Thelander IF Digest: September 2025

Do Life Science Investors Get Paid More Than Tech Investors? 

When it comes to tracking compensation trends, including the mix of cash and carry, investment firms often ask us: Does a life science firm pay differently than a tech firm? Do the areas you invest in impact the compensation for your team?

This month’s Thelander Digest answers that question, breaking down total cash and carried interest percentages for Managing Directors/Partners at investment firms focused on life sciences, tech or both. 

Managing Director/Partner: Less Than $500 Million in AUM 

“Life Sciences Only” pays more. At firms with <$500 Million AUM, Managing Director/Partners earn $60,000 more in median cash compensation than their tech only peers.

“Both” Mirrors “Tech Only.” Firms investing in both tech and life sciences track closely with “tech only” compensation, with median total cash around $350,000 and carried interest at 10%. 

Breakdown of Compensation at the 75th %ile 

Key takeaways: 

At the 75th %ile, Managing Director/Partners who focus on both life sciences and tech have the highest percentage of carried interest – coming in at 20%. 

But, the cash compensation for Managing Directors / Partners who focus only on life science companies have the highest total cash at $652,500 – $150,000+ higher than their tech only counterparts. However, tech only Managing Directors / Partners have more carried interest – 15.00% vs. 11.800%. 

How does this change when an investment firm has more than $500 Million in Total AUM? 

Managing Director/Partner: More Than $500 Million in AUM 

Managing Directors/Partners at firms with more than $500 Million in AUM that invest only in life science companies have the lowest total cash compensation and carried interest percentages.

The highest paid Managing Directors/Partners? Tech only! The median total cash is $650,000 and the median carried interest percentage is 7.600%.

How about the 75th %ile? 

Similar to the median, tech only Managing Director/Partners make the most in total cash and carried interest – but life sciences only is not far behind. The total cash is less than $30,000 apart ($800,000 vs. $772,500) and the carried interest is competitive around 10%.

“Both” came in at the lowest for cash ($700,000) and carried (9.000%).

What’s The Bottom Line?

The Investment Area can impact compensation, but not consistently in every position or across the mix of cash and carry. The single most important factor is still total AUM. And while life sciences vs. tech can create meaningful differences in compensation, firms ultimately pay premiums for people who can bring unique skills, expertise and knowledge to the firm – oftentimes regardless of investment focus. 

The Thelander Digest is powered by real-time compensation data collected by the Thelander-PitchBook Investment Firm Compensation Survey. By completing your response, you will be able to access compensation data for all the job titles you complete for 12 months. 

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