Newsletter – PC Edition

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

This month, we delve into exclusive analysis from the recently published Thelander-PitchBook Investment Firm Salary Increase & Bonus Report. If you haven’t participated yet, you can still input your data here to secure your free participant report. In the meantime, we’ll explore which roles received the highest salary increases, how AUM influenced the actual percentage and the driving factors behind them. Chart 1 looks at the year-over-year percent of investment professional positions that received a salary increase. We see the following: A closer look at Investment Professionals 1 through 6—from Managing General Partner to Associate—reveals that professionals ranked 3 to 6 (Director/Principal, Senior Associate, and Associate) were more

While base salary is a fundamental compensation component, annual salary increases serve as a strategic tool aimed at achieving multiple objectives. They reward performance, address cost of living adjustments, and help retain key talent. Given the nuanced role of salary increases at investment firms, it’s essential to align them with market benchmarks and the strategic value of each role within the firm. In this issue, we delve into how compensation trends have evolved since 2020 for managing general partners at firms with either less than $1 billion or more than $1 billion in total AUM. The Thelander Platform allows you to customize compensation data tables

This edition offers an exclusive look at highlights from our recent PitchBook panel webinar, featuring key segments on compensation in Private Equity vs. Venture Capital, Carried Interest and Carry Dollars at Work, and Year-over-Year Compensation Trends. Let’s dive into these focused discussions by exploring the following video clips to gain valuable insights into the evolving compensation landscape within investment firms. Video 1 explores compensation in Private Equity vs. Venture Capital. We see the following: Compensation in venture capital has significantly increased as firms have raised more capital. The more robust management fees associated with larger AUMs enable the payment of higher salaries, sometimes aligning

This month, we focus on the dynamics of investment firm carry dollars at work and how it shapes the compensation strategies across various investment firms. Understanding carry dollars at work—a crucial compensation lever—is essential for gauging potential returns on carried interest, which in turn helps with strategic planning and in attracting/retaining top talent. Carry dollars at work is defined as the potential carry in dollar amount an individual might receive if their funds achieve a 2x gross multiple. This measure gives a clear view of what might be earned from successful fund performance, making it a valuable metric for investment professionals. So

Welcome to the August edition of the Investment Firm Digest. Thelander is the only firm to cover compensation for the entire private capital market – from your firm to your portfolio companies. That is why we wanted to give you an exclusive preview of the findings from our Thelander Private Company M&A with Change of Control & Severance Survey to look at liquidation preferences and how to stay competitive with market.  Liquidation preferences are a critical component in venture capital deals, determining the payout order during an exit such as a sale or merger. These preferences ensure that investors receive their returns before common stockholders, which can

In this month’s edition, we delve into the regional differences in compensation for key roles within investment firms, focusing on Managing General Partners, Senior Director/Partners, and Senior Associates. Understanding these differences can help firms tailor their compensation and recruitment strategies and ensure they remain competitive in various markets. How does region impact compensation for each role? Let’s dive into the data! Chart 1 shows the total cash of managing director/partners at firms with an AUM of more than $500 million. We see the following insights: Managing Directors/Partners in California enjoy the highest median total cash compensation, while the highest 75th percentile is