2025 Private Equity Compensation by AUM
I. Compensation by Fund Size (AUM)
Total Cash Compensation Comparison (Base + Bonus)
Figures reflect 2025 performance paid in early 2026 for (SF/NYC) Markets
Title | Fund Size (AUM) | Execution / Investment | Business Development (BD) | Trends |
Associate | MM $1B–$5B | $275k – $350k | $210k – $280k | BD Associates typically 40–60% bonuses compared to 80–120% for execution roles. |
Mega $10B+ | $360k – $430k+ | $280k – $340k | High competition at Mega Funds has pushed execution total cash up to $430k+. | |
Vice President | MM $1B–$5 | $450k – $650k | $380k – $500k | Some MM firms are now offering small carry points (0.1%–0.2%) to BD VPs for sourcing. |
Mega $10B+ | $650k – $850k+ | $400k – $650k | Execution VPs saw a 10–15% bonus premium in early 2026 | |
Principal / MD | MM $1B–$5B | $700k – $1.2M | $425k – $850k | Cash is secondary to carry |
Mega $10B+ | $1.5M – $2.5M+ | $1.0M – $1.8M | MD cash comp at the largest funds can exceed based on 2025 performance. |
II. Compensation by Sector Focus
Sector specialization created wide "all-in" disparities in early 2026 payouts.
Sector | Payout Trend | Drivers for 2025/2026 |
Infrastructure / DevOps | High | Record deal volume in AI infrastructure and data centers. |
Healthcare / Behavioral | Medium | Specialized reports show a 50% increase in health-tech deal value, pushing pay above average. |
B2B Software (SaaS) | High | Strongest exit volume in Q4 2025; highest "Operating Carry" potential. |
Consumer / Retail | Moderate | Selective demand; lower leverage availability impacted total returns. |
Energy / Industrial | Increasing | Driven by AI/Data Center power needs and reshoring tailwinds. |
Key Sources:
Heidrick & Struggles – 2025 North America Private Equity Investment Professional Compensation Survey.
Holt-MM&K – 2025-2026 North American PE and VC Compensation Report.
UpLevered – 2026 Private Equity Salary Guide & Carry Calculator.
