Newsletter – IF Edition

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 firms except instead of cash and equity, it’s cash and carry.  The exact compensation mix depends on a number of factors like the total AUM, size of most recent fund and type of firm… and using the comp planning tool from the Thelander platform, we

 If you’ve been scrolling LinkedIn and you’re in the private capital market, chances are you’ve seen firms hiring for a Chief of Staff (CoS). Since we added the title into the Thelander-PitchBook Investment Firm Compensation Survey in 2023, not only have we seen the number of respondents surge, but the compensation too. At what point do venture capital firms hire a CoS? Thelander data shows that these roles become prevalent after the $500 million AUM mark is passed. Firms with $500 – $999M in AUM are paying $140,000 (median) to $250,000 (maximum) in total cash with no carry included in

Carried Interest & Management Fees Report Have you participated in the Thelander-PitchBook Investment Firm Compensation Survey yet? Secure your complimentary Carried Interest & Management Fees Report when you complete your response by August 17th. Click here to participate. Exclusive Preview From the 2026 Report So far, more than half of respondents keep track of which investments are QSBS (Qualified Small Business Stock) eligible. But only 17% have a strategy for structuring investments to improve or preserve that eligibility. Among those who track it, eligibility varies — equal shares report that less than 50% or 50–80% of their investments qualify, with a

Using data from the Thelander AI in VC report (available on the Thelander Platform for no charge), we looked at how AI in venture capital and private equity is being used in very different ways — and the data shows a clean split by firm type. VC firms are more likely to use AI for investment and management tasks, especially due diligence and deal sourcing and screening.  Whereas PE firms are more likely to use AI for admin efficiency purposes. More than 50% of PE firms that use AI also use it for: – Due Diligence– Competitive intelligence / market analysis– Operational

Any day Thelander data is used in a Halle Tecco, MPH, MBA blog post is a good day. Halle updated her post on “The Many Roles at a Venture Fund — And How to Land Them” with real-time (& exclusive) compensation data from the Thelander platform for six job titles. We customized the data by under $1 Billion and $1 Billion+, Venture Capital only — but subscribers can get even more granular than that. A few highlights: Participate in the Thelander-PitchBook Investment Firm Compensation Survey to see how your cash and carry compare to market benchmark today. There is no

In honor of America’s 250th birthday, we’re sharing real-time comp data (straight from the Thelander platform) for all investment firms with $250 – $499M AUM and a most recent fund of $250 – $499M. Here’s what Associates & Managing Directors / Partners are making: Chart #1: AssociatesTotal cash ranges from $133,750 at the 25th percentile to $211,250 at the 75th percentile, with carried interest ranging from 1.00% to 2.38%. Chart 2: Managing Directors/Partners Total cash ranges from $386,500 at the 25th percentile to $487,500 at the 75th percentile, with carried interest ranging from 8.75% to 18.00%. Before signing off for

Carried interest is one of the most powerful levers in venture capital and private equity compensation. In our recent webinar with GetDynasty.com, we discussed putting part of your carried interest (and committed capital) into vertical trusts. Here’s what the data says, and what you need to know before you act. When it comes to gifting vertical slices of carry into trusts, roughly one in three firms — both VC and PE — currently permit it. But the patterns shift meaningfully by firm type and AUM. PE firms with less than $500 million in AUM are more likely to allow it

When we asked Perplexity what was going on in Venture Capital this week, it said that venture was in its “value creation” era — and when we looked at the year-over-year venture capital compensation trends on the Thelander platform, we understood why. We pulled the roles with the biggest jumps in median total cash since 2024, and a clear pattern emerged: funds are paying up for people who move the needle for the fund and founders. At VC firms with less than $500M in total AUM, Operating Partners and Directors/Principals are tied for the largest gains, each up around 17%.

What’s driving VC and PE bonus structures in 2026? New data from the Thelander x PitchBook Investment Firm Compensation Survey shows that bonus structures across VC and PE firms remain tilted toward discretionary pay — but the similarity ends there.  The Wall Street Journal reported this morning that Wall Street’s 2025 bonuses reflect a “gangbusters” year – payouts largely based on “teams’ and firms’ performance.” It’s a timely backdrop for what Thelander data shows happening inside VC and PE firms, where the question of how bonuses are determined tells a more nuanced story. Bonuses can be determined in one of two ways:— Discretionary, meaning entirely

Carried interest vesting is diverging — and the gap between VC and PE is widening. Using carried interest data from the Thelander platform, we’re seeing a clear split in how both VC and PE firms are structuring vesting times. At Venture Capital firms, vesting is getting longer. At Private Equity firms, vesting is getting shorter. The takeaway: With both fundraising and exits taking longer, venture firms are using longer vesting to reinforce long term alignment. Private equity firms are concentrating economics over a tighter window — making it more important than ever to benchmark your carried interest percentages to market.

You’re a Managing General Partner of a venture firm and your AUM grows from $50 – $99 million to $1 – $1.9 billion…How do you expect the mix of cash and carry to change? The Thelander Comp Planning tool has the answer. Using real-time data from the Thelander platform: Thousands of firms rely on the Thelander Comp Planning Tool to model the evolution of their own firm to understand exactly how much cash and carry to allocate to their teams. To see how your current mix of cash and carry compare to market for no charge, fill out the Thelander x

CVC Unit Leader compensation has grown meaningfully over the past five years, with the sharpest gains showing up in carried interest. Using data from the Thelander platform, this data drop tracks how total cash and carried interest for CVC Unit Leaders—senior corporate-level executives running corporate venture units—have shifted from 2022 through 2026, at both the median and 75th percentile. Carried Interest: The Standout Story The most striking change is in carry. Total Cash: Steady Growth Total cash has risen more modestly. The bottom line? The professionalization of CVC Units has come with rising compensation across both total cash and carried

The promotion timeline at investment firms varies by level, but the data reveals a clear pattern: the higher you climb, the longer it takes to move up. Using data from the Thelander platform across 500+ investment firms, here’s how long professionals typically spend in each role before their next promotion. Using data from the Thelander platform from 500+ investment firms: Both pre-MBA and post-MBA analysts move up in roughly two years on average (2.3 and 2.2 years, respectively). At this early stage, progression is relatively quick and consistent—the median time in role is 2 years, with the top quartile moving

Investor relations has become a strategic role at investment firms, and Director of Investor Relations compensation is starting to reflect it. As fundraising and exits take longer, Directors of IR sit at the intersection of capital raising, LP communication and firm reputation. So, does the compensation data reflect that growing responsibility? At firms with less than $1 Billion in total AUM – At firms with more than $1 Billion AUM, total cash decreased at both the median and 75th. What’s the bottom line? At firms under $1 Billion AUM, total cash for Directors of IR is climbing—up $30,000 at the

When it comes to family office vs venture capital compensation, there’s no single answer to who pays more, it depends entirely on the role, the percentile you’re using and the total AUM. This week’s investment firm data drop analyzes total cash and carried interest compensation for Managing General Partners and Director / Principal level roles at family offices and venture capital firms with less than $500 million in total AUM.  Key takeaways: Managing General Partner Key Takeaways: Director / Principal It’s all about the competition for talent. Family offices may offer lower cash at entry levels but provide stronger carried interest opportunities—particularly for Director/Principal talent.