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 […]
What Determines the Size of a VC’s Carry Pool?
Carried Interest: How Much You Put In = How Much You Get Out Let’s level-set before we begin: Carried interest percentages for individual investment professionals are calculated as a share of the total GP carry pool. The pool is what determines how much carry each individual receives. The pool is traditionally an 80/20 split, where […]
What does a Chief of Staff make at Venture Capital firms?
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 […]
QSBS Eligibility: How Investment Firms Track It
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 […]
Where Talent is Moving Across VC & PE
According to the Q2 PitchBook-NVCA Venture Monitor, “LP dollars are still flowing, but they are reaching a smaller set of large established managers rather than the broader market.” On the other hand, venture dollars continued to flow “unevenly” and megadeals made up 87.5% of the $412.7 billion deployed. So, how does this translate to talent and […]
Long Term Incentives at CVC Units
In this month’s CVC Digest, we are revisiting one of our most popular newsletters to see how the data has changed. The Three Year Shift in Long Term Incentives Over the past three years: Does incentive structure impact median total cash for CVC Unit Leaders? What additional incentives are used also impacts how much cash an […]
AI in Venture Capital and Private Equity: How Firms Differ
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 […]
Venture Capital Compensation by Role: What the Data Actually Shows
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 […]
Investment Firm Compensation: What Associates and Managing Directors Are Making
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 […]