Earlier this year, we reported that LPs are asking GPs to put more skin in the game. The share of VC funds with a GP commitment of 1% or less fell from 34.6% in 2023 to 25.9% in 2025. At the same time, the share of funds with a GP commitment of 1-2.9% increased by ~6% and the share of funds with a commit of 3% or more increased by 2.4%. Now the question is who is writing the check?
Committing capital is one of the most important and least discussed parts of a carry package. The capital a partner commits is typically tied directly to the carried interest they receive, and it aligns the GPs with the LPs. This week’s data drop uses the Thelander investment firm compensation dataset to see how the median percentage of the GP commitment each partner contributes to their most recent fund changes by AUM.
Firms with less than $500 million in AUM
- At smaller firms, the median capital commitment for Managing General Partners rose from 48.7% in 2025 to 50.00% in 2026. Every other position declined.
- The sharpest drop was at the Senior Managing Director / Senior Partner level, declining from 30.00% to 20.00%.
- Managing Directors/Partners fell from 13.50% to 11.00%.
- Directors/Principals fell from 3.75% to 3.25%.
Firms with $1 – $2.9 Billion in AUM
- For larger firms, the median capital commitment for Managing General Partners was flat while it increased for all other positions.
- Managing Directors / Partners saw the largest relative change, with their median increasing from 2.25% to 2.75%.
- Senior Managing Directors / Senior Partners rose from 12.00% to 12.25%.
- Directors / Principals rose from 1.00% to 1.33%.
What does the data tells us?
Smaller firms have generally had a harder time raising capital. At firms with less than $500 million in total AUM, the Managing General Partner now carries half of the GP commitment.
Larger firms have been better positioned, and they are able to ask other members of the team to contribute more for their carry as a result.
See where your firm stands
These benchmarks come from firms that share their data. See how your carry and commitment compare to market. Participate in the no-cost Thelander-PitchBook Investment Firm Compensation Survey and unlock real-time data for every title you complete. All data is published in aggregate, with no individual or firm names reported, so your information stays confidential.