A few weeks ago, when we looked at analyst compensation, AUM mattered. For associates at VC firms, it matters even more. The overall market data has different trends depending on fund size, so we split the YoY data into five tiers. All of this data is available through the an investment firm subscription to the Thelander platform. You can trial the platform for no charge and access real-time cash and carry for every job title you fill out in the survey here.
Less than $250 Million: Total cash & carry are both on the up
- Median total cash held steady at $115,000 between 2022 and 2024 but has been growing consistently over the past two years – reaching a new high of $125,000.
- For those associates receiving carry, the percentage they received was flat until last year and then shot up from 1% to 2%.
$250 – $499 Million: A one-year jump
- Median total cash also grew for associates at firms with $250 – $499 million AUM, although all of this growth has come in the past year.
- When it comes to carry, the situation is a little different. Carried interest fell consistently between 2022 and 2025 from 1.75% to 1.00% before also taking a sharp upturn in the past year, although it still sits slightly below its 2023 level at 1.400%.
$500 – $999 Million AUM: Moving the other way
- This is the only tier where associate compensation is falling. Median total cash rose from $160,000 to $180,000 in 2024, held there in 2025, and fell to $171,680 this year. That is still above where it was in 2022 and 2023.
- Median carry peaked at 1% in 2024 and is now back at its 2022 level of 0.5%.
$1-$3.9 Billion: Holding steady
- Median total cash has stayed close to $180,000, apart from a dip to $175,000 in 2023 and 2024.
- Median carry has been 0.5% every year since 2022.
$4 Billion+: A plateau
- Median total cash rose from $190,000 in 2022 to $210,000 in 2024, and has been there since.
The Bottom Line
Associates at larger firms still earn the most cash, while associates at smaller firms receive the largest share of carry. The difference is growing. This year the median associate carry at firms under $250 million is 4x the median at firms with $1 – $3.9 billion. A single market-side benchmark would miss all of this. A $300 million firm and a $3 billion firm are working with very different numbers – and comp levers.
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These numbers come directly through survey participation. More than 2,000 firms participate annually, and every submission is kept confidential. Completing the survey takes less than 10 minutes and participants get 12 months of complimentary, real-time benchmarks. Firms that submit data for every title get the most back in return.
How much do VC associates make?
In 2026, median total cash for VC associates ranges from $125,000 to $210,000, depending on fund size. Associates at firms with less than $250 million AUM earn $125,000. Medians are $165,000 at $250–$499.9 million, $171,680 at $500–$999.9 million, $180,000 at $1–$3.9 billion and $210,000 at $4 billion+.
How much carried interest do VC associates receive?
Among associates who receive carry, the 2026 median is 2.00% of carried interest at firms with less than $250 million AUM. It is 1.40% at $250–$499.9 million, and 0.50% at both $500–$999.9 million and $1–$3.9 billion. Associates at the smallest firms receive 4x the median carry of associates at $1–$3.9 billion firms.
How does fund size affect VC associate compensation?
Associates at larger firms earn the most cash, while associates at smaller firms receive the largest share of carry. In 2026, median total cash is $210,000 at $4 billion+ firms, compared with $125,000 at firms with less than $250 million AUM. Median carry is 2.00% at the smallest firms and 0.50% at $1–$3.9 billion firms.
Is VC associate compensation going up?
It depends on fund size. Since 2024, median total cash has risen at firms with less than $250 million AUM ($115,000 to $125,000) and at $250–$499.9 million ($154,935 to $165,000). It has held near $180,000 at $1–$3.9 billion and at $210,000 at $4 billion+. It fell at $500–$999.9 million, from $180,000 to $171,680.
Where does this VC associate compensation data come from?
The data comes directly from investment firms through the Thelander Investment Firm Compensation Survey. Every submission is kept confidential. Participating firms get 12 months of complimentary, real-time benchmarks for the titles they submit.
| AUM tier | Median total cash (2026) | Median carry (2026) |
|---|---|---|
| Less than $250M | $125,000 | 2.00% |
| $250–$499.9M | $165,000 | 1.40% |
| $500–$999.9M | $171,680 | 0.50% |
| $1–$3.9B | $180,000 | 0.50% |
| $4B+ | $210,000 |