VC Associate Compensation by Region: Why AUM Matters More Than Geography

VC associate compensation by region varies widely across the U.S., but the biggest driver of total cash might not be what you’d expect. While associates in Tier 1 regions do earn more, the most significant step-up in total cash occurs once firms cross the $1 billion AUM threshold. Using the interactive compensation maps from the Thelander platform, here’s what the data shows.

Under $1 Billion AUM: Geography Leads

• At smaller funds, region is a major factor in associate pay.
• Tier 1 regions: New York and Northern California lead the market, offering the highest median and 75th percentile total cash for associates.
• Tier 2 regions: The Southeast, Southern California, and Boston make up the middle tier, with the Southeast trending toward the higher end of the group and Boston showing a more compressed range—a solid median but a lower 75th percentile.
• Tier 3 regions: The Northwest, Midwest, Mid-Atlantic, and Southwest trail the Tier 1 hubs, with meaningfully lower total cash for associates.

The spread here is wide—median associate total cash ranges from roughly $110,000 in the lowest region to nearly $180,000 in the highest.

$1 Billion+ AUM: Geography Compresses

• Once firms cross the $1 billion mark, the regional picture changes.
• Tier 1 regions: Associate total cash converges across Northern California, Southern California, Boston, and New York, clustering tightly at both the median and 75th percentile.
• Tier 2 region: The Midwest appears among large funds but sits materially below the tightly grouped Tier 1 levels.
• At this level, the gap between the highest and lowest regions narrows considerably—geography still matters, but far less than it does at smaller funds.

The Bottom Line: Firms pay top dollar for top talent—and as they grow in AUM, they pay regardless of geography. The real driver of associate total cash isn’t just where a firm is located, but its total AUM and firm type. Crossing the $1 billion threshold produces a bigger step-up in compensation than region.

To see how your current mix of cash and carry compares to market at no cost, fill out the no-cost Thelander x PitchBook Investment Firm Compensation Survey today. The more data you contribute, the more insights you receive. Survey link.

Categorised in: Data Drops

This post was written by jthelander