2025 Private Equity Compensation by AUM
Total Cash Compensation Comparison (Base + Bonus)
Figures reflect 2025 performance paid in early 2026 for (SF/NYC) Markets
|
Title |
Fund Size (AUM) |
Execution / Investment |
Business Development (BD) |
Trends |
|
Associate |
MM $1B–$5B |
$275k – $350k |
$210k – $280k |
BD Associates typically 40–60% bonuses compared to 80–120% for execution roles. |
|
|
Mega $10B+ |
$360k – $430k+ |
$280k – $340k |
High competition at Mega Funds has pushed execution total cash up to $430k+. |
|
Vice President |
MM $1B–$5 |
$450k – $650k |
$380k – $500k |
Some MM firms are now offering small carry points (0.1%–0.2%) to BD VPs for sourcing. |
|
|
Mega $10B+ |
$650k – $850k+ |
$400k – $650k |
Execution VPs saw a 10–15% bonus premium in early 2026 |
|
Principal / MD |
MM $1B–$5B |
$700k – $1.2M |
$425k – $850k |
Cash is secondary to carry |
|
|
Mega $10B+ |
$1.5M – $2.5M+ |
$1.0M – $1.8M |
MD cash comp at the largest funds can exceed based on 2025 performance. |
II. Compensation by Sector Focus
Sector specialization created wide "all-in" disparities in early 2026 payouts.
|
Sector |
Payout Trend |
Drivers for 2025/2026 |
|
Infrastructure / DevOps |
High |
Record deal volume in AI infrastructure and data centers. |
|
Healthcare / Behavioral |
Medium |
Specialized reports show a 50% increase in health-tech deal value, pushing pay above average. |
|
B2B Software (SaaS) |
High |
Strongest exit volume in Q4 2025; highest "Operating Carry" potential. |
|
Consumer / Retail |
Moderate |
Selective demand; lower leverage availability impacted total returns. |
|
Energy / Industrial |
Increasing |
Driven by AI/Data Center power needs and reshoring tailwinds. |
Key Sources:
-
Heidrick & Struggles – 2025 North America Private Equity Investment Professional Compensation Survey.
-
Holt-MM&K – 2025-2026 North American PE and VC Compensation Report.
-
UpLevered – 2026 Private Equity Salary Guide & Carry Calculator.
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