investment Managers -Partner Level Positions

Observations(Continued)

PE01‑VCfirmsusuallypayhighersalaries thanLBOfirms,butLBOfirmsclose thegap(orevensurpassVCfirms)whenbonusesareaddedtosalaries. ($2.2millionmedianforthetoplevelPartner/CEOpositionatlargeLBOfirmsversus$1.7millionforlargeVC’s).MezzaninefirmswerelowerthanLBOandVCfirms,whileFundofFundsand InstitutionalfirmswerebetweenLBOandVCfirms.Whencarried interestdistributionsareadded,LBOcompensation is$6.1millionversusVC’s$1.7million.Carriedinterestis5.7%(ofthefund)inLBOfirmsand4%inVCfirms.Dollarsatworkfromallactivefunds(whichweconsiderthemostimportantcomponentofcarriedinterestbecausetheygeneraterealizedgains)are$76.4millioninlargeLBOfirmsand$59.1millioninlargeVCfirms.Thedollarsatworkare$38.2millioninMezzanineorganizations;$132.2millioninFundofFunds;and$61.5millioninInstitutionalfirms.

PE02‑ SalaryplusbonusmedianfortheSeniorPartner/SeniorManagingDirectorpositionis$1.3millioninlargeLBOfirmsand$1.1millioninlargeVCfirms.Institutionalfirmswereat$0.9million.Whencarriedinterestdistributionsareaddedtosalaryandbonus,thenumbersincreaseto$2.8million(LBO);$1.3million(VC)and$1.1million(Institutional)

Carriedinterestasapercentofthefundis2.0%forlargeLBOfirmsand2.3%forlargeVCfirms.Itisonly1.0%inInstitutionalfirms.Thedollarsatworkfromallactivefundsis$40.6millioninlargeLBOfirmsand$20.6millioninlargeVCfirms.Institutionalfirmsareat$27.2million.

PE03‑SalaryplusbonusmedianforthethirdlevelPartnerpositionis$822,000inlargeLBOfirmsand$543,000inlargeVCfirms.Thiscompareswith$640,000inInstitutionalfirms;$659,000inMezzaninefirmsand$522,000inFundofFundfirms.Whencarriedinterestdistributionsareadded,thefiguresincreaseto$978,000(LBO),$606,000(VC)and$814,000(Institutional).TheydonotincreaseforMezzanineandFundofFundfirms.

Carriedinterestasapercentofthefundis1.1%forlargeLBOfirmsand0.9%forlargeVCfirms.Thedollarsatworkfromallactivefundsare$12.6millioninlargeLBOfirmsand$8.6millioninlargeVCfirms.


Managing General Partner (s) / CEO


Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th

LBO / Grow th Equity (Large) 11 1,106.3 450.0 750.0 1,834.0 3,235.0 2,000.0 2,200.0 2,387.5 6,367.7 4,864.8 6,138.0 7,894.8

LBO / Grow th Equity (Mid-Size) 7 629.8 379.2 600.0 775.0 1,568.2 1,069.0 1,350.0 2,039.2 4,041.1 1,375.0 2,694.7 5,669.3

LBO / Grow th Equity (Small) 8 341.1 250.0 292.5 335.0 533.1 335.0 442.5 681.3 1,413.6 335.0 612.5 1,860.7

LBO / Grow th Equity (All) 26 742.5 307.5 450.0 892.3 1,954.9 731.2 1,607.3 2,237.5 4,217.0 1,362.5 2,925.9 6,151.5

Venture Capital (Large) 9 1,311.0 1,041.8 1,301.8 2,000.0 1,865.1 1,500.0 1,658.0 2,118.2 1,887.6 1,500.0 1,658.0 2,320.1

Venture Capital (Mid-Size) 8 1,060.3 622.5 875.0 1,375.5 1,497.0 720.0 1,172.0 2,363.0 1,571.0 720.0 1,468.0 2,363.0

Venture Capital (Small) 13 542.1 350.0 400.0 750.0 593.5 350.0 540.0 750.0 696.8 350.0 540.0 800.0

Venture Capital (All) 30 964.8 462.5 990.0 1,250.0 1,215.9 555.0 1,039.7 1,656.4 1,287.2 555.0 1,239.6 1,875.8

Mezzanine (Mid/Large Size) 3 406.7 285.0 325.0 487.5 1,715.0 1,347.5 1,350.0 1,900.0 1,715.0 1,347.5 1,350.0 1,900.0

Mezzanine (Small) 4 808.8 243.8 800.0 1,365.0 820.0 265.0 810.0 1,365.0 1,175.3 490.0 990.0 1,675.3

Mezzanine (All) 7 636.4 247.5 422.5 1,000.0 1,203.6 807.5 1,350.0 1,380.0 1,406.6 957.5 1,368.0 1,930.0

Fund of Funds (Large) 4 549.9 337.4 400.0 612.5 1,813.0 1,413.0 1,850.0 2,250.0 1,840.5 1,413.0 1,905.0 2,332.5

Fund of Funds (Mid-Size) 2 440.0 360.0 440.0 520.0 740.0 510.0 740.0 970.0 840.0 660.0 840.0 1,020.0

Fund of Funds (All) 6 513.3 312.3 400.0 562.5 1,455.3 826.4 1,425.0 1,950.0 1,507.0 826.4 1,425.0 2,032.5

Corporate Venturing (Small) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Infrastructure/Distressed/Turnaround/Real Estate 4 415.0 345.0 380.0 450.0 1,131.0 570.0 1,112.0 1,673.0 1,131.0 570.0 1,112.0 1,673.0

Institutional (Large) 9 795.1 325.0 400.0 682.5 1,828.0 1,092.5 2,000.0 2,392.5 3,104.8 1,092.5 2,392.5 3,140.2

Institutional (Small/Mid-size) 7 439.6 300.0 326.9 326.9 725.3 500.0 653.8 653.8 1,031.7 622.5 794.0 794.0

Institutional (All) 16 639.5 300.0 378.0 564.4 1,345.6 669.7 943.3 2,000.0 2,197.8 771.0 1,388.3 2,406.9

LBO/VC/Mezz (Large) 21 1,233.8 600.0 1,041.8 2,000.0 2,610.5 1,814.5 2,118.2 2,392.5 4,261.1 1,824.8 2,450.0 6,138.0

LBO/VC/Mezz (Mid-Size) 17 802.1 350.0 600.0 1,000.0 1,488.2 788.0 1,345.0 2,300.0 2,841.2 1,250.0 1,686.0 2,900.0

LBO/VC/Mezz (Small) 25 532.8 250.0 376.0 750.0 666.8 350.0 642.0 800.0 1,059.1 400.0 711.5 1,350.0

LBO/VC/Mezz (All) 63 839.1 350.0 630.0 1,240.0 1,536.3 645.0 1,250.0 2,059.1 2,607.3 709.3 1,651.8 2,848.7

All Firms 90 789.8 326.9 600.0 1,041.8 1,489.6 640.0 1,250.0 2,000.0 2,431.9 701.9 1,500.0 2,552.0

Firm Classification # Firms

Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner (s) / CEO - Continued



LBO / Grow th Equity (Large) 11 5.0% 3.4% 4.2% 5.8% 40.86 28.75 46.60 53.38 76.53 50.97 76.40 108.72

LBO / Grow th Equity (Mid-Size) 7 12.0% 4.2% 5.3% 6.2% 26.99 20.77 25.80 31.55 40.13 31.71 34.58 54.33

LBO / Grow th Equity (Small) 7 6.1% 3.5% 6.0% 8.9% 9.85 6.10 11.98 13.37 9.59 5.20 11.98 13.37

LBO / Grow th Equity (All) 25 7.2% 3.5% 4.6% 7.0% 28.29 13.34 25.80 46.60 47.59 13.34 40.00 70.12

Venture Capital (Large) 8 2.9% 2.7% 3.2% 3.7% 18.74 11.18 14.65 25.18 92.46 38.63 59.07 106.16

Venture Capital (Mid-Size) 7 4.9% 4.6% 5.0% 5.6% 12.97 8.40 15.00 16.60 41.68 31.33 34.00 39.05

Venture Capital (Small) 11 4.9% 2.9% 5.0% 7.0% 5.67 2.40 3.27 5.52 8.26 3.09 7.30 11.27

Venture Capital (All) 26 4.5% 3.0% 4.4% 6.2% 11.44 3.27 11.22 16.60 41.87 7.60 30.86 40.01

Mezzanine (Mid/Large Size) 3 3.7% 2.3% 3.8% 5.1% 27.96 23.84 28.38 32.29 57.62 36.39 38.20 69.14

Mezzanine (Small) 4 6.9% 5.3% 6.4% 7.9% 9.45 4.86 9.60 14.19 12.44 5.10 11.58 18.92

Mezzanine (All) 7 5.5% 4.3% 5.8% 6.9% 17.38 9.60 17.80 23.84 31.80 11.58 27.31 36.39

Fund of Funds (Large) 3 9.3% 2.4% 3.9% 13.4% 8.50 7.00 10.30 10.90 39.04 23.56 32.20 51.10

Fund of Funds (Mid-Size) 2 0.7% 0.4% 0.7% 1.0% 3.25 1.88 3.25 4.63 8.25 4.88 8.25 11.63

Fund of Funds (All) 5 5.8% 0.9% 1.3% 3.9% 6.40 3.69 6.00 10.30 26.72 14.91 15.00 32.20


Infrastructure/Distressed/Turnaround/Real Estate 2 7.5% 7.3% 7.5% 7.8% 5.55 4.28 5.55 6.83 31.10 26.15 31.10 36.05

Institutional (Large) 8 2.0% 1.1% 1.8% 2.5% 28.64 19.85 36.09 36.84 75.48 25.46 61.54 111.21

Institutional (Small/Mid-size) 6 6.1% 4.4% 6.0% 6.0% 29.01 7.62 10.41 10.41 29.78 9.75 21.20 21.20

Institutional (All) 14 3.4% 1.4% 2.2% 4.4% 28.79 7.22 28.50 36.52 54.39 14.91 29.87 100.00

LBO/VC/Mezz (Large) 20 4.2% 2.7% 3.5% 4.6% 31.94 13.73 31.00 47.55 84.08 40.30 73.26 106.35

LBO/VC/Mezz (Mid-Size) 16 8.0% 2.9% 4.1% 6.0% 20.49 14.00 19.52 26.45 40.80 31.91 36.34 44.89

LBO/VC/Mezz (Small) 23 5.8% 3.5% 6.5% 7.7% 8.86 3.27 7.30 13.37 11.41 5.20 11.59 15.60

LBO/VC/Mezz (All) 59 5.8% 3.4% 4.6% 6.6% 19.84 6.50 15.60 28.38 44.01 13.17 34.00 58.03

All Firms 80 5.6% 3.0% 4.3% 6.6% 20.27 6.00 14.55 28.38 44.19 13.00 32.50 61.40

Firm Classification#

Firms

Carried Interest

% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)


Senior Partner / Senior Managing Director (s)



LBO / Grow th Equity (Large) 10 601.4 471.9 547.3 690.8 1,804.8 854.6 1,271.5 1,679.8 3,404.3 2,366.2 2,752.5 5,090.9

LBO / Grow th Equity (Mid-Size) 4 570.8 383.3 425.0 612.5 740.0 597.4 694.9 837.5 3,817.0 722.5 2,579.2 5,673.7

LBO / Grow th Equity (Small) 9 246.7 200.0 250.0 325.0 437.3 300.0 390.0 575.0 786.2 300.0 500.0 793.4

LBO / Grow th Equity (All) 23 457.3 287.5 400.0 547.3 1,084.5 460.0 766.0 1,089.0 2,451.6 607.4 1,483.1 3,114.8

Venture Capital (Large) 6 1,007.6 923.9 1,059.2 1,141.3 1,222.3 1,036.4 1,059.2 1,462.3 1,315.4 1,057.4 1,325.5 1,593.6

Venture Capital (Mid-Size) 4 577.5 462.5 565.0 680.0 577.5 462.5 565.0 680.0 577.5 462.5 565.0 680.0


Venture Capital (All) 16 645.0 343.8 597.0 923.9 741.5 406.3 597.0 1,036.4 856.5 406.3 680.0 1,194.3

Mezzanine (Mid/Large Size) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Mezzanine (Small) 5 303.5 175.0 225.0 400.0 414.5 225.0 275.0 587.5 556.7 275.0 335.0 587.5

Mezzanine (All) 6 298.8 187.5 262.5 368.8 536.3 237.5 509.4 746.9 654.8 290.0 524.4 1,005.7

Fund of Funds (Large) 2 269.9 263.2 269.9 276.6 685.1 675.5 685.1 694.6 685.1 675.5 685.1 694.6

Fund of Funds (Mid-Size) 2 447.5 346.3 447.5 548.8 497.5 371.3 497.5 623.8 572.5 483.8 572.5 661.3

Fund of Funds (All) 4 358.7 253.6 269.9 375.0 591.3 560.8 685.1 715.6 628.8 598.3 685.1 715.6

Corporate Venturing (Small) 2 325.0 287.5 325.0 362.5 414.0 352.0 414.0 476.0 956.5 623.3 956.5 1,289.8

Infrastructure/Distressed/Turnaround/Real Estate 3 433.3 350.0 550.0 575.0 875.7 650.0 1,150.0 1,238.5 875.7 650.0 1,150.0 1,238.5

Institutional (Large) 7 449.5 265.8 500.0 557.2 966.6 730.5 939.4 1,147.6 1,816.3 802.7 1,145.1 1,742.9

Institutional (Small/Mid-size) 9 313.8 231.3 287.5 287.5 417.9 278.8 456.5 456.5 624.3 301.3 456.5 456.5

Institutional (All) 16 369.6 250.0 300.0 500.0 643.8 400.0 600.0 795.0 1,115.1 400.0 637.5 1,150.0

LBO/VC/Mezz (Large) 17 722.4 500.0 600.0 1,055.6 1,552.5 858.0 1,078.0 1,595.5 2,502.8 1,063.0 2,048.4 2,734.7

LBO/VC/Mezz (Mid-Size) 9 554.8 287.5 450.0 630.0 674.4 500.0 639.8 800.0 2,449.9 630.0 750.0 4,408.3

LBO/VC/Mezz (Small) 20 301.3 200.0 250.0 330.0 440.6 240.0 425.0 586.0 685.0 275.0 450.0 793.4

LBO/VC/Mezz (All) 46 502.2 253.3 400.0 615.0 887.5 387.5 666.0 1,042.8 1,680.5 437.5 830.0 2,192.1

All Firms 70 473.7 250.0 400.0 592.4 834.8 350.0 636.3 1,030.0 1,517.1 406.3 768.1 1,623.0




Senior Partner / Senior Managing Director (s) - Continued












Mezzanine (Small) 5 3.7% 2.9% 3.0% 3.8% 4.63 3.05 4.82 6.40 9.90 3.50 6.14 13.18

Mezzanine (All) 6 3.3% 2.6% 3.0% 3.0% 18.82 3.50 6.35 7.20 36.77 4.16 11.42 22.05

Fund of Funds (Large) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Fund of Funds (Mid-Size) 2 17.6% 9.3% 17.6% 25.8% 5.75 5.38 5.75 6.13 7.75 7.13 7.75 8.38

Fund of Funds (All) 3 12.0% 0.9% 1.1% 17.6% 4.85 4.02 5.00 5.75 9.26 7.75 9.00 10.65


Infrastructure/Distressed/Turnaround/Real Estate 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A




LBO/VC/Mezz (Large) 15 2.3% 1.4% 1.9% 2.6% 19.33 6.85 13.73 26.06 41.58 17.06 38.22 53.79


LBO/VC/Mezz (Small) 19 2.9% 1.6% 3.0% 3.7% 4.10 2.14 3.88 5.78 6.90 2.37 5.86 10.89

LBO/VC/Mezz (All) 43 2.9% 1.7% 2.6% 3.8% 11.12 3.39 6.53 15.71 22.37 4.90 12.29 27.87

All Firms 57 3.1% 1.6% 2.6% 3.6% 11.14 3.04 6.14 15.34 23.22 5.05 12.29 27.87


Firms

Carried Interest



Partner / Managing Director (s)



LBO / Grow th Equity (Large) 11 541.4 327.2 400.0 543.8 885.4 650.6 822.0 988.1 1,356.0 836.4 978.0 1,813.5

LBO / Grow th Equity (Mid-Size) 5 430.0 350.0 400.0 450.0 590.0 500.0 650.0 650.0 995.5 500.0 650.0 700.0


LBO / Grow th Equity (All) 21 443.4 280.0 350.0 475.0 709.5 500.0 650.0 822.0 1,163.7 592.5 780.8 1,745.2

Venture Capital (Large) 8 557.7 416.3 527.8 542.5 588.2 521.0 542.6 691.6 644.2 533.5 606.0 781.2



Venture Capital (All) 22 431.2 243.8 433.8 537.0 510.0 308.8 515.4 606.3 536.7 370.8 532.0 689.7

Mezzanine (Mid/Large Size) 4 342.5 229.4 266.3 379.4 672.7 586.9 658.8 744.6 672.7 586.9 658.8 744.6

Mezzanine (Small) 3 200.0 162.5 200.0 237.5 334.3 175.0 200.0 426.5 467.7 200.0 200.0 601.5

Mezzanine (All) 7 281.4 210.0 245.3 287.5 527.7 347.5 628.2 676.5 584.9 347.5 642.3 789.2


Fund of Funds (Mid-Size) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Fund of Funds (All) 3 232.1 218.1 223.7 241.9 636.3 464.5 521.9 750.9 643.0 464.5 521.9 760.9


Infrastructure/Distressed/Turnaround/Real Estate 4 392.3 281.3 500.0 500.0 995.7 798.5 800.0 1,500.0 995.7 798.5 800.0 1,500.0

Institutional (Large) 9 359.9 222.8 315.0 500.0 753.5 515.0 640.0 878.5 1,001.0 515.0 814.4 1,500.0


Institutional (All) 16 315.8 219.1 236.3 378.8 595.8 337.1 468.2 770.8 827.4 399.1 670.6 948.8

LBO/VC/Mezz (Large) 20 525.0 385.0 475.0 540.0 791.5 592.5 780.6 878.5 1,101.1 662.0 814.4 1,204.1

LBO/VC/Mezz (Mid-Size) 16 481.8 250.0 371.0 600.6 591.0 487.5 583.3 642.5 784.6 487.5 583.8 767.4

LBO/VC/Mezz (Small) 14 249.6 216.9 240.5 276.3 404.6 279.9 422.5 474.2 635.1 304.9 429.6 625.0

LBO/VC/Mezz (All) 50 434.1 262.5 371.0 527.8 618.3 450.0 592.5 740.3 868.0 490.0 650.0 924.2

All Firms 74 403.1 232.5 311.7 500.0 620.3 421.4 548.3 782.9 835.0 468.6 650.0 911.5




Partner / Managing Director (s) - Continued












Mezzanine (Small) 3 3.0% 2.3% 2.5% 3.5% 3.23 1.85 2.50 4.25 4.89 1.85 2.50 6.74

Mezzanine (All) 7 2.4% 1.9% 2.2% 3.0% 10.74 4.25 8.81 15.38 16.56 6.55 11.89 22.38



Fund of Funds (All) 2 14.0% 14.0% 14.0% 14.0% 3.69 2.54 3.69 4.85 9.80 7.69 9.80 11.90


Infrastructure/Distressed/Turnaround/Real Estate 3 1.8% 0.8% 1.4% 2.7% 3.03 2.29 4.00 4.25 6.58 5.90 7.30 7.61




LBO/VC/Mezz (Large) 19 1.0% 0.5% 1.0% 1.3% 8.27 4.33 5.37 12.54 15.20 6.20 8.70 21.59


LBO/VC/Mezz (Small) 14 1.7% 1.5% 1.7% 2.1% 3.39 1.30 2.37 6.07 4.52 1.98 4.20 6.30

LBO/VC/Mezz (All) 48 1.5% 0.9% 1.5% 2.0% 6.70 2.45 5.09 8.96 10.84 4.63 7.66 12.45

All Firms 62 1.6% 0.7% 1.3% 2.0% 6.44 2.00 4.80 8.75 10.92 4.40 7.30 13.75


Firms

Carried Interest



Compensation Levels Per Position (By Type & Size of Firm) Investment Manager -Non-Partner Level Positions

JobDescriptions

PE04.Principal/ VicePresident/Director(s):Supervisedbymoreseniorstaff,theseprofessionalsparticipateonteamsthatsourcetransactions,negotiatethem,andmonitorcompaniesonceintheportfolio.Rarelysitonportfoliocompanyboardsthoughoftenservesasanobserver.TheytypicallyhaveanMBAorequivalentbusinessexperience,andatleastfiveyearsofpostMBArelevantexperience.

PE 05. Senior Associate(s): These professionals, moderately supervised, analyze statistical and other data at an advanced level to support deal sourcing, duediligenceofinvestmentopportunities,andthemonitoringofportfoliocompanies.TheytypicallyhaveanMBAorequivalentbusinessexperiencewithatleasttwoyearsofpostMBArelevantexperience.

PE06.Associate(s):Thesejuniorprofessionals,heavilysupervised,analyzestatisticalandotherdataatanintermediateleveltosupportdealsourcing,duediligenceofinvestmentopportunities,andthemonitoringofportfoliocompanies.TheyhaveanMBAorequivalentbusinessexperienceandlessthantwoyearsofpostMBArelevantexperience.

PE07.SeniorAnalyst(s):Thesejuniorprofessions,heavilysupervised,analyzestatisticalandotherdataatabasictointermediateleveltosupportdealsourcing,duediligenceofinvestmentopportunities,andthemonitoringofportfoliocompanies.Theyhaveacollegedegreeorequivalentbusinessexperienceandtwotofouryearsofpre‑MBAexperience.

PE 08. Analyst(s): These junior professionals, heavily supervised, analyze statistical and other data at a basic level to support deal sourcing, due diligence ofinvestmentopportunities,andthemonitoringofportfoliocompanies.Theyhaveacollegedegreeorequivalentbusinessexperienceandzerototwoyearsofpre‑MBAexperience.

PE 09. Venture Partner/Operations Partner: This professional identifies investment opportunities and advises portfolio companies on operationalmaOers. Thispartnermayoccasionallyfillinakeymanagementroleonatemporarybasis.


Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions

Observations

PE04–The50thpercentile(median)salaryplusbonusforPrincipallevelemployeesismuchhigherforlargeLBOfirms($426,000)thanforlargeVCfirms($351,000).Itis$371,000forMezzaninefirms,$272,000forFundofFundfirms,and$332,000forInstitutionalfirms.72%ofthesepositionsareallocatedcarriedinterest(89%LBOversus61%VCand68%Institutionalfirms).Thepercentofthefundtendstobe0.2%‑to0.6%.Thedollarsatworkare$1.6millionatlargeVCfirmsand$3.5millionatlargeLBOfirms.

PE05‑The50thpercentile(median)salaryplusbonusforSeniorAssociatelevelemployeesis$227,000amongallfirms.Itis$250,000at LBOfirmsand$203,000atVCfirms.Mezzaninefirmsare$300,000,Institutionalfirmsare$202,000andFundofFundfirmsare$180,000.46%ofthesepositionsareallocatedcarriedinterest.Itis75%forLBOfirmsandonly25%forVCfirms.Institutionalfirmsareat38%.Thepercentofthefundmedianis0.2%andthedollarsatworkare$1.47million.

PE06–The50thpercentile(median)salaryplusbonusforAssociatelevelpositionsis$180,000amongallfirms.It ishigherforLBOfirms($196,000)thanforVCfirms($168,000).Institutionalfirmsareat$153,000.Only27%ofthesepositionsareallocatedcarriedinterest(35%LBOfirmsversus27%VCfirmsand20%amongInstitutionalfirms).Amongallfirms,thepercentofthefundis0.1%andthedollarsatworkare$600,000.

PE07‑ The50thpercentile(median)salaryplusbonus forSeniorAnalystlevelpositionsis$155,000amongallfirms.Itis$166,000atLBOfirms,$154,000atVCfirms,and$155,000atInstitutionalfirms.Essentiallynoneofthefirmsallocateanycarriedinteresttotheseemployees.

PE 08 – The 50th percentile (median) salary plus bonus forAnalyst level positions is $81,000. It is $70,000 at LBOfirms, $85,000 at VC firms, and $81,000 atInstitutionalfirms.Essentiallynoneofthefirmsallocatecarriedinteresttotheseemployees.

PE09–ThispositionistitledasaPartnerbutitisnotreallyaninvestmentmanagersowetreatitseparately.The50thpercentile(median)salaryplusbonusfortheVenturePartner/OperationsPartnerlevelpositionis$424,000forLBOfirmsand$280,000forVCfirms.Othertypesoffirmsdonotreportthisposition.Mostoftheseemployeesareallocatedcarriedinterestthatis0.3–0.4%ofthefundanddollarsatworkare$2.71millionatLBOfirmsand$1.45millionatVCfirms.


Principal / Vice President / Director (s)



LBO / Grow th Equity (Large) 12 252.3 185.6 238.1 292.6 458.7 387.9 426.0 473.0 556.8 419.0 476.0 688.4



LBO / Grow th Equity (All) 27 226.8 161.7 200.0 266.3 386.8 307.0 386.3 443.8 549.9 345.9 430.0 580.5






Mezzanine (Small) 3 148.3 122.5 150.0 175.0 264.3 221.5 328.0 339.0 305.3 232.5 350.0 400.5

Mezzanine (All) 7 179.5 159.9 186.0 215.0 342.9 308.5 334.6 390.0 360.4 308.5 374.0 440.5



Fund of Funds (All) 4 167.4 148.5 150.3 169.1 268.0 258.1 272.1 281.9 268.5 258.6 272.1 281.9

Corporate Venturing (Small) 3 161.7 140.0 140.0 172.5 186.4 156.7 173.3 209.7 230.4 156.7 173.3 275.7

Infrastructure/Distressed/Turnaround/Real Estate 2 163.8 145.6 163.8 181.9 377.6 316.3 377.6 438.8 377.6 316.3 377.6 438.8

Institutional (Large) 10 195.5 166.8 188.7 225.5 396.0 305.6 331.9 492.5 417.6 305.6 331.9 492.5



LBO/VC/Mezz (Large) 22 248.0 187.9 238.1 277.6 399.5 350.0 388.5 437.5 454.5 352.3 392.5 556.3


LBO/VC/Mezz (Small) 20 169.0 135.0 158.0 200.0 261.8 191.0 294.0 323.2 280.6 191.0 300.0 350.0

LBO/VC/Mezz (All) 57 217.2 163.2 208.7 257.8 328.9 270.0 329.0 389.6 408.6 270.0 350.0 437.5

All Firms 88 210.5 150.0 200.0 255.0 323.6 249.4 320.0 389.0 390.5 254.1 331.0 433.8




Principal / Vice President / Director (s) - Continued












Mezzanine (Small) 2 1.1% 1.1% 1.1% 1.2% 2.69 2.55 2.69 2.84 2.69 2.55 2.69 2.84

Mezzanine (All) 6 1.0% 0.8% 1.0% 1.2% 5.91 3.05 4.64 8.06 7.80 3.23 4.82 13.05



Fund of Funds (All) 3 0.8% 0.3% 0.4% 1.1% 0.99 0.84 0.92 1.11 3.61 2.52 3.73 4.77






LBO/VC/Mezz (Large) 19 0.4% 0.2% 0.3% 0.5% 3.07 1.19 2.00 4.18 4.18 1.73 2.84 5.63


LBO/VC/Mezz (Small) 13 0.9% 0.3% 0.7% 0.9% 1.47 0.40 0.79 2.40 2.09 0.56 1.35 2.40

LBO/VC/Mezz (All) 46 0.6% 0.3% 0.4% 0.8% 2.60 0.78 1.78 3.19 3.51 1.50 2.24 4.44

All Firms 63 0.7% 0.3% 0.5% 0.8% 2.74 0.76 1.80 3.26 3.80 1.26 2.40 5.10


Firms

Carried Interest



Senior Associate (s)












Mezzanine (Small) 3 95.3 88.0 90.0 100.0 112.0 110.5 111.0 113.0 117.0 110.5 111.0 120.5

Mezzanine (All) 7 140.1 100.0 140.5 170.0 233.4 113.0 299.8 315.0 235.5 120.5 299.8 315.0



Fund of Funds (All) 3 124.5 121.8 130.0 130.0 163.7 155.0 180.0 180.5 163.7 155.0 180.0 180.5






LBO/VC/Mezz (Large) 16 176.6 140.4 178.3 203.0 308.3 246.6 263.5 350.6 315.0 246.6 263.5 350.6


LBO/VC/Mezz (Small) 15 123.0 95.0 122.0 143.3 176.6 113.0 181.8 237.5 179.7 120.5 181.8 240.0

LBO/VC/Mezz (All) 46 152.9 125.0 150.0 175.0 237.6 180.0 244.0 285.0 246.9 180.0 244.0 297.5

All Firms 69 149.0 121.5 145.0 170.0 233.1 169.8 226.6 285.0 242.3 178.9 230.0 291.7




Senior Associate (s) - Continued







Venture Capital (Large) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Venture Capital (Mid-Size) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A




Mezzanine (Small) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Mezzanine (All) 3 0.1% 0.1% 0.1% 0.2% 2.79 1.60 2.23 3.53 2.91 1.75 2.23 3.56



Fund of Funds (All) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A




Institutional (Small/Mid-size) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


LBO/VC/Mezz (Large) 10 0.3% 0.1% 0.2% 0.2% 2.35 0.63 1.56 3.50 2.54 0.74 1.67 4.09


LBO/VC/Mezz (Small) 4 0.3% 0.1% 0.1% 0.2% 0.58 0.12 0.41 1.20 1.34 0.21 0.57 1.59

LBO/VC/Mezz (All) 23 0.2% 0.1% 0.2% 0.3% 1.54 0.41 1.20 1.65 1.85 0.41 1.47 3.20

All Firms 32 0.2% 0.1% 0.2% 0.3% 1.65 0.25 1.20 1.90 1.94 0.33 1.47 3.75


Firms

Carried Interest



Associate(s)












Mezzanine (Small) 2 97.5 96.3 97.5 98.8 132.0 123.0 132.0 141.0 132.0 123.0 132.0 141.0

Mezzanine (All) 5 114.1 100.0 107.6 115.0 190.4 150.0 193.6 207.9 190.4 150.0 193.6 207.9



Fund of Funds (All) 5 93.2 80.8 90.0 110.0 126.2 100.0 105.8 150.0 126.2 100.0 105.8 150.0

Corporate Venturing (Small) 2 97.5 88.8 97.5 106.3 115.0 112.5 115.0 117.5 115.0 112.5 115.0 117.5





LBO/VC/Mezz (Large) 20 138.3 104.6 126.2 150.0 208.8 176.3 190.7 210.9 214.1 176.3 195.0 221.3


LBO/VC/Mezz (Small) 10 101.7 96.3 104.9 110.0 165.6 138.8 179.7 183.9 165.6 138.8 179.7 183.9

LBO/VC/Mezz (All) 39 122.7 100.9 115.0 145.9 186.8 148.8 185.2 205.2 189.6 148.8 185.2 212.5

All Firms 60 118.4 100.0 110.0 135.0 180.1 140.6 180.0 207.9 182.0 140.6 180.0 210.0




Associate(s) - Continued





LBO / Grow th Equity (Small) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A




Venture Capital (Small) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A




Mezzanine (All) 2 0.1% 0.1% 0.1% 0.2% 0.74 0.67 0.75 0.80 0.83 0.72 0.85 0.95









LBO/VC/Mezz (Large) 6 0.3% 0.1% 0.1% 0.3% 1.12 0.61 0.70 0.76 1.21 0.61 0.71 0.95


LBO/VC/Mezz (Small) 2 0.2% 0.1% 0.2% 0.2% 0.60 0.45 0.60 0.74 0.65 0.45 0.65 0.83

LBO/VC/Mezz (All) 10 0.2% 0.1% 0.1% 0.3% 0.94 0.60 0.70 0.84 1.03 0.60 0.71 1.05

All Firms 16 0.2% 0.1% 0.1% 0.3% 0.98 0.38 0.60 0.87 1.05 0.53 0.60 1.06


Firms

Carried Interest



Senior Analyst (s)













Mezzanine (All) 4 96.4 79.9 100.2 112.0 160.1 132.7 150.5 176.0 160.1 132.7 150.5 176.0









LBO/VC/Mezz (Large) 9 101.1 90.0 95.0 118.0 161.5 145.6 155.0 165.0 165.4 145.6 155.0 180.0


LBO/VC/Mezz (Small) 7 74.6 64.0 86.5 91.6 120.1 78.5 119.1 162.2 120.1 78.5 119.1 162.2

LBO/VC/Mezz (All) 20 92.2 86.3 92.7 111.0 151.8 137.6 155.0 175.0 153.5 137.6 155.0 177.5

All Firms 30 93.0 85.4 94.1 111.0 149.8 123.5 155.0 176.1 151.2 123.5 155.0 179.2

Firm Classification # Firms Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Analyst (s)



LBO / Grow th Equity (Large) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A










Mezzanine (All) 4 77.4 62.9 74.1 86.0 114.6 85.6 97.0 124.8 114.6 85.6 97.0 124.8



Fund of Funds (All) 4 60.2 53.8 61.0 67.4 76.0 65.8 74.0 84.2 76.0 65.8 74.0 84.2






LBO/VC/Mezz (Large) 6 70.3 56.3 61.2 94.4 88.2 72.5 85.8 101.6 88.2 72.5 85.8 101.6


LBO/VC/Mezz (Small) 5 68.6 60.0 64.1 68.7 92.4 66.0 70.2 78.9 92.4 66.0 70.2 78.9

LBO/VC/Mezz (All) 15 73.2 58.0 63.0 98.7 100.4 67.0 80.0 125.0 100.4 67.0 80.0 125.0

All Firms 21 71.2 56.0 63.0 93.3 96.6 66.0 81.0 105.0 96.6 66.0 81.0 105.0




Venture Partner/Operations Partner

Compensation Levels Per Position (By Type & Size of Firm)

Investment Managers - Non-Partner Level Positions



LBO / Grow th Equity (Mid-Size) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A









Mezzanine (All) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A






Institutional (Large) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


Institutional (All) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

LBO/VC/Mezz (Large) 6 337.3 271.2 327.9 393.8 449.5 387.3 451.9 532.4 449.5 387.3 451.9 532.4


LBO/VC/Mezz (Small) 7 191.8 93.3 207.8 270.7 243.3 93.3 280.4 328.2 245.4 93.3 284.9 335.7

LBO/VC/Mezz (All) 18 234.9 112.5 224.7 306.4 296.3 125.0 280.7 412.0 297.1 125.0 288.2 412.0

All Firms 20 228.8 100.0 200.0 306.4 289.4 100.0 280.0 412.0 290.2 100.0 280.0 412.0




Venture Partner/Operations Partner - Continued






















LBO/VC/Mezz (Large) 5 0.5% 0.2% 0.3% 0.5% 2.81 1.50 1.67 2.13 4.72 1.67 2.20 2.98


LBO/VC/Mezz (Small) 4 0.6% 0.6% 0.6% 0.6% 0.43 0.28 0.43 0.56 1.05 0.32 0.94 1.53

LBO/VC/Mezz (All) 12 0.5% 0.2% 0.4% 0.6% 1.73 0.65 1.01 1.78 3.20 1.14 1.93 3.01

All Firms 12 0.5% 0.2% 0.3% 0.6% 1.66 0.49 0.77 1.67 3.07 0.77 1.67 2.98


Firms

Carried Interest



Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration

JobDescriptions

AS01.ChiefOperatingOfficer(COO):Thispositionnormallyexistsatthelargerprivateequityfirms;theCOOisresponsibleforthenon‑deal‑makingaspectsoftheorganization,includinginternalbusinessoperationssuchashumanresources,finance/accounting,compliance,andtechnology.Thepositionalsomayoverseefundraising,marketing,andcommunications.

AS02.Administrative/OfficeManager:Thispositionsupervisessupportstaffandoverseesroutineadministrativefunctionsofthefirm. ReportstotheManagingGeneralPartnerorCOOorCFO,dependingonthesizeofthefirm.

AS03.ExecutiveAssistant:ThispositionprovidesfullsecretarialandadministrativesupporttotheCEO/ManagingPartnerandotherSeniorPartnersincludingseOingupofmeetingsandconferencecalls;orderingandreceivingsuppliesfortheoffice;puOingtogethernumerousreports;sendingoutmailings;andrespondingtovariousotherrequests.

AS04.Secretary/Administrator:Providessecretarialandadministrativeforindividualinvestmentexecutivesorforthewholeinvestmentteam

AS05.Receptionist:Responsibleforreceptiondutiesforthefirm.

Observations

AS01‑The50thpercentile(median)salaryplusbonusfortheCOOforallPrivateEquity/VCfirmsis$525,000($953,000forlargeLBOfirmsand$750,000forlargeVCfirms);carriedinterestpercentofthefundis0.9%forallfirms;andcarriedinterestdollarsatworkfromallactivefundsis$4.97million.

02‑ The50thpercentile(median)salaryplusbonusfortheAdministrative/OfficeManagerpositionis$97,000forallfirms($90,000forLBOfirms;$101,000forVCfirms;and$122,000forInstitutionalfirms.24%ofthesefirmsallocatecarriedinteresttothisposition(50%LBOand15%VC).Carriedinterestrepresents0.1%ofthefundand$180,000dollarsatwork.

AS03–The50thpercentile(median)salaryplusbonusfortheExecutiveAssistantpositionis$79,000forallfirms($78,000atLBOfirms;$81,000atVCfirms;and$83,000atInstitutionalfirms).AfewfirmsallocatecarriedinteresttothispositionbutitissmallenoughtobepreOymuchmeaningless.

AS04–The50thpercentile(median)salaryplusbonusfortheSecretary/Administratorpositionis$62,000forallfirms(about$60,000forLBOfirms,$68,00forVCfirmsand$53,000forInstitutionalfirms).

AS05‑The50thpercentile(median)salaryplusbonusfortheReceptionistpositionis$55,000forallfirms(fromalowof$41,000atLBOfirmsto$57,000atVCfirmsand$50,000atInstitutionalfirms).


Chief Operating Officer (COO)



LBO / Grow th Equity (Large) 3 591.7 400.0 400.0 687.5 809.2 726.3 952.5 963.8 1,568.0 848.9 1,197.9 2,101.9



LBO / Grow th Equity (All) 6 404.8 175.0 400.0 475.0 607.9 474.5 600.0 889.4 1,000.4 511.1 622.2 1,073.4













Institutional (Large) 3 483.3 237.5 325.0 650.0 811.7 705.0 975.0 1,000.0 1,502.9 751.4 1,025.0 2,015.5


Institutional (All) 4 385.0 135.0 237.5 487.5 637.5 355.0 705.0 987.5 1,155.9 387.1 751.4 1,520.3

LBO/VC/Mezz (Large) 6 616.7 425.0 525.0 793.8 767.1 600.0 812.5 933.1 1,146.5 600.0 812.5 1,117.2


LBO/VC/Mezz (Small) 2 102.0 78.0 102.0 126.0 102.0 78.0 102.0 126.0 102.0 78.0 102.0 126.0

LBO/VC/Mezz (All) 18 439.9 243.8 450.0 512.5 569.0 438.3 525.0 781.3 765.2 463.8 547.2 781.3

All Firms 21 415.8 150.0 400.0 500.0 576.2 375.0 525.0 875.0 802.3 385.7 547.2 875.0




Chief Operating Officer (COO) - Continued



Administrative/ Office Manager












Mezzanine (Small) 2 77.5 76.3 77.5 78.8 148.5 136.8 148.5 160.3 179.0 152.0 179.0 206.0

Mezzanine (All) 4 65.3 56.5 69.8 76.3 108.8 56.5 106.1 136.8 124.0 70.0 106.1 152.0



Fund of Funds (All) 2 96.8 93.9 96.8 99.6 127.3 123.5 127.3 131.2 127.3 123.5 127.3 131.2






LBO/VC/Mezz (Large) 8 82.7 66.0 80.5 105.8 102.9 89.1 110.1 120.2 107.5 89.1 116.0 129.1


LBO/VC/Mezz (Small) 13 72.6 65.0 78.0 87.6 93.6 73.0 92.9 119.6 100.0 73.0 92.9 125.0

LBO/VC/Mezz (All) 32 78.5 63.8 80.0 91.3 96.2 72.5 95.0 118.2 128.2 72.5 103.0 124.3

All Firms 46 79.7 66.5 80.0 92.0 97.8 73.0 97.0 119.6 126.3 73.0 107.0 124.3




Administrative/ Office Manager - Continued






















LBO/VC/Mezz (Large) 2 0.0% 0.0% 0.0% 0.0% 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2


LBO/VC/Mezz (Small) 4 0.2% 0.1% 0.2% 0.3% 0.2 0.1 0.1 0.3 0.4 0.2 0.5 0.6

LBO/VC/Mezz (All) 10 0.1% 0.0% 0.1% 0.2% 0.2 0.1 0.1 0.2 0.3 0.1 0.2 0.4

All Firms 11 0.1% 0.0% 0.0% 0.2% 0.10 0.00 0.07 0.13 0.18 0.00 0.09 0.25


Firms

Carried Interest



Executive Assistant













Mezzanine (All) 2 69.5 62.3 69.5 76.8 95.0 95.0 95.0 95.0 95.0 95.0 95.0 95.0



Fund of Funds (All) 3 68.0 61.5 75.0 78.0 81.0 75.5 89.0 90.5 81.0 75.5 89.0 90.5






LBO/VC/Mezz (Large) 18 80.0 65.2 81.2 98.1 91.1 71.8 90.7 111.8 91.1 71.8 90.7 111.8


LBO/VC/Mezz (Small) 13 61.4 51.0 58.8 65.7 69.1 56.0 65.6 80.0 70.5 56.0 65.6 95.0

LBO/VC/Mezz (All) 42 70.7 55.4 67.3 84.8 80.4 61.8 78.7 98.8 80.8 61.8 79.7 98.8

All Firms 54 71.2 55.5 68.5 84.5 80.8 63.7 79.3 97.5 81.4 63.8 80.8 97.6




Secretary/ Administrator
















Fund of Funds (All) 2 49.5 46.8 49.5 52.3 55.7 51.3 55.7 60.0 55.7 51.3 55.7 60.0






LBO/VC/Mezz (Large) 11 60.7 47.7 60.0 72.2 68.0 56.4 62.0 82.3 68.0 56.4 62.0 82.3


LBO/VC/Mezz (Small) 6 39.2 24.7 46.8 48.5 42.0 26.5 52.3 53.2 42.4 26.6 53.2 54.1

LBO/VC/Mezz (All) 22 55.2 47.2 55.0 66.8 61.2 52.0 61.0 78.0 81.4 52.7 61.0 79.4

All Firms 42 56.3 47.1 57.5 70.8 61.6 50.7 62.0 78.0 78.1 50.7 62.0 79.4




Receptionist






















LBO/VC/Mezz (Large) 12 53.0 47.9 54.5 59.0 57.8 53.2 58.8 63.6 57.8 53.2 58.8 63.6


LBO/VC/Mezz (Small) 3 22.3 18.0 30.7 30.8 22.5 18.2 31.0 31.0 23.5 18.2 31.3 32.5

LBO/VC/Mezz (All) 18 45.9 34.8 49.0 55.0 49.3 35.0 54.6 60.5 49.5 35.0 54.6 60.5

All Firms 26 45.9 33.3 49.0 55.8 49.3 33.8 54.6 61.0 49.5 34.0 54.6 61.0




Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance

JobDescriptions

FN01.ChiefFinancialOfficer(CFO):Thisseniorlevelprofessionalheadsupfinance/accountingforthefirmandits limitedpartnerships.Thepositionalsomayhaveresponsibilityforthebusinessoperationsofthefirm,suchashumanresources,complianceandtechnology.Atlargerfirms,theCFOmayreporttotheCOO.

FN02.Controller:Thisprofessionalperformsaccounting,financialmonitoring,reportingandsimilarservices.ReportstotheManagingGeneralPartnerorCOOorCFO,dependingonthesizeofthefirm.

FN03.AssistantController:ThispositionassiststheControllerand/orCFOwiththeirvariousdutiesandresponsibilities.

FN04.SeniorAccountant:Performsatleasttwoaccountingfunctions,suchasaccountspayable,accountsreceivable,orbook‑keeping.

FN05.JuniorAccountant:Juniormemberofthefinanceteam,typicallywouldnotbequalified,responsibleforday‑to‑daymaintenanceofaccountsrecords.

FN06.FundAccountant:Predominantlyanadministrativeposition,responsibleformaintainingadministrativerecordsandworkingonreconciliationstatementsforfunds.Assistsinpreparationoffundportfoliostatementsandprofit&lossreportingonfunds.

Observations

FN01‑The50th percentile(median)salaryplusbonusfortheCFOpositionisreasonablyclosebetweenLBO($311,000)andVCfirms($345,000).LBOfirmsdidhaveanadditional$112,000ofcarriedinterestdistributionswhereas othertypesoffirmshadliOleornone. Carriedinterestallocations(notdistributions)asapercentofthefundwere0.4%forLBOforms;0.7%forVCfirms;and0.2%forInstitutionalfirms.Carriedinterestdollarsatworkwere$3.48millioninLBOfirms;$4.50millioninVCfirms;and$13.24millioninInstitutionalfirms.

FN02–The50thpercentile (median)salaryplusbonusfor theControllerposition is$174,000. Itrangesfrom$180,000forLBOfirmsto$214,000 inVCfirms; to$175,000inInstitutionalfirms.(NotethatsomefirmsdonothaveaCFOposition.Whenthisoccurs,theControllertendstobepaidhigherthaniftherewereaCFOposition).38%offirmsallocatecarriedinteresttothisposition.Thecarriedinterestpercentofthefundis0.1andthedollarsatworkare$600,000.

FN03–The50thpercentile(median)salaryplusbonusfortheAssistantControllerpositionis$135,000.Itisabout$114,000inLBOfirms,$150,000inVCfirms,and$139,000atInstitutionalfirms.Thispositiondoesnotreceivecarriedinterestfromsurveyparticipants.

FN 04. – The 50th percentile (median) salary plus bonus for the SeniorAccountant position is $95.000. It is $95,000 in both LBO andVC firms and $93,000 inInstitutionalfirms.

FN05‑ The50thpercentile (median)salaryplusbonusfortheJuniorAccountantpositionis$66,000. Itvariesfrom$61,000 inVCfirmsto$66,000 inLBO andInstitutionalfirms.Notethatthesamplesizeissomewhatsmall.

FN06–The50thpercentile(median)salaryplusbonusfortheFundAccountantpositionis$97,000.Itis$114,000inLBOfirms,$98,000inVCfirms,and$76,000inInstitutionalfirms.Thesamplesizeissomewhatsmall.


Chief Financial Officer (CFO)












Mezzanine (Small) 2 128.8 118.1 128.8 139.4 184.8 151.1 184.8 218.4 184.8 151.1 184.8 218.4

Mezzanine (All) 4 146.9 124.4 143.0 162.5 240.4 218.4 258.5 279.0 240.4 218.4 258.5 279.0



Fund of Funds (All) 4 198.6 117.5 149.7 230.7 257.9 117.5 230.8 371.1 260.9 126.5 236.8 371.1






LBO/VC/Mezz (Large) 16 359.8 248.8 337.5 442.9 511.9 348.8 506.0 582.9 627.6 404.4 528.2 661.5


LBO/VC/Mezz (Small) 16 179.4 161.3 200.0 200.9 239.6 200.0 250.1 268.8 298.0 200.0 250.1 313.1

LBO/VC/Mezz (All) 42 266.3 200.0 220.0 322.5 365.2 254.5 310.5 458.1 457.0 254.5 340.8 529.4

All Firms 53 262.8 185.0 215.0 320.0 358.2 249.8 310.0 446.3 439.8 249.8 336.5 512.0




Chief Financial Officer (CFO) - Continued













Mezzanine (All) 3 0.3% 0.3% 0.5% 0.5% 1.56 1.04 1.34 1.90 1.95 1.63 2.24 2.40



Fund of Funds (All) 3 0.3% 0.3% 0.3% 0.4% 1.17 1.10 1.20 1.25 4.18 3.43 4.85 5.28






LBO/VC/Mezz (Large) 13 0.5% 0.2% 0.4% 0.8% 2.58 1.30 2.38 2.86 6.98 3.21 4.94 6.85


LBO/VC/Mezz (Small) 11 1.0% 0.3% 0.5% 1.2% 1.31 0.54 1.04 1.46 2.67 0.92 1.78 3.35

LBO/VC/Mezz (All) 34 0.7% 0.3% 0.5% 0.8% 2.01 0.87 1.33 2.80 4.63 1.35 3.48 6.49

All Firms 37 0.6% 0.3% 0.4% 0.8% 1.93 0.87 1.20 2.80 4.81 1.35 3.48 6.49


Firms

Carried Interest



Controller
















Fund of Funds (All) 4 138.1 100.0 113.8 151.9 234.9 116.3 154.9 273.5 236.2 117.5 154.9 273.5






LBO/VC/Mezz (Large) 19 177.0 136.6 169.7 222.0 239.2 198.4 225.0 278.3 259.6 201.0 247.0 311.0


LBO/VC/Mezz (Small) 9 95.0 72.0 112.0 123.8 118.5 88.0 127.7 141.1 118.5 88.0 127.7 141.1

LBO/VC/Mezz (All) 40 144.4 115.0 132.1 163.9 185.9 131.5 177.0 221.3 221.4 132.4 181.0 251.2

All Firms 56 144.8 115.0 134.3 162.0 188.2 129.0 174.0 220.0 217.8 131.5 180.0 247.0




Controller – Continued






















LBO/VC/Mezz (Large) 10 0.1% 0.1% 0.1% 0.2% 0.64 0.50 0.60 0.76 1.46 0.70 1.01 1.80


LBO/VC/Mezz (Small) 3 0.1% 0.1% 0.1% 0.1% 0.15 0.13 0.16 0.18 0.20 0.15 0.21 0.25

LBO/VC/Mezz (All) 20 0.2% 0.1% 0.1% 0.2% 0.45 0.20 0.45 0.65 0.90 0.29 0.60 1.11

All Firms 21 0.1% 0.0% 0.1% 0.2% 0.36 0.10 0.30 0.60 0.77 0.11 0.30 0.95


Firms

Carried Interest



Assistant Controller
















Fund of Funds (All) 2 94.7 92.3 94.7 97.0 125.6 124.3 125.6 126.8 125.6 124.3 125.6 126.8






LBO/VC/Mezz (Large) 12 123.1 99.5 128.4 134.8 148.9 114.8 153.5 159.1 148.9 114.8 153.5 159.1

LBO/VC/Mezz (Mid-Size) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

LBO/VC/Mezz (Small) 5 85.5 50.0 104.4 125.0 95.5 50.0 123.5 125.0 95.5 50.0 123.5 125.0

LBO/VC/Mezz (All) 17 112.1 83.0 125.0 130.0 125.8 100.5 131.7 157.5 131.9 111.0 131.7 157.5

All Firms 26 110.9 86.5 115.0 132.1 127.9 113.0 135.2 157.2 131.3 114.0 138.3 157.2




Senior Accountant
















Fund of Funds (All) 2 68.0 64.0 68.0 72.0 80.3 72.6 80.3 87.9 80.3 72.6 80.3 87.9






LBO/VC/Mezz (Large) 14 88.9 72.2 85.0 93.5 106.2 86.4 97.5 111.1 107.4 86.4 99.5 115.2


LBO/VC/Mezz (Small) 2 45.8 30.7 45.8 60.9 55.6 35.6 55.6 75.5 55.6 35.6 55.6 75.5

LBO/VC/Mezz (All) 21 82.7 73.9 79.0 89.0 97.2 81.9 95.5 109.0 99.8 81.9 95.5 113.0

All Firms 30 82.9 71.7 79.0 89.0 97.4 75.0 95.0 107.1 99.5 75.0 95.0 111.5




Junior Accountant






















LBO/VC/Mezz (Large) 5 61.7 60.5 60.8 61.0 68.8 65.8 66.8 69.5 68.8 65.8 66.8 69.5


LBO/VC/Mezz (Small) 4 37.6 30.0 44.2 50.4 41.8 31.5 48.1 56.6 41.8 31.5 48.1 56.6

LBO/VC/Mezz (All) 9 51.0 47.5 58.9 60.8 56.8 52.5 65.8 68.9 56.8 52.5 65.8 68.9

All Firms 12 51.3 47.5 58.9 60.8 57.5 52.5 65.8 68.9 57.5 52.5 65.8 68.9




Fund Accountant
















Fund of Funds (All) 3 68.7 50.5 55.0 80.0 84.3 60.3 74.5 103.5 84.3 60.3 74.5 103.5






LBO/VC/Mezz (Large) 6 94.4 75.0 83.6 108.1 113.3 89.0 97.9 125.8 115.2 89.0 97.9 125.8


LBO/VC/Mezz (Small) 2 103.8 95.6 103.8 111.9 114.3 105.9 114.3 122.6 114.3 105.9 114.3 122.6

LBO/VC/Mezz (All) 8 96.8 78.3 87.4 116.3 113.5 93.7 98.6 131.9 114.9 93.7 98.6 131.9

All Firms 15 91.2 73.3 87.2 115.0 106.5 85.2 97.5 131.0 107.5 85.2 97.5 131.0




Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations

JobDescriptions

MK01.ChiefMarketingOfficer/HeadofMarketing:Thisprofessionalisresponsibleforfund‑raisingandotherlimitedpartnerrelations,includingquarterlyreportsandregularlyscheduledmeetings.

MK 02. Marketing Manager: Supports the Head of Marketing in fund‑raising and other limited partner relations, including quarterly reports and regularlyscheduledmeetings.Insmallerfirmsmaybetheonlymarketingrole.

IR01.InvestorRelationsDirector/HeadofInvestorRelations:Leadroleincommunicationswithbothinvestorsandpress,communicatinggroup’sstrategy,fundperformanceandmessagesasagreedbytheCEO/ManagingPartnerandseniormanagementteam.Rolemaybetakenbyaseniorpartnerinthebusinessandmayalsoincorporatethemarketingfunction.

IR02.InvestorRelationsManager:ProvidessupportandassistancetotheInvestorRelationsDirectorincommunicatingwithfundinvestors,bothregularandadhoc.

Observations

Samplesizeforthesepositionsisquitesmallsosomeofthedatacanbeoutoflinewiththecompetitivemarketplace

MK01‑The50thpercentile(median)salaryplusbonusfortheChiefMarketingOfficerpositionis$240,000forallfirms.Itis$261,000atVCfirmsand$240,000atLBOfirms.33%ofthesefirmsallocatecarriedinteresttothisposition,representing0.6%ofthefundand$700,000dollarsatwork.

MK02–The50thpercentile(median)salaryplusbonusfortheMarketingManagerpositionis$146,000forallfirms($146,000forLBOfirmsand$217,000forVCfirms).62%offirmshaveCarriedInterest.Itis0.1%ofthemostrecentfundand$1.1milliondollarsatworkfromallactivefunds. The62%and$1.1million arehigherthanfortheMK01position,whichdoesnotseemtomakesense.Itmaybeduetothesizeoffirmsmatchingthetwopositions.

IR01–The50thpercentile (median)salaryplusbonusfor theInvestorRelationsDirectorposition is$292,000.TheLBOfirmsfigure is$302,000andInstitutionalfirmsis$305,000whiletheVCfigureisonly$210,000(butasmallsampleofonlytwofirms).63%ofthesefirmsallocatecarriedinteresttothisposition.Thepercentofthefundis0.1andthedollarsatworkare$600,000.

IR02–The50thpercentile(median)salaryplusbonusfortheInvestorRelationsManagerpositionis$150,000butrangesfromalowof $110,000atVCfirmstoahighof$187,000atLBOfirms.31%offirmshavecarriedinterestbutthedollarsatworkareonly$100,000.


Chief Marketing Officer/ Head of Marketing
















Fund of Funds (All) 2 195.0 192.5 195.0 197.5 425.0 412.5 425.0 437.5 425.0 412.5 425.0 437.5






LBO/VC/Mezz (Large) 5 256.0 175.0 175.0 280.0 300.5 208.0 247.5 347.2 302.6 208.0 257.8 347.2


LBO/VC/Mezz (Small) 2 95.5 65.8 95.5 125.3 138.0 87.0 138.0 189.0 138.0 87.0 138.0 189.0

LBO/VC/Mezz (All) 9 234.6 150.0 175.0 280.0 268.7 200.0 240.0 347.2 275.6 200.0 240.0 347.2

All Firms 12 227.0 150.0 175.0 280.0 282.3 200.0 240.0 400.0 288.1 200.0 240.0 400.0




Chief Marketing Officer/ Head of Marketing - Continued



Carried Interest



LBO / Growth Equity (Large) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

LBO / Growth Equity (Mid-Size) 2 1.0% 0.5% 1.0% 1.5% 1.07 0.66 1.07 1.47 1.07 0.66 1.07 1.47

LBO / Growth Equity (Small) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

LBO / Growth Equity (All) 3 0.7% 0.1% 0.1% 1.0% 1.04 0.63 1.00 1.44 1.18 0.83 1.41 1.64




Venture Capital (All) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A












LBO/VC/Mezz (Large) 1 0.1% 0.1% 0.1% 0.1% 1.0 1.0 1.0 1.0 1.4 1.4 1.4 1.4


LBO/VC/Mezz (Small) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

LBO/VC/Mezz (All) 3 0.7% 0.1% 0.1% 1.0% 1.04 0.63 1.00 1.44 1.18 0.83 1.41 1.64

All Firms 4 1.3% 0.1% 0.1% 2.0% 1.18 0.63 1.00 1.87 1.50 0.83 1.41 1.87


Marketing Manager













Mezzanine (All) 2 63.5 61.8 63.9 65.3 104.0 1.0 106.9 118.5 104.0 89.5 106.9 118.5









LBO/VC/Mezz (Large) 5 174.4 125.0 200.0 200.0 206.8 175.0 210.0 220.1 206.8 175.0 210.0 220.1


LBO/VC/Mezz (Small) 2 69.5 68.3 69.5 70.8 121.3 115.4 121.3 127.1 121.3 115.4 121.3 127.1

LBO/VC/Mezz (All) 11 129.0 69.5 116.0 182.5 173.4 121.3 146.0 215.1 292.1 121.3 175.0 248.6

All Firms 13 133.3 70.8 116.0 200.0 178.1 127.1 146.0 220.1 286.9 127.1 175.0 277.0




Marketing Manager - Continued






















LBO/VC/Mezz (Large) 3 0.1% 0.1% 0.1% 0.1% 1.3 0.8 1.3 1.8 2.2 1.3 2.2 3.1



LBO/VC/Mezz (All) 6 0.2% 0.0% 0.1% 0.3% 1.17 0.44 0.47 1.81 2.23 0.53 1.07 3.37

All Firms 8 0.2% 0.0% 0.1% 0.3% 1.08 0.41 0.44 2.25 2.20 0.53 1.07 3.96


Firms

Carried Interest



Investor Relations Director/ Head of Investor Relations






















LBO/VC/Mezz (Large) 6 174.8 115.6 210.5 235.3 294.0 296.8 313.2 341.3 304.4 296.8 313.2 341.3


LBO/VC/Mezz (Small) 2 94.3 64.0 100.4 124.7 129.3 81.5 138.9 177.2 129.3 81.5 138.9 177.2

LBO/VC/Mezz (All) 10 161.4 100.0 177.5 234.5 244.2 181.9 271.8 314.1 250.4 181.9 271.8 314.1

All Firms 16 160.7 100.0 185.0 221.0 259.1 198.8 292.0 315.0 264.6 198.8 292.0 328.6




Investor Relations Director/ Head of Investor Relations - Continued



Carried Interest



LBO / Growth Equity (Large) 2 0.01% 0.01% 0.01% 0.02% 0.14 0.12 0.14 0.15 0.14 0.12 0.14 0.15

LBO / Growth Equity (Mid-Size) 0 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


















LBO/VC/Mezz (Large) 3 0.04% 0.01% 0.02% 0.06% 0.26 0.14 0.17 0.34 0.45 0.14 0.17 0.62



LBO/VC/Mezz (All) 4 0.06% 0.02% 0.06% 0.10% 0.23 0.12 0.15 0.26 0.36 0.12 0.15 0.39

All Firms 5 0.05% 0.01% 0.02% 0.10% 0.28 0.12 0.17 0.51 0.41 0.12 0.17 0.75


Investor Relations Manager
















Fund of Funds (All) 2 115.0 107.5 115.0 122.5 146.3 123.1 146.3 169.4 146.3 123.1 146.3 169.4






LBO/VC/Mezz (Large) 7 131.3 121.9 150.0 150.0 174.7 122.5 187.4 227.1 181.0 122.5 187.4 227.1



LBO/VC/Mezz (All) 9 108.0 68.8 124.4 150.0 138.5 92.4 125.0 215.0 142.8 92.4 125.0 215.0

All Firms 16 115.2 95.0 139.4 150.0 146.7 95.0 150.0 224.3 151.7 95.0 150.0 224.3




Investor Relations Manager - Continued






















LBO/VC/Mezz (Large) 3 0.0% 0.0% 0.0% 0.1% 0.26 0.14 0.17 0.34 0.45 0.14 0.17 0.62



LBO/VC/Mezz (All) 4 0.0% 0.0% 0.0% 0.1% 0.15 0.03 0.11 0.16 0.24 0.03 0.11 0.16

All Firms 5 0.0% 0.0% 0.0% 0.1% 0.17 0.00 0.10 0.17 0.24 0.00 0.10 0.17


Firms

Carried Interest



Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology

JobDescriptions

LG01.ChiefLegalCounsel:Thisprofessionalisresponsibleforcoordinatinglegalworkbyoutsidecounsel.Italsomayprovidelegaladviceonfundformation,enteringandexitingportfoliocompanies,andassistingportfoliocompanies.

LG02.Compliance&RiskOfficer:Responsibleforensuringthatthefirmisincompliancewithallrelevantregulations.Ensuresadequatemonitoringofinvestmentactivities,undertakesauditsofinvestmentproceduresandadvisesCEO/ManagingPartnerandLegalteamonallcompliancerelatedissues.

HR 01. Chief Human Resources/ Talent Officer: This professional is responsible for various Human Resources functions, such as recruiting, performancemanagement,compensationandemployeebenefits.Oftenrecruitsexecutivesforportfoliocompanies.

HR 02. Human ResourcesManager:Responsible for day‑to‑day administration of HR functions, including payroll, staffing and recruitment. Implements andmonitorsHRprogrammersandstrategyasdeterminedbyseniorexecutives.

HR03.HumanResourcesExecutiveAssistant:ProvidesadministrativeandsecretarialsupporttotheHRDirectorandHRManager

IT 01. Chief TechnologyOfficer:This position is responsible for purchasing and operating computer networks and various software and hardware. It also isresponsibleforcommunicationssystems(phones,etc).

IT02.InformationTechnologyManager:WorkswithHeadofIToroutsourcedITsupporttomanagethefirm’sITapplicationsandinfrastructure.InsmallerfirmsmaybethemostseniorITposition.

Observations

LG01–The50thpercentile(median)salaryplusbonusfortheChiefLegalCounselpositionis$455,000. It is$415,000at Institutionalfirmsand$399,000atVCfirms.69%offirmsallocatecarriedinteresttothisposition.Thetypicalpercentofthefundis0.42andthedollarsatworkare$1.59million.

LG02.–The50%percentile (median) salaryplusbonus for theCompliance&RiskOfficerposition is$264.000.Only sixfirmsmatched thisposition.Carriedinterestdatawasnotsufficienttobemeaningful.

HR01–The50thpercentilesalaryplusbonusfortheChiefHumanResourcesOfficerwas$204,000($255,000atVCfirmsand$142,000atLBOfirms).45%offirmsprovidecarriedinteresttothispositionThecarriedinterestdollarsatworkare$420,000.

HR02–The50thpercentile (median) salaryplusbonus for theHumanResourcesManagerposition is $122,000. 22%offirms allocate carried interest to thisposition..Thedollarsatwork.Are$200,000.

HR03–Nodata.

IT01&02–The50th percentile (median)salaryplusbonusis$173,000fortheChiefTechnologyOfficerpositionand$120,000fortheInformationTechnologyManager.Carriedinterestdatawasnotsufficienttobemeaningful.


Chief Legal Counsel






LBO / Grow th Equity (All) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
















LBO/VC/Mezz (Large) 5 445.0 350.0 380.0 420.0 500.2 375.0 455.0 546.0 503.0 375.0 469.0 546.0


LBO/VC/Mezz (Small) 2 598.5 479.3 598.5 717.8 608.5 484.3 608.5 732.8 608.5 484.3 608.5 732.8

LBO/VC/Mezz (All) 9 489.9 350.0 380.0 750.0 528.3 375.0 455.0 750.0 529.9 375.0 469.0 750.0

All Firms 16 452.6 325.0 380.0 551.3 527.0 375.0 455.0 750.0 533.7 375.0 469.0 750.0




Chief Legal Counsel - Continued






LBO / Grow th Equity (All) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A














Institutional (Small/Mid-size) 2 N/A N/A N/A N/A N/A N/A N/A N/A 0.23 0.16 0.23 0.23


LBO/VC/Mezz (Large) 4 0.4% 0.3% 0.5% 0.6% 2.39 2.09 2.39 2.70 5.24 4.12 5.24 6.36


LBO/VC/Mezz (Small) 2 1.0% 0.5% 1.0% 1.5% 1.51 1.41 1.51 1.62 3.03 2.31 3.03 3.74

LBO/VC/Mezz (All) 7 0.5% 0.1% 0.4% 0.6% 1.82 1.31 1.72 1.78 3.62 1.59 3.00 4.46

All Firms 11 0.4% 0.0% 0.2% 0.6% 1.91 1.31 1.72 2.39 2.78 0.35 1.59 4.46


Firms

Carried Interest



Compliance & Risk Officer






















LBO/VC/Mezz (Large) 2 337.5 256.3 337.5 418.8 496.9 336.0 496.9 657.9 496.9 336.0 496.9 657.9



LBO/VC/Mezz (All) 2 337.5 256.3 337.5 418.8 496.9 336.0 496.9 657.9 496.9 336.0 496.9 657.9

All Firms 6 295.9 175.0 191.0 500.0 444.9 212.5 264.0 818.8 444.9 212.5 264.0 818.8




Chief Human Resources/ Talent Officer






















LBO/VC/Mezz (Large) 4 209.5 136.3 171.5 244.8 228.0 146.2 188.5 270.3 228.0 146.2 188.5 270.3



LBO/VC/Mezz (All) 7 178.4 122.5 150.0 209.0 195.4 142.4 150.0 248.5 195.4 142.4 150.0 248.5

All Firms 11 192.8 135.0 171.5 225.0 215.9 150.0 203.5 270.0 215.9 150.0 203.5 270.0




Chief Human Resources/ Talent Officer - Continued



Carried Interest






LBO / Growth Equity (All) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
















LBO/VC/Mezz (Large) 3 0.1% 0.0% 0.1% 0.1% 0.94 0.66 0.94 1.22 0.96 0.69 0.96 1.23



LBO/VC/Mezz (All) 4 0.28% 0.02% 0.05% 0.32% 0.67 0.28 0.59 0.98 0.85 0.31 0.96 1.50

All Firms 5 0.21% 0.00% 0.03% 0.08% 0.62 0.00 0.38 1.15 0.77 0.05 0.42 1.50


Human Resources Manager






















LBO/VC/Mezz (Large) 3 159.4 126.6 185.0 205.0 195.0 168.5 240.0 244.0 195.4 169.1 240.0 244.0


LBO/VC/Mezz (Small) 2 58.0 42.0 58.0 74.0 62.0 44.0 62.0 80.0 62.0 44.0 62.0 80.0

LBO/VC/Mezz (All) 6 119.4 73.7 106.0 169.3 138.5 97.2 110.0 210.5 148.1 98.1 138.2 224.6

All Firms 9 122.0 79.1 122.0 185.0 143.2 97.5 122.0 240.0 150.9 98.0 140.0 240.0




Human Resources Manager - Continued



Carried Interest






















LBO/VC/Mezz (Large) 1 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A



LBO/VC/Mezz (All) 2 0.01% 0.01% 0.01% 0.01% 0.15 0.15 0.15 0.15 0.18 0.18 0.18 0.18

All Firms 2 0.03% 0.01% 0.03% 0.04% 0.22 0.15 0.22 0.29 0.49 0.18 0.49 0.80


Chief Technology Officer






















LBO/VC/Mezz (Large) 5 151.5 132.6 165.0 175.0 174.5 151.4 173.0 200.0 174.5 151.4 173.0 200.0



LBO/VC/Mezz (All) 7 148.9 123.8 165.0 172.5 169.6 139.7 173.0 200.0 169.6 139.7 173.0 200.0

All Firms 10 150.3 132.6 165.0 175.0 179.9 151.4 173.0 200.0 179.9 151.4 173.0 200.0




Information Technology Manager






















LBO/VC/Mezz (Large) 10 128.4 88.0 127.5 174.8 146.1 104.0 134.7 191.5 146.1 104.0 134.7 191.5


LBO/VC/Mezz (Small) 3 65.3 42.9 60.5 82.5 68.6 42.9 61.5 87.5 68.6 42.9 61.5 87.5

LBO/VC/Mezz (All) 13 113.8 66.3 105.0 168.0 128.2 72.8 119.4 190.0 128.2 72.8 119.4 190.0

All Firms 18 116.4 75.6 105.0 168.0 133.0 86.9 120.0 190.0 133.0 86.9 120.0 190.0




VII. Compensation Levels By Type & Size of Firm


EXECUTIVE SUMMARY


HUMAN CAPITAL






Compensation Levels by Type and Size of Firm

LargeLBO/GrowthEquity Mid‑SizeLBO/GrowthEquity SmallLBO/GrowthEquity AllLBO/GrowthEquity

TheLBOdatamakesgoodsensewithoneexception.ThePE03PartnerpositionforsmallLBOfirmsshowsahighersalaryplusbonusthanPE01andPE02atthe50thpercentile.Thesameistruewhencarriedinterestdistributionsareincluded.

LargeVentureCapital Mid‑SizeVentureCapital SmallVentureCapital AllVentureCapital

TherearesomedifferenceswiththePE05andPE06positionswhichareattributedtosmallsamplesizes.

Mid‑Size&LargeMezzanine SmallMezzanine AllMezzanine

TherewereonlyafewparticipantsthatwereMezzaninefirms.Thissmallsamplesizecausesafewanomalieswiththedata.Ifthesamplesizeistwoorthree,onefirmcanberealhighorreallowandcausethesampletobeaboveorbelowactualmarketplacepractices.

LargeLBO/VC/Mezz Mid‑SizeLBO/VC/Mezz SmallLBO/VC/Mezz AllLBO/VC/Mezz

Again,thesmallsizefirmsareimpactedbythePE03Partnerpositionwhich,evenwithalargersamplesize,stillcompensateshigheratthe50thpercentilethanthePE02position.However,PE02ishigherattheAverageand75thpercentileandPE01isnowhigher.

LargeFundofFunds Mid‑SizeFundofFunds AllFundofFunds

Dataallmakessense

LargeInstitutional Small&Mid‑SizeInstitutional AllInstitutional

Sample Groups and Observations


Large LBO/Growth Equity


Large LBO/Growth Equity Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)

Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th

Managing General Partner/CEO PE01 11 1,106.3 450.0 750.0 1,834.0 11 3,235.0 2,000.0 2,200.0 2,387.5 11 6,367.7 4,864.8 6,138.0 7,894.8

Senior Partner/Senior Managing Director PE02 10 601.4 471.9 547.3 690.8 10 1,804.8 854.6 1,271.5 1,679.8 10 3,404.3 2,366.2 2,752.5 5,090.9

Partner/Managing Director PE03 11 541.4 327.2 400.0 543.8 11 885.4 650.6 822.0 988.1 11 1,356.0 836.4 978.0 1,813.5

Principal/VP/Director PE04 12 252.3 185.6 238.1 292.6 12 458.7 387.9 426.0 473.0 12 556.8 419.0 476.0 688.4

Senior Associate PE05 11 182.1 140.4 184.9 207.1 11 320.2 246.6 302.8 350.6 11 281.4 235.3 263.5 328.4

Associate PE06 11 137.5 101.2 125.0 150.0 11 234.3 187.9 200.0 235.0 11 244.0 192.3 210.0 260.0

Senior Analyst PE07 6 98.7 90.6 93.6 101.4 6 166.8 147.9 160.0 176.3 6 172.6 147.9 167.5 195.0

Analyst PE08 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Venture Partner/Operations Partner PE09 2 215.4 182.7 215.4 248.1 2 512.2 468.3 512.2 556.1 2 512.2 468.3 512.2 556.1

Chief Operating Officer AS01 3 591.7 400.0 400.0 687.5 3 809.2 726.3 952.5 963.8 3 1,568.0 848.9 1,197.9 2,101.9

Administrative/Office Manager AS02 5 87.1 62.0 85.0 105.0 5 117.3 76.9 119.0 151.3 5 141.4 93.6 119.0 163.5

Executive Assistant AS03 8 69.0 58.3 71.2 80.9 8 82.4 70.6 81.3 94.8 8 82.4 70.6 81.4 94.8

Secretary/Administrator AS04 7 54.6 47.3 48.0 57.3 7 64.2 53.1 57.3 69.8 7 64.2 53.1 57.3 69.8

Receptionist AS05 4 53.4 45.3 55.0 63.1 4 58.5 47.9 60.2 70.7 4 58.5 47.9 60.2 70.7

Chief Financial Officer FN01 9 290.4 239.0 250.0 315.0 9 483.6 311.0 422.5 591.7 9 687.1 345.0 544.4 959.0

Controller FN02 10 147.3 115.0 136.6 156.1 10 216.6 162.5 198.4 224.5 10 255.5 169.9 201.0 315.5

Assistant Controller FN03 4 90.5 79.8 88.5 99.3 4 120.2 108.9 113.6 124.9 4 120.2 108.9 113.6 124.9

Senior Accountant FN04 5 91.9 70.0 73.9 87.0 5 119.9 90.0 98.9 103.0 5 123.3 90.0 103.0 115.9

Junior Accountant FN05 3 62.3 57.0 61.0 67.0 3 69.7 66.2 66.8 71.7 3 69.7 66.2 66.8 71.7

Fund Accountant FN06 4 103.9 78.3 97.5 123.0 4 127.7 93.7 115.3 149.3 4 130.6 93.7 115.3 152.1

Chief Marketing Officer/Head of Marketing MK01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Marketing Manager MK02 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Investor Relations/Head of Investor Relations IR01 6 174.8 115.6 210.5 235.3 6 294.0 296.8 313.2 341.3 6 304.4 296.8 313.2 341.3

Investor Relations Manager IR02 5 135.0 150.0 150.0 150.0 5 188.2 150.0 224.3 230.0 5 196.9 150.0 224.3 230.0

Chief Legal Counsel LG01 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A

Compliance and Risk Officer LG02 2 337.5 256.3 337.5 418.8 2 496.9 336.0 496.9 657.9 2 496.9 336.0 496.9 657.9

Chief Human Resources/Talent Officer HR01 2 247.5 171.3 247.5 323.8 2 267.4 201.1 267.4 333.7 2 267.4 201.1 267.4 333.7

Human Resources Manager HR02 2 126.6 97.4 126.6 155.8 2 172.5 134.7 172.5 210.2 2 173.1 135.7 173.1 210.6

Chief Technology Officer IT01 2 175.0 175.0 175.0 175.0 2 210.0 205.0 210.0 215.0 2 210.0 205.0 210.0 215.0

Information Technology Manager IT02 4 128.0 93.9 123.4 157.5 4 150.6 114.8 134.7 170.5 4 150.6 114.8 134.7 170.5


Large LBO/Growth Equity - Continued


Large LBO/Growth Equity

Carried Interest



Managing General Partner/CEO PE01 11 5.0% 3.4% 4.2% 5.8% 11 40.9 28.8 46.6 53.4 11 76.5 51.0 76.4 108.7

Senior Partner/Senior Managing Director PE02 9 2.7% 1.3% 2.0% 3.7% 9 20.9 13.6 21.6 26.2 9 36.7 23.9 40.4 50.4

Partner/Managing Director PE03 11 1.2% 0.8% 1.1% 1.5% 11 8.8 5.2 7.7 11.3 11 15.3 7.4 12.6 20.1

Principal/VP/Director PE04 11 0.5% 0.3% 0.4% 0.6% 12 3.6 2.0 2.6 4.7 12 4.6 2.6 3.4 6.4

Senior Associate PE05 9 0.3% 0.2% 0.2% 0.2% 9 2.0 0.6 1.5 2.8 9 2.2 0.7 1.5 3.8

Associate PE06 4 0.2% 0.1% 0.1% 0.2% 4 1.4 0.6 0.7 1.5 4 1.5 0.6 0.8 1.7

Senior Analyst PE07 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A


Venture Partner/Operations Partner PE09 2 0.7% 0.4% 0.7% 1.0% 2 4.8 3.2 4.8 6.4 2 8.8 5.2 8.8 12.4

Chief Operating Officer AS01 3 0.9% 0.5% 0.6% 1.2% 3 10.1 4.6 5.3 13.1 3 18.6 5.9 7.4 25.6

Administrative/Office Manager AS02 3 0.01% 0.01% 0.01% 0.01% 3 0.1 0.1 0.1 0.2 3 0.2 0.2 0.2 0.2

Executive Assistant AS03 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Secretary/Administrator AS04 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Receptionist AS05 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A

Chief Financial Officer FN01 8 0.5% 0.2% 0.4% 0.8% 8 2.8 1.3 2.4 3.1 8 4.3 2.2 3.9 5.7

Controller FN02 4 0.1% 0.1% 0.1% 0.1% 4 0.7 0.6 0.7 0.8 4 1.2 0.9 1.1 1.4

Assistant Controller FN03 2 0.0% 0.0% 0.0% 0.0% 2 0.2 0.1 0.2 0.2 2 0.2 0.1 0.2 0.2

Senior Accountant FN04 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Junior Accountant FN05 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Fund Accountant FN06 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A



Investor Relations/Head of Investor Relations IR01 4 0.1% 0.0% 0.1% 0.2% 4 1.8 0.7 1.0 2.1 4 1.9 1.0 1.2 2.1

Investor Relations Manager IR02 2 0.0% 0.0% 0.0% 0.0% 2 0.1 0.1 0.1 0.2 2 0.1 0.1 0.1 0.2


Compliance and Risk Officer LG02 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A

Chief Human Resources/Talent Officer HR01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Human Resources Manager HR02 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Chief Technology Officer IT01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Information Technology Manager IT02 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A


Mid-Size LBO/Growth Equity


Mid-Size LBO/Growth Equity Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 7 629.8 379.2 600.0 775.0 7 1,568.2 1,069.0 1,350.0 2,039.2 7 4,041.1 1,375.0 2,694.7 5,669.3

Senior Partner/Senior Managing Director PE02 4 570.8 383.3 425.0 612.5 4 740.0 597.4 694.9 837.5 4 3,817.0 722.5 2,579.2 5,673.7

Partner/Managing Director PE03 5 430.0 350.0 400.0 450.0 5 590.0 500.0 650.0 650.0 5 995.5 500.0 650.0 700.0



Associate PE06 6 130.7 111.3 135.0 155.0 6 218.5 183.5 204.5 271.3 6 218.5 183.5 204.5 271.3


Analyst PE08 3 84.4 74.7 93.3 98.7 3 138.1 107.7 153.3 176.2 3 138.1 107.7 153.3 176.2


Chief Operating Officer AS01 2 300.0 200.0 300.0 400.0 2 583.0 524.5 583.0 641.5 2 622.2 583.2 622.2 661.1




Receptionist AS05 2 34.5 32.8 34.5 36.3 2 34.5 32.8 34.5 36.3 2 36.0 35.0 36.0 37.0


Controller FN02 5 136.4 120.0 150.0 156.0 5 159.0 126.0 180.0 182.0 5 364.9 176.3 180.0 182.0

Assistant Controller FN03 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A




Chief Marketing Officer/Head of Marketing MK01 3 265.0 147.5 155.0 327.5 3 293.3 190.0 240.0 370.0 3 310.4 215.6 240.0 370.0

Marketing Manager MK02 3 116.0 91.5 116.0 140.5 3 185.3 139.5 146.0 211.5 3 620.7 205.0 277.0 864.5

Investor Relations/Head of Investor Relations IR01 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A

Investor Relations Manager IR02 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A








Mid-Size LBO/Growth Equity - Continued


Mid-Size LBO/Growth Equity

Carried Interest








Associate PE06 3 0.1% 0.0% 0.0% 0.2% 2 0.9 0.9 0.9 0.9 2 1.1 1.1 1.1 1.1



Venture Partner/Operations Partner PE09 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A




Secretary/Administrator AS04 2 0.1% 0.0% 0.1% 0.1% 2 0.2 0.1 0.2 0.3 2 0.4 0.2 0.4 0.5



Controller FN02 3 0.2% 0.1% 0.1% 0.2% 3 0.3 0.2 0.3 0.5 3 0.6 0.2 0.3 0.9





Chief Marketing Officer/Head of Marketing MK01 2 1.0% 0.5% 1.0% 1.5% 2 1.1 0.7 1.1 1.5 2 1.1 0.7 1.1 1.5

Marketing Manager MK02 3 0.3% 0.2% 0.4% 0.5% 3 1.3 0.5 0.5 1.8 3 2.8 1.1 1.6 4.0










Small LBO/Growth Equity


Small LBO/Growth Equity Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 8 341.1 250.0 275.0 335.0 8 533.1 335.0 425.0 681.3 8 1,413.6 335.0 525.0 1,860.7

Senior Partner/Senior Managing Director PE02 9 246.7 200.0 250.0 325.0 9 437.3 300.0 350.0 575.0 9 786.2 300.0 450.0 793.4




Associate PE06 4 85.4 73.4 96.5 108.5 4 150.4 135.7 176.5 191.3 4 150.4 135.7 176.5 191.3




Chief Operating Officer AS01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A






Controller FN02 4 76.6 56.1 72.0 92.5 4 101.7 75.6 91.3 117.4 4 101.7 75.6 91.3 117.4
















Small LBO/Growth Equity - Continued


Small LBO/Growth Equity

Carried Interest








Associate PE06 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A





Administrative/Office Manager AS02 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A





Controller FN02 2 0.1% 0.1% 0.1% 0.1% 2 0.2 0.1 0.2 0.2 2 0.2 0.1 0.2 0.2
















All LBO/Growth Equity


All LBO/Growth Equity Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 26 714.2 315.0 400.0 884.7 26 2,076.5 745.8 1,814.5 2,262.5 26 4,032.8 1,375.0 2,694.7 6,147.0

Senior Partner/Senior Managing Director PE02 21 478.3 325.0 416.7 594.6 21 1,138.9 470.0 766.0 1,100.0 21 2,594.7 639.8 2,132.7 3,266.5




Associate PE06 19 129.7 102.1 125.0 150.0 19 220.7 184.4 200.0 222.5 19 226.3 184.4 203.0 237.5


Analyst PE08 5 72.1 56.0 60.0 93.3 5 106.9 62.0 70.0 153.3 5 106.9 62.0 70.0 153.3


Chief Operating Officer AS01 5 475.0 400.0 400.0 500.0 5 718.7 500.0 700.0 952.5 5 1,189.6 544.3 700.0 1,197.9




Receptionist AS05 6 47.1 37.3 43.0 58.5 6 50.5 38.7 45.5 65.1 6 51.0 38.7 45.5 65.1


Controller FN02 18 134.6 111.3 129.1 154.5 18 185.0 127.6 181.0 199.2 18 263.7 139.6 184.0 277.0












Human Resources Manager HR02 4 719.7 84.6 106.0 137.8 4 1,433.1 97.7 110.0 153.5 4 2,631.6 98.2 138.2 195.7




All LBO/Growth Equity - Continued


All LBO/Growth Equity

Carried Interest








Associate PE06 7 0.20% 0.08% 0.10% 0.30% 6 1.2 0.6 0.7 0.8 6 1.2 0.6 0.8 1.0










Controller FN02 9 0.12% 0.07% 0.10% 0.13% 9 0.5 0.2 0.5 0.7 9 0.8 0.2 0.6 1.2


Senior Accountant FN04 2 0.20% 0.20% 0.20% 0.20% 2 0.2 0.2 0.2 0.3 2 0.5 0.3 0.5 0.7










Human Resources Manager HR02 2 4.67% 0.02% 0.03% 0.04% 2 19.8 0.2 0.2 0.3 2 32.4 0.3 0.5 0.6




Large Venture Capital


Large Venture Capital Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 7 1,554.8 1,024.0 1,500.0 2,096.7 7 1,925.1 1,270.9 2,000.0 2,255.3 7 1,954.1 1,270.9 2,001.2 2,356.3

Senior Partner/Senior Managing Director PE02 5 969.9 880.0 1,055.6 1,062.8 5 1,147.7 1,030.0 1,055.6 1,062.8 5 1,259.3 1,055.6 1,063.0 1,588.0




Associate PE06 7 144.2 116.6 135.0 151.5 7 209.4 156.2 169.4 184.0 7 209.4 156.2 169.4 184.0


Analyst PE08 4 74.9 49.9 80.0 105.0 4 91.9 69.4 92.5 115.0 4 91.9 69.4 92.5 115.0






Receptionist AS05 8 54.4 50.5 55.0 60.1 8 59.1 54.8 59.8 64.3 8 59.1 54.8 59.8 64.3


Controller FN02 8 227.4 205.0 234.0 251.4 8 294.3 240.3 276.4 324.5 8 294.3 240.3 276.4 324.5









Chief Legal Counsel LG01 5 445.0 350.0 380.0 420.0 5 500.2 375.0 455.0 546.0 5 503.0 375.0 469.0 546.0







Large Venture Capital - Continued


Large Venture Capital

Carried Interest







Senior Associate PE05 2 0.9% 0.9% 0.9% 1.0% 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Associate PE06 2 0.3% 0.2% 0.3% 0.4% 2 2.3 1.5 2.3 3.0 2 2.3 1.5 2.3 3.0










Controller FN02 5 0.2% 0.1% 0.1% 0.3% 4 0.7 0.5 0.6 0.8 4 1.9 0.7 1.6 2.9

Assistant Controller FN03 2 0.0% 0.0% 0.0% 0.1% 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A








Chief Legal Counsel LG01 2 0.4% 0.3% 0.5% 0.6% 2 2.4 2.1 2.4 2.7 2 5.2 4.1 5.2 6.4







Mid-Size Venture Capital


Mid-Size Venture Capital Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 10 1,101.4 660.0 1,115.0 1,288.8 10 1,528.6 836.0 1,450.9 2,139.5 10 1,587.8 875.0 1,654.9 2,146.5





Associate PE06 6 104.6 101.3 107.5 117.5 6 129.8 113.1 137.0 167.3 6 129.8 113.1 137.0 167.3








Receptionist AS05 4 42.3 33.3 42.0 51.0 4 44.8 33.3 44.5 56.0 4 45.5 34.0 44.5 56.0


Controller FN02 8 137.5 124.1 133.8 149.3 8 171.1 128.8 163.5 186.8 8 171.1 128.8 163.5 186.8
















Mid-Size Venture Capital - Continued


Mid-Size Venture Capital

Carried Interest







Senior Associate PE05 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A







Executive Assistant AS03 1 N/A N/A N/A N/A 1 0.1 0.1 0.1 0.1 1 N/A N/A N/A N/A




Controller FN02 5 0.2% 0.2% 0.2% 0.3% 5 0.3 0.2 0.3 0.3 5 0.4 0.3 0.3 0.6
















Small Venture Capital


Small Venture Capital Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 11 588.7 360.0 450.0 775.0 11 647.1 485.0 600.0 775.0 11 769.2 490.0 600.0 900.0















Controller FN02 4 105.2 100.5 112.5 117.2 4 117.5 111.7 128.5 134.3 4 117.5 111.7 128.5 134.3
















Small Venture Capital - Continued


Small Venture Capital

Carried Interest


















Controller FN02 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A
















All Venture Capital


All Venture Capital Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 30 964.8 462.5 775.0 1,250.0 30 1,215.9 555.0 900.0 1,656.4 30 1,287.2 555.0 1,020.9 1,875.8

Senior Partner/Senior Managing Director PE02 16 645.0 343.8 563.8 923.9 16 741.5 406.3 563.8 1,036.4 16 856.5 406.3 608.0 1,194.3




Associate PE06 15 131.1 105.0 120.0 145.9 15 173.6 137.8 164.9 178.4 15 173.6 137.8 164.9 178.4


Analyst PE08 5 71.9 55.0 60.0 105.0 5 86.7 66.0 80.0 105.0 5 86.7 66.0 80.0 105.0






Receptionist AS05 14 50.0 37.4 52.8 57.3 14 53.4 39.1 56.8 61.3 14 53.6 39.1 56.8 61.3


Controller FN02 20 167.0 122.8 153.5 216.0 20 209.7 131.5 191.6 264.7 20 209.7 131.5 191.6 264.7
















All Venture Capital - Continued


All Venture Capital

Carried Interest








Associate PE06 4 0.44% 0.14% 0.33% 0.63% 3 1.6 0.5 0.8 2.3 3 1.7 0.6 0.8 2.3

Senior Analyst PE07 2 0.12% 0.11% 0.12% 0.13% 2 0.2 0.2 0.2 0.2 2 0.4 0.4 0.4 0.5





Executive Assistant AS03 2 0.07% 0.05% 0.07% 0.08% 2 0.1 0.0 0.1 0.1 2 0.1 0.1 0.1 0.1




Controller FN02 11 0.19% 0.12% 0.15% 0.26% 10 0.4 0.2 0.4 0.6 10 1.0 0.3 0.6 0.7

Assistant Controller FN03 2 0.14% 0.08% 0.14% 0.20% 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A










Chief Human Resources/Talent Officer HR01 2 0.55% 0.32% 0.55% 0.79% 2 1.2 1.0 1.2 1.3 2 1.5 1.5 1.5 1.5





Mid-Size & Large Mezzanine


Mid-Size & Large Mezzanine Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)



Senior Partner/Senior Managing Director PE02 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A




Associate PE06 3 125.2 110.4 115.0 135.0 3 229.3 198.9 207.9 248.9 3 229.3 198.9 207.9 248.9


Analyst PE08 3 82.1 71.2 80.0 92.0 3 130.2 95.8 100.0 149.5 3 130.2 95.8 100.0 149.5
























Mid-Size & Large Mezzanine – Continued


Mid-Size & Large Mezzanine

Carried Interest


































Small Mezzanine


Small Mezzanine Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 4 808.8 243.8 800.0 1,365.0 4 820.0 265.0 810.0 1,365.0 4 1,175.3 490.0 990.0 1,675.3





Associate PE06 2 97.5 96.3 97.5 98.8 2 132.0 123.0 132.0 141.0 2 132.0 123.0 132.0 141.0


























Small Mezzanine - Continued


Small Mezzanine

Carried Interest

















Chief Financial Officer FN01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

















All Mezzanine


All Mezzanine Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 7 636.4 247.5 325.0 1,000.0 7 1,203.6 807.5 1,350.0 1,380.0 7 1,406.6 957.5 1,350.0 1,930.0

Senior Partner/Senior Managing Director PE02 6 243.3 187.5 230.0 265.0 6 553.4 237.5 482.5 772.5 6 671.9 290.0 512.5 1,031.4




Associate PE06 5 114.1 100.0 105.7 115.0 5 190.4 150.0 190.0 207.9 5 190.4 150.0 190.0 207.9


Analyst PE08 4 77.4 62.9 71.5 86.0 4 114.6 85.6 95.8 124.8 4 114.6 85.6 95.8 124.8
























All Mezzanine - Continued


All Mezzanine

Carried Interest








Associate PE06 2 0.14% 0.08% 0.14% 0.19% 2 0.7 0.7 0.7 0.8 2 0.8 0.7 0.8 0.9


























Large LBO/VC/Mezz


Large LBO/VC/Mezz Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 18 1,257.1 525.0 1,024.0 2,000.0 18 2,735.4 2,000.0 2,134.6 2,435.6 18 4,389.9 2,050.9 3,061.8 6,095.8

Senior Partner/Senior Managing Director PE02 15 709.2 481.3 600.0 967.8 15 1,594.4 855.7 1,062.8 1,482.5 15 2,455.2 1,059.3 2,048.4 2,752.5

Partner/Managing Director PE03 17 513.1 304.4 475.0 550.0 17 781.3 592.5 778.8 878.5 17 1,060.6 780.0 814.4 978.0



Associate PE06 18 138.4 102.4 126.2 150.0 18 211.1 178.3 190.7 217.0 18 213.2 178.3 195.0 217.5


Analyst PE08 6 70.3 56.3 61.2 94.4 6 88.2 72.5 85.8 101.6 6 88.2 72.5 85.8 101.6


Chief Operating Officer AS01 5 640.0 400.0 550.0 875.0 5 770.5 550.0 875.0 952.5 5 1,225.8 550.0 875.0 1,197.9




Receptionist AS05 11 52.9 47.7 55.0 60.0 11 57.6 52.3 58.5 65.7 11 57.6 52.3 58.5 65.7


Controller FN02 16 180.1 129.4 179.8 234.0 16 238.8 189.3 214.6 295.8 16 258.7 199.2 233.5 320.1
















Large LBO/VC/Mezz - Continued


Large LBO/VC/Mezz

Carried Interest








Associate PE06 5 0.4% 0.1% 0.2% 0.5% 4 1.4 0.6 0.7 1.5 4 1.4 0.6 0.7 1.5










Controller FN02 6 0.1% 0.1% 0.1% 0.1% 8 0.6 0.5 0.6 0.8 8 1.4 0.6 1.0 2.0
















Mid-Size LBO/VC/Mezz


Mid-Size LBO/VC/Mezz Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 19 850.9 500.0 650.0 1,240.0 19 1,505.7 894.0 1,350.0 1,979.0 19 2,716.4 1,297.5 1,658.0 2,797.3

Senior Partner/Senior Managing Director PE02 10 616.1 400.0 475.0 780.0 10 766.5 532.5 694.9 822.5 10 2,364.5 632.5 790.0 3,705.1




Associate PE06 10 115.2 101.3 115.0 142.5 10 163.0 133.0 159.5 193.0 10 163.0 133.0 159.5 193.0


Analyst PE08 4 83.3 74.0 86.7 96.0 4 128.6 90.5 126.7 164.7 4 128.6 90.5 126.7 164.7






Receptionist AS05 4 44.0 37.0 44.0 51.0 4 46.5 37.0 46.5 56.0 4 46.5 37.0 46.5 56.0


Controller FN02 14 135.9 120.0 133.8 154.5 14 164.9 127.0 163.5 181.5 14 238.4 133.8 173.3 181.5
















Mid-Size LBO/VC/Mezz - Continued


Mid-Size LBO/VC/Mezz

Carried Interest








Associate PE06 3 0.2% 0.1% 0.1% 0.3% 2 0.5 0.4 0.5 0.7 2 0.8 0.6 0.8 0.9










Controller FN02 8 0.2% 0.1% 0.2% 0.3% 8 0.3 0.2 0.3 0.4 8 0.5 0.3 0.3 0.6
















Small LBO/VC/Mezz


Small LBO/VC/Mezz Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)







Associate PE06 9 95.7 95.0 103.0 110.0 9 151.8 135.0 173.0 180.0 9 151.8 135.0 173.0 180.0


Analyst PE08 4 59.7 56.8 61.5 64.4 4 65.8 62.1 67.0 70.7 4 65.8 62.1 67.0 70.7






Receptionist AS05 3 22.3 18.0 30.6 30.8 3 22.5 18.2 31.0 31.0 3 23.5 18.2 31.0 32.5


Controller FN02 9 95.0 72.0 110.0 123.8 9 118.5 88.0 124.9 141.1 9 118.5 88.0 124.9 141.1
















Small LBO/VC/Mezz - Continued


Small LBO/VC/Mezz

Carried Interest








Associate PE06 2 0.2% 0.2% 0.2% 0.2% 2 0.5 0.4 0.5 0.5 2 0.5 0.4 0.5 0.5










Controller FN02 3 0.1% 0.1% 0.1% 0.1% 3 0.2 0.1 0.2 0.2 3 0.2 0.2 0.2 0.3
















All LBO/VC/Mezz


All LBO/VC/Mezz Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 62 881.3 350.0 640.0 1,288.8 62 1,574.0 663.0 1,297.5 2,088.6 62 2,583.5 725.0 1,654.9 2,848.7

Senior Partner/Senior Managing Director PE02 43 513.6 265.8 416.7 615.0 43 889.2 437.5 639.8 1,042.8 43 1,658.8 475.0 793.4 2,090.5




Associate PE06 36 124.5 101.0 112.5 143.8 36 188.1 149.4 184.1 203.8 36 189.1 149.4 184.1 208.4


Analyst PE08 14 71.0 57.0 62.7 90.0 14 93.5 66.5 81.0 103.8 14 93.5 66.5 81.0 103.8






Receptionist AS05 17 48.2 37.0 50.0 55.0 17 51.9 38.0 55.0 61.0 17 52.1 38.0 55.0 61.0


Controller FN02 38 147.4 115.0 132.1 167.8 38 188.3 130.5 177.0 217.3 38 223.8 132.1 181.0 241.5
















All LBO/VC/Mezz - Continued


All LBO/VC/Mezz

Carried Interest








Associate PE06 9 0.26% 0.10% 0.15% 0.25% 8 1.0 0.5 0.6 0.8 8 1.0 0.6 0.6 0.8










Controller FN02 19 0.16% 0.10% 0.13% 0.23% 18 0.4 0.2 0.4 0.6 18 0.9 0.3 0.6 1.1












Human Resources Manager HR02 2 0.03% 0.02% 0.03% 0.04% 2 0.2 90.0 122.0 185.0 2 0.5 0.3 0.5 0.6

Chief Technology Officer IT01 2 0.11% 0.06% 0.11% 0.15% 2 0.4 0.3 0.4 0.5 2 0.4 0.3 0.4 0.5



Large Fund of Funds


Large Fund of Funds Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)







Associate PE06 3 88.6 77.9 80.8 95.4 3 130.3 102.9 105.8 145.5 3 130.3 102.9 105.8 145.5


Analyst PE08 4 60.2 53.8 61.0 67.4 4 76.0 65.8 74.0 84.2 4 76.0 65.8 74.0 84.2








Controller FN02 3 150.8 113.8 127.5 176.3 3 278.2 154.9 189.7 357.4 3 278.2 154.9 189.7 357.4
















Large Fund of Funds - Continued


Large Fund of Funds

Carried Interest


































Mid-Size Fund of Funds


Mid-Size Fund of Funds Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 2 440.0 360.0 440.0 520.0 2 740.0 510.0 740.0 970.0 2 840.0 660.0 840.0 1,020.0


Partner/Managing Director PE03 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A

Principal/VP/Director PE04 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A


Associate PE06 2 100.0 95.0 100.0 105.0 2 120.0 105.0 120.0 135.0 2 120.0 105.0 120.0 135.0


























All Fund of Funds


All Fund of Funds Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 6 513.3 312.3 400.0 562.5 6 1,455.3 826.4 1,425.0 1,950.0 6 1,507.0 826.4 1,425.0 2,032.5





Associate PE06 5 93.2 80.8 90.0 110.0 5 126.2 100.0 105.8 150.0 5 126.2 100.0 105.8 150.0


Analyst PE08 4 60.2 53.8 61.0 67.4 4 76.0 65.8 74.0 84.2 4 76.0 65.8 74.0 84.2








Controller FN02 4 138.1 100.0 113.8 151.9 4 234.9 116.3 154.9 273.5 4 236.2 117.5 154.9 273.5
















All Fund of Funds - Continued


All Fund of Funds

Carried Interest


















Controller FN02 2 0.07% 0.05% 0.07% 0.09% 2 0.3 0.2 0.3 0.4 2 0.3 0.2 0.3 0.4
















Large Institutional


Large Institutional Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)



Senior Partner/Senior Managing Director PE02 7 449.5 265.8 500.0 557.2 7 966.6 730.5 939.4 1,147.6 7 1,816.3 802.7 1,145.1 1,742.9




Associate PE06 7 108.3 97.0 106.3 117.8 7 187.2 151.9 191.3 213.9 7 189.6 151.9 191.3 213.9


Analyst PE08 2 65.6 64.0 65.6 67.1 2 85.2 82.1 85.2 88.4 2 85.2 82.1 85.2 88.4


Chief Operating Officer AS01 3 483.3 237.5 325.0 650.0 3 811.7 705.0 975.0 1,000.0 3 1,502.9 751.4 1,025.0 2,015.5




Receptionist AS05 2 60.0 59.0 60.0 61.0 2 65.5 63.3 65.5 67.8 2 65.5 63.3 65.5 67.8


Controller FN02 4 167.7 130.3 140.6 178.0 4 214.5 173.4 185.5 226.5 4 214.5 173.4 185.5 226.5
















Large Institutional - Continued


Large Institutional

Carried Interest








Associate PE06 2 0.0% 0.0% 0.0% 0.0% 2 0.2 0.0 0.0 0.2 2 0.2 0.0 0.0 0.2




Chief Operating Officer AS01 2 0.8% 0.3% 0.6% 1.2% 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A






















Small & Mid-Size Institutional


Small & Mid-Size Institutional Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)







Associate PE06 3 85.3 70.5 80.0 97.5 3 102.3 93.5 110.0 115.0 3 102.3 93.5 110.0 115.0








Receptionist AS05 2 32.2 30.3 32.2 34.1 2 33.2 30.8 33.2 35.6 2 33.2 30.8 33.2 35.6


Controller FN02 4 131.5 124.8 142.0 148.8 4 157.2 145.9 164.0 175.3 4 157.2 145.9 164.0 175.3
















Small & Mid-Size Institutional - Continued


Small & Mid-Size Institutional

Carried Interest

















Chief Financial Officer FN01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 2 0.6 0.1 0.1 0.9










Chief Legal Counsel LG01 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 2 0.2 0.2 0.2 0.3







Infrastructure/Distressed/Turnaround


Infrastructure/Distressed/Turnaround Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)



Senior Partner/Senior Managing Director PE02 3 483.3 425.0 550.0 575.0 3 925.7 725.0 1,150.0 1,238.5 3 925.7 725.0 1,150.0 1,238.5




Associate PE06 3 80.0 65.0 90.0 100.0 3 133.3 95.0 150.0 180.0 3 133.3 95.0 150.0 180.0








Receptionist AS05 2 42.5 36.3 42.5 48.8 2 45.5 37.8 45.5 53.3 0 45.5 37.8 45.5 53.3


Controller FN02 3 97.5 71.3 112.5 131.3 3 100.9 76.4 122.7 136.4 3 100.9 76.4 122.7 136.4
















Infrastructure/Distressed/Turnaround - Continued


Infrastructure/Distressed/Turnaround

Carried Interest






Principal/VP/Director PE04 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A












Controller FN02 0 N/A N/A N/A N/A 0 0.0 0.0 0.0 0.0 0 0.0 0.0 0.0 0.0
















Corporate Venturing


Corporate Venturing Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)


Managing General Partner/CEO PE01 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A

Senior Partner/Senior Managing Director PE02 2 325.0 287.5 325.0 362.5 2 414.0 352.0 414.0 476.0 2 956.5 623.3 956.5 1,289.8

Partner/Managing Director PE03 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A 1 N/A N/A N/A N/A



Associate PE06 2 97.5 88.8 97.5 106.3 2 115.0 112.5 115.0 117.5 2 115.0 112.5 115.0 117.5


























Compensation Levels – Asia Pacific

AsiaPacificdatawasreportedbyatleast16firms.However,noneofthefirmsreportedthetoppositionofmanaginggeneralpartnerandonlyfourfirmsreportedthesecondlevelpositionofseniorpartner.Theaveragecompensationisinfluencedbyafewhigh‑and/orlow‑payingfirms,soweencouragereadersofthisreporttofocusonthemedian(or50thpercentile).

MostofthefirmsalsohaveemployeesintheUnitedStatesandseveralareheadquarteredintheUnitedStates.Thisprobablyaccountsforthelackofdataforthetoptwopositions.

Therewasnotenoughinformationtoallocatethedatabytypeorsizeoffirm.Thismeanssomefirmsreportedononepositionbutnotanother.Theresultofcourseisthatthisalsohasaneffectonthedatafromonepositiontoanother.

Firm Classification Carried Interest % of Most Recent Fund Dollars At Work Most Recent Fund

(Millions) Dollars At Work All Active Funds (Millions)

# of Firms Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Senior Partner / Senior Managing Director(s) 3 2.28% 1.92% 2.00% 2.50% 10.5 4.7 6.0 14.0 13.1 5.0 13.3 21.4 Partner / Managing Director(s) / Portfolio Manager 7 0.64% 0.18% 0.39% 0.80% 5.8 6.1 7.0 7.0 11.8 9.7 10.0 12.1 Principal / Vice President / Director(s) 9 0.46% 0.08% 0.08% 0.80% 2.8 1.5 3.0 3.1 5.0 1.9 3.1 5.6 Senior Associate(s) 5 0.11% 0.02% 0.04% 0.19% 1.0 0.5 0.8 1.4 1.1 0.6 1.1 1.6

Firm Classification Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)

# of Firms Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Senior Partner / Senior Managing Director(s) 4 1,685.3 384.4 449.6 1,750.6 5,436 552.3 588.2 5,472.2 5,436 552.3 588.2 5,472.2 Partner / Managing Director(s) / Portfolio Manager 10 307.0 219.8 298.1 379.0 636 277.6 492.1 1,004.6 888 277.6 507.9 1,482.9 Principal / Vice President / Director(s) 16 479.3 165.0 239.1 268.9 1,450 259.6 378.5 727.4 1,450 259.6 378.5 727.4 Senior Associate(s) 12 375.1 110.4 131.4 174.1 1,170 131.1 174.0 298.7 1,170 131.1 174.0 298.7 Associate(s) 7 117.3 78.4 92.8 162.1 209 78.4 113.6 329.9 209 78.4 113.6 329.9 Senior Analyst(s) 3 81.7 46.9 67.4 109.4 107 59.9 87.4 144.4 107 59.9 87.4 144.4 Analyst(s) 2 32.7 N/A 32.7 N/A 34 N/A 34.4 N/A 34 N/A 34.4 N/A Venture Partner/Operations Partner 3 384.8 327.2 338.0 419.0 385 327.2 338.0 419.0 385 327.2 338.0 419.0 Executive Assistant 3 67.3 56.2 87.0 88.3 79 65.6 104.4 105.2 79 65.6 104.4 105.2 Secretary/ Administrator 4 47.1 25.0 39.0 61.1 52 29.5 46.0 68.9 52 29.5 46.0 68.9

All Firms


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Rothstein Kass provides audit, tax and consulting services for venture capital funds, private equity funds, hedge funds, fund of funds, bro-ker-dealers and registered investment advisors.We’ve served the financial services industry for over 30 years and we are consistently rankedas a top accounting services provider, which is a reflection of our technical acumen and our commitment to client service.Our affiliate, Rothstein Kass Business Advisory ServicesSM, helps clients to resolve issues, optimize opportunities and identify and realizetheir strategic vision.

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20122013 holt thomson reuters pe vc compensation study us (1)

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