Newsletter – CVC Edition

Dedicated in-house marketing teams at investment firms is still relatively rare, but that’s changing. Firms like Lightspeed are leading the shift, with their CMO describing the firm as “much more than capital providers. They’ve become media companies.” How common are dedicated Marketing & Communications roles across the broader investment firm ecosystem, and what does it take for a firm to build one in-house? We pulled data from the Thelander-PitchBook Investment Firm Compensation Survey to find out. It Starts with AUM The clearest predictor of whether a firm has a Marketing & Communications function is AUM. Overall, Marketing & Communications positions are most

We just wrapped an investment firm consulting project where we looked at the firm’s compensation by both total AUM and size of most recent fund. We found the data to be interesting, so we’re sharing some of the analysis with you in this month’s digest. One of the most influential ways to customize investment firm compensation is by AUM, because it impacts the mix of cash and carry. At the same time, AUM on its own doesn’t necessarily tell you everything you need to know about compensation levels. The size of most recent fund can also matter in determining the compensation levels,

What are carry dollars at work? Thelander data shows how carry dollars at work — the potential dollar value of carried interest at a 2x gross multiple — has shifted across firm sizes and levels since 2023.

Welcome back to the Thelander Compensation Digest. As we wrap up 2025, here is a sneak peek at the results from our Salary Increase & Bonus Survey with PitchBook. Noteworthy is the cost of living increase as a factor for salary increases, which ties directly to market conditions. Find out more below!  The percentage of investment professionals who received a salary increase for 2026 has gone down since last year, but is on par with for 2024. Let’s dig in deeper – out of the six levels of investment professionals – who exactly received a salary increase going into the

This month, we are digging into gender compensation data among partners and non-partners at venture capital firms. The compensation of the 3,905 total employees whose gender was indicated in our 2025 Thelander-PitchBook Investment Firm Compensation Survey was:  So, what’s the breakdown in venture at firms with less than $1 billion in total AUM? Male partners dominate the category, representing 76.7% compared to 23.1% for female partners.  For non-partners, men make up 58.5% of the category, while women are closer to parity. What does real-time comp data by gender look like for Managing General Partners and Director / Principals? Let’s start with

This month, we are digging into bonuses. For investment firms, bonuses can come in a couple of forms: According to the PitchBook – NVCA Q3 Venture Monitor Report, “GPs are exploring ways to generate distributions. The use of secondaries continues to grow, and new ways to use continuation-style vehicles are starting to enter the market. Now, almost four years past the 2021 highs, the liquidity crunch is really beginning to be felt.”  In the analysis below, we’ll look at the factors used to set individual performance targets in the short term and the prevalence of medium term equity or program distribution

Thelander data compares cash compensation and carried interest for life science vs. tech investors by AUM. See how investment focus impacts Managing Director/Partner pay in 2025.

This month, we are giving you an exclusive look at the results from the AI in VC Survey.  Many investment firms are already getting support from AI, but how far does this extend? Key job roles, especially in fields like investment management, are not looking like they will be replaced by AI. There’s too much knowledge, experience and expertise that goes into these top positions.  How Important Is It For New Hires To Have AI Skills?  Our data shows that 59% of investment firms aren’t looking to hire employees with AI skills. Of the 41% who are, AI is important for mid-level

“When you’re building a company, there’s always the question of how much should you pay yourself. The best way to answer that question? Look at actual data.” – Halle Tecco We teamed up with Rock Health Founder, Halle Tecco, to look at what digital health CEO compensation looks like in 2025, how it has changed over the last few years, and how it compares to tech and biotech. You can read Halle’s full blog post here.   The Thelander Digest is powered by data, insights and analysis from the Thelander Platform. Your portfolio companies can access personalized compensation data by filling out our survey today. We can even help

How is compensation for investment professionals stacking up so far for 2025? Using one of our newest platform enhancements, year over year compensation trends, we are going to dig in and see how the median total cash has changed for investment professionals since 2023.  YoY Median Total Cash, Less than $250 Million in AUM Key takeaways:  Median total cash compensation rose across the board, except at the Associate level, for investment professionals at firms with less than $250 million in AUM. Sr. Managing Directors / Sr. Partners and Managing Directors / Partners saw the greatest cash compensation increase, with the

Recent Thelander IF Digests have focused on the mix of cash and carried interest at high levels within a firm. But adequately compensating analysts in entry-level roles creates consistency, paves a path for career growth and, ultimately, strengthens your firm from the inside.  With summer in full swing, college students and new graduates are looking to learn on the job. When your firm is ready to hire interns, how much should you pay and what is the going market rate? From Entry Level to Six Figures: Broad Compensation Ranges Compensation for interns at investment firms spans a wide gamut. In hot

Total compensation plays a critical role for investment firms and their teams. Retaining talent is important for firm stability, consistency with LPs as well as portfolio company relationships. As firms grow and expand their assets under management (AUM), the mix of cash and carried interest changes – and staying on top of market data and trends, gives you the competitive advantage you need to stay ahead.  The latest round of upgrades to the Thelander platform allows us (and you) to break down how total cash and carried interest percentages change as a firm’s AUM increases, providing a real-time framework with optics on

This month, we are excited to dig into new data on payroll costs for investment firms based on assets under management (AUM). Curious about firm structure and how it relates to compensation based on firm size? Check out last month’s digest here.  And if you want to gain access to additional exclusive data, completely free, along with discounts on full access, complete the Thelander-PitchBook Investment Firm Compensation Survey here. We can even help you with data input, just respond to this email.  Back to the Digest. Our data shows that the annual payroll costs go up the larger the firm. This is true across

This month’s Digest is all about Firm Structure & Compensation. We’re digging into how many people are in each part of your organization, how that changes based on total AUM, and what the compensation looks like across those roles. As AUM grows, so does team complexity – more partners, more junior partners, and expanded investment and back-office roles.  Why does this matter? It’s key to understanding how firms scale their teams as they grow. Let’s dive into the data. Chart 1, 2, & 3 look at the structure of organizations based on how many people are in each area grouped by size of AUM. We

Welcome back to the Thelander Digest for Investment Firms. Many of our readers are busy on boards or compensation committees for their portfolio companies so we recommend subscribing to our Private Company Digest for additional insights pertinent to your portfolio companies.  We understand the value of both being on a board, providing crucial strategic guidance, industry expertise, and valuable networks to portfolio companies as well as the value of having an advisory board member, who serves as an indispensable partner in steering investment firms towards smarter decisions and enhanced returns.  We’re excited to announce the release of our inaugural report on advisory

As we transition into 2025, our focus this month is on the emerging compensation data for some of the most crucial support roles for your portfolio companies—platform roles. These roles act as a vital link between venture firms, their portfolio companies, and the broader private capital market ecosystem, ensuring that firms deliver value beyond just capital. The growing importance of these roles is evident in our platform, which now features seven new job titles across platform and portfolio operation roles. The Thelander Digest leverages data from the Thelander-PitchBook Investment Firm Compensation Survey. Unlike static reports that quickly become outdated, our results