VC Associate Compensation by Fund Size: 2022–2026 Trends
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 […]
Anthropic S-1: What It Tells Us About Equity Compensation
It’s been a busy and exciting week for the private capital market. Anthropic filed its S-1 and a potential valuation of $1.5 trillion puts the company behind Claude in a league of their own. There are some key takeaways when looking at the seven cofounders and their equity stake in the company. And, they’re about […]
Startup CEO Compensation by Experience: Do Repeat CEOs Earn More?
Do CEOs earn more on their second or third lap? Let’s find out using analysis from the Thelander Private Company Compensation dataset. Below is a break down of each comp lever to get the full picture. How does startup CEO total cash change with experience? How does non-founder equity change with CEO experience? How does […]
VC Analyst Salary in 2026: What Pre-MBA Analysts Make by Firm AUM
How has compensation for entry-level investment positions at venture capital firms changed over the past 5 years? We’ll be starting with pre-MBA analysts and moving on to associates using the YoY dataset on the Thelander platform. When looking at cash and carry trends, it’s important to know how to customize the data to get an […]
Why Pays the GP Commitment?
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 […]
Do Startup Founder CEOs Get Paid More Than Non-Founder CEOs?
Using the private company compensation dataset from the Thelander platform, we looked at compensation for startup founder and non-founder CEOs at companies that have raised less than $50 million and $50 – $149.9 million. What does the data tell us? Non-founder CEOs earn more total cash than founder CEOs at every percentile and both financing levels. […]
You may need a carve-out plan. Here’s how to put one in place.
We just published the results from the 2026 M&A with Change of Control & Severance Survey, and we have exclusive analysis for you in this month’s newsletter. Let’s set the scene: According to PitchBook’s Global M&A Report, healthcare was “the quarters clearest growth story.” Healthcare M&A value reached an estimated $165 billion, up 71.6% year over year, […]
Shadow/Phantom/Synthetic Carry: Not Just Reserved for CVC Units
Through our consulting work, we’ve seen that more investment firms are interested in Shadow/Phantom/Synthetic (SPS) carry programs. This involves setting aside a portion of returns, whether from the managing partner’s carry or the overall GP share, and distributing it as a bonus. It is another vehicle to incentivize junior employees while retaining more flexibility and […]
How does compensation change with fund size?
For privately held companies, we know how it (generally) goes – as a company raises more capital, the total cash increases as the equity decreases on the compensation front. While the exact mix of cash and equity depends on the role and company specifics, the same pattern generally holds true for investors at venture capital […]
Private Company 2027 Salary Increases 2027: How to Plan
Whether you’re a founder or CEO thinking on behalf of the company or an individual wondering about your own compensation, by this time of the year, salary increases have probably crossed your mind. And for good reason. There’s a lot of movement in the private capital market. The way companies are hiring is very different from […]