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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)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage2
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.
Copyright Information Dataandinformationinthisreportiscopyrightedbytheauthors.Electronicandprintedcopiesofthisreportcanonlybesharedwithemployeesofthefirmpurchasingthereport;usersareforbiddentoreproduce,republish,redistribute,orresellanymaterialsfromthisreporttoanypartywhoisnotemployedattheorganizationpurchasingthereportineithermachine‑readableformoranyotherformwithoutpermissionoftheauthors.Nopartofthisreportmaybecopied,photocopied,duplicatedorforwardedinanyformorbyanymeanswithoutthepublisher’swriOenconsent.FailuretoabidebythiswillbeconsideredanabuseofFederalCopyrightLaw(17USC101etseq.)andmaybesubjecttocriminalpenaltiesandliabilityforsubstantialmonetarydamages.
Forpermissionsandothercopyright‑relatedquestions,pleaseemailyourquestionto:
David.Toll@ThomsonReuters.com
Mike.Holt@HoltPrivateEquityCompensation.com
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage3
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%
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage4
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%
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage5
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.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage6
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%
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage7
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%
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage8
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage9
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage10
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.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage11
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage12
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
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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) Mike.Holt@holtprivateequitycompensation.com(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 David.toll@thomsonreuters.com (646)223‑6784
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage14
II. Financial & Operational Data
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)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage15
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage16
By Firm Type and Size
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.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage17
By Firm Type
Financial and Operational Data Ownership Structure
Mostofthesurveyparticipantsareprivate/standalonefirms.However,ameaningfulsampleof30%areInstitutionalorganizations.
AmongInstitutionalorganizations,mostofthecapital–about71%– isprovidedbytheparentcompany
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage18
By Firm Type and Size
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.
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By Firm Type and Size
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage20
By Firm Type
Financial and Operational Data
ParticipantsinthesurveyreportedthatLimitedPartnersreceive68%oftransactionfees;69%ofmonitoringfees78%ofDirectorsfees;and98%ofDividends.Asstatedinanearlierslide,theGeneralPartner/LimitedPartnersplithaschangedconsiderablyinrecentyears.
Fee Splits
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III. Human Capital
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)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage22
By Firm Type and Size
Human Capital Number of Employees Per Employee Group
Itisobviousthatlargefirmshavemoreemployeesthansmallfirms.WhatislessobviousisthatVCfirms,allotherthingsbeingequal,normallyhavemorepartnersthanLBOfirms,butLBOfirmshavemorenon‑partnerinvestmentprofessionalsthanVCfirms.ThismakessensebecauseVCfirmshavemoreportfoliocompanies(andsmallersizeportfoliocompanies)thanLBOfirmsandthusrequiresmorepartnertime.Conversely,LBOfirmshavefewerandlargersizeportfoliocompaniesthatrequiremoreanalysis,moreduediligenceandmoremonitoring‑whicharetasksthatcanbedonebelowthepartnerlevel.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage23
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).
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage24
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).
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage25
By Firm Type and Size
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage26
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage27
By Firm Type and Size
Human Capital Payroll Cost As % of GP Fees/Revenues
ThemedianpayrollasapercentofGPfees/revenuesis60%.Itishigherinsmallerfirms(about62%)thaninlargerfirms(about55%).ItisaboutthesameinVCfirms(61%)andLBOfirms(62%).
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IV. Compensation Strategy
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)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage29
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
Performance Shares /
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)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage30
By Firm Type
Compensation Strategy Types of Compensation – Administrative / Support Staff
Administrative/SupportStaffatthepartnerlevelhaveasalaryratherthanasalarydraw.29%offirmsprovidecarriedinterestplansand8%provideco‑investmentplanstotheseemployees.
Amongnon‑partneradministrative/supportstaff,25%offirmsprovideacarriedinterestplanand8%provideaco‑investmentplan.
Base SalarySalary Draw / Partner
Annual Incentive/B
onus
Residual Fees Bonus
Carried Interest
Plans
Co-Investment
Plans
Phantom Stock
Performance Shares /
Units
Stock Options
Restricted Stock
Stock Appreciation
RightsLBO/VC/Mezz 100% 1% 33% 2% 35% 9% 1% 0% 1% 1% 1%LBO/GrowthEquity 100% 3% 30% 3% 35% 16% 3% 0% 0% 0% 0%VentureCapital 100% 0% 37% 2% 40% 5% 0% 0% 2% 2% 2%Mezzanine 100% 0% 20% 0% 10% 0% 0% 0% 0% 0% 0%FundofFunds 78% 25% 44% 0% 0% 22% 11% 11% 11% 11% 11%CorporateVenturing 75% 25% 50% 0% 0% 0% 0% 0% 0% 0% 0%Infrastructure/Distressed/Turnaround 100% 0% 67% 0% 50% 0% 0% 0% 0% 0% 0%Secondary/Co‐Investment 100% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0%Institutional 100% 0% 43% 0% 19% 5% 5% 0% 5% 5% 5%AllFirms 97% 3% 37% 2% 29% 8% 2% 1% 2% 2% 2%
Firm Classification
Administrative / Support Staff (Partner)
Base SalarySalary Draw / Partner
Annual Incentive/B
onus
Residual Fees Bonus
Carried Interest
Plans
Co-Investment
Plans
Phantom Stock
Performance Shares /
Units
Stock Options
Restricted Stock
Stock Appreciation
RightsLBO/VC/Mezz 100% 0% 75% 3% 30% 10% 2% 3% 1% 1% 1%LBO/GrowthEquity 100% 0% 81% 3% 35% 16% 0% 0% 0% 0% 0%VentureCapital 100% 0% 74% 5% 23% 0% 5% 7% 2% 2% 2%Mezzanine 100% 0% 50% 0% 40% 30% 0% 0% 0% 0% 0%FundofFunds 100% 0% 78% 0% 33% 22% 11% 11% 11% 11% 11%CorporateVenturing 100% 0% 50% 0% 0% 0% 0% 0% 0% 0% 0%Infrastructure/Distressed/Turnaround 100% 0% 83% 0% 0% 0% 0% 0% 0% 0% 0%Secondary/Co‐Investment 100% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0%Institutional 100% 0% 52% 0% 10% 0% 0% 0% 5% 5% 5%AllFirms 100% 0% 71% 2% 25% 8% 2% 3% 2% 2% 2%
Firm Classification
Administrative / Support Staff (Non-Partner)
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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
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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
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By Firm Type
Compensation Strategy Base Salary Changes – Administrative / Support Staff
Amongadministrative/supportstaffemployees,44%offirmsincreasedsalariesforpartnersand67%increasedsalariesfornon‑partners.Themedianincreasewas5%forpartnersand4%fornon‑partners.Decreasesinsalarywereveryrare.
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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%.
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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.
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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.
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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;
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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.
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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
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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
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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
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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.
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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.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage44
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?
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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
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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
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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
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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:
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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:
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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
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V. Year to Year Changes in Compensation Levels
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)
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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
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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
All Firms - By Employee Grouping
Compensation Levels – Changes in Median Compensation Year-over-year changes in median compensation for investment manager positions (Continued)
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AllEmployees
Non–investmentpositionemployeesreceivedsolidincreasesinsalaryandsalaryplusbonusfrom2011to2012,withLBOfirmsat17%andVCfirmsat15%.
Whenallemployeesareincludedfrom2011to2012,salaryplusbonusincreased31%atLBOfirmsand15%atVCfirms.
AllNon‑investmentPositions
All Firms - By Employee Grouping
Compensation Levels – Changes in Median Compensation Year-over-year changes in median compensation for investment manager positions (Continued)
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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
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VI. Compensation Levels Per Position (By Type &
Size of Firm)
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)
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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.
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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.
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Managing General Partner (s) / CEO
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions
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)
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Managing General Partner (s) / CEO - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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
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 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)
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Senior Partner / Senior Managing Director (s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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 (Small) 6 332.2 230.3 282.5 400.0 370.0 250.0 352.5 451.3 583.7 250.0 352.5 545.8
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Senior Partner / Senior Managing Director (s) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 9 2.7% 1.1% 2.0% 4.0% 20.93 12.11 22.25 26.25 36.72 19.60 40.63 53.12
LBO / Grow th Equity (Mid-Size) 4 4.0% 2.7% 3.6% 4.8% 13.05 5.45 11.45 19.06 24.69 9.03 18.93 34.60
LBO / Grow th Equity (Small) 8 2.7% 2.3% 2.7% 3.1% 4.55 2.71 4.36 6.75 5.15 2.71 5.08 6.84
LBO / Grow th Equity (All) 21 3.0% 1.9% 2.7% 4.0% 13.19 4.11 7.37 22.25 22.40 5.20 10.71 40.63
Venture Capital (Large) 5 1.4% 2.1% 2.3% 2.3% 8.72 6.40 7.00 9.11 33.60 17.25 20.60 45.04
Venture Capital (Mid-Size) 4 3.1% 2.5% 2.8% 3.4% 7.79 2.12 5.81 11.48 19.37 15.64 22.09 25.82
Venture Capital (Small) 5 3.1% 1.5% 3.6% 3.8% 2.75 0.89 3.67 3.90 5.76 1.59 4.90 10.05
Venture Capital (All) 14 2.8% 2.1% 2.6% 3.6% 6.32 2.66 5.85 8.58 19.59 6.56 17.52 23.99
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 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
Corporate Venturing (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
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
Institutional (Large) 6 1.1% 0.8% 1.0% 1.4% 22.87 4.72 16.00 25.25 49.06 10.39 27.21 54.60
Institutional (Small/Mid-size) 6 2.5% 0.9% 3.0% 3.0% 3.27 0.84 3.50 3.50 10.19 2.59 9.07 9.07
Institutional (All) 12 1.9% 0.8% 1.6% 3.0% 12.31 1.68 4.57 9.75 28.13 3.50 12.29 25.00
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 (Mid-Size) 9 3.6% 1.3% 2.4% 4.3% 11.36 3.50 9.30 18.00 22.63 10.00 25.12 27.87
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
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Partner / Managing Director (s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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 (Small) 5 241.0 235.0 242.0 250.0 441.9 442.7 454.0 470.0 908.6 470.0 588.0 600.0
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 (Mid-Size) 9 499.9 300.0 371.0 550.0 582.1 464.2 500.0 625.0 590.4 464.2 500.0 699.0
Venture Capital (Small) 5 236.1 215.0 217.5 230.0 255.0 217.5 249.5 290.0 268.0 217.5 249.5 355.0
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 (Large) 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
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
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 4 392.3 281.3 500.0 500.0 995.7 798.5 800.0 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 (Small/Mid-size) 7 236.4 217.9 225.0 225.0 311.9 304.0 314.0 314.0 515.1 325.0 330.7 330.7
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Partner / Managing Director (s) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 11 1.2% 0.8% 1.1% 1.5% 8.77 5.18 7.70 11.30 15.29 7.38 12.58 20.11
LBO / Grow th Equity (Mid-Size) 5 2.2% 1.6% 2.0% 2.0% 6.26 4.50 4.80 8.70 8.12 5.00 8.30 10.60
LBO / Grow th Equity (Small) 5 1.7% 1.4% 1.6% 1.8% 3.18 1.75 2.69 4.40 3.18 1.75 2.69 4.40
LBO / Grow th Equity (All) 21 1.6% 1.0% 1.4% 2.0% 6.84 3.00 5.37 8.75 10.70 4.40 8.02 12.58
Venture Capital (Large) 7 0.6% 0.5% 0.9% 1.0% 4.71 1.84 4.65 5.80 10.46 5.70 8.64 13.30
Venture Capital (Mid-Size) 5 1.8% 1.0% 2.0% 2.5% 4.81 2.30 3.60 7.80 10.19 5.60 10.80 13.50
Venture Capital (Small) 5 1.5% 1.3% 1.6% 1.8% 1.90 0.53 0.65 1.66 2.70 1.56 1.68 2.42
Venture Capital (All) 17 1.3% 0.8% 1.2% 1.9% 4.01 0.93 3.58 6.18 8.32 3.71 6.34 11.40
Mezzanine (Mid/Large Size) 4 1.9% 1.4% 1.9% 2.4% 16.37 8.96 15.38 22.78 25.32 13.15 22.38 34.54
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 (Large) 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
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) 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
Corporate Venturing (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
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
Institutional (Large) 7 0.8% 0.4% 0.5% 1.0% 10.84 2.77 12.54 17.35 19.48 4.35 21.59 30.01
Institutional (Small/Mid-size) 5 1.5% 0.9% 1.1% 1.1% 2.64 1.30 2.20 2.20 5.48 2.24 3.65 3.65
Institutional (All) 12 1.0% 0.5% 0.7% 1.5% 8.38 1.33 4.91 12.88 15.28 3.79 8.23 21.84
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 (Mid-Size) 15 2.1% 0.7% 1.2% 2.4% 7.70 3.60 7.80 9.60 10.98 5.21 10.80 13.80
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
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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.
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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.
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Principal / Vice President / Director (s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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 (Mid-Size) 7 279.5 205.8 230.0 337.5 393.1 348.5 375.0 440.0 820.6 357.7 430.0 978.3
LBO / Grow th Equity (Small) 8 142.6 138.8 150.0 154.6 273.3 233.8 288.1 300.5 302.8 242.3 291.9 392.6
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
Venture Capital (Large) 10 244.3 218.6 275.0 300.0 345.5 289.0 351.1 375.0 345.5 289.0 351.1 375.0
Venture Capital (Mid-Size) 7 209.1 182.7 225.0 249.0 263.8 255.0 270.0 301.5 263.8 255.0 270.0 301.5
Venture Capital (Small) 9 176.5 124.9 142.5 227.5 204.3 127.3 167.5 287.5 207.5 127.3 167.5 290.0
Venture Capital (All) 26 218.6 146.3 226.5 275.0 269.6 159.4 279.1 345.2 270.9 159.4 279.1 345.2
Mezzanine (Mid/Large Size) 4 202.9 177.4 205.0 230.5 401.8 310.3 371.0 462.5 401.8 310.3 371.0 462.5
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 (Large) 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
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) 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
Institutional (Small/Mid-size) 9 181.5 140.0 200.0 200.0 231.7 173.3 240.0 240.0 272.9 173.3 240.0 240.0
Institutional (All) 19 188.9 150.6 200.0 207.9 318.2 243.0 300.0 371.8 349.0 244.4 312.0 436.5
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 (Mid-Size) 15 243.8 169.0 205.8 252.5 324.1 272.0 312.0 371.0 523.6 272.0 312.0 407.7
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Principal / Vice President / Director (s) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 12 0.7% 0.6% 0.6% 0.6% 3.57 1.98 2.56 4.73 4.61 2.64 3.45 6.37
LBO / Grow th Equity (Mid-Size) 7 1.1% 0.7% 0.8% 0.9% 2.67 2.02 2.40 3.04 3.89 2.66 3.98 4.85
LBO / Grow th Equity (Small) 5 0.5% 0.3% 0.5% 0.5% 0.83 0.70 0.77 0.82 0.92 0.76 0.88 1.14
LBO / Grow th Equity (All) 24 0.8% 0.5% 0.6% 0.8% 2.74 1.43 2.32 3.40 3.63 1.94 2.95 5.16
Venture Capital (Large) 7 0.2% 0.1% 0.2% 0.4% 2.23 0.78 1.10 1.54 2.51 1.30 1.60 1.75
Venture Capital (Mid-Size) 5 0.3% 0.3% 0.3% 0.3% 1.11 0.61 1.00 1.20 1.35 0.50 1.50 2.02
Venture Capital (Small) 4 2.6% 1.4% 2.6% 3.8% 1.42 0.21 0.24 1.44 2.79 0.35 0.48 2.92
Venture Capital (All) 16 0.6% 0.2% 0.3% 0.4% 1.68 0.46 1.03 1.41 2.22 0.50 1.59 1.86
Mezzanine (Mid/Large Size) 4 0.9% 0.6% 0.9% 1.2% 7.53 4.64 7.07 9.96 10.35 4.82 10.40 15.93
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 (Large) 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
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 0.8% 0.3% 0.4% 1.1% 0.99 0.84 0.92 1.11 3.61 2.52 3.73 4.77
Corporate Venturing (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
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
Institutional (Large) 9 0.9% 0.5% 0.5% 1.1% 4.47 0.74 3.13 6.85 6.47 0.96 4.80 10.23
Institutional (Small/Mid-size) 4 1.0% 0.8% 1.0% 1.0% 2.45 1.42 2.09 2.09 3.96 3.65 4.67 4.67
Institutional (All) 13 0.9% 0.5% 0.5% 1.5% 3.92 0.79 2.09 5.63 5.63 1.08 4.67 7.90
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 (Mid-Size) 14 0.8% 0.3% 0.5% 0.9% 3.00 1.20 2.37 3.15 3.91 2.04 2.66 4.98
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage69
Senior Associate (s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 11 182.1 140.4 184.9 207.1 320.2 246.6 302.8 350.6 329.4 246.6 302.8 350.6
LBO / Grow th Equity (Mid-Size) 7 168.5 143.8 156.9 167.5 259.8 237.0 255.6 280.0 298.9 237.0 255.6 295.0
LBO / Grow th Equity (Small) 7 106.4 91.0 118.0 133.3 185.2 140.0 221.9 237.5 185.9 140.0 223.4 240.0
LBO / Grow th Equity (All) 25 157.1 125.0 147.5 184.9 265.5 225.0 250.0 302.8 280.7 225.0 250.0 305.0
Venture Capital (Large) 5 194.4 151.5 178.3 185.5 294.4 223.2 251.8 256.0 294.4 223.2 251.8 256.0
Venture Capital (Mid-Size) 6 134.2 128.8 145.0 157.5 162.8 152.5 177.5 195.0 162.8 152.5 177.5 195.0
Venture Capital (Small) 5 159.0 140.0 145.0 160.0 199.4 152.5 179.3 250.0 204.6 178.9 179.3 250.0
Venture Capital (All) 16 159.4 140.0 153.6 168.3 215.3 162.6 202.9 250.4 217.0 172.8 202.9 250.4
Mezzanine (Mid/Large Size) 4 173.7 156.2 170.0 187.5 324.4 303.1 315.0 336.3 324.4 303.1 315.0 336.3
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 (Large) 2 121.8 117.7 121.8 125.9 180.5 180.3 180.5 180.8 180.5 180.3 180.5 180.8
Fund of Funds (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
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
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 4 115.0 101.3 117.5 131.3 171.3 101.3 167.5 237.5 171.3 101.3 167.5 237.5
Institutional (Large) 8 153.0 125.7 150.0 175.6 286.2 250.2 291.7 336.5 300.7 250.2 291.7 336.5
Institutional (Small/Mid-size) 5 94.5 86.0 90.0 90.0 123.2 111.0 115.0 115.0 134.6 111.0 130.0 130.0
Institutional (All) 13 128.6 101.6 123.3 154.1 218.3 114.0 201.9 294.5 231.5 125.3 206.5 294.5
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 (Mid-Size) 15 159.0 125.0 150.0 167.5 227.8 190.0 225.0 280.0 246.1 190.0 225.0 291.3
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage70
Senior Associate (s) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 9 0.3% 0.1% 0.2% 0.2% 1.83 0.46 1.11 2.48 2.01 0.49 1.11 3.28
LBO / Grow th Equity (Mid-Size) 7 0.2% 0.1% 0.2% 0.3% 1.42 0.98 1.31 1.45 1.73 0.98 1.55 2.40
LBO / Grow th Equity (Small) 2 0.1% 0.1% 0.1% 0.1% 0.14 0.11 0.15 0.18 0.14 0.11 0.15 0.18
LBO / Grow th Equity (All) 18 0.2% 0.1% 0.2% 0.2% 1.50 0.41 1.13 1.58 1.71 0.41 1.13 2.54
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
Venture Capital (Small) 2 0.6% 0.4% 0.6% 0.9% 0.66 0.39 0.66 0.93 2.41 1.36 2.41 3.45
Venture Capital (All) 4 0.6% 0.1% 0.6% 0.9% 2.00 0.12 0.82 2.54 2.87 0.26 3.03 5.02
Mezzanine (Mid/Large Size) 3 0.1% 0.1% 0.1% 0.2% 2.79 1.60 1.90 3.53 2.91 1.75 1.90 3.56
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 (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
Fund of Funds (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
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
Corporate Venturing (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
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
Institutional (Large) 5 0.2% 0.1% 0.2% 0.2% 2.11 0.31 1.57 3.36 2.48 0.31 2.29 4.46
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
Institutional (All) 5 0.2% 0.1% 0.2% 0.2% 2.11 0.31 1.57 3.36 2.48 0.31 2.29 4.46
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 (Mid-Size) 9 0.2% 0.1% 0.2% 0.3% 1.20 0.30 1.22 1.47 1.41 0.30 1.34 1.82
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage71
Associate(s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 11 142.2 101.3 125.5 150.0 239.5 190.0 202.5 220.0 246.1 198.7 210.0 234.3
LBO / Grow th Equity (Mid-Size) 4 129.8 108.6 135.0 156.3 210.2 181.0 204.5 233.8 210.2 181.0 204.5 233.8
LBO / Grow th Equity (Small) 5 90.3 90.0 104.4 110.0 156.3 173.0 180.0 180.0 156.3 173.0 180.0 180.0
LBO / Grow th Equity (All) 20 125.0 101.1 115.8 150.0 209.9 181.4 196.3 218.8 213.2 181.4 200.6 223.8
Venture Capital (Large) 9 146.7 126.8 141.8 161.3 207.3 164.9 175.0 191.3 207.3 164.9 175.0 191.3
Venture Capital (Mid-Size) 4 91.9 85.6 102.5 108.8 106.0 91.3 118.8 133.5 106.0 91.3 118.8 133.5
Venture Capital (Small) 2 107.5 106.3 107.5 108.8 157.5 146.3 157.5 168.8 157.5 146.3 157.5 168.8
Venture Capital (All) 15 131.1 105.0 124.8 145.9 173.6 137.8 168.0 178.4 173.6 137.8 168.0 178.4
Mezzanine (Mid/Large Size) 3 125.2 110.4 115.0 135.0 229.3 198.9 207.9 248.9 229.3 198.9 207.9 248.9
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 (Large) 3 88.6 77.9 80.8 95.4 130.3 102.9 105.8 145.5 130.3 102.9 105.8 145.5
Fund of Funds (Mid-Size) 2 100.0 95.0 100.0 105.0 120.0 105.0 120.0 135.0 120.0 105.0 120.0 135.0
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
Infrastructure/Distressed/Turnaround/Real Estate 3 80.0 65.0 90.0 100.0 122.7 79.0 118.0 164.0 122.7 79.0 118.0 164.0
Institutional (Large) 7 108.3 97.0 106.3 117.8 187.2 151.9 191.3 213.9 189.6 151.9 191.3 213.9
Institutional (Small/Mid-size) 3 85.3 70.5 80.0 80.0 102.3 93.5 110.0 110.0 102.3 93.5 110.0 110.0
Institutional (All) 10 101.4 82.1 106.0 113.8 161.8 112.2 152.6 203.7 163.4 112.2 152.6 203.7
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 (Mid-Size) 9 111.3 100.2 112.5 120.0 161.7 130.0 144.0 194.0 161.7 130.0 144.0 194.0
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage72
Associate(s) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 4 0.2% 0.1% 0.1% 0.3% 1.61 0.53 0.60 2.18 1.63 0.58 0.60 2.18
LBO / Grow th Equity (Mid-Size) 2 0.2% 0.1% 0.2% 0.3% 0.87 0.87 0.87 0.87 1.06 1.06 1.06 1.06
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
LBO / Grow th Equity (All) 7 0.2% 0.1% 0.1% 0.4% 1.20 0.47 0.60 0.87 1.25 0.55 0.60 1.06
Venture Capital (Large) 4 0.1% 0.1% 0.3% 0.6% 1.57 0.48 0.77 2.26 1.67 0.63 0.77 2.26
Venture Capital (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
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
Venture Capital (All) 4 0.4% 0.1% 0.4% 0.6% 1.57 0.48 1.07 2.26 1.67 0.63 1.07 2.26
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) 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) 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
Fund of Funds (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
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) 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
Corporate Venturing (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
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
Institutional (Large) 2 0.0% 0.0% 0.0% 0.0% 0.40 0.30 0.40 0.50 0.40 0.30 0.40 0.50
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
Institutional (All) 2 0.0% 0.0% 0.0% 0.0% 0.40 0.30 0.40 0.50 0.40 0.30 0.40 0.50
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 (Mid-Size) 2 0.2% 0.1% 0.2% 0.3% 0.87 0.87 0.87 0.87 1.06 1.06 1.06 1.06
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage73
Senior Analyst (s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 6 98.7 90.6 93.6 101.4 166.8 147.9 160.0 176.3 172.6 147.9 167.5 195.0
LBO / Grow th Equity (Mid-Size) 3 99.2 93.3 100.0 105.5 193.9 171.3 176.7 207.8 193.9 171.3 176.7 207.8
LBO / Grow th Equity (Small) 3 63.3 49.9 85.5 87.5 113.1 82.4 152.4 162.2 113.1 82.4 152.4 162.2
LBO / Grow th Equity (All) 12 90.0 89.2 91.1 100.9 160.1 148.9 165.5 177.5 163.1 148.9 170.2 185.0
Venture Capital (Large) 3 121.3 119.0 120.0 120.9 180.7 155.2 158.0 194.9 180.7 155.2 158.0 194.9
Venture Capital (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
Venture Capital (Small) 2 70.6 59.3 70.6 81.8 79.4 66.2 79.4 92.6 79.4 66.2 79.4 92.6
Venture Capital (All) 5 100.2 93.1 118.4 120.0 140.2 105.9 153.5 158.0 140.2 105.9 153.5 158.0
Mezzanine (Mid/Large Size) 3 101.8 95.2 111.0 113.0 178.8 148.6 155.0 197.0 178.8 148.6 155.0 197.0
Mezzanine (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
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
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) 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) 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
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 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 (Large) 4 99.5 94.9 101.8 106.4 155.2 137.6 148.6 166.3 155.2 137.6 148.6 166.3
Institutional (Small/Mid-size) 2 87.5 81.3 87.5 87.5 91.0 83.0 91.0 91.0 91.0 83.0 91.0 91.0
Institutional (All) 6 95.5 84.6 100.0 102.6 133.8 111.1 132.9 151.8 133.8 111.1 132.9 151.8
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 (Mid-Size) 4 103.2 89.2 95.0 112.0 185.2 166.3 173.3 192.3 185.2 166.3 173.3 192.3
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)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage74
Analyst (s)
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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
LBO / Grow th Equity (Mid-Size) 3 84.4 74.7 93.3 98.7 138.1 107.7 153.3 176.2 138.1 107.7 153.3 176.2
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
LBO / Grow th Equity (All) 5 72.1 56.0 60.0 93.3 106.9 62.0 70.0 153.3 106.9 62.0 70.0 153.3
Venture Capital (Large) 4 70.9 49.9 80.0 105.0 91.9 69.4 92.5 115.0 91.9 69.4 92.5 115.0
Venture Capital (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
Venture Capital (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 (All) 5 71.9 55.0 69.0 105.0 86.7 66.0 85.0 105.0 86.7 66.0 85.0 105.0
Mezzanine (Mid/Large Size) 3 82.1 71.2 80.0 92.0 130.2 95.8 100.0 149.5 130.2 95.8 100.0 149.5
Mezzanine (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
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 (Large) 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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 2 65.6 64.0 65.6 67.1 86.7 84.3 86.7 89.1 86.7 84.3 86.7 89.1
Institutional (Small/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
Institutional (All) 3 64.7 62.7 63.0 65.9 80.5 75.0 81.9 86.7 80.5 75.0 81.9 86.7
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 (Mid-Size) 4 83.3 56.0 62.7 96.0 128.6 90.5 126.7 164.7 128.6 90.5 126.7 164.7
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage75
Venture Partner/Operations Partner
Compensation Levels Per Position (By Type & Size of Firm)
Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 2 215.4 182.7 215.4 248.1 512.2 468.3 512.2 556.1 512.2 468.3 512.2 556.1
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
LBO / Grow th Equity (Small) 2 241.0 215.5 241.0 266.5 405.0 342.5 405.0 467.5 405.0 342.5 405.0 467.5
LBO / Grow th Equity (All) 5 192.6 150.0 190.0 280.8 376.9 280.0 424.4 530.0 376.9 280.0 424.4 530.0
Venture Capital (Large) 4 340.6 348.3 387.5 437.5 418.1 348.3 427.3 497.1 418.1 348.3 427.3 497.1
Venture Capital (Mid-Size) 4 202.8 175.0 200.0 227.8 220.8 175.0 205.0 250.8 220.8 175.0 205.0 250.8
Venture Capital (Small) 6 175.1 89.9 145.0 234.5 195.5 89.9 190.0 281.0 198.0 89.9 190.0 292.3
Venture Capital (All) 14 246.8 122.5 252.1 359.1 266.3 125.0 280.2 374.6 267.4 125.0 282.5 374.6
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (Small/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
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 (Mid-Size) 5 172.3 150.0 200.0 200.0 186.7 100.0 200.0 210.0 186.7 100.0 200.0 210.0
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage76
Venture Partner/Operations Partner - Continued
Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 2 0.7% 0.4% 0.7% 1.0% 4.83 3.25 4.83 6.42 8.83 5.25 8.83 12.42
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
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
LBO / Grow th Equity (All) 4 0.6% 0.2% 0.4% 0.8% 2.78 0.76 1.22 3.25 5.77 2.15 2.71 6.33
Venture Capital (Large) 3 0.4% 0.2% 0.3% 0.4% 1.47 1.13 1.50 1.82 1.98 1.48 2.20 2.59
Venture Capital (Mid-Size) 2 0.7% 0.5% 0.7% 0.8% 2.13 1.69 2.13 2.56 3.74 2.61 3.74 4.87
Venture Capital (Small) 3 0.6% 0.6% 0.6% 0.6% 0.32 0.24 0.33 0.41 0.63 0.31 0.33 0.80
Venture Capital (All) 8 0.5% 0.3% 0.4% 0.5% 1.20 0.45 1.18 1.66 1.92 0.66 1.45 2.40
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (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
Institutional (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) 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 (Mid-Size) 3 0.5% 0.2% 0.3% 0.7% 1.65 0.98 1.25 2.13 3.53 2.29 3.10 4.55
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage77
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).
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage78
Chief Operating Officer (COO)
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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 (Mid-Size) 2 300.0 200.0 300.0 400.0 583.0 524.5 583.0 641.5 622.2 583.2 622.2 661.1
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
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
Venture Capital (Large) 3 641.7 525.0 550.0 712.5 725.0 650.0 750.0 812.5 725.0 650.0 750.0 812.5
Venture Capital (Mid-Size) 5 387.5 331.3 387.5 443.8 427.5 391.3 427.5 463.8 427.5 391.3 427.5 463.8
Venture Capital (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 (All) 9 475.0 331.3 500.0 537.5 530.0 391.3 537.5 700.0 530.0 391.3 537.5 700.0
Mezzanine (Mid/Large 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
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) 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 (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
Fund of Funds (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
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
Corporate Venturing (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
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
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 (Small/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
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 (Mid-Size) 10 343.8 231.3 387.5 500.0 505.3 438.3 483.0 550.0 524.8 463.8 522.2 583.2
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Chief Operating Officer (COO) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage80
Administrative/ Office Manager
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 4 80.1 64.7 80.5 95.9 106.9 89.8 113.1 130.1 116.3 98.7 131.8 149.3
LBO / Grow th Equity (Mid-Size) 6 79.8 77.0 82.5 90.3 92.5 80.8 95.0 104.0 243.6 98.0 109.4 114.2
LBO / Grow th Equity (Small) 4 46.9 30.4 53.8 65.5 53.4 30.4 59.0 76.1 53.4 30.4 59.0 76.1
LBO / Grow th Equity (All) 14 70.5 50.8 76.0 85.0 85.5 68.5 90.1 107.1 152.9 68.5 101.0 118.0
Venture Capital (Large) 4 85.3 66.0 86.5 105.8 98.8 89.1 106.0 115.8 98.8 89.1 106.0 115.8
Venture Capital (Mid-Size) 10 90.0 74.5 93.0 101.8 103.8 90.8 106.0 116.8 103.8 90.8 106.0 116.8
Venture Capital (Small) 6 87.5 76.8 84.8 89.8 97.8 86.0 92.8 106.3 101.3 86.0 92.8 122.2
Venture Capital (All) 20 88.0 71.3 88.4 101.8 99.5 85.0 100.7 116.8 101.0 85.0 101.1 122.5
Mezzanine (Mid/Large Size) 2 53.0 49.5 53.0 56.5 69.0 68.0 69.0 70.0 69.0 68.0 69.0 70.0
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 (Large) 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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 3 104.6 100.0 108.9 111.5 122.5 121.8 123.9 124.0 122.5 121.8 123.9 124.0
Institutional (Small/Mid-size) 3 80.3 77.5 80.0 80.0 105.7 96.0 102.0 102.0 105.7 96.0 102.0 102.0
Institutional (All) 6 92.5 81.5 88.5 104.5 114.1 106.4 121.8 124.0 114.1 106.4 121.8 124.0
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 (Mid-Size) 11 82.3 68.0 85.0 95.0 94.3 73.5 95.0 111.0 176.7 79.5 107.0 116.5
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage81
Administrative/ Office Manager - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (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 / Grow th Equity (Mid-Size) 4 0.1% 0.0% 0.0% 0.1% 0.2 0.1 0.2 0.2 0.3 0.1 0.2 0.4
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
LBO / Grow th Equity (All) 7 0.1% 0.0% 0.0% 0.1% 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.2
Venture Capital (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
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
Venture Capital (Small) 2 0.3% 0.2% 0.3% 0.3% 0.1 0.1 0.1 0.1 0.4 0.4 0.4 0.5
Venture Capital (All) 3 0.1% 0.0% 0.1% 0.2% 0.1 0.0 0.1 0.1 0.2 0.0 0.1 0.3
Mezzanine (Mid/Large 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
Mezzanine (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
Mezzanine (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
Fund of Funds (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (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
Institutional (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) 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 (Mid-Size) 4 0.1% 0.0% 0.1% 0.2% 0.2 0.1 0.1 0.2 0.3 0.1 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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage82
Executive Assistant
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 8 69.0 58.3 71.2 80.9 82.4 70.6 81.3 94.8 82.4 70.6 81.4 94.8
LBO / Grow th Equity (Mid-Size) 4 72.8 59.6 73.1 86.3 89.2 87.9 95.0 96.3 89.2 87.9 95.0 96.3
LBO / Grow th Equity (Small) 6 52.1 44.2 57.8 64.3 56.7 47.8 65.8 74.6 59.8 47.8 65.8 77.3
LBO / Grow th Equity (All) 18 64.2 52.0 63.4 80.5 75.3 66.5 78.3 93.9 76.4 66.5 80.4 95.0
Venture Capital (Large) 11 89.2 74.5 92.3 102.5 99.3 81.3 111.5 112.8 99.3 81.3 111.5 112.8
Venture Capital (Mid-Size) 5 60.7 55.0 68.0 70.0 65.1 55.0 70.0 78.0 65.1 55.0 70.0 78.0
Venture Capital (Small) 8 66.8 48.9 56.7 78.5 72.2 51.4 57.0 79.6 72.2 51.4 57.0 79.6
Venture Capital (All) 24 76.2 56.9 71.8 100.0 83.6 58.1 80.5 111.7 83.6 58.1 80.5 111.7
Mezzanine (Mid/Large Size) 2 69.5 62.3 69.5 76.8 95.0 95.0 95.0 95.0 19.2 95.0 95.0 95.0
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) 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 (Large) 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
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 68.0 61.5 75.0 78.0 81.0 75.5 89.0 90.5 81.0 75.5 89.0 90.5
Corporate Venturing (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
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
Institutional (Large) 3 90.8 78.7 84.0 99.5 97.7 86.6 95.0 107.5 97.7 86.6 95.0 107.5
Institutional (Small/Mid-size) 3 66.1 61.1 66.1 66.1 74.0 69.7 74.0 74.0 83.4 83.0 83.4 83.4
Institutional (All) 6 80.9 73.3 76.3 84.0 88.3 78.2 82.6 95.0 92.0 82.6 84.1 95.0
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 (Mid-Size) 11 66.6 55.0 68.0 77.3 76.1 63.5 78.0 95.0 76.1 63.5 78.0 95.0
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Secretary/ Administrator
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 7 55.1 47.2 48.7 60.9 64.7 51.9 57.8 74.6 64.7 51.9 57.8 74.6
LBO / Grow th Equity (Mid-Size) 3 60.0 54.5 66.0 68.5 65.7 59.0 75.0 77.0 213.2 64.8 79.0 294.5
LBO / Grow th Equity (Small) 4 47.8 35.9 59.2 67.8 49.9 42.4 62.3 67.8 49.9 42.4 62.3 67.8
LBO / Grow th Equity (All) 14 54.0 45.0 50.0 67.0 60.4 50.7 60.1 75.0 94.4 50.7 60.1 79.0
Venture Capital (Large) 5 73.1 62.0 79.9 81.7 79.0 66.0 85.0 86.2 79.0 66.0 85.0 86.2
Venture Capital (Mid-Size) 7 66.0 63.0 66.0 69.0 74.0 71.0 74.0 77.0 74.0 71.0 74.0 77.0
Venture Capital (Small) 2 33.4 25.7 33.4 41.1 34.9 26.5 34.9 43.4 36.2 27.1 36.2 45.2
Venture Capital (All) 14 62.7 60.0 62.0 79.9 68.1 62.0 68.0 85.0 68.4 62.0 68.0 85.0
Mezzanine (Mid/Large 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
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) 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 (Large) 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
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) 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
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 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) 7 67.7 60.6 67.7 74.7 71.8 64.7 71.8 79.0 71.8 64.7 71.8 79.0
Institutional (Small/Mid-size) 4 50.4 42.7 47.0 47.0 51.2 44.2 48.6 48.6 51.2 44.2 48.6 48.6
Institutional (All) 11 56.2 46.5 50.8 69.7 58.1 48.3 53.3 70.6 58.1 48.3 53.3 70.6
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 (Mid-Size) 5 62.4 60.0 66.0 71.0 69.0 68.0 75.0 79.0 157.5 68.0 79.0 80.0
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage84
Receptionist
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 4 53.0 45.3 55.0 63.1 58.5 47.9 60.2 70.7 58.5 47.9 60.2 70.7
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
LBO / Grow th Equity (Small) 2 18.2 11.8 18.2 24.6 18.2 11.8 18.2 24.6 19.7 12.6 19.7 26.9
LBO / Grow th Equity (All) 7 41.1 34.0 38.0 55.0 44.0 34.5 40.8 60.2 44.5 36.0 40.8 60.2
Venture Capital (Large) 9 52.7 51.5 55.0 58.0 59.1 55.0 59.0 61.4 59.1 55.0 59.0 61.4
Venture Capital (Mid-Size) 2 42.0 38.0 42.0 46.0 44.5 39.3 44.5 49.8 44.5 39.3 44.5 49.8
Venture Capital (Small) 2 30.8 30.7 30.8 30.9 31.0 31.0 31.0 31.0 32.5 31.7 32.5 33.2
Venture Capital (All) 13 48.8 34.0 53.0 55.0 52.5 34.0 57.1 61.0 52.8 34.0 57.1 61.0
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 2 42.5 36.3 42.5 48.8 45.5 37.8 45.5 53.3 45.5 37.8 45.5 53.3
Institutional (Large) 2 60.0 59.0 60.0 61.0 65.5 63.3 65.5 67.8 65.5 63.3 65.5 67.8
Institutional (Small/Mid-size) 2 32.2 30.3 32.2 32.2 33.2 30.8 33.2 33.2 33.2 30.8 33.2 33.2
Institutional (All) 4 46.1 34.1 47.0 59.0 49.3 35.6 49.5 63.3 49.3 35.6 49.5 63.3
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 (Mid-Size) 3 40.7 36.0 38.0 44.0 42.3 36.0 38.0 46.5 42.3 36.0 38.0 46.5
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage85
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.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage86
Chief Financial Officer (CFO)
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 9 290.4 239.0 250.0 315.0 483.6 311.0 422.5 591.7 687.1 345.0 544.4 959.0
LBO / Grow th Equity (Mid-Size) 4 238.8 182.5 212.5 268.8 301.3 259.0 277.5 319.8 568.6 259.0 277.5 587.1
LBO / Grow th Equity (Small) 4 181.9 174.4 182.4 188.8 278.5 259.8 274.8 291.3 379.9 290.0 389.6 460.0
LBO / Grow th Equity (All) 17 252.7 200.0 225.0 290.0 392.4 280.0 311.0 422.5 586.9 293.0 422.5 602.0
Venture Capital (Large) 7 446.7 386.0 430.5 490.0 548.2 496.5 512.0 571.3 551.2 496.5 512.0 581.8
Venture Capital (Mid-Size) 5 280.0 250.0 300.0 300.0 356.0 300.0 345.0 390.0 356.2 300.0 345.0 390.0
Venture Capital (Small) 9 195.4 200.0 200.0 208.0 221.7 200.0 228.4 244.0 280.5 200.0 228.4 244.0
Venture Capital (All) 21 300.1 200.0 300.0 385.0 362.5 238.0 345.0 493.0 388.8 238.0 350.0 500.0
Mezzanine (Mid/Large Size) 2 165.0 147.5 165.0 182.5 296.0 279.0 296.0 313.0 296.0 279.0 296.0 313.0
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 (Large) 2 287.2 230.7 287.2 343.6 405.8 371.1 405.8 440.4 405.8 371.1 405.8 440.4
Fund of Funds (Mid-Size) 2 110.0 102.5 110.0 117.5 110.0 102.5 110.0 117.5 116.0 105.5 116.0 126.5
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
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 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) 3 351.8 209.7 245.0 440.5 507.2 340.8 345.0 592.5 507.2 340.8 345.0 592.5
Institutional (Small/Mid-size) 3 197.3 146.0 150.0 150.0 246.7 171.0 192.0 192.0 254.3 182.5 214.9 214.9
Institutional (All) 6 274.6 156.1 209.7 286.3 376.9 228.1 340.8 384.8 380.7 245.3 340.8 384.8
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 (Mid-Size) 10 255.5 200.0 245.0 300.0 331.5 279.5 315.0 378.8 438.6 280.3 315.0 378.8
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage87
Chief Financial Officer (CFO) - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 8 0.5% 0.2% 0.4% 0.8% 2.83 1.31 2.38 3.10 4.35 2.19 3.93 5.74
LBO / Grow th Equity (Mid-Size) 4 0.5% 0.4% 0.6% 0.7% 3.08 2.02 3.00 4.06 5.55 3.38 5.90 8.07
LBO / Grow th Equity (Small) 3 0.6% 0.3% 0.5% 0.9% 1.21 0.71 0.93 1.49 1.21 0.71 0.93 1.49
LBO / Grow th Equity (All) 15 0.5% 0.2% 0.4% 0.8% 2.57 0.98 2.27 3.20 4.04 1.31 3.48 6.00
Venture Capital (Large) 4 0.4% 0.3% 0.6% 0.8% 2.09 1.30 2.07 2.86 12.26 5.92 7.16 13.50
Venture Capital (Mid-Size) 5 0.5% 0.3% 0.3% 0.9% 1.20 0.71 0.81 1.00 2.95 1.42 1.70 4.50
Venture Capital (Small) 5 1.7% 0.4% 1.0% 1.8% 1.51 0.22 0.43 1.71 3.52 1.20 1.35 4.51
Venture Capital (All) 14 0.9% 0.3% 0.7% 0.9% 1.57 0.55 1.22 2.54 5.81 1.37 4.50 6.60
Mezzanine (Mid/Large Size) 2 0.3% 0.1% 0.3% 0.4% 1.74 1.30 1.74 2.17 1.83 1.45 1.83 2.22
Mezzanine (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
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 (Large) 2 0.4% 0.3% 0.4% 0.4% 1.25 1.23 1.25 1.28 5.28 5.06 5.28 5.49
Fund of Funds (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
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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 3 0.4% 0.2% 0.3% 0.6% 1.70 1.05 1.20 2.10 12.09 2.88 4.85 17.69
Institutional (Small/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
Institutional (All) 4 0.3% 0.1% 0.2% 0.4% 1.42 0.82 1.05 1.65 9.48 1.45 3.24 11.27
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 (Mid-Size) 10 0.5% 0.2% 0.4% 0.8% 2.09 0.83 1.70 2.90 3.96 1.49 3.38 6.10
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage88
Controller
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 10 147.3 115.0 136.6 156.1 216.6 162.5 198.4 224.5 255.5 169.9 201.0 315.5
LBO / Grow th Equity (Mid-Size) 5 136.4 120.0 150.0 156.0 159.0 126.0 180.0 182.0 364.9 176.3 180.0 182.0
LBO / Grow th Equity (Small) 4 76.6 56.1 75.0 92.5 101.7 75.6 92.2 117.4 101.7 75.6 92.2 117.4
LBO / Grow th Equity (All) 19 129.5 103.0 124.0 153.0 177.3 123.0 180.0 198.4 251.9 129.3 182.0 252.0
Venture Capital (Large) 10 230.5 182.5 222.0 244.4 284.7 230.5 265.6 312.5 284.7 230.5 265.6 312.5
Venture Capital (Mid-Size) 6 126.3 121.4 127.8 135.6 146.0 126.3 142.3 168.0 146.0 126.3 142.3 168.0
Venture Capital (Small) 4 105.2 100.5 112.5 117.2 117.5 111.7 128.5 134.3 117.5 111.7 128.5 134.3
Venture Capital (All) 20 167.0 122.8 165.5 216.0 209.7 131.5 214.0 264.7 209.7 131.5 214.0 264.7
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) 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) 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 (Large) 3 150.8 113.8 127.5 176.3 278.2 154.9 189.7 357.4 278.2 154.9 189.7 357.4
Fund of Funds (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
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
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 3 97.5 71.3 112.5 131.3 100.9 76.4 122.7 136.4 100.9 76.4 122.7 136.4
Institutional (Large) 4 167.7 130.3 140.6 178.0 214.5 173.4 185.5 226.5 214.5 173.4 185.5 226.5
Institutional (Small/Mid-size) 4 131.5 124.8 142.0 142.0 157.2 145.9 164.0 164.0 157.2 145.9 164.0 164.0
Institutional (All) 8 149.6 130.3 142.0 152.5 185.8 157.5 174.6 191.5 185.8 157.5 174.6 191.5
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 (Mid-Size) 12 130.0 115.0 139.0 146.3 152.2 129.0 149.8 175.5 237.9 133.8 163.5 177.2
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage89
Controller – Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 4 0.1% 0.1% 0.1% 0.1% 0.70 0.58 0.68 0.81 1.15 0.91 1.11 1.35
LBO / Grow th Equity (Mid-Size) 3 0.2% 0.1% 0.1% 0.2% 0.35 0.17 0.29 0.49 0.65 0.17 0.29 0.94
LBO / Grow th Equity (Small) 2 0.1% 0.1% 0.1% 0.1% 0.15 0.13 0.16 0.18 0.15 0.13 0.16 0.18
LBO / Grow th Equity (All) 9 0.1% 0.1% 0.1% 0.1% 0.46 0.20 0.50 0.70 0.76 0.20 0.60 1.20
Venture Capital (Large) 5 0.1% 0.1% 0.1% 0.2% 0.58 0.45 0.51 0.70 1.70 0.70 0.75 2.58
Venture Capital (Mid-Size) 4 0.2% 0.2% 0.2% 0.3% 0.31 0.19 0.25 0.38 0.34 0.26 0.30 0.38
Venture Capital (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 (All) 10 0.2% 0.1% 0.2% 0.3% 0.43 0.23 0.44 0.58 1.02 0.30 0.60 0.74
Mezzanine (Mid/Large 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
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) 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 (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
Fund of Funds (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
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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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
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) 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 (Mid-Size) 7 0.2% 0.1% 0.1% 0.3% 0.33 0.18 0.29 0.45 0.47 0.22 0.30 0.45
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage90
Assistant Controller
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 5 95.3 74.0 83.0 115.0 123.6 96.0 114.0 157.7 123.6 96.0 114.0 157.7
LBO / Grow th 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 / Grow th Equity (Small) 2 76.6 52.4 76.6 100.8 89.6 58.9 89.6 120.3 89.6 58.9 89.6 120.3
LBO / Grow th Equity (All) 7 89.9 72.0 83.0 120.0 113.9 92.6 114.0 154.4 113.9 92.6 114.0 154.4
Venture Capital (Large) 6 129.4 127.6 133.3 138.4 154.4 143.0 157.7 160.4 154.4 143.0 157.7 160.4
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
Venture Capital (Small) 3 100.0 87.5 125.0 125.0 108.7 87.5 125.0 138.0 108.7 87.5 125.0 138.0
Venture Capital (All) 10 121.2 113.8 126.7 134.9 136.2 117.5 150.4 158.1 136.2 117.5 150.4 158.1
Mezzanine (Mid/Large 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
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) 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 (Large) 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
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) 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
Corporate Venturing (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
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
Institutional (Large) 4 122.7 107.3 123.3 138.6 144.4 139.5 146.8 151.6 144.4 139.5 146.8 151.6
Institutional (Small/Mid-size) 2 97.6 88.9 97.6 97.6 115.1 106.7 115.1 115.1 135.9 134.0 135.9 135.9
Institutional (All) 6 114.3 102.0 112.5 131.1 134.6 125.3 138.5 147.6 141.6 134.0 142.4 147.6
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Senior Accountant
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 5 91.9 70.0 73.9 87.0 119.9 90.0 98.9 103.0 123.3 90.0 103.0 115.9
LBO / Grow th Equity (Mid-Size) 2 83.5 79.3 83.5 87.8 92.0 83.5 92.0 100.5 110.0 92.5 110.0 127.5
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
LBO / Grow th Equity (All) 8 80.3 69.6 74.5 88.3 99.9 82.6 94.5 104.5 106.5 82.6 96.5 123.2
Venture Capital (Large) 10 99.1 80.5 87.0 102.5 111.0 87.0 100.6 118.3 111.0 87.0 100.6 118.3
Venture Capital (Mid-Size) 2 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0
Venture Capital (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 (All) 13 89.3 75.0 85.0 95.0 102.0 75.0 94.8 113.0 102.0 75.0 94.8 113.0
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) 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) 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 (Large) 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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 3 77.1 72.1 76.0 81.5 90.6 84.4 95.5 99.3 90.6 84.4 95.5 99.3
Institutional (Small/Mid-size) 3 77.7 71.5 83.0 83.0 85.9 81.4 91.0 91.0 85.9 81.4 91.0 91.0
Institutional (All) 6 77.4 70.2 79.5 86.0 88.2 77.7 93.0 95.4 88.2 77.7 93.0 95.4
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 (Mid-Size) 5 80.4 70.8 76.0 85.0 88.8 75.0 75.0 109.0 96.0 75.0 75.0 110.0
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Junior Accountant
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 3 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 / Grow th 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 / Grow th Equity (Small) 2 26.7 16.3 26.7 37.1 29.2 17.6 29.2 40.9 29.2 17.6 29.2 40.9
LBO / Grow th Equity (All) 5 48.1 47.5 53.0 61.0 53.5 52.5 65.7 66.8 53.5 52.5 65.7 66.8
Venture Capital (Large) 2 60.7 60.6 60.7 60.7 67.6 66.7 67.6 68.6 67.6 66.7 67.6 68.6
Venture Capital (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
Venture Capital (Small) 2 122.0 122.0 122.0 122.0 145.0 145.0 145.0 145.0 145.0 145.0 145.0 145.0
Venture Capital (All) 4 51.7 45.1 56.0 60.6 56.9 49.4 61.1 66.7 56.9 49.4 61.1 66.7
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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) 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 (All) 2 56.0 54.5 56.0 57.4 65.5 63.8 65.5 67.2 65.5 63.8 65.5 67.2
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 (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) 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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Fund Accountant
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 4 103.9 78.3 97.5 123.0 127.7 93.7 115.3 149.3 130.6 93.7 115.3 152.1
LBO / Grow th 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 / Grow th Equity (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 / Grow th Equity (All) 6 103.8 81.9 101.3 118.8 123.2 96.4 114.3 133.6 125.1 96.4 114.3 133.6
Venture Capital (Large) 3 75.0 72.0 80.0 83.6 88.2 82.5 96.0 97.9 88.2 82.5 96.0 97.9
Venture Capital (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
Venture Capital (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 (All) 4 87.8 76.0 84.7 95.4 98.9 89.3 98.4 107.5 98.9 89.3 98.4 107.5
Mezzanine (Mid/Large 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
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) 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 (Large) 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
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 68.7 50.5 55.0 80.0 84.3 60.3 74.5 103.5 84.3 60.3 74.5 103.5
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 2 71.4 67.7 71.4 75.1 76.4 72.7 76.4 80.1 76.4 72.7 76.4 80.1
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
Institutional (All) 2 71.4 67.7 71.4 75.1 76.4 72.7 76.4 80.1 76.4 72.7 76.4 80.1
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 (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) 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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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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.
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Chief Marketing Officer/ Head of Marketing
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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
LBO / Grow th Equity (Mid-Size) 2 320.0 230.0 320.0 410.0 320.0 230.0 320.0 410.0 345.6 268.4 345.6 422.8
LBO / Grow th Equity (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 / Grow th Equity (All) 5 201.2 140.0 155.0 175.0 232.7 140.0 240.0 247.5 245.0 191.2 240.0 257.8
Venture Capital (Large) 4 275.0 168.8 227.5 335.0 313.8 206.0 277.6 385.4 313.8 206.0 277.6 385.4
Venture Capital (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
Venture Capital (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 (All) 5 252.0 155.0 196.0 280.0 299.0 208.0 261.4 347.2 299.0 208.0 261.4 347.2
Mezzanine (Mid/Large 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
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) 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 (Large) 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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (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
Institutional (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) 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 (Mid-Size) 2 320.0 230.0 320.0 410.0 320.0 230.0 320.0 410.0 345.6 268.4 345.6 422.8
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage96
Chief Marketing Officer/ Head of Marketing - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Firm Classification # Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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 (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
Venture Capital (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
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
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
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (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
Institutional (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 (Mid-Size) 2 1.0% 0.1% 0.1% 1.5% 1.07 0.66 1.07 1.47 1.07 0.66 1.07 1.47
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage97
Marketing Manager
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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
LBO / Grow th Equity (Mid-Size) 3 116.0 91.5 116.0 140.5 185.3 139.5 146.0 211.5 620.7 205.0 277.0 864.5
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
LBO / Grow th Equity (All) 5 109.0 72.0 116.0 125.0 168.1 133.0 146.0 175.0 429.3 133.0 175.0 277.0
Venture Capital (Large) 4 186.8 174.0 200.0 212.8 214.8 184.0 215.1 245.8 214.8 184.0 215.1 245.8
Venture Capital (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
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
Venture Capital (All) 4 186.8 174.0 200.0 212.8 214.8 184.0 216.6 245.8 214.8 184.0 216.6 245.8
Mezzanine (Mid/Large Size) 2 63.5 61.8 63.5 65.3 104.0 89.5 104.0 118.5 104.0 89.5 104.0 118.5
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) 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
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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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
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) 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 (Mid-Size) 4 102.0 65.3 91.5 128.3 157.8 118.5 139.5 178.8 484.3 118.5 205.0 570.8
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage98
Marketing Manager - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 2 0.0% 0.0% 0.0% 0.0% 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
LBO / Grow th Equity (Mid-Size) 3 0.3% 0.2% 0.4% 0.5% 1.31 0.47 0.50 1.75 2.84 1.07 1.60 4.00
LBO / Grow th 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 / Grow th Equity (All) 5 0.2% 0.0% 0.2% 0.4% 1.08 0.42 0.47 1.13 2.23 0.49 1.07 2.80
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) 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
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
Venture Capital (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
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) 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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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
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) 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 (Mid-Size) 3 0.3% 0.0% 0.1% 0.5% 1.31 0.47 0.50 1.75 2.84 1.07 1.60 4.00
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) 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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage99
Investor Relations Director/ Head of Investor Relations
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (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 / Grow th 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 / Grow th Equity (Small) 2 94.3 64.0 94.3 124.7 129.3 81.5 129.3 177.2 129.3 81.5 129.3 177.2
LBO / Grow th Equity (All) 8 154.6 74.0 177.5 225.8 252.8 194.8 301.7 323.8 260.6 194.8 301.7 323.8
Venture Capital (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
Venture Capital (Mid-Size) 2 188.3 162.9 188.3 213.6 209.5 188.5 209.5 230.5 209.5 188.5 209.5 230.5
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
Venture Capital (All) 2 188.3 162.9 188.3 213.6 209.5 188.5 209.5 230.5 209.5 188.5 209.5 230.5
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
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
Institutional (Large) 3 123.7 75.0 150.0 185.5 319.0 303.5 315.0 332.5 325.0 312.6 333.1 341.6
Institutional (Small/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
Institutional (All) 4 145.3 112.5 180.0 212.8 308.8 288.5 303.5 323.8 313.3 288.5 312.6 337.3
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 (Mid-Size) 2 188.3 162.9 188.3 218.0 209.5 188.5 209.5 230.5 209.5 188.5 209.5 230.5
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage100
Investor Relations Director/ Head of Investor Relations - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Firm Classification # Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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 / 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) 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
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
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
Venture Capital (All) 2 0.10% 0.10% 0.10% 0.10% 0.32 0.22 0.34 0.41 0.59 0.36 0.64 0.83
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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
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) 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 (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
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) 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage101
Investor Relations Manager
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 5 135.0 150.0 150.0 150.0 188.2 150.0 224.3 230.0 196.9 150.0 224.3 230.0
LBO / Grow th 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 / 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
LBO / Grow th Equity (All) 6 115.5 82.5 150.0 150.0 159.8 106.1 187.1 228.6 167.1 106.1 187.1 228.6
Venture Capital (Large) 3 149.4 121.9 148.8 149.4 144.1 122.5 150.0 168.7 144.1 122.5 150.0 168.7
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
Venture Capital (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 (All) 5 107.5 95.0 109.8 148.8 115.2 95.0 110.0 150.0 115.2 95.0 110.0 150.0
Mezzanine (Mid/Large 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
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) 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 (Large) 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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 3 151.2 141.3 165.0 168.1 200.7 178.5 239.5 242.2 215.3 178.5 239.5 264.1
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
Institutional (All) 3 151.2 141.3 165.0 168.1 200.7 178.5 239.5 242.2 215.3 178.5 239.5 264.1
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 (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
LBO/VC/Mezz (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
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage102
Investor Relations Manager - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 2 0.0% 0.0% 0.0% 0.0% 0.14 0.12 0.14 0.15 0.14 0.12 0.14 0.15
LBO / Grow th 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 / Grow th 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 / Grow th Equity (All) 2 0.0% 0.0% 0.0% 0.0% 0.14 0.12 0.14 0.15 0.14 0.12 0.14 0.15
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
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
Venture Capital (All) 2 0.1% 0.1% 0.1% 0.1% 0.21 0.06 0.16 0.32 0.40 0.06 0.21 0.59
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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
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) 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 (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
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) 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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage103
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.
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage104
Chief Legal Counsel
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (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
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
LBO / Grow th 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 / 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
Venture Capital (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
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
Venture Capital (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 (All) 7 390.7 337.5 366.0 400.0 434.4 367.5 399.0 500.5 436.4 367.5 403.2 507.5
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) 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) 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 (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) 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) 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
Corporate Venturing (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
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
Institutional (Large) 3 457.1 410.0 420.0 485.6 632.4 473.0 546.0 748.6 632.4 473.0 546.0 748.6
Institutional (Small/Mid-size) 2 212.5 168.8 212.5 212.5 283.5 217.8 283.5 283.5 353.8 323.1 353.8 353.8
Institutional (All) 5 359.3 300.0 400.0 420.0 492.9 400.0 415.0 546.0 521.0 400.0 415.0 546.0
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 (Mid-Size) 2 493.5 321.8 493.5 665.3 518.5 349.3 518.5 687.8 518.5 349.3 518.5 687.8
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage105
Chief Legal Counsel - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (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
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
LBO / Grow th 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 / 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
Venture Capital (Large) 4 0.3% 0.2% 0.4% 0.5% 2.39 2.09 2.39 2.70 5.24 4.12 5.24 6.36
Venture Capital (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
Venture Capital (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 (All) 5 0.5% 0.1% 0.4% 0.6% 1.63 1.29 1.76 2.09 3.74 2.25 3.95 5.22
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) 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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 2 0.5% 0.3% 0.5% 0.6% 5.25 4.13 5.25 6.38 5.25 4.13 5.25 6.38
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
Institutional (All) 4 0.5% 0.3% 0.5% 0.6% 5.25 4.13 5.25 6.38 2.74 0.29 1.68 4.13
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 (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
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
Firm Classification#
Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage106
Compliance & Risk Officer
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (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 / Grow th 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 / Grow th 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 / Grow th Equity (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
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) 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
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
Venture Capital (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
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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) 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 (All) 2 191.0 186.5 191.0 195.5 264.0 263.0 264.0 265.0 264.0 263.0 264.0 265.0
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 (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) 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) 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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage107
Chief Human Resources/ Talent Officer
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 3 215.0 122.5 150.0 275.0 228.3 142.4 150.0 275.0 228.3 142.4 150.0 275.0
LBO / Grow th 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 / 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
LBO / Grow th Equity (All) 4 170.3 80.3 122.5 212.5 180.2 110.1 142.4 212.5 180.2 110.1 142.4 212.5
Venture Capital (Large) 2 296.5 244.8 296.5 348.3 313.5 270.3 313.5 356.8 313.5 270.3 313.5 356.8
Venture Capital (Mid-Size) 2 187.5 168.8 187.5 206.3 210.0 180.0 210.0 240.0 210.0 180.0 210.0 240.0
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
Venture Capital (All) 4 242.0 182.3 213.8 268.8 261.8 207.8 255.0 302.5 261.8 207.8 255.0 302.5
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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) 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 (All) 2 221.5 207.3 221.5 235.8 285.0 256.0 285.0 314.0 285.0 256.0 285.0 314.0
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 (Mid-Size) 2 187.5 168.8 187.5 206.3 210.0 180.0 210.0 240.0 210.0 180.0 210.0 240.0
LBO/VC/Mezz (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
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage108
Chief Human Resources/ Talent Officer - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Firm Classification # Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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) 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 (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) 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 (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
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
Venture Capital (All) 2 0.55% 0.32% 0.60% 0.79% 1.15 0.98 1.19 1.33 1.50 1.50 1.50 1.50
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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) 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 (All) 2 0.04% 0.02% 0.04% 0.06% 0.75 0.38 0.75 1.13 0.80 0.45 0.80 1.15
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 (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
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) 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
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Human Resources Manager
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 2 126.6 97.4 126.6 155.8 172.5 134.7 172.5 210.2 173.1 135.7 173.1 210.6
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
LBO / Grow th Equity (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 / Grow th Equity (All) 5 98.3 68.3 90.0 122.0 118.2 97.0 98.0 122.0 129.7 98.0 98.2 178.3
Venture Capital (Large) 2 205.0 195.0 205.0 215.0 244.0 242.0 244.0 246.0 244.0 242.0 244.0 246.0
Venture Capital (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
Venture Capital (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 (All) 3 166.7 137.5 189.0 205.0 195.3 169.0 240.8 244.0 195.3 169.0 240.8 244.0
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (Small/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
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) 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 (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
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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Human Resources Manager - Continued
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Firm Classification # Firms
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
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) 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 (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) 2 0.03% 0.02% 0.03% 0.04% 0.22 0.18 0.22 0.25 0.49 0.33 0.49 0.65
Venture Capital (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
Venture Capital (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
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
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
Mezzanine (Mid/Large 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
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) 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 (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
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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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 (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
Institutional (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 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 (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
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) 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
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Chief Technology Officer
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 2 175.0 175.0 175.0 175.0 210.0 205.0 210.0 215.0 210.0 205.0 210.0 215.0
LBO / Grow th 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 / Grow th 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 / Grow th Equity (All) 2 175.0 175.0 175.0 175.0 210.0 205.0 210.0 215.0 210.0 205.0 210.0 215.0
Venture Capital (Large) 3 135.9 121.3 132.6 148.8 150.8 139.7 151.4 162.2 150.8 139.7 151.4 162.2
Venture Capital (Mid-Size) 2 142.5 128.8 142.5 156.3 157.5 136.3 157.5 178.8 157.5 136.3 157.5 178.8
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
Venture Capital (All) 5 138.5 115.0 139.1 165.0 153.5 128.0 155.7 173.0 153.5 128.0 155.7 173.0
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 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) 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 (All) 2 157.5 148.8 157.5 166.3 187.0 170.5 187.0 203.5 187.0 170.5 187.0 203.5
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 (Mid-Size) 2 142.5 128.8 142.5 156.3 157.5 136.3 157.5 178.8 157.5 136.3 157.5 178.8
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) 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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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Information Technology Manager
Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology
Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th
LBO / Grow th Equity (Large) 4 128.0 93.9 123.4 157.5 150.6 114.8 134.7 170.5 150.6 114.8 134.7 170.5
LBO / Grow th 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 / Grow th Equity (Small) 2 70.4 50.6 70.4 90.2 75.4 53.1 75.4 97.7 75.4 53.1 75.4 97.7
LBO / Grow th Equity (All) 6 108.8 88.0 103.4 140.0 125.5 105.6 119.7 142.5 125.5 105.6 119.7 142.5
Venture Capital (Large) 7 206.1 85.6 168.0 178.5 155.8 92.9 190.0 212.0 155.8 92.9 190.0 212.0
Venture Capital (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
Venture Capital (Small) 2 82.5 68.8 82.5 96.3 87.5 71.3 87.5 103.8 87.5 71.3 87.5 103.8
Venture Capital (All) 9 124.1 66.3 133.2 177.0 140.6 72.8 148.0 192.0 140.6 72.8 148.0 192.0
Mezzanine (Mid/Large 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
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) 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 (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) 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) 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
Corporate Venturing (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
Infrastructure/Distressed/Turnaround/Real Estate 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) 2 126.5 105.8 126.5 147.3 145.5 123.3 145.5 167.8 145.5 123.3 145.5 167.8
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
Institutional (All) 2 126.5 105.8 126.5 147.3 145.5 123.3 145.5 167.8 145.5 123.3 145.5 167.8
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 (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) 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
Firm Classification # Firms
Base Salary ($000) Salary + Bonus ($000) Salary + Bonus + Carry Distribution ($000)
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VII. Compensation Levels By Type & Size of Firm
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)
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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
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Large LBO/Growth Equity
Compensation Levels by Type and Size of Firm
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage116
Large LBO/Growth Equity - Continued
Compensation Levels by Type and Size of Firm
Large LBO/Growth Equity
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
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
Analyst PE08 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
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
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 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
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 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage117
Mid-Size LBO/Growth Equity
Compensation Levels by Type and Size of Firm
Mid-Size 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 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
Principal/VP/Director PE04 8 263.3 197.5 220.8 318.8 8 379.0 317.5 371.0 435.0 8 753.0 317.5 407.7 751.7
Senior Associate PE05 7 171.3 146.3 156.9 167.5 7 268.3 252.3 275.0 285.0 7 307.5 252.3 285.0 295.0
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
Senior Analyst PE07 3 99.2 93.3 100.0 105.5 3 193.9 171.3 176.7 207.8 3 193.9 171.3 176.7 207.8
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
Venture Partner/Operations Partner PE09 2 120.0 85.0 120.0 155.0 2 165.0 107.5 165.0 222.5 2 165.0 107.5 165.0 222.5
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
Administrative/Office Manager AS02 8 78.3 73.8 80.0 86.8 8 90.4 75.3 95.0 98.0 8 312.6 89.5 109.4 327.8
Executive Assistant AS03 6 65.9 52.0 60.0 80.0 6 78.8 60.3 82.5 95.0 6 78.8 60.3 82.5 95.0
Secretary/Administrator AS04 3 60.0 54.5 66.0 68.5 3 65.7 59.0 75.0 77.0 3 213.2 64.8 79.0 294.5
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
Chief Financial Officer FN01 5 226.5 177.5 200.0 225.0 5 289.8 250.0 262.0 293.0 5 503.7 250.0 262.0 293.0
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
Senior Accountant FN04 2 83.5 79.3 83.5 87.8 2 92.0 83.5 92.0 100.5 2 110.0 92.5 110.0 127.5
Junior Accountant FN05 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
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
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
Chief Legal Counsel LG01 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
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 2 106.0 98.0 106.0 114.0 2 110.0 104.0 110.0 116.0 2 138.1 118.1 138.1 158.2
Chief Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage118
Mid-Size LBO/Growth Equity - Continued
Compensation Levels by Type and Size of Firm
Mid-Size LBO/Growth Equity
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 7 12.0% 4.2% 5.3% 6.2% 7 27.0 20.8 25.8 31.5 7 40.1 31.7 34.6 54.3
Senior Partner/Senior Managing Director PE02 4 4.0% 2.7% 3.6% 4.8% 4 13.1 5.5 11.5 19.1 4 24.7 9.0 18.9 34.6
Partner/Managing Director PE03 5 2.2% 1.6% 2.0% 2.0% 5 6.3 4.5 4.8 8.7 5 8.1 5.0 8.3 10.6
Principal/VP/Director PE04 7 1.0% 0.5% 0.8% 0.9% 7 2.7 2.0 2.4 3.0 7 3.9 2.7 4.0 4.9
Senior Associate PE05 6 0.2% 0.1% 0.2% 0.2% 6 1.0 0.9 1.2 1.4 6 1.4 0.9 1.3 1.6
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
Senior Analyst PE07 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
Analyst PE08 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
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
Chief Operating Officer AS01 2 2.1% 1.5% 2.1% 2.6% 2 3.4 3.2 3.4 3.6 2 4.0 3.5 4.0 4.5
Administrative/Office Manager AS02 5 0.1% 0.0% 0.1% 0.2% 5 0.2 0.1 0.2 0.3 5 0.4 0.1 0.2 0.9
Executive Assistant AS03 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
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
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 4 0.5% 0.4% 0.6% 0.7% 4 3.1 2.0 3.0 4.1 4 5.6 3.4 5.9 8.1
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 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
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
Chief Legal Counsel LG01 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
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 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
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 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage119
Small LBO/Growth Equity
Compensation Levels by Type and Size of Firm
Small 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 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
Partner/Managing Director PE03 5 241.0 235.0 240.0 250.0 5 441.9 442.7 450.0 470.0 5 908.6 470.0 585.0 600.0
Principal/VP/Director PE04 7 141.6 135.8 150.0 159.2 7 272.3 225.8 289.6 307.0 7 306.1 231.5 294.0 417.3
Senior Associate PE05 6 99.9 86.5 107.5 122.5 6 168.6 118.5 201.7 223.9 6 169.4 118.5 201.7 227.6
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
Senior Analyst PE07 3 63.3 49.9 85.0 87.5 3 113.2 82.4 150.0 162.4 3 113.2 82.4 150.0 162.4
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 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 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
Administrative/Office Manager AS02 4 35.8 25.7 30.9 41.0 4 40.8 25.7 30.9 46.1 4 40.8 25.7 30.9 46.1
Executive Assistant AS03 5 52.3 41.9 60.0 65.7 5 56.9 45.1 69.0 76.5 5 60.6 45.1 69.0 80.0
Secretary/Administrator AS04 4 47.8 35.9 55.9 67.8 4 49.9 42.4 60.2 67.8 4 49.9 42.4 60.2 67.8
Receptionist AS05 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 Financial Officer FN01 3 183.3 175.0 185.0 192.5 3 290.0 272.5 280.0 302.5 3 425.2 370.2 435.0 485.1
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
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
Senior Accountant FN04 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
Junior Accountant FN05 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
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
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 2 94.3 64.0 94.3 124.7 2 129.3 81.5 129.3 177.2 2 129.3 81.5 129.3 177.2
Investor Relations Manager IR02 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 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 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 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage120
Small LBO/Growth Equity - Continued
Compensation Levels by Type and Size of Firm
Small LBO/Growth Equity
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 8 5.3% 3.3% 4.3% 8.5% 8 8.6 4.7 9.2 13.4 8 8.4 4.7 8.3 13.4
Senior Partner/Senior Managing Director PE02 8 2.7% 2.3% 2.7% 3.1% 8 4.5 2.7 4.3 6.8 8 5.1 2.7 4.8 6.8
Partner/Managing Director PE03 5 1.7% 1.4% 1.6% 1.8% 5 3.2 1.8 2.3 4.4 5 3.2 1.8 2.3 4.4
Principal/VP/Director PE04 4 0.6% 0.4% 0.5% 0.6% 5 0.8 0.7 0.8 0.8 5 0.9 0.8 0.8 1.1
Senior Associate PE05 2 0.1% 0.1% 0.1% 0.1% 2 0.1 0.1 0.1 0.2 2 0.1 0.1 0.1 0.2
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
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
Analyst PE08 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
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
Chief Operating Officer AS01 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
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
Executive Assistant AS03 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 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
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 3 0.6% 0.3% 0.4% 0.9% 3 1.2 0.7 0.8 1.5 3 1.2 0.7 0.8 1.5
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage121
All LBO/Growth Equity
Compensation Levels by Type and Size of Firm
All 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 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
Partner/Managing Director PE03 21 443.4 280.0 350.0 475.0 21 709.5 500.0 650.0 822.0 21 1,163.7 592.5 780.8 1,745.2
Principal/VP/Director PE04 24 239.6 179.4 210.8 277.5 24 398.7 313.5 387.4 440.6 24 588.4 353.9 433.8 605.5
Senior Associate PE05 22 166.2 128.8 153.4 196.2 22 279.7 229.8 259.6 304.5 22 297.0 233.5 259.6 306.3
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
Senior Analyst PE07 11 96.8 90.0 92.3 101.8 11 173.3 152.5 166.0 178.3 11 176.5 152.5 174.4 190.0
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
Venture Partner/Operations Partner PE09 4 168.7 125.0 170.0 213.7 4 348.0 222.5 371.0 496.6 4 348.0 222.5 371.0 496.6
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
Administrative/Office Manager AS02 17 69.0 59.5 76.0 85.0 17 86.0 74.5 95.0 111.0 17 186.7 74.5 111.8 128.5
Executive Assistant AS03 0 66.4 52.0 65.3 80.5 0 77.9 67.1 78.3 93.9 0 79.0 67.1 80.4 95.0
Secretary/Administrator AS04 12 58.2 47.3 57.3 67.8 12 65.1 54.3 62.7 76.0 12 102.0 54.3 62.7 79.1
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
Chief Financial Officer FN01 17 252.7 200.0 225.0 290.0 17 392.4 280.0 311.0 422.5 17 586.9 293.0 422.5 602.0
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
Assistant Controller FN03 5 97.4 83.0 94.1 115.0 5 126.4 113.2 114.0 151.0 5 126.4 113.2 114.0 151.0
Senior Accountant FN04 7 89.5 72.0 75.0 89.5 7 111.9 87.6 98.9 106.0 7 119.5 87.6 103.0 130.5
Junior Accountant FN05 4 58.6 51.6 57.0 64.0 4 65.4 62.4 66.2 69.2 4 65.4 62.4 66.2 69.2
Fund Accountant FN06 6 103.8 81.9 101.3 118.8 6 123.2 96.4 114.3 133.6 6 125.1 96.4 114.3 133.6
Chief Marketing Officer/Head of Marketing MK01 4 242.5 151.3 165.0 256.3 4 281.9 215.0 243.8 310.6 4 297.2 227.8 248.9 318.3
Marketing Manager MK02 5 109.0 72.0 116.0 125.0 5 168.1 133.0 146.0 175.0 5 429.3 133.0 175.0 277.0
Investor Relations/Head of Investor Relations IR01 6 171.9 121.3 200.0 230.5 7 284.2 258.5 311.3 332.5 7 293.0 258.5 311.3 332.5
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 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
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 3 215.0 122.5 150.0 275.0 3 228.3 142.4 150.0 275.0 3 228.3 142.4 150.0 275.0
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
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 5 124.4 96.9 110.0 150.0 5 144.5 119.4 120.0 150.0 5 144.5 119.4 120.0 150.0
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage122
All LBO/Growth Equity - Continued
Compensation Levels by Type and Size of Firm
All LBO/Growth Equity
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 25 7.59% 3.55% 4.59% 7.57% 25 29.9 13.4 26.0 48.5 25 49.4 13.4 40.0 73.3
Senior Partner/Senior Managing Director PE02 20 2.99% 1.82% 2.64% 4.08% 20 13.5 4.3 7.7 23.1 20 22.9 5.1 12.0 41.0
Partner/Managing Director PE03 21 1.47% 1.00% 1.41% 2.00% 21 7.2 3.0 5.4 8.8 21 10.7 4.4 8.0 12.6
Principal/VP/Director PE04 22 0.71% 0.34% 0.57% 0.87% 22 3.2 1.5 2.5 4.4 22 4.5 1.8 3.2 6.2
Senior Associate PE05 16 0.23% 0.13% 0.20% 0.24% 16 1.5 0.5 1.2 1.5 16 1.8 0.7 1.3 2.2
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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 3 0.61% 0.25% 0.29% 0.81% 3 3.3 1.0 1.3 4.7 3 7.0 2.5 3.1 9.6
Chief Operating Officer AS01 5 1.37% 0.60% 1.00% 1.75% 5 7.4 3.8 3.9 5.3 5 12.7 4.5 5.0 7.4
Administrative/Office Manager AS02 12 0.05% 0.01% 0.02% 0.07% 12 0.1 0.1 0.1 0.2 12 0.3 0.1 0.2 0.3
Executive Assistant AS03 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
Secretary/Administrator AS04 3 0.04% 0.01% 0.01% 0.06% 3 0.2 0.1 0.1 0.2 3 0.3 0.1 0.1 0.4
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 15 0.52% 0.19% 0.40% 0.80% 15 2.6 1.0 2.3 3.2 15 4.0 1.3 3.5 6.0
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
Assistant Controller FN03 2 0.02% 0.01% 0.02% 0.02% 2 0.2 0.1 0.2 0.2 2 0.2 0.1 0.2 0.2
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
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
Chief Marketing Officer/Head of Marketing MK01 3 0.71% 0.06% 0.08% 1.04% 3 1.0 0.6 1.0 1.4 3 1.2 0.8 1.4 1.6
Marketing Manager MK02 4 0.24% 0.04% 0.22% 0.43% 4 1.1 0.4 0.5 1.1 4 2.2 0.5 1.1 2.8
Investor Relations/Head of Investor Relations IR01 4 0.11% 0.05% 0.10% 0.15% 4 1.8 0.7 1.0 2.1 4 1.9 1.0 1.2 2.1
Investor Relations Manager IR02 2 0.01% 0.01% 0.01% 0.02% 2 0.1 0.1 0.1 0.2 2 0.1 0.1 0.1 0.2
Chief Legal Counsel LG01 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
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 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
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage123
Large Venture Capital
Compensation Levels by Type and Size of Firm
Large Venture Capital 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 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
Partner/Managing Director PE03 6 505.8 527.7 534.0 547.5 6 611.7 533.5 606.0 750.9 6 686.4 578.0 721.3 782.4
Principal/VP/Director PE04 8 276.5 215.4 275.0 318.8 9 344.8 271.8 350.0 375.0 9 344.8 271.8 350.0 375.0
Senior Associate PE05 6 195.8 158.2 181.9 215.1 6 282.8 223.7 238.4 254.9 6 282.8 223.7 238.4 254.9
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
Senior Analyst PE07 2 120.9 120.4 120.9 121.3 2 192.1 172.2 192.1 211.9 2 192.1 172.2 192.1 211.9
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
Venture Partner/Operations Partner PE09 4 398.3 348.3 387.5 437.5 4 418.1 348.3 427.3 497.1 4 418.1 348.3 427.3 497.1
Chief Operating Officer AS01 2 712.5 631.3 712.5 793.8 2 712.5 631.3 712.5 793.8 2 712.5 631.3 712.5 793.8
Administrative/Office Manager AS02 3 90.4 78.5 103.0 108.5 3 98.4 85.7 112.0 118.0 3 98.4 85.7 112.0 118.0
Executive Assistant AS03 8 88.7 78.0 90.8 100.9 8 99.6 86.0 107.9 115.0 8 99.6 86.0 107.9 115.0
Secretary/Administrator AS04 5 73.1 62.0 79.9 81.7 5 79.0 66.0 85.0 86.2 5 79.0 66.0 85.0 86.2
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
Chief Financial Officer FN01 7 449.1 386.0 430.5 490.0 7 548.2 496.5 512.0 571.3 7 551.2 496.5 512.0 581.8
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
Assistant Controller FN03 6 133.7 127.6 133.3 138.4 6 154.4 143.0 157.7 160.4 6 154.4 143.0 157.7 160.4
Senior Accountant FN04 8 97.0 83.5 87.0 99.0 8 115.4 91.0 100.6 116.5 8 115.4 91.0 100.6 116.5
Junior Accountant FN05 2 60.7 60.6 60.7 60.7 2 67.6 66.7 67.6 68.6 2 67.6 66.7 67.6 68.6
Fund Accountant FN06 3 77.1 72.0 80.0 83.6 3 88.2 82.5 96.0 97.9 3 88.2 82.5 96.0 97.9
Chief Marketing Officer/Head of Marketing MK01 3 275.0 162.5 175.0 337.5 3 302.7 204.0 208.0 354.0 3 302.7 204.0 208.0 354.0
Marketing Manager MK02 4 186.8 174.0 200.0 212.8 4 214.8 184.0 215.1 245.8 4 214.8 184.0 215.1 245.8
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 2 149.4 149.1 149.4 149.7 2 168.7 159.4 168.7 178.1 2 168.7 159.4 168.7 178.1
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
Compliance and Risk Officer LG02 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 Human Resources/Talent Officer HR01 2 296.5 244.8 296.5 348.3 2 313.5 270.3 313.5 356.8 2 313.5 270.3 313.5 356.8
Human Resources Manager HR02 2 205.0 195.0 205.0 215.0 2 244.0 242.0 244.0 246.0 2 244.0 242.0 244.0 246.0
Chief Technology Officer IT01 3 135.9 121.3 132.6 148.8 3 150.8 139.7 151.4 162.2 3 150.8 139.7 151.4 162.2
Information Technology Manager IT02 7 136.0 85.6 168.0 178.5 7 155.8 92.9 190.0 212.0 7 155.8 92.9 190.0 212.0
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage124
Large Venture Capital - Continued
Compensation Levels by Type and Size of Firm
Large Venture Capital
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 6 3.5% 2.4% 3.1% 3.5% 6 22.2 13.8 20.3 28.7 6 114.0 53.6 73.6 164.0
Senior Partner/Senior Managing Director PE02 4 2.1% 2.0% 2.2% 2.3% 4 9.2 6.2 7.8 10.7 4 37.9 19.8 32.8 50.9
Partner/Managing Director PE03 4 0.7% 0.6% 0.8% 0.9% 5 5.2 1.7 4.6 6.4 5 12.6 8.6 8.7 17.9
Principal/VP/Director PE04 5 0.3% 0.1% 0.2% 0.3% 6 2.3 0.7 1.1 1.2 6 2.6 1.1 1.6 1.7
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 3 0.3% 0.2% 0.3% 0.4% 3 1.5 1.1 1.5 1.8 3 2.0 1.5 2.2 2.6
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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 4 0.5% 0.3% 0.6% 0.8% 4 2.1 1.3 2.1 2.9 4 12.3 5.9 7.2 13.5
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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
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 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 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 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
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 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage125
Mid-Size Venture Capital
Compensation Levels by Type and Size of Firm
Mid-Size Venture Capital 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 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
Senior Partner/Senior Managing Director PE02 5 695.5 500.0 630.0 830.0 5 781.1 500.0 630.0 830.0 5 781.1 500.0 630.0 830.0
Partner/Managing Director PE03 11 479.2 300.0 371.0 525.0 11 570.4 474.6 500.0 587.5 11 577.1 474.6 500.0 624.5
Principal/VP/Director PE04 9 209.9 165.4 225.0 250.0 9 274.3 260.0 274.0 329.0 9 274.3 260.0 274.0 329.0
Senior Associate PE05 7 135.7 132.5 145.0 155.0 7 180.2 160.0 180.0 205.8 7 180.2 160.0 180.0 205.8
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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 5 200.3 190.0 200.0 200.0 5 232.7 200.0 210.0 280.0 5 232.7 200.0 210.0 280.0
Chief Operating Officer AS01 3 425.0 387.5 500.0 500.0 3 535.0 427.5 500.0 625.0 3 535.0 427.5 500.0 625.0
Administrative/Office Manager AS02 7 86.7 68.5 88.0 100.5 7 99.4 80.5 99.0 115.5 7 99.4 80.5 99.0 115.5
Executive Assistant AS03 8 65.4 54.0 67.3 70.2 8 70.6 55.8 70.8 78.3 8 70.6 55.8 70.8 78.3
Secretary/Administrator AS04 2 66.0 63.0 66.0 69.0 2 74.0 71.0 74.0 77.0 2 74.0 71.0 74.0 77.0
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
Chief Financial Officer FN01 6 262.9 212.5 275.0 300.0 6 337.3 281.3 322.5 378.8 6 337.5 282.0 322.5 378.8
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
Assistant Controller FN03 2 117.5 113.8 117.5 121.3 2 130.5 120.3 130.5 140.8 2 130.5 120.3 130.5 140.8
Senior Accountant FN04 4 79.8 72.3 75.0 82.5 4 84.1 72.9 75.0 86.3 4 84.1 72.9 75.0 86.3
Junior Accountant FN05 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
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
Chief Marketing Officer/Head of Marketing MK01 2 217.5 186.3 217.5 248.8 2 293.6 266.8 293.6 320.4 2 293.6 266.8 293.6 320.4
Marketing Manager MK02 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/Head of Investor Relations IR01 2 188.3 162.9 188.3 213.6 2 209.5 188.5 209.5 230.5 2 209.5 188.5 209.5 230.5
Investor Relations Manager IR02 3 96.7 95.0 95.0 97.5 3 96.7 95.0 95.0 97.5 3 96.7 95.0 95.0 97.5
Chief Legal Counsel LG01 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
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 2 187.5 168.8 187.5 206.3 2 210.0 180.0 210.0 240.0 2 210.0 180.0 210.0 240.0
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 2 142.5 128.8 142.5 156.3 2 157.5 136.3 157.5 178.8 2 157.5 136.3 157.5 178.8
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage126
Mid-Size Venture Capital - Continued
Compensation Levels by Type and Size of Firm
Mid-Size Venture Capital
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 9 4.6% 4.0% 5.0% 5.2% 9 12.3 8.0 12.1 16.2 9 38.6 30.2 34.0 38.1
Senior Partner/Senior Managing Director PE02 5 3.2% 2.5% 3.1% 3.5% 5 7.6 2.3 7.0 9.3 5 18.8 16.5 19.1 25.1
Partner/Managing Director PE03 9 1.6% 1.0% 1.3% 2.4% 9 4.5 2.0 3.6 6.0 9 9.1 5.2 6.0 12.0
Principal/VP/Director PE04 5 0.3% 0.3% 0.3% 0.3% 6 1.2 0.7 1.1 1.7 6 1.4 0.8 1.7 2.0
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
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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 2 0.7% 0.5% 0.7% 0.8% 2 2.1 1.7 2.1 2.6 2 3.7 2.6 3.7 4.9
Chief Operating Officer AS01 3 1.0% 0.8% 0.8% 1.2% 3 2.1 1.7 2.4 2.7 3 8.7 5.6 7.2 11.1
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
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
Secretary/Administrator AS04 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
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 5 0.5% 0.3% 0.3% 0.9% 5 1.2 0.7 0.8 1.0 5 3.0 1.4 1.7 4.5
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/Head of Investor Relations IR01 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 Manager IR02 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 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 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 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 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 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage127
Small Venture Capital
Compensation Levels by Type and Size of Firm
Small Venture Capital 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 11 588.7 360.0 450.0 775.0 11 647.1 485.0 600.0 775.0 11 769.2 490.0 600.0 900.0
Senior Partner/Senior Managing Director PE02 6 332.2 230.3 282.5 400.0 6 370.0 250.0 352.5 451.3 6 583.7 250.0 352.5 545.8
Partner/Managing Director PE03 5 236.1 215.0 217.5 230.0 5 255.0 217.5 249.5 290.0 5 268.0 217.5 249.5 355.0
Principal/VP/Director PE04 8 194.0 132.5 183.8 241.3 8 205.7 132.5 196.3 280.0 8 210.2 132.5 196.3 281.3
Senior Associate PE05 4 162.5 130.0 150.0 182.5 4 178.0 146.9 165.9 197.0 4 184.6 166.7 179.1 197.0
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
Senior Analyst PE07 2 70.6 59.3 70.6 81.8 2 79.4 66.2 79.4 92.6 2 79.4 66.2 79.4 92.6
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 5 172.2 86.5 100.0 249.3 5 178.6 86.5 100.0 281.3 5 181.6 86.5 100.0 296.3
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
Administrative/Office Manager AS02 5 91.6 82.0 87.6 90.5 5 102.7 92.0 93.6 110.5 5 107.0 92.0 93.6 131.8
Executive Assistant AS03 7 68.2 51.7 57.0 80.3 7 72.8 51.9 59.2 80.3 7 72.8 51.9 59.2 80.3
Secretary/Administrator AS04 2 33.4 25.7 33.4 41.1 2 34.9 26.5 34.9 43.4 2 36.2 27.1 36.2 45.2
Receptionist AS05 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 Financial Officer FN01 8 197.7 200.0 201.7 209.8 8 218.9 200.0 214.2 240.9 8 285.1 200.0 214.2 240.9
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
Assistant Controller FN03 2 87.5 68.8 87.5 106.3 2 87.5 68.8 87.5 106.3 2 87.5 68.8 87.5 106.3
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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 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 Legal Counsel LG01 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
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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage128
Small Venture Capital - Continued
Compensation Levels by Type and Size of Firm
Small Venture Capital
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 9 5.3% 3.5% 6.4% 6.8% 9 6.9 3.0 4.0 10.0 9 10.3 7.2 7.8 15.6
Senior Partner/Senior Managing Director PE02 5 3.1% 1.5% 3.6% 3.8% 5 2.8 0.9 3.7 3.9 5 5.8 1.6 4.9 10.1
Partner/Managing Director PE03 4 1.5% 1.3% 1.6% 1.8% 5 1.9 0.5 0.6 1.7 5 2.7 1.6 1.7 2.4
Principal/VP/Director PE04 3 1.9% 0.3% 0.3% 2.7% 4 1.4 0.2 0.2 1.4 4 2.8 0.3 0.5 2.9
Senior Associate PE05 2 0.6% 0.4% 0.6% 0.9% 2 0.7 0.4 0.7 0.9 2 2.4 1.4 2.4 3.5
Associate PE06 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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 3 0.3% 0.2% 0.3% 0.5% 3 0.3 0.2 0.3 0.4 3 0.6 0.3 0.3 0.8
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
Administrative/Office Manager AS02 2 0.3% 0.2% 0.3% 0.3% 2 0.1 0.1 0.1 0.1 2 0.4 0.4 0.4 0.5
Executive Assistant AS03 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 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
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 5 1.7% 0.4% 1.0% 1.8% 5 1.5 0.2 0.4 1.7 5 3.5 1.2 1.4 4.5
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
Chief Legal Counsel LG01 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
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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage129
All Venture Capital
Compensation Levels by Type and Size of Firm
All Venture Capital 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 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
Partner/Managing Director PE03 22 431.2 243.8 394.5 537.0 22 510.0 308.8 500.0 606.3 22 536.7 370.8 514.0 689.7
Principal/VP/Director PE04 25 226.1 165.4 225.0 275.0 26 280.5 219.8 277.0 348.4 26 281.9 219.8 277.0 348.4
Senior Associate PE05 16 159.4 140.0 150.8 168.3 16 215.3 162.6 190.0 250.4 16 217.0 172.8 190.0 250.4
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
Senior Analyst PE07 5 100.2 93.1 118.0 120.0 5 140.2 105.9 152.4 158.0 5 140.2 105.9 152.4 158.0
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
Venture Partner/Operations Partner PE09 14 246.9 122.5 224.7 359.1 14 266.4 125.0 274.0 374.6 14 267.5 125.0 274.0 374.6
Chief Operating Officer AS01 6 475.0 331.3 500.0 537.5 6 530.0 391.3 525.0 700.0 6 530.0 391.3 525.0 700.0
Administrative/Office Manager AS02 14 88.0 71.3 87.8 101.8 14 99.5 85.0 96.3 116.8 14 101.0 85.0 96.3 122.5
Executive Assistant AS03 24 75.4 56.9 69.0 100.0 24 82.5 58.6 74.8 111.6 24 82.5 58.6 74.8 111.6
Secretary/Administrator AS04 9 62.7 60.0 62.0 79.9 9 68.1 62.0 68.0 85.0 9 68.4 62.0 68.0 85.0
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
Chief Financial Officer FN01 21 300.1 200.0 250.0 385.0 21 362.5 238.0 310.0 493.0 21 388.8 238.0 345.0 500.0
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
Assistant Controller FN03 10 121.2 113.8 125.9 134.9 10 136.2 117.5 144.7 158.1 10 136.2 117.5 144.7 158.1
Senior Accountant FN04 13 89.3 75.0 85.0 95.0 13 102.0 75.0 93.0 113.0 13 102.0 75.0 93.0 113.0
Junior Accountant FN05 4 51.7 45.1 54.0 60.6 4 56.9 49.4 59.1 66.7 4 56.9 49.4 59.1 66.7
Fund Accountant FN06 4 87.8 76.0 83.6 95.4 4 98.9 89.3 97.9 107.5 4 98.9 89.3 97.9 107.5
Chief Marketing Officer/Head of Marketing MK01 5 252.0 155.0 175.0 280.0 5 299.0 208.0 240.0 347.2 5 299.0 208.0 240.0 347.2
Marketing Manager MK02 4 186.8 174.0 200.0 212.8 4 214.8 184.0 215.1 245.8 4 214.8 184.0 215.1 245.8
Investor Relations/Head of Investor Relations IR01 2 188.3 162.9 188.3 213.6 2 209.5 188.5 209.5 230.5 2 209.5 188.5 209.5 230.5
Investor Relations Manager IR02 5 107.5 95.0 100.0 148.8 5 115.2 95.0 100.0 150.0 5 115.2 95.0 100.0 150.0
Chief Legal Counsel LG01 7 390.7 337.5 360.0 400.0 7 434.4 367.5 375.0 500.5 7 436.4 367.5 375.0 507.5
Compliance and Risk Officer LG02 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 Human Resources/Talent Officer HR01 4 242.0 182.3 209.0 268.8 4 261.8 207.8 248.5 302.5 4 261.8 207.8 248.5 302.5
Human Resources Manager HR02 3 166.7 137.5 185.0 205.0 3 195.3 169.0 240.0 244.0 3 195.3 169.0 240.0 244.0
Chief Technology Officer IT01 5 138.5 115.0 132.6 165.0 5 153.5 128.0 151.4 173.0 5 153.5 128.0 151.4 173.0
Information Technology Manager IT02 9 124.1 66.3 110.0 177.0 9 140.6 72.8 120.0 192.0 9 140.6 72.8 120.0 192.0
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage130
All Venture Capital - Continued
Compensation Levels by Type and Size of Firm
All Venture Capital
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 26 4.66% 3.01% 4.08% 6.31% 26 12.0 3.6 11.4 16.8 26 43.5 8.3 28.6 40.0
Senior Partner/Senior Managing Director PE02 14 2.90% 2.28% 2.50% 3.61% 14 6.5 2.7 5.7 9.0 14 20.2 6.6 17.8 25.7
Partner/Managing Director PE03 19 1.26% 0.72% 1.00% 1.83% 19 4.0 0.9 3.4 6.2 19 8.4 3.7 6.4 11.4
Principal/VP/Director PE04 16 0.60% 0.14% 0.26% 0.46% 17 1.6 0.4 1.0 1.3 17 2.1 0.5 1.5 1.8
Senior Associate PE05 4 0.59% 0.21% 0.56% 0.94% 4 2.0 0.2 0.7 2.5 4 3.0 0.5 2.6 5.0
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 8 0.41% 0.26% 0.33% 0.50% 8 1.2 0.4 1.0 1.7 8 1.9 0.7 1.4 2.4
Chief Operating Officer AS01 5 0.99% 0.80% 0.90% 1.00% 5 2.2 0.9 2.4 3.0 5 9.0 4.0 7.2 15.1
Administrative/Office Manager AS02 3 0.23% 0.15% 0.15% 0.28% 3 0.1 0.1 0.1 0.1 3 0.3 0.2 0.3 0.4
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
Secretary/Administrator AS04 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
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 15 0.91% 0.26% 0.55% 0.94% 14 1.6 0.6 1.1 2.5 14 5.8 1.4 4.4 6.6
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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
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 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 Manager IR02 2 0.10% 0.10% 0.10% 0.10% 2 0.3 0.2 0.3 0.4 2 0.6 0.4 0.6 0.8
Chief Legal Counsel LG01 3 0.74% 0.40% 0.52% 0.64% 3 2.2 1.8 1.8 2.4 3 5.0 3.7 4.5 6.0
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 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
Human Resources Manager HR02 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 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 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage131
Mid-Size & Large Mezzanine
Compensation Levels by Type and Size of Firm
Mid-Size & Large Mezzanine 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 3 406.7 285.0 325.0 487.5 3 1,715.0 1,347.5 1,350.0 1,900.0 3 1,715.0 1,347.5 1,350.0 1,900.0
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
Partner/Managing Director PE03 4 342.5 229.4 266.3 379.4 4 672.7 586.9 658.8 744.6 4 672.7 586.9 658.8 744.6
Principal/VP/Director PE04 4 202.8 177.3 205.0 230.5 4 400.8 310.3 371.0 461.6 4 400.8 310.3 371.0 461.6
Senior Associate PE05 4 173.7 156.2 170.0 187.5 4 324.4 303.1 315.0 336.3 4 324.4 303.1 315.0 336.3
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
Senior Analyst PE07 3 101.8 95.2 111.0 113.0 3 178.8 148.6 155.0 197.0 3 178.8 148.6 155.0 197.0
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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 2 53.0 49.5 53.0 56.5 2 69.0 68.0 69.0 70.0 2 69.0 68.0 69.0 70.0
Executive Assistant AS03 2 69.5 62.3 69.5 76.8 2 95.0 95.0 95.0 95.0 2 95.0 95.0 95.0 95.0
Secretary/Administrator AS04 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
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 2 165.0 147.5 165.0 182.5 2 296.0 279.0 296.0 313.0 2 296.0 279.0 296.0 313.0
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 2 63.5 61.8 63.5 65.3 2 104.0 89.5 104.0 118.5 2 104.0 89.5 104.0 118.5
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
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 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 Human Resources/Talent Officer HR01 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage132
Mid-Size & Large Mezzanine – Continued
Compensation Levels by Type and Size of Firm
Mid-Size & Large Mezzanine
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 3 3.7% 2.3% 3.8% 5.1% 3 28.0 23.8 28.4 32.3 3 57.6 36.4 38.2 69.1
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
Partner/Managing Director PE03 4 1.9% 1.4% 1.9% 2.4% 4 16.4 9.0 15.4 22.8 4 25.3 13.2 22.4 34.5
Principal/VP/Director PE04 4 0.9% 0.6% 0.9% 1.2% 4 7.6 4.6 7.2 10.2 4 10.2 4.8 10.4 15.8
Senior Associate PE05 3 0.1% 0.0% 0.1% 0.1% 3 2.1 1.0 1.6 2.7 3 2.2 1.2 1.7 2.7
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 2 0.3% 0.1% 0.3% 0.4% 2 1.7 1.3 1.7 2.2 2 1.8 1.4 1.8 2.2
Controller FN02 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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
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 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
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 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 Human Resources/Talent Officer HR01 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage133
Small Mezzanine
Compensation Levels by Type and Size of Firm
Small Mezzanine 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 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
Senior Partner/Senior Managing Director PE02 4 341.9 212.5 312.5 441.9 4 471.9 262.5 431.3 640.6 4 612.1 262.5 431.3 780.9
Partner/Managing Director PE03 3 208.3 175.0 200.0 237.5 3 346.0 192.5 200.0 426.5 3 512.7 267.5 335.0 669.0
Principal/VP/Director PE04 4 142.5 117.5 137.5 162.5 4 235.8 141.3 239.0 333.5 4 279.0 178.8 275.0 375.3
Senior Associate PE05 3 95.3 88.0 90.0 100.0 3 112.0 110.5 111.0 113.0 3 117.0 110.5 111.0 120.5
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
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
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 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 Operating Officer AS01 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
Administrative/Office Manager AS02 2 77.5 76.3 77.5 78.8 2 148.5 136.8 148.5 160.3 2 179.0 152.0 179.0 206.0
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 2 128.8 118.1 128.8 139.4 2 184.8 151.1 184.8 218.4 2 184.8 151.1 184.8 218.4
Controller FN02 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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage134
Small Mezzanine - Continued
Compensation Levels by Type and Size of Firm
Small Mezzanine
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 4 6.9% 5.3% 6.4% 7.9% 4 9.5 4.9 9.6 14.2 4 12.4 5.1 11.6 18.9
Senior Partner/Senior Managing Director PE02 3 3.0% 1.9% 2.8% 3.8% 3 4.2 2.6 4.8 6.4 4 12.0 5.5 9.7 16.1
Partner/Managing Director PE03 3 3.3% 2.8% 3.0% 3.8% 3 3.4 2.1 2.5 4.3 3 5.1 2.1 2.5 6.7
Principal/VP/Director PE04 3 1.1% 0.8% 1.1% 1.4% 3 1.6 0.9 1.8 2.5 3 1.6 0.9 1.8 2.5
Senior Associate PE05 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 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 Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 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 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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage135
All Mezzanine
Compensation Levels by Type and Size of Firm
All Mezzanine 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 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
Partner/Managing Director PE03 7 281.4 210.0 232.5 287.5 7 528.6 347.5 617.5 679.5 7 590.6 347.5 617.5 789.2
Principal/VP/Director PE04 7 179.4 159.5 180.0 215.0 7 342.3 308.5 328.0 390.0 7 359.9 308.5 350.0 440.5
Senior Associate PE05 7 140.1 100.0 130.0 170.0 7 233.4 113.0 297.5 315.0 7 235.5 120.5 297.5 315.0
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
Senior Analyst PE07 4 96.0 79.5 95.5 112.0 4 159.5 130.9 147.4 176.0 4 159.5 130.9 147.4 176.0
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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 4 65.3 56.5 67.5 76.3 0 108.8 70.0 98.0 136.8 0 124.0 70.0 98.0 152.0
Executive Assistant AS03 2 69.5 62.3 69.5 76.8 2 95.0 95.0 95.0 95.0 2 95.0 95.0 95.0 95.0
Secretary/Administrator AS04 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
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 4 146.9 124.4 140.0 162.5 4 240.4 218.4 257.0 279.0 4 240.4 218.4 257.0 279.0
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 2 63.5 61.8 63.5 65.3 2 104.0 89.5 104.0 118.5 2 104.0 89.5 104.0 118.5
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
Chief Legal Counsel LG01 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
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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage136
All Mezzanine - Continued
Compensation Levels by Type and Size of Firm
All Mezzanine
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 7 5.50% 4.28% 5.50% 6.85% 7 17.4 9.6 17.2 23.8 7 31.8 11.6 24.2 36.4
Senior Partner/Senior Managing Director PE02 5 2.97% 1.57% 3.00% 3.00% 5 25.2 3.5 7.2 38.2 6 54.2 5.9 31.6 77.0
Partner/Managing Director PE03 7 2.38% 1.88% 2.00% 2.98% 7 10.7 4.3 8.7 15.4 7 16.6 6.6 11.0 22.4
Principal/VP/Director PE04 6 0.97% 0.81% 1.00% 1.19% 6 6.0 3.1 4.2 8.3 6 7.7 3.2 4.5 13.1
Senior Associate PE05 3 0.13% 0.07% 0.11% 0.18% 3 2.8 1.6 1.9 3.5 3 2.9 1.7 1.9 3.6
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 1 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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 3 0.34% 0.26% 0.50% 0.50% 3 1.6 1.0 1.2 1.9 3 2.0 1.6 2.2 2.4
Controller FN02 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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
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 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
Chief Legal Counsel LG01 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
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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage137
Large LBO/VC/Mezz
Compensation Levels by Type and Size of Firm
Large LBO/VC/Mezz 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 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
Principal/VP/Director PE04 19 256.8 196.0 256.3 287.5 20 399.6 348.5 387.4 445.6 20 446.1 358.9 390.5 500.6
Senior Associate PE05 15 178.0 148.5 178.3 203.0 15 304.3 246.6 263.5 350.6 15 311.1 246.6 263.5 350.6
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
Senior Analyst PE07 7 99.6 90.0 92.3 111.8 7 161.5 143.9 152.4 167.5 7 161.5 143.9 152.4 167.5
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
Venture Partner/Operations Partner PE09 6 350.1 290.4 366.3 393.8 6 443.3 378.1 433.4 532.4 6 443.3 378.1 433.4 532.4
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
Administrative/Office Manager AS02 7 86.2 58.5 85.0 109.5 7 110.0 76.4 119.0 137.6 7 127.2 84.8 119.0 143.8
Executive Assistant AS03 15 79.4 63.3 81.7 96.2 15 89.9 71.6 90.5 111.8 15 89.9 71.6 90.5 111.8
Secretary/Administrator AS04 10 60.3 47.6 55.0 75.5 10 66.9 55.9 61.0 80.3 10 66.9 55.9 61.0 80.3
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
Chief Financial Officer FN01 15 367.2 267.5 350.0 455.2 15 502.7 347.5 500.0 571.3 15 579.5 386.3 512.0 601.5
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
Assistant Controller FN03 10 116.4 96.8 120.9 134.9 10 140.7 114.3 147.7 158.3 10 140.7 114.3 147.7 158.3
Senior Accountant FN04 11 91.4 76.5 85.0 92.0 11 110.0 89.1 98.9 109.1 11 111.6 89.1 103.0 114.5
Junior Accountant FN05 5 61.7 60.5 60.8 61.0 5 68.8 65.8 66.8 69.5 5 68.8 65.8 66.8 69.5
Fund Accountant FN06 6 94.4 75.0 83.6 108.1 6 113.3 89.0 97.9 125.8 6 115.2 89.0 97.9 125.8
Chief Marketing Officer/Head of Marketing MK01 4 250.0 168.8 175.0 256.3 4 288.9 206.0 227.8 310.6 4 291.4 206.0 232.9 318.3
Marketing Manager MK02 5 174.4 125.0 200.0 200.0 5 206.8 175.0 210.0 220.1 5 206.8 175.0 210.0 220.1
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 5 134.8 148.8 150.0 150.0 5 179.6 150.0 187.4 224.3 5 188.4 150.0 187.4 224.3
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
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 3 229.3 144.0 193.0 296.5 3 253.9 180.9 227.0 313.5 3 253.9 180.9 227.0 313.5
Human Resources Manager HR02 3 159.4 126.6 185.0 205.0 3 195.0 168.5 240.0 244.0 3 195.4 169.1 240.0 244.0
Chief Technology Officer IT01 5 151.5 132.6 165.0 175.0 5 174.5 151.4 173.0 200.0 5 174.5 151.4 173.0 200.0
Information Technology Manager IT02 10 128.4 88.0 127.5 174.8 10 146.1 104.0 134.7 191.5 10 146.1 104.0 134.7 191.5
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage138
Large LBO/VC/Mezz - Continued
Compensation Levels by Type and Size of Firm
Large LBO/VC/Mezz
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 17 4.1% 2.3% 3.5% 4.6% 17 33.0 17.2 31.5 46.6 17 91.5 48.2 77.3 113.4
Senior Partner/Senior Managing Director PE02 13 2.2% 1.6% 2.0% 2.3% 13 20.2 8.0 15.3 26.0 13 46.5 19.6 42.1 55.8
Partner/Managing Director PE03 16 1.0% 0.5% 0.9% 1.1% 16 8.4 4.0 6.0 12.6 16 16.5 7.7 12.1 21.7
Principal/VP/Director PE04 16 0.4% 0.2% 0.3% 0.5% 17 3.2 1.1 2.0 4.6 17 4.4 1.7 2.8 5.9
Senior Associate PE05 8 0.2% 0.1% 0.2% 0.2% 9 2.2 0.6 1.5 2.8 9 2.4 0.7 1.5 4.2
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 3 0.7% 0.3% 0.5% 0.9% 5 2.7 1.1 1.5 2.1 5 4.7 1.5 2.2 3.0
Chief Operating Officer AS01 4 0.9% 0.5% 0.8% 1.1% 4 8.5 4.0 4.6 9.2 4 18.1 6.7 12.0 23.4
Administrative/Office Manager AS02 3 0.0% 0.0% 0.0% 0.0% 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 12 0.5% 0.2% 0.4% 0.8% 11 2.1 1.3 2.3 2.8 11 6.7 2.9 4.4 6.5
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
Assistant Controller FN03 3 0.0% 0.0% 0.0% 0.0% 3 0.1 0.1 0.1 0.2 3 0.2 0.2 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
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 2 0.1% 0.1% 0.1% 0.1% 2 1.3 0.8 1.3 1.8 2 2.2 1.3 2.2 3.1
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 3 0.0% 0.0% 0.0% 0.1% 3 0.3 0.1 0.2 0.3 3 0.4 0.1 0.2 0.6
Chief Legal Counsel LG01 4 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
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 2 0.1% 0.0% 0.1% 0.1% 2 0.9 0.7 0.9 1.2 2 1.0 0.7 1.0 1.2
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage139
Mid-Size LBO/VC/Mezz
Compensation Levels by Type and Size of Firm
Mid-Size LBO/VC/Mezz 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 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
Partner/Managing Director PE03 18 463.7 302.1 385.5 537.5 18 582.7 496.3 542.6 643.8 18 758.6 496.3 542.6 699.8
Principal/VP/Director PE04 16 246.4 200.0 231.0 262.6 16 325.9 273.0 320.5 369.0 16 512.9 273.0 320.5 396.5
Senior Associate PE05 14 161.4 141.9 158.4 168.8 14 228.0 185.0 236.4 282.5 14 247.6 185.0 236.4 294.4
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
Senior Analyst PE07 5 106.1 100.0 111.0 115.0 5 178.9 158.0 166.0 176.7 5 178.9 158.0 166.0 176.7
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
Venture Partner/Operations Partner PE09 5 172.3 100.0 200.0 200.0 5 186.7 100.0 200.0 210.0 5 186.7 100.0 200.0 210.0
Chief Operating Officer AS01 4 343.8 231.3 387.5 500.0 5 454.2 355.0 466.0 500.0 5 469.9 355.0 500.0 544.3
Administrative/Office Manager AS02 14 82.8 71.5 82.5 96.5 14 96.0 79.0 95.0 111.5 14 223.0 89.8 109.4 117.3
Executive Assistant AS03 14 66.0 55.0 67.3 80.7 14 74.7 60.3 74.8 95.0 14 74.7 60.3 74.8 95.0
Secretary/Administrator AS04 5 62.4 60.0 66.0 71.0 5 69.0 68.0 75.0 79.0 5 157.5 68.0 79.0 80.0
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
Chief Financial Officer FN01 10 255.5 200.0 237.5 300.0 10 331.5 279.5 315.0 378.8 10 438.6 280.3 315.0 378.8
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
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
Senior Accountant FN04 7 81.6 75.0 75.0 88.5 7 90.1 75.0 75.0 109.5 7 95.2 75.0 75.0 115.0
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 3 306.7 210.0 280.0 390.0 3 329.1 243.6 347.2 423.6 3 346.1 269.2 347.2 423.6
Marketing Manager MK02 4 102.0 65.3 91.5 128.3 4 157.8 118.5 139.5 178.8 4 484.3 118.5 205.0 570.8
Investor Relations/Head of Investor Relations IR01 2 188.3 162.9 188.3 213.6 2 209.5 188.5 209.5 230.5 2 209.5 188.5 209.5 230.5
Investor Relations Manager IR02 2 97.5 96.3 97.5 98.8 2 97.5 96.3 97.5 98.8 2 97.5 96.3 97.5 98.8
Chief Legal Counsel LG01 2 493.5 321.8 493.5 665.3 2 518.5 349.3 518.5 687.8 2 518.5 349.3 518.5 687.8
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 3 175.0 150.0 150.0 187.5 3 190.0 150.0 150.0 210.0 3 190.0 150.0 150.0 210.0
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 2 142.5 128.8 142.5 156.3 2 157.5 136.3 157.5 178.8 2 157.5 136.3 157.5 178.8
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage140
Mid-Size LBO/VC/Mezz - Continued
Compensation Levels by Type and Size of Firm
Mid-Size LBO/VC/Mezz
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 18 7.5% 4.0% 5.0% 6.0% 18 19.3 11.3 18.2 25.4 18 39.3 30.7 34.5 41.4
Senior Partner/Senior Managing Director PE02 10 3.6% 2.6% 3.3% 4.3% 10 10.9 4.2 8.2 17.7 10 22.0 11.6 22.1 27.7
Partner/Managing Director PE03 17 2.0% 1.2% 2.0% 2.4% 17 6.9 3.4 5.2 9.6 17 10.5 5.2 10.6 12.2
Principal/VP/Director PE04 13 0.8% 0.3% 0.6% 1.0% 15 2.9 1.2 2.3 3.0 15 3.8 1.9 2.5 4.9
Senior Associate PE05 8 0.2% 0.1% 0.2% 0.3% 8 1.0 0.7 1.2 1.4 8 1.3 0.7 1.3 1.7
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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 3 0.5% 0.3% 0.3% 0.7% 3 1.7 1.0 1.3 2.1 3 3.5 2.3 3.1 4.6
Chief Operating Officer AS01 5 1.4% 0.8% 1.0% 1.5% 5 2.6 2.4 3.0 3.0 5 6.8 4.0 5.0 7.2
Administrative/Office Manager AS02 6 0.1% 0.0% 0.1% 0.2% 6 0.2 0.1 0.2 0.3 6 0.4 0.1 0.2 0.7
Executive Assistant AS03 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 3 0.1% 0.0% 0.1% 0.1% 3 0.2 0.0 0.1 0.2 3 0.3 0.1 0.1 0.4
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 10 0.5% 0.3% 0.5% 0.8% 10 2.1 0.8 1.7 2.9 10 4.0 1.5 3.4 6.1
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
Assistant Controller FN03 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
Senior Accountant FN04 2 0.2% 0.1% 0.2% 0.2% 2 0.3 0.2 0.3 0.3 2 0.5 0.3 0.5 0.7
Junior Accountant FN05 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
Fund Accountant FN06 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 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
Investor Relations/Head of Investor Relations IR01 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 Manager IR02 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 Legal Counsel LG01 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
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 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage141
Small LBO/VC/Mezz
Compensation Levels by Type and Size of Firm
Small LBO/VC/Mezz 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 23 535.7 250.0 350.0 775.0 23 650.8 345.0 600.0 787.5 23 1,077.2 430.0 650.0 1,330.0
Senior Partner/Senior Managing Director PE02 20 288.0 200.0 250.0 335.0 20 433.3 266.3 387.5 586.4 20 689.9 278.8 437.5 697.9
Partner/Managing Director PE03 13 236.0 215.0 230.0 250.0 13 366.8 249.5 418.0 450.0 13 582.1 249.5 418.0 585.0
Principal/VP/Director PE04 19 167.2 138.3 150.0 199.8 19 257.9 188.8 289.6 321.6 19 278.7 188.8 294.0 350.0
Senior Associate PE05 14 120.0 92.5 112.5 141.2 14 167.4 112.0 165.9 223.9 14 170.8 115.8 179.1 227.6
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
Senior Analyst PE07 6 68.5 56.0 82.5 88.8 6 100.4 65.8 104.9 139.0 6 100.4 65.8 104.9 139.0
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
Venture Partner/Operations Partner PE09 7 191.8 93.3 190.0 270.7 7 243.3 93.3 280.0 328.2 7 245.4 93.3 280.0 335.7
Chief Operating Officer AS01 2 102.0 78.0 102.0 126.0 2 102.0 78.0 102.0 126.0 2 102.0 78.0 102.0 126.0
Administrative/Office Manager AS02 12 74.3 66.5 77.5 88.3 12 95.3 81.3 92.8 121.0 12 102.2 81.3 92.8 126.7
Executive Assistant AS03 12 61.9 49.8 58.5 69.3 12 66.9 53.6 59.8 77.4 12 68.5 53.6 59.8 83.8
Secretary/Administrator AS04 6 39.2 24.7 46.2 48.5 6 42.0 26.5 52.2 53.2 6 42.4 26.6 53.0 54.1
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
Chief Financial Officer FN01 15 182.7 169.7 200.0 201.7 15 238.1 200.0 244.0 272.5 15 300.4 200.0 244.0 320.9
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
Assistant Controller FN03 5 85.5 50.0 99.3 125.0 5 95.5 50.0 123.1 125.0 5 95.5 50.0 123.1 125.0
Senior Accountant FN04 2 45.8 30.7 45.8 60.9 2 55.6 35.6 55.6 75.5 2 55.6 35.6 55.6 75.5
Junior Accountant FN05 4 37.6 30.0 42.8 50.4 4 41.8 31.5 46.3 56.6 4 41.8 31.5 46.3 56.6
Fund Accountant FN06 2 103.8 95.6 103.8 111.9 2 114.3 105.9 114.3 122.6 2 114.3 105.9 114.3 122.6
Chief Marketing Officer/Head of Marketing MK01 2 95.5 65.8 95.5 125.3 2 138.0 87.0 138.0 189.0 2 138.0 87.0 138.0 189.0
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 2 94.3 64.0 94.3 124.7 2 129.3 81.5 129.3 177.2 2 129.3 81.5 129.3 177.2
Investor Relations Manager IR02 2 30.8 24.4 30.8 37.1 2 30.8 24.4 30.8 37.1 2 30.8 24.4 30.8 37.1
Chief Legal Counsel LG01 2 598.5 479.3 598.5 717.8 2 608.5 484.3 608.5 732.8 2 608.5 484.3 608.5 732.8
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 2 58.0 42.0 58.0 74.0 2 62.0 44.0 62.0 80.0 2 62.0 44.0 62.0 80.0
Chief Technology Officer IT01 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
Information Technology Manager IT02 3 65.3 42.9 55.0 82.5 3 68.6 42.9 55.0 87.5 3 68.6 42.9 55.0 87.5
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage142
Small LBO/VC/Mezz - Continued
Compensation Levels by Type and Size of Firm
Small LBO/VC/Mezz
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 21 5.9% 3.5% 6.4% 8.0% 21 8.2 3.4 6.0 13.3 21 10.7 5.2 9.8 15.6
Senior Partner/Senior Managing Director PE02 18 2.9% 1.9% 2.9% 3.6% 18 4.0 2.6 3.8 5.8 19 6.9 2.7 5.2 10.4
Partner/Managing Director PE03 13 1.7% 1.4% 1.7% 2.0% 13 2.7 1.2 1.7 4.4 13 3.6 1.7 2.3 4.4
Principal/VP/Director PE04 10 1.0% 0.3% 0.5% 1.0% 12 1.3 0.4 0.7 1.7 12 1.9 0.5 1.0 2.0
Senior Associate PE05 3 0.4% 0.1% 0.2% 0.6% 4 0.4 0.1 0.2 0.5 4 1.3 0.2 0.3 1.4
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
Senior Analyst PE07 2 0.1% 0.1% 0.1% 0.1% 2 0.1 0.1 0.1 0.1 2 0.2 0.2 0.2 0.3
Analyst PE08 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
Venture Partner/Operations Partner PE09 4 0.4% 0.3% 0.4% 0.6% 4 0.4 0.3 0.4 0.6 4 1.1 0.3 0.8 1.5
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
Administrative/Office Manager AS02 4 0.2% 0.1% 0.2% 0.3% 4 0.2 0.1 0.1 0.3 4 0.4 0.2 0.4 0.6
Executive Assistant AS03 2 0.1% 0.1% 0.1% 0.1% 2 0.1 0.1 0.1 0.2 2 0.2 0.1 0.2 0.2
Secretary/Administrator AS04 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
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 10 1.1% 0.3% 0.5% 1.3% 10 1.4 0.5 1.0 1.6 10 2.8 0.9 1.8 3.9
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
Chief Legal Counsel LG01 2 1.0% 0.5% 1.0% 1.5% 2 1.5 1.4 1.5 1.6 2 3.0 2.3 3.0 3.7
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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage143
All LBO/VC/Mezz
Compensation Levels by Type and Size of Firm
All LBO/VC/Mezz 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 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
Partner/Managing Director PE03 48 419.5 247.5 337.5 527.7 48 594.6 448.2 548.3 671.5 48 817.8 481.3 608.8 881.9
Principal/VP/Director PE04 53 226.2 169.8 215.1 271.3 53 332.0 271.8 329.0 386.3 53 411.7 271.8 350.0 430.0
Senior Associate PE05 42 156.9 125.0 150.0 177.4 42 239.7 179.5 246.5 285.0 42 249.7 179.5 246.5 294.4
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
Senior Analyst PE07 16 96.0 89.0 91.6 112.0 16 153.0 137.6 155.0 168.7 16 153.0 137.6 155.0 168.7
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
Venture Partner/Operations Partner PE09 17 231.8 100.0 200.0 311.3 17 284.8 100.0 280.0 375.0 17 285.7 100.0 280.0 375.0
Chief Operating Officer AS01 11 475.0 337.5 500.0 525.0 11 615.8 483.0 550.0 812.5 11 829.8 500.0 550.0 812.5
Administrative/Office Manager AS02 29 81.0 70.0 82.0 92.0 29 98.8 76.0 96.2 119.0 29 133.6 84.0 111.8 124.0
Executive Assistant AS03 37 73.5 57.0 68.5 89.3 37 82.0 65.6 78.0 100.0 37 82.5 65.6 79.3 100.0
Secretary/Administrator AS04 19 57.7 47.5 60.0 69.0 19 63.2 52.2 62.0 77.0 19 86.6 53.4 62.0 79.5
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
Chief Financial Officer FN01 40 270.1 200.0 220.0 331.3 40 360.6 251.5 310.5 434.4 40 439.6 251.5 340.8 517.8
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
Assistant Controller FN03 15 107.9 91.2 115.0 128.4 15 126.4 112.0 125.0 154.0 15 126.4 112.0 125.0 154.0
Senior Accountant FN04 19 87.0 75.0 85.0 90.5 19 101.9 83.5 96.0 109.5 19 104.7 83.5 96.0 114.5
Junior Accountant FN05 8 56.6 51.6 59.7 60.9 8 63.2 62.4 66.3 69.1 8 63.2 62.4 66.3 69.1
Fund Accountant FN06 8 96.8 78.3 87.4 116.3 8 113.5 93.7 98.6 131.9 8 114.9 93.7 98.6 131.9
Chief Marketing Officer/Head of Marketing MK01 8 259.4 153.8 175.0 335.0 8 297.8 206.0 243.8 385.4 8 305.5 206.0 248.9 385.4
Marketing Manager MK02 10 135.2 78.0 120.5 191.3 10 177.5 115.4 160.5 217.6 10 308.1 115.4 192.5 262.8
Investor Relations/Head of Investor Relations IR01 9 175.6 137.5 200.0 239.0 9 267.6 225.0 292.0 315.0 9 274.5 225.0 292.0 315.0
Investor Relations Manager IR02 8 114.0 86.3 124.4 150.0 8 142.1 94.1 125.0 196.6 8 147.6 94.1 125.0 196.6
Chief Legal Counsel LG01 8 446.5 343.8 370.0 502.5 8 487.3 371.3 415.0 597.0 8 489.0 371.3 422.0 597.0
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 6 202.2 150.0 171.5 217.0 6 222.0 150.0 188.5 259.3 6 222.0 150.0 188.5 259.3
Human Resources Manager HR02 5 138.1 90.0 122.0 185.0 5 161.0 98.0 122.0 240.0 5 172.5 98.2 178.3 240.0
Chief Technology Officer IT01 7 148.9 123.8 165.0 172.5 7 169.6 139.7 173.0 200.0 7 169.6 139.7 173.0 200.0
Information Technology Manager IT02 12 120.8 80.3 107.5 170.3 12 136.3 93.9 119.7 190.5 12 136.3 93.9 119.7 190.5
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage144
All LBO/VC/Mezz - Continued
Compensation Levels by Type and Size of Firm
All LBO/VC/Mezz
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 59 5.74% 3.32% 4.30% 6.46% 59 18.9 6.5 15.0 25.9 23 43.6 13.2 32.5 54.3
Senior Partner/Senior Managing Director PE02 40 2.81% 1.96% 2.54% 3.54% 41 10.9 3.5 6.8 15.7 41 23.7 5.2 13.2 27.9
Partner/Managing Director PE03 47 1.50% 0.89% 1.41% 2.00% 47 6.1 1.7 4.8 8.7 47 10.4 3.3 6.7 13.0
Principal/VP/Director PE04 42 0.68% 0.25% 0.42% 0.76% 44 2.7 0.9 1.7 3.4 44 3.7 1.4 2.2 4.7
Senior Associate PE05 21 0.26% 0.11% 0.21% 0.25% 21 1.6 0.4 1.2 1.7 21 1.9 0.6 1.5 3.2
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
Senior Analyst PE07 3 0.11% 0.10% 0.10% 0.12% 3 0.2 0.1 0.2 0.2 3 0.3 0.2 0.3 0.4
Analyst PE08 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
Venture Partner/Operations Partner PE09 11 0.46% 0.25% 0.32% 0.52% 11 1.8 0.6 1.3 1.8 11 3.3 1.0 1.9 3.0
Chief Operating Officer AS01 10 1.18% 0.76% 0.95% 1.38% 10 4.8 2.6 3.4 4.0 10 10.9 4.1 6.1 13.2
Administrative/Office Manager AS02 9 0.15% 0.07% 0.14% 0.20% 10 0.2 0.1 0.1 0.2 10 0.3 0.1 0.2 0.5
Executive Assistant AS03 3 0.08% 0.07% 0.10% 0.10% 3 0.1 0.1 0.1 0.1 3 0.1 0.1 0.1 0.2
Secretary/Administrator AS04 4 0.04% 0.01% 0.03% 0.06% 4 0.1 0.0 0.1 0.2 4 0.2 0.1 0.1 0.2
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 31 0.68% 0.26% 0.45% 0.84% 31 1.9 0.8 1.3 2.7 31 4.6 1.4 3.5 6.0
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
Assistant Controller FN03 3 0.02% 0.01% 0.02% 0.02% 3 0.1 0.1 0.1 0.2 3 0.3 0.2 0.2 0.4
Senior Accountant FN04 2 0.16% 0.15% 0.16% 0.18% 3 0.2 0.1 0.1 0.3 3 0.4 0.1 0.1 0.5
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
Chief Marketing Officer/Head of Marketing MK01 3 0.71% 0.06% 0.08% 1.04% 3 1.0 0.6 1.0 1.4 3 1.2 0.8 1.4 1.6
Marketing Manager MK02 5 0.22% 0.05% 0.12% 0.40% 5 1.3 0.4 0.5 2.3 5 2.6 0.5 1.6 4.0
Investor Relations/Head of Investor Relations IR01 5 0.12% 0.05% 0.14% 0.19% 5 1.6 0.6 0.7 1.3 5 1.7 0.6 1.2 1.3
Investor Relations Manager IR02 4 0.06% 0.02% 0.06% 0.10% 4 0.2 0.1 0.1 0.3 4 0.4 0.1 0.1 0.4
Chief Legal Counsel LG01 5 0.63% 0.22% 0.46% 0.61% 5 1.6 1.3 1.7 1.8 5 3.3 1.6 3.0 4.5
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 3 0.38% 0.05% 0.08% 0.55% 3 0.9 0.6 0.8 1.2 3 1.1 1.0 1.5 1.5
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
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage145
Large Fund of Funds
Compensation Levels by Type and Size of Firm
Large Fund of Funds 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 4 549.9 337.4 400.0 612.5 4 1,813.0 1,413.0 1,850.0 2,250.0 4 1,840.5 1,413.0 1,905.0 2,332.5
Senior Partner/Senior Managing Director PE02 2 269.9 263.2 269.9 276.6 2 685.1 675.5 685.1 694.6 2 685.1 675.5 685.1 694.6
Partner/Managing Director PE03 3 232.1 218.1 223.7 241.9 3 636.3 464.5 521.9 750.9 3 643.0 464.5 521.9 760.9
Principal/VP/Director PE04 4 167.4 148.5 150.3 169.1 4 268.0 258.1 272.1 281.9 4 268.5 258.6 272.1 281.9
Senior Associate PE05 2 121.8 117.7 121.8 125.9 2 180.5 180.3 180.5 180.8 2 180.5 180.3 180.5 180.8
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
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
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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 3 98.7 83.0 91.0 110.5 3 129.9 104.8 119.6 149.8 3 129.9 104.8 119.6 149.8
Executive Assistant AS03 3 68.0 61.5 75.0 78.0 3 81.0 75.5 89.0 90.5 3 81.0 75.5 89.0 90.5
Secretary/Administrator AS04 2 49.5 46.8 49.5 52.3 2 55.7 51.3 55.7 60.0 2 55.7 51.3 55.7 60.0
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 2 287.2 230.7 287.2 343.6 2 405.8 371.1 405.8 440.4 2 405.8 371.1 405.8 440.4
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
Assistant Controller FN03 2 94.7 92.3 94.7 97.0 2 125.6 124.3 125.6 126.8 2 125.6 124.3 125.6 126.8
Senior Accountant FN04 2 68.0 64.0 68.0 72.0 2 80.3 72.6 80.3 87.9 2 80.3 72.6 80.3 87.9
Junior Accountant FN05 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
Fund Accountant FN06 3 68.7 50.5 55.0 80.0 3 84.3 60.3 74.5 103.5 3 84.3 60.3 74.5 103.5
Chief Marketing Officer/Head of Marketing MK01 2 195.0 192.5 195.0 197.5 2 425.0 412.5 425.0 437.5 2 425.0 412.5 425.0 437.5
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 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 Manager IR02 2 115.0 107.5 115.0 122.5 2 146.3 123.1 146.3 169.4 2 146.3 123.1 146.3 169.4
Chief Legal Counsel LG01 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
Compliance and Risk Officer LG02 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 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 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 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 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage146
Large Fund of Funds - Continued
Compensation Levels by Type and Size of Firm
Large Fund of Funds
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 3 6.9% 0.7% 2.4% 8.6% 3 6.4 2.8 7.0 10.6 3 29.3 11.2 23.6 41.7
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
Partner/Managing Director PE03 2 4.8% 0.2% 0.4% 7.2% 2 2.5 0.7 1.4 3.7 2 6.5 2.8 5.6 9.8
Principal/VP/Director PE04 2 0.6% 0.2% 0.3% 0.8% 3 0.7 0.6 0.8 1.0 3 2.7 1.0 2.5 4.2
Senior Associate PE05 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 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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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 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
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 2 0.4% 0.3% 0.4% 0.4% 2 1.3 1.2 1.3 1.3 2 5.3 5.1 5.3 5.5
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 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 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/Head of Investor Relations IR01 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 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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage147
Mid-Size Fund of Funds
Compensation Levels by Type and Size of Firm
Mid-Size Fund of Funds 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 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
Senior Partner/Senior Managing Director PE02 2 447.5 346.3 447.5 548.8 2 497.5 371.3 497.5 623.8 2 572.5 483.8 572.5 661.3
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
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
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 2 110.0 102.5 110.0 117.5 2 110.0 102.5 110.0 117.5 2 116.0 105.5 116.0 126.5
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage148
All Fund of Funds
Compensation Levels by Type and Size of Firm
All Fund of Funds 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 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
Senior Partner/Senior Managing Director PE02 5 339.0 256.5 260.0 283.3 5 669.0 666.0 704.2 750.0 5 703.0 666.0 704.2 750.0
Partner/Managing Director PE03 8 232.1 218.1 223.7 241.9 8 636.3 464.5 521.9 750.9 8 643.0 464.5 521.9 760.9
Principal/VP/Director PE04 4 167.4 148.5 150.3 169.1 4 268.0 258.1 272.1 281.9 4 268.5 258.6 272.1 281.9
Senior Associate PE05 3 124.5 121.8 130.0 130.0 3 163.7 155.0 180.0 180.5 3 163.7 155.0 180.0 180.5
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
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
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
Venture Partner/Operations Partner PE09 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 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
Administrative/Office Manager AS02 2 106.5 94.8 106.5 118.3 2 142.4 123.6 142.4 161.2 2 142.4 123.6 142.4 161.2
Executive Assistant AS03 3 68.0 61.5 75.0 78.0 3 81.0 75.5 89.0 90.5 3 81.0 75.5 89.0 90.5
Secretary/Administrator AS04 2 49.5 46.8 49.5 52.3 2 55.7 51.3 55.7 60.0 2 55.7 51.3 55.7 60.0
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 4 198.6 117.5 149.7 230.7 4 257.9 117.5 230.8 371.1 4 260.9 126.5 236.8 371.1
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
Assistant Controller FN03 2 94.7 92.3 94.7 97.0 2 125.6 124.3 125.6 126.8 2 125.6 124.3 125.6 126.8
Senior Accountant FN04 2 68.0 64.0 68.0 72.0 2 80.3 72.6 80.3 87.9 2 80.3 72.6 80.3 87.9
Junior Accountant FN05 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
Fund Accountant FN06 3 68.7 50.5 55.0 80.0 3 84.3 60.3 74.5 103.5 3 84.3 60.3 74.5 103.5
Chief Marketing Officer/Head of Marketing MK01 2 195.0 192.5 195.0 197.5 2 425.0 412.5 425.0 437.5 2 425.0 412.5 425.0 437.5
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 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 2 115.0 107.5 115.0 122.5 2 146.3 123.1 146.3 169.4 2 146.3 123.1 146.3 169.4
Chief Legal Counsel LG01 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
Compliance and Risk Officer LG02 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 Human Resources/Talent Officer HR01 2 160.0 145.0 160.0 175.0 2 185.0 182.5 185.0 187.5 2 185.0 182.5 185.0 187.5
Human Resources Manager HR02 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 Technology Officer IT01 2 130.0 117.5 130.0 142.5 2 228.5 187.8 228.5 269.3 2 228.5 187.8 228.5 269.3
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage149
All Fund of Funds - Continued
Compensation Levels by Type and Size of Firm
All Fund of Funds
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 5 1.66% 0.92% 1.33% 2.06% 5 6.4 3.7 6.0 10.3 5 26.7 14.9 15.0 32.2
Senior Partner/Senior Managing Director PE02 4 1.33% 1.02% 1.16% 1.46% 4 5.1 4.5 5.5 6.1 4 10.4 8.4 10.6 12.7
Partner/Managing Director PE03 6 0.78% 0.56% 0.78% 0.99% 6 3.7 2.5 3.7 4.8 6 9.8 7.7 9.8 11.9
Principal/VP/Director PE04 3 0.27% 0.19% 0.23% 0.34% 3 1.0 0.8 0.9 1.1 3 3.6 2.5 3.7 4.8
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
Associate PE06 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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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 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
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 3 0.32% 0.26% 0.30% 0.37% 3 1.2 1.1 1.2 1.3 3 4.2 3.4 4.9 5.3
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 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 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/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
Chief Legal Counsel LG01 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
Compliance and Risk Officer LG02 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 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 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage150
Large Institutional
Compensation Levels by Type and Size of Firm
Large Institutional 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 9 795.1 325.0 400.0 682.5 9 1,828.0 1,092.5 2,000.0 2,392.5 9 3,104.8 1,092.5 2,392.5 3,140.2
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
Partner/Managing Director PE03 10 384.6 225.2 357.5 565.6 10 741.0 520.5 634.4 862.5 10 1,037.0 540.6 725.6 1,344.6
Principal/VP/Director PE04 10 195.5 166.8 188.7 225.5 10 396.0 305.6 331.9 492.5 10 417.6 305.6 331.9 492.5
Senior Associate PE05 8 160.1 127.9 150.8 190.8 8 289.3 247.3 297.2 336.3 8 301.9 247.3 297.2 336.3
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
Senior Analyst PE07 4 99.5 94.9 101.8 106.4 4 155.2 137.6 148.6 166.3 4 155.2 137.6 148.6 166.3
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
Venture Partner/Operations Partner PE09 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 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
Administrative/Office Manager AS02 4 105.7 88.6 102.5 119.6 4 122.9 111.3 121.8 133.4 4 122.9 111.3 121.8 133.4
Executive Assistant AS03 3 90.8 78.7 84.0 99.5 3 97.7 86.6 95.0 107.5 3 97.7 86.6 95.0 107.5
Secretary/Administrator AS04 2 67.7 60.6 67.7 74.7 2 71.8 64.7 71.8 79.0 2 71.8 64.7 71.8 79.0
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
Chief Financial Officer FN01 3 351.8 209.7 245.0 440.5 3 507.2 340.8 345.0 592.5 3 507.2 340.8 345.0 592.5
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
Assistant Controller FN03 4 122.7 107.3 123.3 138.6 4 144.4 139.5 146.8 151.6 4 144.4 139.5 146.8 151.6
Senior Accountant FN04 3 77.1 72.1 76.0 81.5 3 90.6 84.4 95.5 99.3 3 90.6 84.4 95.5 99.3
Junior Accountant FN05 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
Fund Accountant FN06 2 71.4 67.7 71.4 75.1 2 76.4 72.7 76.4 80.1 2 76.4 72.7 76.4 80.1
Chief Marketing Officer/Head of Marketing MK01 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
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 3 123.7 75.0 150.0 185.5 3 319.0 303.5 315.0 332.5 3 325.0 312.6 333.1 341.6
Investor Relations Manager IR02 3 151.2 141.3 165.0 168.1 3 200.7 178.5 239.5 242.2 3 215.3 178.5 239.5 264.1
Chief Legal Counsel LG01 3 457.1 410.0 420.0 485.6 3 632.4 473.0 546.0 748.6 3 632.4 473.0 546.0 748.6
Compliance and Risk Officer LG02 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 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 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 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 2 126.5 105.8 126.5 147.3 2 145.5 123.3 145.5 167.8 2 145.5 123.3 145.5 167.8
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage151
Large Institutional - Continued
Compensation Levels by Type and Size of Firm
Large Institutional
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 8 1.8% 0.9% 1.4% 2.1% 7 25.1 2.9 36.0 36.5 7 66.0 11.3 48.8 105.6
Senior Partner/Senior Managing Director PE02 6 1.0% 0.7% 1.0% 1.3% 6 19.6 1.7 9.8 24.2 6 42.1 5.0 12.3 50.4
Partner/Managing Director PE03 8 1.0% 0.3% 0.5% 1.5% 8 11.2 1.0 12.5 21.5 8 19.0 4.2 21.6 30.8
Principal/VP/Director PE04 8 0.3% 0.1% 0.1% 0.4% 8 4.0 0.5 1.0 6.0 8 5.7 0.8 1.9 8.4
Senior Associate PE05 5 0.1% 0.0% 0.1% 0.2% 4 1.4 0.0 0.1 2.3 4 1.6 0.0 0.1 3.1
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 3 0.4% 0.2% 0.3% 0.6% 3 1.7 1.1 1.2 2.1 3 12.1 2.9 4.9 17.7
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
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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
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 3 0.3% 0.1% 0.2% 0.4% 2 2.6 1.6 2.6 3.7 2 2.6 1.6 2.6 3.7
Investor Relations Manager IR02 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 Legal Counsel LG01 2 0.3% 0.1% 0.2% 0.5% 2 3.5 1.5 3.0 5.3 2 3.5 1.5 3.0 5.3
Compliance and Risk Officer LG02 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 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 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage152
Small & Mid-Size Institutional
Compensation Levels by Type and Size of Firm
Small & Mid-Size Institutional 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 7 439.6 300.0 326.9 487.5 7 725.3 500.0 653.8 734.5 7 1,031.7 622.5 794.0 1,332.0
Senior Partner/Senior Managing Director PE02 9 293.1 225.0 275.0 350.0 9 397.6 275.0 400.0 515.0 9 627.0 290.0 400.0 637.5
Partner/Managing Director PE03 7 238.1 182.1 240.0 287.5 7 309.1 234.5 325.0 384.8 7 459.0 262.5 396.0 577.3
Principal/VP/Director PE04 9 181.5 140.0 200.0 205.0 9 231.7 173.3 240.0 252.3 9 272.9 173.3 240.0 378.0
Senior Associate PE05 5 94.5 86.0 90.0 105.5 5 123.2 111.0 115.0 137.0 5 134.6 111.0 130.0 169.8
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
Senior Analyst PE07 2 87.5 81.3 87.5 93.8 2 91.0 83.0 91.0 99.0 2 91.0 83.0 91.0 99.0
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 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 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
Administrative/Office Manager AS02 3 80.3 77.5 80.0 83.0 3 105.7 96.0 102.0 113.5 3 105.7 96.0 102.0 113.5
Executive Assistant AS03 3 65.9 58.0 60.0 70.8 3 72.5 64.2 65.5 77.3 3 78.8 73.6 84.1 86.6
Secretary/Administrator AS04 4 50.4 42.7 47.0 54.8 4 51.2 44.2 48.6 55.6 4 51.2 44.2 48.6 55.6
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
Chief Financial Officer FN01 3 197.3 146.0 150.0 225.0 3 246.7 171.0 192.0 295.0 3 254.3 182.5 214.9 306.5
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
Assistant Controller FN03 2 97.6 88.9 97.6 106.3 2 115.1 106.7 115.1 123.6 2 135.9 134.0 135.9 137.9
Senior Accountant FN04 3 77.7 71.5 83.0 86.5 3 85.9 81.4 91.0 93.0 3 85.9 81.4 91.0 93.0
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/Head of Investor Relations IR01 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 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
Chief Legal Counsel LG01 2 212.5 168.8 212.5 256.3 2 283.5 217.8 283.5 349.3 2 353.8 323.1 353.8 384.4
Compliance and Risk Officer LG02 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 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 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage153
Small & Mid-Size Institutional - Continued
Compensation Levels by Type and Size of Firm
Small & Mid-Size Institutional
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 4 3.5% 0.0% 2.2% 6.0% 5 20.7 3.0 7.6 15.7 6 25.5 3.2 21.0 25.6
Senior Partner/Senior Managing Director PE02 4 1.6% 0.0% 0.0% 3.0% 4 2.0 0.0 0.0 3.5 6 6.9 0.0 1.7 13.0
Partner/Managing Director PE03 4 1.2% 0.0% 1.1% 2.1% 4 1.7 0.0 1.2 2.7 5 3.4 0.3 1.2 4.9
Principal/VP/Director PE04 2 0.3% 0.0% 0.0% 0.5% 3 0.8 0.0 0.0 0.8 4 1.8 0.0 0.0 4.5
Senior Associate PE05 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 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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 0 N/A N/A N/A N/A 0 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 0 N/A N/A N/A N/A 0 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 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
Controller FN02 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
Assistant Controller FN03 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
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
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 0 N/A N/A N/A N/A 0 N/A N/A N/A N/A 1 N/A N/A N/A N/A
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage154
Infrastructure/Distressed/Turnaround
Compensation Levels by Type and Size of Firm
Infrastructure/Distressed/Turnaround 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 3 453.3 380.0 400.0 500.0 3 1,391.3 1,112.0 1,564.0 1,757.0 3 1,391.3 1,112.0 1,564.0 1,757.0
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
Partner/Managing Director PE03 5 322.3 180.0 281.3 500.0 5 725.7 380.0 798.5 800.0 5 725.7 380.0 798.5 800.0
Principal/VP/Director PE04 2 163.8 145.6 163.8 181.9 2 377.6 316.3 377.6 438.8 2 377.6 316.3 377.6 438.8
Senior Associate PE05 4 115.0 101.3 117.5 131.3 4 175.4 101.3 167.5 241.7 4 175.4 101.3 167.5 241.7
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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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 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
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
Chief Financial Officer FN01 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
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
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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/Head of Investor Relations IR01 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 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
Chief Legal Counsel LG01 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
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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage155
Infrastructure/Distressed/Turnaround - Continued
Compensation Levels by Type and Size of Firm
Infrastructure/Distressed/Turnaround
Carried Interest
% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)
Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th Firm Avg. 25th 50th 75th
Managing General Partner/CEO PE01 2 5.0% 3.5% 7.0% 7.5% 2 3.7 1.5 3.0 5.6 2 20.7 10.6 21.2 31.1
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
Partner/Managing Director PE03 3 1.1% 0.0% 0.2% 1.4% 3 1.8 0.0 0.6 4.0 3 3.9 0.0 4.5 7.3
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
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
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
Senior Analyst PE07 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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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
Secretary/Administrator AS04 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
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 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
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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/Head of Investor Relations IR01 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 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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage156
Corporate Venturing
Compensation Levels by Type and Size of Firm
Corporate Venturing 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 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
Principal/VP/Director PE04 3 161.7 140.0 140.0 172.5 3 186.4 156.7 173.3 209.7 3 230.4 156.7 173.3 275.7
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
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
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
Analyst PE08 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
Venture Partner/Operations Partner PE09 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 Operating Officer AS01 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
Administrative/Office Manager AS02 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
Executive Assistant AS03 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
Secretary/Administrator AS04 2 61.5 54.8 61.5 68.3 2 61.5 54.8 61.5 68.3 2 61.5 54.8 61.5 68.3
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 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 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
Assistant Controller FN03 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
Senior Accountant FN04 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
Junior Accountant FN05 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
Fund Accountant FN06 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 Marketing Officer/Head of Marketing MK01 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
Marketing Manager MK02 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/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
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 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 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
Human Resources Manager HR02 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 Technology Officer IT01 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
Information Technology Manager IT02 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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage157
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
©2012byThomsonReuters,HoltPrivateEquityConsultants,andMM&KLtd.AllRightsReserved PrivateEquityandVentureCapital‑NorthAmericanReportPage158
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