2016-2017 holt-mm&k-buyouts insider pe/vc compensation report · between 2015 and 2016,...

2016-2017 Holt-MM&K-Buyouts Insider PE/VC Compensation ReportCurrent Trends in Design and Levels of Compensation in the Private Equity and Venture Capital Industry

© 2016 by Holt Private Equity Consultants, MM&K Ltd. and Buyouts Insider. All Rights Reserved Private Equity and Venture Capital – North America Report Page 1

Table of Contents

I. Introduction/Participant Summary 2Key Findings 2Scope and Methodology 8About the Authors 13

II. Financial and Operational Data 15

Commi?ed Capital and Cost of Investments 16Number of Funds Managed and Number of Portfolio Companies17Ownership Structure 18Management Fees/Other Fees/Fee Ratios/Fee Splits 19

III. Human Capital 23

Number of Employees per Employee Group 24Staffing Changes 2015/2016 25Investment Manager Ratios (Capital/Fees/Portfolio Companies) 27Human Capital Policies/Years to Partner/ MBA Hiring & Compensation 28Payroll Cost and Total Employees 29

IV. Compensation Strategy 31

Types of Compensation 32 Salary & Bonus Changes 34 Annual Bonus Plans 38 Carried Interest Plans 40 Employee Benefits 48 General Partner Commitment (GPC) 51 Co-Investment Plans 52 V. Year to Year Changes in Compensation Levels Geographic Differences 55VI. Compensation Levels Per Position (By Type & Size of Firm) 60 VII. Compensation Levels by Type & Size of Firm – North America, Canada, Asia Pacific, & Employee Benefit Costs 125

Survey Background The 2016-2017 Holt-MM&K-Buyouts Insider Private Equity and Venture Capital Compensation Report is a joint effort of three parties. They are compensation consultants Holt Private Equity Consultants and MM&K; and global private equity publisher Buyouts Insider. It is jointly wri?en by Michael Holt, David M. Toll and Paul Centopani.

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Key Findings PART 1. Section I. Introduction/Participant Summary

Between 2015 and 2016, compensation in North American private equity (including venture capital) markets rose sharply for many employees. Salaries and bonuses jumped for both partners and non-partners alike, as evident in Table 1, building on a winning streak that dates back to 2010. Simultaneously, profit distributions also rose from last year to this year. The increase in compensation for junior professionals was especially pronounced this year, while senior professionals saw a jump that was fairly comparable to that in the last several years. The continued upward trend in compensation largely results from healthy fundraising, deal-making and exit markets.

Table 1: Changes in Median Compensation, 2007-2016 Fund-raising, a crucial component in determining compensation, has been growing or holding reasonably steady for both U.S. buyout funds and venture capital funds. Venture fund-raising, in particular, is set to post impressive year-on-year growth in 2016, as shown in Table 2.

Although limited partners have been pushing for lower management fees, by and large buyout firms still charge between 1.5 percent and 2 percent of commi?ed capital during their investment periods, while venture firms charge between 2 percent and 2.5 percent. As firms raise more money, they bring in greater management fees. And the greater the management fees, the more money they have available to pay their employees in salaries and bonuses.

The 2016-2017 Holt-MM&K-Buyouts Insider Private Equity and Venture Capital Compensation Report (North American edition) reflects the combined efforts of two compensation consultancies – Florida-based Holt Private Equity Consultants and London-based MM&K – and New York-based publisher Buyouts Insider. The report is based on an extensive, two-part survey of private-equity firms conducted in the spring and early summer of 2016.

All told, 108 organizations participated in the survey. They provided information on 4,113 workers, employed in some 30 different positions, from analyst to managing general partner on the investment side of firms, from receptionist to chief operating officer on the administrative side. The survey questionnaire consisted of two parts. The first gathered data on firm-wide recruiting and compensation practices, such as the structure of carried interest and co-investment programs; the second gathered data on the compensation packages of individual employees.

The report itself is divided into seven sections. The first three after the participant summary cover firm-wide compensation practices for 20 groups of firms organized by investment strategy, assets under management, and whether affiliated with a sponsor company (such as an investment bank). Sections V-VII cover employee compensation, by job title, for some 24 groups of firms, similarly organized by investment strategy, assets under management, and any sponsor affiliation. For more detailed descriptions of the samples see the Scope and Methodology section of this executive summary on p. 8.

65.8 69.3 98.7

160.7 190.8

207.7 228.1

137.3

28.8 22.7 25.2 24.7 24.1 37.5 38.1 37.3

0.0

50.0

100.0

150.0

200.0

250.0

2009 2010 2011 2012 2013 2014 2015 2016 YTD

Table 2: US Buyout/Mezzanine and Venture Capital Fundraising ($Billions)

Buyout + Mezzanine

Venture Capital

SalarySalary + Bonus

Salary + Bonus +

CarrySalary

Salary + Bonus

Salary + Bonus +

CarrySalary

Salary + Bonus

Salary + Bonus +

Carry

2007/2008 11% 14% 23% 13% 34% 35% 12% 18% 25%2008/2009 0% -6% -12% 6% 10% 11% 3% 1% -5%2009/2010 0% -5% -9% 5% 7% 8% 0% 5% 5%2010/2011 1% 9% 12% 4% 7% 8% 2% 4% 10%2011/2012 5% 11% 25% 21% 27% 33% 10% 15% 26%2012/2013 6% 10% 16% 6% 19% 24% 6% 13% 16%2013/2014 5% 14% 30% 6% 22% 22% 6% 18% 26%2014/2015 8% 15% 23% 10% 23% 24% 9% 19% 24%2015/2016 9% 14% 23% 9% 21% 25% 9% 18% 24%

Partner Non-Partner All


Key Findings Sources of Revenue

Private-equity firms charge their investors, as a management fee, anywhere from 1.5 percent to 2.5 percent of commi?ed capital annually during the investment periods of their funds. Those with smaller funds tend to charge higher percentages, although on an absolute basis they bring in less revenue. After the investment period ends, the management fee typically steps down to reflect the reduced workload needed to manage a portfolio that has entered harvest mode, as well as the fact that a firm is often collecting full fees on successor partnerships. In addition to management fees, buyout firms also generate income through deal fees, consulting fees and related fees, although these fees have come under pressure as well. Specifically, limited partners have been pressing to keep a higher percentage of these fees, to the point where many firms share 80 percent or 100 percent with investors by offse?ing the management fee. According to our survey, the median for management fees, as a percentage of all active funds, is 0.4 percent across all firms in our study – see Table 4 below. For LBO/Growth Equity firms the median is 0.7 percent while for Venture Capital firms in our study the median is 0.9 percent.

Our survey shows that the median private-equity firm devotes 65 percent of its total GP fees/revenues to payroll – see Table 3 below. The figure is 56 percent for LBO/Growth Equity firms and 72 percent for Venture Capital firms.

Table 4: Management Fee Ratios. (Details are in full report).

Table 3: Payroll Cost As % of General Partner Fees/Revenues (Details are in full report)

Avg. 25th 50th 75th Avg. 25th 50th 75thLBO/VC/Mezz (Large) *** *** *** *** *** *** *** ***LBO/VC/Mezz (Small/Mid-Size) *** *** *** *** *** *** *** ***LBO/VC/Mezz (All) *** *** *** *** *** *** *** ***LBO / Grow th Equity (Large) *** *** *** *** *** *** *** ***LBO / Grow th Equity (Small/Mid-Size) *** *** *** *** *** *** *** ***LBO / Grow th Equity (All) 1.3% 0.0% 0.7% 1.1% 6.4% 2.2% 2.5% 3.1%Venture Capital (Large) *** *** *** *** *** *** *** ***Venture Capital (Small/Mid-Size) *** *** *** *** *** *** *** ***Venture Capital (All) 0.9% 0.0% 0.9% 1.5% 4.2% 2.5% 3.2% 5.0%Mezzanine (Large) *** *** *** *** *** *** *** ***Mezzanine (Small/Mid) *** *** *** *** *** *** *** ***Mezzanine (All) *** *** *** *** *** *** *** ***Fund of Funds (Large) *** *** *** *** *** *** *** ***Fund of Funds (Small-Mid-Size) *** *** *** *** *** *** *** ***Fund of Funds (All) *** *** *** *** *** *** *** ***RE/Sec/Co-Inv/Dist (One Size) *** *** *** *** *** *** *** ***Institutional (Large) *** *** *** *** *** *** *** ***Institutional (Small/Mid-Size) *** *** *** *** *** *** *** ***Institutional (All) *** *** *** *** *** *** *** ***All Firms 1.0% 0.0% 0.4% 1.1% 4.6% 2.2% 2.7% 3.8%

Management Fee RatiosFirm Classif ication As a % of All Active Funds As a % of Most Recent Fund

Firm Classif icationAvg. 25th 50th 75th

LBO/VC/Mezz (Large) *** *** *** ***LBO/VC/Mezz (Small/Mid-Size) *** *** *** ***LBO/VC/Mezz (All) *** *** *** ***LBO / Grow th Equity (Large) *** *** *** ***LBO / Grow th Equity (Small/Mid-Size) *** *** *** ***LBO / Grow th Equity (All) 58% 43% 56% 73%Venture Capital (Large) *** *** *** ***Venture Capital (Small/Mid-Size) *** *** *** ***Venture Capital (All) 69% 57% 72% 80%Mezzanine (Large) *** *** *** ***Mezzanine (Small/Mid) *** *** *** ***Mezzanine (All) *** *** *** ***Fund of Funds (Large) *** *** *** ***Fund of Funds (Small-Mid-Size) *** *** *** ***Fund of Funds (All) *** *** *** ***RE/Sec/Co-Inv/Dist (One Size) *** *** *** ***Institutional (Large) *** *** *** ***Institutional (Small/Mid-Size) *** *** *** ***Institutional (All) *** *** *** ***Institutional (All) 62% 52% 65% 73%

Payroll Cost As % of General Partner Fees/Revenues

Key Findings Sources of Revenue (Continued)

We know that employee count does not increase in straight-line tandem with assets under management. Private-equity firms that raise larger pools tend to underwrite larger deals, which don’t necessarily require more resources to transact. In light of this, we would expect salaries and bonuses paid to private-equity employees at individual firms to be highly correlated with assets under management. And so they are. The more money a firm manages, the more money it tends to pay per employee in salary and bonuses. This correlation has been borne out by this and countless prior industry compensation studies. Just one example from last year’s compensation report: Senior Partners (our 2nd level investment management position) at large buyout firms ($1.5 billion or more in assets under management) in our survey earned a median (50th percentile) of $1,375,000 in salary and bonus in 2015, compared with $675,000 for their counterparts at small buyout firms (less than $500 million)

Table 5: Hurdle Rates to Determine Carried Interest (Details are in full report)

In fact, buyout firms in our survey tend to pay more in salary and bonus than do venture firms in part because they often manage larger funds. In addition, many buyout professionals hail from the high-paying field of investment banking, and buyout firms competeto some extent with Wall Street for talent. Venture capitalists tend to have operational backgrounds in the less remunerative fields of technology, health care, and consulting.Salaries and bonuses comprise two legs of the compensation stool. The third, and most important to investment professionals, are carried interest distributions. These get paid out of carried interest realized gains, or the 20 percent of investment profits that private-equity firms are typically entitled to keep (usually after meeting a hurdle rate of return). The previous few years have seen a rise in M&A and IPO activity, which in turn has led to a rise in exits for both buyout and venture capital funds. This increase is reflected in higher carried interest distributions across much of our survey samples.About 80 percent of LBO/Growth Equity firms have a hurdle rate to surpass before any carried interest distributions, while more than a third of Venture Capital firms must also meet a hurdle. For LBO/Growth Equity firms that are dependent upon hurdle rates, the majority must meet a “preferred return” that typically is 8 percent (followed by a “catch-up”)– see Table 5 at right. Needless to say, the private equity markets are not monolithic. Next we take a look atindustry trends that play into compensation payouts in two of the largest market sub-sectors, LBO/Growth Equity and Venture Capital.


% of Firms Rate

% of Firms Rate

% of Firms Rate

% of Firms Rate

LBO/VC/Mezz 36% 14% 120% 75% 8% 2% 8% 10% 0%

LBO / Grow th Equity 20% 7% 110% 90% 8% 0% 8% 3% 0%

Venture Capital 62% 45% 120% 27% 9% 0% 0% 27% 0%

Mezzanine 15% 0% 0% 90% 8% 0% 0% 10% 0%

Fund of Funds 25% 11% 100% 89% 8% 0% 0% 0% 0%

RE/Sec/Co-Inv/Dist 33% 0% 120% 100% 8% 0% 0% 0% 0%

Institutional 39% 7% 130% 67% 8% 7% 8% 20% 0%

All Firms 36% 11% 120% 77% 8% 1% 8% 10% 0%

Other MethodNet Asset Value Test

Preferred return w ith catch-up

Threshold return, no catch up

Firm Classif ication

No Hurdle Rate Used

Firms Using Hurdle Rates to Determine Carried Interest


Key Findings 2015-2016 Compensation Trends: Independent LBO/Growth Equity

Deal-making in the U.S. buyout market peaked in 2006-2007 before drastically falling and remaining at depressed levels in 2008 and 2009 while recently there has been a recovery and exits have followed a similar track. The recovery in exits has led to a rise in carry distributions for LBO/Growth Equity associates, senior associates and partners in 2016 (see Table 6 below).LBO/Growth Equity fundraising has lagged deal-making, as it almost always does, peaking in 2007 and 2008, before falling off in 2009 and 2010—see Table 2. This year (2016) we should witness U.S. buyout firms equal or surpass the amount raised in recent years, while remaining short of the amount raised in 2008.As in other private equity markets, salaries and bonuses at LBO/Growth Equity shops tend to rise fastest during times when firms are raising money, rapidly building up their assets under management, and competing aggressively for talent. Indeed, the boom in fundraising that generates management fees, and deal-making that generates deal fees, fueled a rapid rise in salary and bonus compensation for both partner and non-partner investment professionals at LBO/Growth Equity firms from 2015-2016 (see Table 6 below). Our data shows that many senior buyout professionals enjoyed sizeable carry distributions in both 2015 and 2016.Hiring also tends to go hand in hand with fundraising and deal-making, as firms bulk up to help put more money to work in transactions. According to our survey, 47 percent of LBO/Growth Equity firms planned to add non-partner investment professionals to their staffs in 2016, up from 45 percent that actually did in 2015—see Table 7 below. Twenty-one percent of LBO/Growth Equity firms in our sample plan to add partners to their firm this year, indicating that they are allocating more resources to human capital in anticipation of more favorable market conditions. In last year’s report, just 14 percent of LBO/Growth Equity firms anticipated adding partners.

Table 6: All LBO/Growth Equity, Common Job Titles, Year over Year Median Compensation.

Table 7: Staffing Changes 2015 and Projected 2016 , Investment Professionals Partners and Non-Partners, LBO/Growth Equity

% Firms % Change (Median)




Partners/M.D. 34% 75% 21% 22% 0% 0% 3% 25% 66% 76%Non-Partners 45% 25% 47% 20% 10% 14% 3% 14% 45% 50%

Increase Decrease No Change

2015 2016 2015 20162015 2016

2016 2015 % Change 2016 2015 % Change 2016 2015 % Change

Managing General Partner(s)/CEO 750.0 705.0 6% 1782.0 1629.9 9% 2290.0 2383.5 -4%

Senior Partner/Senior Managing Director(s) 425.0 400.0 6% 928.0 875.0 6% 1190.0 1230.0 -3%

Partner/Managing Director(s)/Portfolio Manager 300.0 275.0 9% 720.0 650.0 11% 877.4 228.6 284%

Principal/Director(s) 208.3 250.0 -17% 550.0 469.0 17% 270.0 500.0 -46%

Vice President(s)/Senior Associate(s) 168.0 150.0 12% 320.0 250.0 28% 325.0 250.0 30%

Associates(s) 115.0 101.5 13% 210.0 167.0 26% 210.0 137.0 53%

CFO 250.0 225.0 11% 410.0 380.0 8% 475.0 475.0 0%

COO 275.0 242.5 13% 425.0 426.0 0% 425.0 440.0 -3%

Job TitleBase Salary ($000) Salary + Bonus ($000) Carry Distribution ($000)


Key Findings 2015-2016 Compensation Trends: Independent Venture Capital

Dynamics in the U.S. venture capital market are somewhat different than in the buyout market. The venture capital market is still recovering from an astonishing boom-and-bust period back in the late 1990s and early 2000s. Since then, the industry has been shrinking. Many venture firms that got their start at the tail-end of the boom didn’t survive to raise a subsequent fund, while others scaled back significantly.

Meantime, a number of institutional investors, smarting from losses, pulled out of venture capital or ratcheted back their allocations. Deal-making and fund-raising remain at well below peak levels. Although both have been on the rise over the last few years (Table 2, p. 2), much of the fundraising activity has been concentrated among a handful of brand-name firms. Nevertheless, this has translated to significant increases in salary and bonus for investment professionals at Venture Capital firms in our sample (Table 8 below).

A healthy exit market, both for M&A and IPOs, infused the venture market with new life from 2013 to 2016, raising hopes for an even greater pick-up in fundraising in the months ahead. According to our survey, the turnaround has resulted in a significant uptick in salary, bonus and carry distributions for many professionals in 2016 (Table 8 below). As for staffing, more Venture Capital firms (50 percent) planned to hire investment professionals at the non-partner level in 2016, compared with what they actually did in 2015. Simultaneously, a relatively high 34 percentage of Venture Capital firms planned to add partners this year, a higher percentage than their buyout counterparts (see Table 9). In last year’s report just 19 percent of Venture Capital firms planned to add partners.

Table 8: All Venture Capital, Common Job Titles, Year over Year Median Compensation

Table 9: All Venture Capital, 2015 Staffing Changes and Projected 2016, Investment Pros, Partners and Non-Partners





Partners/M.D. 28% 37% 34% 20% 13% 13% 0% N/A 59% 66%Non-Partners 28% 33% 50% 33% 14% 16% 3% 50% 58% 47%

Increase Decrease No Change2015 2016 2015

2016

2016

2015


Key Findings Human Capital

In 2016, the median commi?ed capital per partner is $147.0 million in our sample of LBO/Growth Equity firms and $138.9 million in our sample of Venture Capital firms for all active funds (see Table 10 below). The comparable figures in last year’s edition of this report were $240.1 million and $140.8 million, respectively. Venture Capital firms report that they have 9.0 portfolio companies per partner (median), nearly twice the 3.4 reported by Buyout/Growth Equity firms in our sample. They have 4.6 portfolio companies per investment professional, much higher than 1.3 for Buyout/Growth Equity firms.

Table 10: Investment Manager Ratios

Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75thLBO/VC/Mezz (Large) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***LBO/VC/Mezz (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***LBO/VC/Mezz (All) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***LBO / Grow th Equity (Large) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***LBO / Grow th Equity (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***LBO / Grow th Equity (All) 281.8 32.9 147.0 333.4 104.9 12.1 54.2 122.9 4.5 1.4 2.8 4.6 1.7 0.5 1.0 1.7 6.2 1.9 3.4 12.0 2.3 0.7 1.3 4.4Venture Capital (Large) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Venture Capital (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Venture Capital (All) 162.5 31.6 138.9 203.1 83.8 16.0 70.4 103.0 1.8 0.6 1.6 2.1 0.9 0.3 0.8 1.0 9.0 4.9 9.0 11.8 4.6 2.5 4.6 6.0Mezzanine (Large) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Mezzanine (Small/Mid) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Mezzanine (All) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Fund of Funds (Large) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Fund of Funds (Small-Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Fund of Funds (All) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***RE/Sec/Co-Inv/Dist (One Size) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Institutional (Large) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Institutional (Small/Mid-Size) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***Institutional (All) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***All Firms 308.1 42.0 155.4 292.5 126.5 17.0 62.8 118.1 3.5 0.7 1.8 4.1 1.4 0.3 0.7 1.7 8.5 3.2 7.7 12.3 3.5 1.3 3.1 5.0


Committed Capital (All Active Funds) Per Investment Manager - Millions

Management Fees Per Investment Manager - Millions Portfolio Companies Per Investment Manager

Partner / M.D. All Investment Professionals Partner / M.D. All Investment Professionals Partner / M.D. All Investment Professionals


Scope and Methodology PART 2. Sections II - IV: Strategy and Design

PART 2. Sections II - IV are the qualitative or "How" sections of the report. We collected and analyzed data concerning financial and operations information; human capital practices; and the design of compensation plans including salary, bonus/incentive plans, carried interest plans, co-investment plans, general partner commitment and employee benefits. Although this is 2015 information, we believe it can be helpful in planning for 2016.

PART 2. Sections II - IV Firm Classifications:We classify firms by type and by commi?ed capital to all active funds. Altogether we created 20 sample groups to complement our discussion of firm-wide compensation issues (Sections II-IV of report). The smaller samples (ie. Large VC or small/mid-size VC) correspond to your peer groups; the larger samples (ie. All Firms) showcase broader industry trends.

* LBO/VC/Mezz: Combines LBO / Growth Equity / VC, and Mezzanine firms into one “Catch-All” category with a standard 20% carried interest

!  Large: firms with $1.2 Billion plus in commi?ed capital (all active funds) !  Small/Mid-Size: firms with less than $1.2 Billion in commi?ed capital (all active funds)!  All Firms

!  LBO / Growth Equity:!  Large: firms with $1.2 Billion plus in commi?ed capital (all active funds) !  Small/Mid-Size: firms with less than $1.2 Billion in commi?ed capital (all active funds)!  All Firms

!  Venture Capital:!  Large: firms with $1.2 Billion plus in commi?ed capital (all active funds) !  Small/Mid-Size: firms with less than $1.2 Billion in commi?ed capital (all active funds)!  All Firms

!  Mezzanine (same three categories as above)!  Fund of Funds (same three categories as above)!  Corp Venturing/Secondary/Co-Invest/Real Estate/Infra (Catch all - All firms)!  Institutional (same three categories as above)!  All Firms (includes all investment types as described above)

Sample CharacteristicsThe table below shows you the number of firms populating each of the 20 sample groups used in Sections II-IV of this report covering firm-wide compensation practices. You can also see the make-up of each sample in terms of assets under management (commi?ed capital, all active funds).

Table 11: Firm Size Statistics

# Firms Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 37 2,781.65 1,362.40 1,909.00 3,300.00LBO/VC/Mezz (Small/Mid-Size) 46 627.81 117.75 305.00 660.00LBO/VC/Mezz (All) 83 1,587.95 218.77 915.00 1,756.39LBO / Grow th Equity (Large) 19 3,065.79 1,400.00 2,100.00 3,538.53LBO / Grow th Equity (Small/Mid-Size) 19 970.79 94.65 300.00 635.05LBO / Grow th Equity (All) 38 2,018.29 229.50 1,025.00 2,325.00Venture Capital (Large) 13 2,164.30 1,320.00 1,498.00 2,400.00

Venture Capital (Small/Mid-Size) 19 407.97 108.50 310.00 733.00Venture Capital (All) 32 1,121.48 211.15 929.00 1,358.25Mezzanine (Large) 7 2,762.16 1,525.00 1,909.00 2,856.85Mezzanine (Small/Mid) 7 383.24 185.00 350.00 556.35Mezzanine (All) 14 1,572.70 379.50 1,046.20 1,819.25Fund of Funds (Large) 9 6,989.44 1,500.00 2,000.00 10,000.00Fund of Funds (Small-Mid-Size) 5 395.65 123.26 150.00 600.00Fund of Funds (All) 14 4,634.52 556.50 1,475.00 2,525.00RE/Sec/Co-Inv/Dist (One Size) 9 1,046.89 200.00 1,000.00 1,410.00Institutional (Large) 13 3,674.83 1,513.00 2,000.00 3,300.00Institutional (Small/Mid-Size) 8 1,902.69 290.38 517.50 796.25Institutional (All) 21 2,999.73 430.00 1,513.00 3,300.00All Firms 128 2,124.22 287.50 1,062.50 2,000.00


Committed Capital (Millions)

All Active Funds


Scope and Methodology PART 3. Section V - VII : Compensation Data Levels Of Compensation: For each sample statistic we typically show average, 25th percentile, median and 75th percentile. Always bear in mind that the average could be influenced by particularly high or low data points in the sample, especially if the sample size is small. Most firms that use compensation surveys set compensation targets between the median and the 75th percentile. Firm-Weighted Data versus Incumbent-Weighted Data: Compensation reports based on employee surveys may show data on either an incumbent-weighted or a firm-weighted basis. Incumbent-weighted samples simply include all employees in the sample, even if a significant percentage of them all work for the same firm; the results may therefore be unduly influenced by one or more firms and won’t be representative of the overall marketplace. We can correct for this potential flaw by calculating the data on a firm-weighted basis. For example, assume there are 10 firms in a survey and nine firms have one incumbent on a position and one firm has 10 incumbents. The firm with 10 incumbents would affect over 50% of the data. However, if we average the 10 incumbents in the one firm and treat them as one, we eliminate this issue. (When we combine all sizes of data, we modify between the employee and firm data by weighting small firm data once; mid-size data twice; and large size data three times.) Mix of Compensation Types: In our employee compensation tables we show salaries; salaries plus bonuses; and carried interest distributions. However, firms in our samples may view the mix of these compensation components in different ways, and give more emphasis to one or the other. Venture firms tend to pay high salaries and low bonuses, while buyout firms, with their roots in investment banking, tend to pay lower salaries and larger bonuses. Most firms see carried interest as the most important compensation component – at least for higher level employees – as it rewards long-term positive performance on behalf of the firm and its investors. In light of this, well-established firms whose partners already have a high net worth may well pay relatively low salaries and/or bonuses. This of course can vary based on the amount of management and other fees that are received as revenues.Carry DistributionsHistorically, we have added carried interest distributions to salary plus bonus. There is a “flaw” in this approach because many firms do not report the distributions. They may consider the data confidential or simply do not wish to take the time to report them. Thus, if ten firms report salary plus bonus, but only five of them report distribution we still have been dividing by ten to obtain salary plus bonus plus distributions. Starting in 2014, we do not add the distributions to salary plus bonus. We show the distributions separately but only for those that reported a distribution. (From our above example, we divide by five rather than ten). Firms can decide for themselves how to use this data.Carried Interest Plan Allocation: Where applicable, we show three carried interest allocations. The first is the percent of the most recent fund allocated to each employee as carried interest, also referred to as carried interest points. Employees typically share the 20 points of carry allocated to the GP, although a portion may be allocated to a parent company, or held in reserve for future hires and promotions. We also show the carried interest “dollars at work” for the most recent fund, which is the carried interest points assigned an employee multiplied by the size of the fund. For example, a partner with 1 point of carry on a $100 million fund has $1 million at work in that fund—in other words, the dollars at work that can result in realized investment gains. We also show the most important feature of carried interest - the dollars at work for all active funds.


Scope and Methodology PART 3. Sections V - VII: Compensation Data PART 3. Sections V – VII are the quantitative or "How Much" sections of the report. We collected and analyzed data for various positions on salaries, bonuses, and carried interest distributions. It also covers carried interest as a percent of the fund and as “dollars at work” from both “most recent fund” and “all active funds.” Although this data was collected in 2016, we believe it is useful for 2017 budgeting purposes.

The table below is an example of the exhibits we provide to summarize data collected on Part 3 of the survey report.

Sample Tables: PE 02. Senior Partner / Senior Managing Director (s) – All Private LBO, VC and Mezzanine combined (Details in full report)

Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75thLBO / VC / Mezz (Large) 21 - - - - - - - - - - - - -LBO / VC / Mezz (Mid-Size) 13 - - - - - - - - - - - - -LBO / VC / Mezz (Small) 6 - - - - - - - - - - - - -LBO / VC /Mezz (All) 40 600.0 304.4 500.0 762.5 1040.1 634.6 897.7 1297.1 14.0 1085.5 303.0 954.9 1343.4

Firm Classification # FirmsCarry Distribution ($000)

# Firms Base Salary ($000) Salary + Bonus ($000)

Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75thLBO / VC / Mezz (Large) 18 *** *** *** *** *** *** *** *** *** *** *** ***LBO / VC / Mezz (Mid-Size) 9 *** *** *** *** *** *** *** *** *** *** *** ***LBO / VC / Mezz (Small) 6 *** *** *** *** *** *** *** *** *** *** *** ***LBO / VC /Mezz (All) 33 2.5% 1.3% 1.7% 2.6% 12.5 6.9 8.7 14.7 29.6 11.4 21.7 44.9

# FirmsCarried Interest % of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)

Firm Classification


Scope and Methodology PART 3. Sections V - VII : Compensation Data PART 3. Sections V - VII. Firm Classification: For our analysis of employee

compensation starting in Section V of this report we created 24 samples, described below. Institutional firms (groups sponsored by banks or other large parents) are included in these samples unless otherwise noted.

!  LBO/VC/Mezz: Combines LBO / Growth Equity, Venture Capital, and Mezzanine firms.

!  Large: $1.2 Billion or more!  Mid Size: $500 Million – $1.2 Billion!  Small: Less than $500 Million!  All Firms

!  LBO / Growth Equity!  Large: $1.2 Billion or more !  Mid Size: $500 Million – $1.2 Billion!  Small : Less than $500 Million!  All Firms

!  Venture Capital !  Large: $1.2 Billion or more !  Mid Size: $500 Million – $1.2 Billion!  Small : Less than $500 Million!  All Firms

!  Mezzanine Large: $1.2 Billion or more Small/Midsize: Less than $1.2 Billion All Firms

!  Fund of Funds!  Large: $1.2 Billion or more!  Small/Midsize: Less than $1.2 Billion!  All Firms

!  All Corp Venturing/Secondary/Co-Invest/Real Estate/Infra!  Institutional

!  Large: $1.2 Billion or more!  Small/Midsize: Less than $1.2 Billion!  All Firms!  All Canada !  All Asia Pacific

.

Studied Positions:Job descriptions for all the position listed below (30 positions) are included in Section VI of this report.

Investment Professionals!  Managing General Partner(s) / CEO!  Senior Partner / Senior Managing Director(s)!  Partner / Managing Director(s) / Portfolio Manager!  Principal / Vice President / Director(s)!  Senior Associate(s)!  Associate(s)!  Senior Analyst(s)!  Analyst(s)!  Venture Partner/Operations Partner

Administrative/Support!  Chief Operating Officer (COO)!  Administrative/ Office Manager!  Executive Assistant!  Secretary/ Administrator!  Receptionist

Finance!  Chief Financial Officer (CFO)!  Controller!  Assistant Controller!  Senior Accountant!  Junior Accountant!  Fund Accountant

Marketing and Investor Relations!  Chief Marketing Officer/ Head of Marketing!  Marketing Manager!  Investor Relations Director/ Head of Investor Relations!  Investor Relations Manager

Legal, Human Resources and Information Technology!  Chief Legal Counsel!  Compliance & Risk Officer!  Chief Human Resources/ Talent Officer!  Human Resources Manager!  Chief Technology Officer!  Information Technology Manager


Scope & Methodology Partial Participant List (Certain firms have requested anonymity)


Venture Capital LBO/Growth Equity Mezzanine Institutional5AM Venture Management LLC. Adams Street Partners Avante Mezzanine Partners Ascension Ventures Altira Group LLC Arborview Capital Boathouse Cap Business Development Bank Canada Ascension Ventures Ascension Ventures F.N.B. Capital Partners, LP (Tecum Capital) Black Coral Capital Asset Management Ventures Atomico First West Credit Union Blackrock Private Equity Partners Atomico Blue Point Capital Partners GMB Mezzanine Capital Clairvest Group Inc August Capital Bounds Equity Partners Manulife Financial CONFRAPAR PARTICIPAÇÕES E PESQUISA S.A. Business Development Bank Canada Clairvest Group Inc Northstar Capital LLC Cycle Capital Management Black Coral Capital CONFRAPAR PARTICIPAÇÕES E PESQUISA S.A. Northwestern Mutual Encore Consumer Capital Cava Capital LLC Creation Investments Capital Management, LLC PNC Capital Finance F-Prime Capital Partners (Fidelity) Charles River Ventures, LLC Eight Roads Prospect Capital First West Credit Union CONFRAPAR PARTICIPAÇÕES E PESQUISA S.A. Encore Consumer Capital Summit Partners, LP Geneva Glen Capital, LLC Cycle Capital Management Geneva Glen Capital, LLC Yukon Capital Partners Google Capital DCM Ventures Google Capital Google Ventures Eight Roads Great Hill Partners, LP Fund of Funds Manulife Financial Emerald Technology Ventures Guardian Capital Partners American Infrastruture MLP Funds Northwestern Mutual Emergence Capital Partners HGGC, LLC Business Development Bank Canada Norwest Equity Partners F-Prime Capital Partners (Fidelity) IGP Industries, LLC Blackrock Private Equity Partners Norwest Mezzanine Partners Google Ventures IP Group C.M. Capital Corporation Norwest Venture Partners Grotech Ventures J.M.I. Equity Crow Holdings Capital - Investment Partners PNC Capital Finance Icon Ventures Lariat Partners, LP Permal Capital Management Silicon Valley Bank Institutional Venture Partners Linden Capital Partners PNC Capital Finance Leeds Equity Advisors Inc. Littlejohn & Co., LLC Portfolio Advisors, LLC Canada

Longitude Capital Lovell Minnick Partners LLC RCP Advisors 2 LLC Business Development Bank Canada Madrona Venture Group, LLC Mill Road Capital Management Renassance Venture Capital Fund Black Coral Capital Norwest Venture Partners Northwestern Mutual Silicon Valley Bank Clairvest Group Inc Pappas Capital, LLC (Pappas Ventures) Norwest Equity Partners True Bridge Capital Partners Cycle Capital Management Rand Capital P4G Capital Twin Bridge Capital Partners Emeral Trchnology Ventures Silicon Valley Bank PNC Capital Finance First West Credit Union Silverton Partners Proterra Investment Partners LP (Cargill) Corporate Venturing/Secondary/ Manulife Financial SJF Ventures Riverside Company Co-Investment/Real Estate/Infrastructure SV Life Sciences Sageview Capital LP Adams Street Partners Asia/Pacific

Third Rock Ventures Saw Mill Capital American Infrastruture MLP Funds Atomico TPT Corporation TVV Capital BKM Capital Partners Blackrock Private Equity Partners Vivo Capital Vista Equity Partners C.M. Capital Corporation DCM Ventures Vivo Capital Littlejohn & Co., LLC Eight Roads Water Street Healthcare Partners LLC Northwestern Mutual Manulife Financial WM Partners LP Permal Capital Management Norwest Venture Partners Willowridge Partners, Inc. Proterra Investment Partners LP (Cargill)

Riverside Company

TPT Corporation

Vivo Capital


About The Authors

Holt Private Equity Consultants specializes in assisting clients with private equity/venture capital organizational and human resources issues, which includes compensation and performance management. The Holt firm has designed numerous carried interest and co-investment plans, as well as annual incentive plans. It also has consulted with various real estate and investment/funds management organizations.

He has been an “expert witness” on numerous occasions.

Prior to founding Holt Private Equity Consultants in 2001, Mike Holt was a consultant with William M. Mercer, KPMG, and Hay Management Consultants, where among other things he conducted private equity/venture capital compensation surveys. Previously, he was head of compensation and employee benefits at Norwest (now Wells Fargo) and for Pillsbury (consumer products).

Mike received his undergraduate degree at the University of Notre Dame and a Masters Degree in Business Administration from Roosevelt University. He also served as a Lieutenant in the U.S. Army.

R. Michael Holt (Mike)[email protected](239) 594-5530

MM & K is a leading independent remuneration consultancy specializing in the planning, design and implementation of pay and reward strategies. Founded in 1973, MM & K is based in the City of London and mainly focuses on executive and employee reward strategies and structures. In recent years we have added other services to support our clients’ needs through the acquisitions of Independent Remuneration Solutions and the launch of higher talent, our specialist recruiter of HR and reward professionals. Over the years MM & K has built up a huge amount of knowledge and experience in the private equity and venture capital arena. This year will be the sixteenth consecutive year that we have conducted a pay survey in the UK / European Private Equity sector. In addition to the knowledge that we have gathered based on our Private Equity Surveys we have also advised more than 40 different PE houses on their own pay and reward strategies over the last ten years.We put into place strategies that ensure client remuneration programs are integrated with business goals. Experience shows us that when a business achieves this integration, the overall competitiveness and value of the business increases substantially. Our consultants’ expertise areas include reward strategies, HR, share schemes, law, accountancy, tax, corporate governance, business management and statistics. MM & K is owned by its employees and directors.MM & K Limited is authorized and regulated by the Financial Services Authority.

Damien Knight and Nigel [email protected] +44 20 7283 7200

Buyouts Insider is the leading source of news, data and analysis for the world’s private equity professionals, providing customers with competitive intelligence. We publish magazines, e-newsle?ers, and web sites; host webinars and live PartnerConnect events around the country; and offer custom publishing services.

Through some 25 employees across the country, we deliver market intelligence to the private equity markets, powered by the world’s most talented team of private equity and venture capital reporters and editors.

For the past 25 years, Buyouts Insider and its predecessors have been supplying valuable data, news, and analysis to private equity and venture capital professionals around the world. Its flagship products include the bi-weekly Buyouts Magazine, the monthly Venture Capital Journal, the daily peHUB Wire and the Investment Benchmarks Report series of market intelligent studies of industry returns, partnership terms and conditions, and employee compensation. Buyouts Insider also recently introduced a guide to family offices.

David M. Toll and Paul [email protected] (646) 356-4506

© 2016 by Holt Private Equity Consultants, MM&K Ltd. and Buyouts Insider. All Rights Reserved


Proskauer is a leading international law firm with more than 700 highly skilled lawyers active in virtually every major market globally. Headquartered in New York since 1875, the firm also has offices in Beijing, Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, New Orleans, Newark, Paris, São Paulo and Washington, D.C. The firm has experience in all areas of practice important to businesses and individuals. Our team consistently ranks in the top tier of law practices advising private investment funds. With lawyers who have established themselves as leaders in the sector practicing in strategic office locations, we actively represent sponsors and institutional investors worldwide in a broad range of activities, from fund formation, internal governance and succession planning, investment transactions, acquisition or sale of interests on the secondary market, liquidity events, distributions, tax planning, regulatory compliance, portfolio company dispositions including mergers and acquisitions, initial public offerings and management buyouts, to compensation and estate planning for partners. We believe it’s important to be involved in the issues that affect our clients and their industry. Our lawyers serve on advisory boards to trade associations, regularly contribute to publications and speak at industry conferences, and provide counsel to regulatory authorities with respect to certain tax and regulatory ma?ers affecting the industry.www.proskauer.com

Information About Our Sponsor


II. Financial & Operational Data

PE/vc Compensation North America

I. INTRODUCTION/ PARTICIPANT SUMMARY

II. FINANCIAL AND OPERATIONAL DATA

III. HUMAN CAPITAL

IV. COMPENSATION STRATEGY

V. YEAR TO YEAR CHANGES IN COMPENSATION LEVELS AND GEOGRAPHIC DIFFERENCES

VI. COMPENSATION LEVELS PER POSITION (BY TYPE & SIZE OF FIRM)

VII. COMPENSATION LEVELS BY TYPE & SIZE OF FIRM (INCLUDES CANADA & ASIA PACIFIC)



By Firm Type and Size

Financial and Operational Data Committed Capital and Cost of Investments

Part I of the survey questionnaire used to generate this report covered financial, operational, human resources and other firm-wide ma?ers, and we cover the results in Sections II - III of the report. Part I also covered the design of salary, bonus, carried interest and co-investment plans, which we cover in Section IV of the report. The tables starting below let you evaluate the size of the firms— commi?ed capital for all active funds and for the most recent fund.

There are 20 type/size of firm samples used in Sections II-IV of this report. The LBO/VC/Mezz category as well as the separate LBO/Growth Equity category and the separate VC category includes both private/stand alone firms and institutional firms. Other categories include Fund of Funds and separate data on all Institutional firms. Finally, due to small sample sizes, we lump together Secondary, Distressed Debt, Real Estate, and Co-Investment firms.

# Firms Avg. 25th 50th 75th # Firms Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 37 2,781.65 1,362.40 1,909.00 3,300.00 37 1,007.07 400.00 750.00 1,052.70

LBO/VC/Mezz (Small/Mid-Size) 46 627.81 117.75 305.00 660.00 46 311.69 75.00 172.50 297.50

LBO/VC/Mezz (All) 83 1,587.95 218.77 915.00 1,756.39 83 621.68 121.20 300.00 715.05

LBO / Grow th Equity (Large) 19 3,065.79 1,400.00 2,100.00 3,538.53 19 1,147.55 321.15 752.50 1,231.50

LBO / Grow th Equity (Small/Mid-Size) 19 970.79 94.65 300.00 635.05 19 514.41 38.00 206.00 408.93

LBO / Grow th Equity (All) 38 2,018.29 229.50 1,025.00 2,325.00 38 830.98 161.75 371.15 800.13

Venture Capital (Large) 13 2,164.30 1,320.00 1,498.00 2,400.00 13 559.88 397.00 475.00 525.00

Venture Capital (Small/Mid-Size) 19 407.97 108.50 310.00 733.00 19 155.14 82.50 122.40 225.00

Venture Capital (All) 32 1,121.48 211.15 929.00 1,358.25 32 319.56 106.82 235.00 412.50

Mezzanine (Large) 7 2,762.16 1,525.00 1,909.00 2,856.85 7 1,254.20 709.50 1,000.00 1,030.05

Mezzanine (Small/Mid) 7 383.24 185.00 350.00 556.35 7 230.90 160.00 230.00 270.00

Mezzanine (All) 14 1,572.70 379.50 1,046.20 1,819.25 14 742.55 235.00 353.30 950.00

Fund of Funds (Large) 9 6,989.44 1,500.00 2,000.00 10,000.00 9 541.78 320.00 450.00 636.00

Fund of Funds (Small-Mid-Size) 5 395.65 123.26 150.00 600.00 5 115.74 50.00 78.70 100.00

Fund of Funds (All) 14 4,634.52 556.50 1,475.00 2,525.00 14 389.62 103.75 335.00 589.50

RE/Sec/Co-Inv/Dist (One Size) 9 1,046.89 200.00 1,000.00 1,410.00 9 386.04 196.00 200.00 500.00

Institutional (Large) 13 3,674.83 1,513.00 2,000.00 3,300.00 13 680.14 320.00 636.00 1,007.40

Institutional (Small/Mid-Size) 8 1,902.69 290.38 517.50 796.25 8 914.39 154.77 193.00 350.00

Institutional (All) 21 2,999.73 430.00 1,513.00 3,300.00 21 769.38 170.00 475.00 1,000.00

All Firms 128 2,124.22 287.50 1,062.50 2,000.00 128 603.79 121.80 309.65 707.53

Firm Classif icationCommitted Capital ($Millions)

All Active Funds Most Recent Fund



Financial and Operational Data Number of Funds Managed and Number of Portfolio Companies

Large firms in our samples tend to manage five to six funds whereas small to mid-size firms manage three to four funds. About 40% of funds managed by firms in our samples are currently being invested, while 59% are fully invested but not wound up. Some funds, mostly those sponsored by institutions, have rolling or evergreen funds. LBO/Growth Equity firms tend to have fewer portfolio companies than VC firms but they also have much larger investments per portfolio company.


Avg. 25th 50th 75th Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 41% 59% 0% 6 3 5 8 65 22 60 105

LBO/VC/Mezz (Small/Mid-Size) 43% 53% 4% 4 2 3 4 45 20 39 71

LBO/VC/Mezz (All) 42% 56% 1% 5 3 3 5 56 21 46 84

LBO / Grow th Equity (Large) 38% 62% 0% 6 3 5 7 44 14 21 59

LBO / Grow th Equity (Small/Mid-Size) 44% 52% 4% 4 2 3 3 45 13 31 77

LBO / Grow th Equity (All) 40% 58% 1% 5 3 3 6 45 13 24 84

Venture Capital (Large) 51% 49% 0% 7 4 6 10 81 60 72 100

Venture Capital (Small/Mid-Size) 44% 56% 0% 4 3 4 4 49 26 47 72

Venture Capital (All) 48% 52% 0% 5 3 4 5 62 33 61 79

Mezzanine (Large) 33% 67% 0% 5 2 4 7 89 59 95 119

Mezzanine (Small/Mid) 25% 25% 50% 1 1 1 2 35 25 37 46

Mezzanine (All) 32% 62% 6% 4 1 2 5 68 32 49 100

Fund of Funds (Large) 44% 54% 2% 18 4 12 25 68 75 75 84

Fund of Funds (Small-Mid-Size) 26% 74% 0% 10 6 10 13 4 4 4 4

Fund of Funds (All) 42% 57% 2% 17 3 12 18 57 27 75 82

RE/Sec/Co-Inv/Dist (One Size) 32% 68% 0% 10 5 7 15 65 23 34 92

Institutional (Large) 36% 62% 2% 11 3 8 11 85 62 84 109

Institutional (Small/Mid-Size) 40% 60% 0% 5 3 3 7 54 31 54 74

Institutional (All) 37% 62% 1% 9 3 5 11 69 31 73 87

All Firms 40% 59% 1% 7 3 4 9 59 22 53 84

Funds Managed

Currently being

invested

Fully invested and not w ound

up

Rolling or evergreen

funds

Number of Funds Managed Number of Portfolio CompaniesFirm Classif ication


By Firm Type

Financial and Operational Data Ownership Structure

Most of the LBO/Growth Equity/VC survey participants are private/stand alone firms. However, a meaningful sample are Institutional organizations, especially among Mezzanine and Fund of Fund firms. Compensation at Institutional firms has over the years gradually become more and more like at the private firms.

Among Institutional organizations, most of the capital is provided by the parent company.

Avg. 25th 50th 75th

LBO/VC/Mezz 88% 99% 100% 100%LBO / Grow th Equity 90% 99% 100% 100%Venture Capital 80% 100% 100% 100%Mezzanine 87% 87% 100% 100%Fund of Funds 34% 1% 1% 51%

RE/Sec/Co-Inv/Dist (One Size) 90% 85% 90% 95%Institutional 81% 99% 100% 100%All Firms 79% 73% 100% 100%


Percent of Capital Provided by Parent Company - All Active Funds (Institutional Firms only)



Financial and Operational Data Fees

Management fees are paid by Limited Partners (LPs) to General Partners (GPs). Typically they are about 1.5% – 2.5% of a fund per year. Larger firms tend to have lower percentages but due to size generate more dollars of fees. The table shows the dollars from all active funds. Fees are somewhat lower after the investment period (typically three to five years) is mostly over.

There also are “Other” fees that are paid by portfolio companies. Examples are transaction fees; monitoring/advisory fees; and dividends. Historically, GPs kept all or most of these fees. Now the majority of these fees goes to the LPs. There is a trend to an 80% LP – 20% GP split (which is in line with the split of realized investment gains from exits of portfolio companies). The next page identifies the current actual splits.


Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 36.80 17.30 28.00 33.22 2.0% 2.0% 2.0% 2.0% 1.9% 2.0% 2.0% 2.0%LBO/VC/Mezz (Small/Mid-Size) 13.01 2.75 5.00 11.20 2.3% 2.0% 2.0% 3.0% 1.8% 1.5% 2.0% 2.0%LBO/VC/Mezz (All) 26.53 7.18 12.78 30.00 2.2% 2.0% 2.0% 2.1% 1.8% 2.0% 2.0% 2.0%LBO / Grow th Equity (Large) 33.84 13.60 28.00 33.22 1.9% 2.0% 2.0% 2.0% 1.9% 2.0% 2.0% 2.0%LBO / Grow th Equity (Small/Mid-Size) 27.15 3.63 8.70 11.38 1.9% 2.0% 2.0% 2.0% 1.8% 1.6% 2.0% 2.0%LBO / Grow th Equity (All) 32.10 9.50 19.69 32.41 1.9% 2.0% 2.0% 2.0% 1.8% 2.0% 2.0% 2.0%Venture Capital (Large) 23.07 13.40 20.88 27.50 2.4% 2.0% 2.3% 3.0% 2.0% 2.0% 2.0% 2.0%Venture Capital (Small/Mid-Size) 6.48 3.00 4.50 10.39 2.6% 2.0% 3.0% 3.0% 1.8% 1.0% 2.0% 2.0%Venture Capital (All) 12.29 4.17 10.95 13.79 2.6% 2.0% 2.8% 3.0% 1.9% 2.0% 2.0% 2.0%Mezzanine (Large) 43.16 10.60 27.20 28.00 1.9% 1.9% 2.0% 2.0% 1.7% 1.5% 2.0% 2.0%Mezzanine (Small/Mid) 6.10 6.10 6.10 6.10 N/A N/A N/A N/A N/A N/A N/A N/AMezzanine (All) 36.98 10.15 18.90 27.80 1.9% 1.9% 2.0% 2.0% 1.7% 1.5% 2.0% 2.0%Fund of Funds (Large) 29.58 10.00 16.75 55.00 1.1% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0%Fund of Funds (Small-Mid-Size) 10.70 2.56 4.00 15.50 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%Fund of Funds (All) 23.29 4.00 14.50 27.00 1.1% 1.0% 1.0% 1.0% 1.1% 1.0% 1.0% 1.0%RE/Sec/Co-Inv/Dist (One Size) 9.55 2.35 6.80 12.00 1.8% 2.0% 2.0% 2.0% 1.3% 1.0% 1.0% 1.3%Institutional (Large) 28.42 10.60 28.00 28.00 1.6% 1.0% 2.0% 2.0% 1.4% 1.0% 1.0% 2.0%Institutional (Small/Mid-Size) 29.22 4.50 4.50 5.00 1.8% 1.8% 2.0% 2.0% 1.3% 1.0% 1.0% 1.3%Institutional (All) 28.82 4.63 9.55 28.00 1.7% 1.0% 2.0% 2.0% 1.3% 1.0% 1.0% 2.0%All Firms 23.99 4.50 12.00 28.00 1.9% 2.0% 2.0% 2.0% 1.6% 1.0% 2.0% 2.0%


Management Fees

Millions (All Active Funds) % While Investing % After Investing


Financial and Operational Data Fee Ratios

The previous page comments on the split of “Other” fees between GPs and LPs, which shown below is about 35% to GPs and 65% to LPs.

LBO firms typically have “other” fees, whereas Venture Capital firms rarely have “other” fees. Several of the firms did not answer this question.



By Firm Type

Financial and Operational Data

Total management fees averaged 1.0% of all active funds in our “all firms” sample, but 4.6% of the most recent fund. Most LPs look to the fees from all active funds. However, it provides a different perspective when other ratios are reviewed. The data shows that fees are being collected on “old” funds and are quite high as a percent of the most recent fund..



LBO/VC/Mezz (Large) 0.8% 0.0% 1.0% 1.1% 5.5% 2.3% 2.9% 4.1%

LBO/VC/Mezz (Small/Mid-Size) 0.6% 0.0% 0.0% 1.2% 2.9% 2.3% 2.6% 3.2%

LBO/VC/Mezz (All) 0.7% 0.0% 0.7% 1.2% 4.3% 2.3% 2.8% 3.6%

LBO / Grow th Equity (Large) 2.1% 0.5% 1.0% 1.1% 8.4% 2.3% 2.9% 3.2%

LBO / Grow th Equity (Small/Mid-Size) 0.5% 0.0% 0.0% 1.1% 2.3% 2.1% 2.3% 2.6%

LBO / Grow th Equity (All) 1.3% 0.0% 0.7% 1.1% 6.4% 2.2% 2.5% 3.1%

Venture Capital (Large) 0.8% 0.0% 0.9% 1.5% 5.9% 3.2% 4.9% 8.5%

Venture Capital (Small/Mid-Size) 1.0% 0.0% 1.1% 1.6% 3.3% 2.5% 2.9% 4.1%

Venture Capital (All) 0.9% 0.0% 0.9% 1.5% 4.2% 2.5% 3.2% 5.0%

Mezzanine (Large) 0.9% 0.4% 0.7% 1.5% 2.9% 2.6% 3.3% 3.5%

Mezzanine (Small/Mid) 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Mezzanine (All) 0.5% 0.0% 0.0% 0.8% 2.9% 2.6% 3.3% 3.5%

Fund of Funds (Large) 0.3% 0.0% 0.3% 0.4% 5.9% 2.7% 3.6% 10.5%

Fund of Funds (Small-Mid-Size) 5.5% 0.0% 0.7% 0.9% 3.3% 1.1% 2.7% 4.9%

Fund of Funds (All) 2.2% 0.0% 0.3% 0.7% 4.7% 1.9% 3.6% 7.7%

RE/Sec/Co-Inv/Dist (One Size) 0.5% 0.0% 0.0% 0.8% 1.8% 1.3% 1.7% 2.2%

Institutional (Large) 0.3% 0.0% 0.0% 0.4% 4.0% 1.8% 2.7% 3.5%

Institutional (Small/Mid-Size) 0.9% 0.3% 1.1% 1.2% 2.6% 2.3% 2.8% 2.9%

Institutional (All) 0.5% 0.0% 0.3% 1.1% 3.3% 2.0% 2.7% 3.2%

All Firms 1.0% 0.0% 0.4% 1.1% 4.6% 2.2% 2.7% 3.8%

Firm Classif ication As a % of All Active Funds As a % of Most Recent Fund

Management Fee Ratios


By Firm Type

Financial and Operational Data

Participants in the survey reported that Limited Partners receive 73% of transaction fees; 79% of monitoring fees; and 70% of directors fees.

As stated in an earlier slide, the General Partner/Limited Partner split has changed considerably in recent years. Venture firms do not share as much as LBO firms. However, as stated previously, very few VC firms have “other” fees


GP LP GP LP GP LP

LBO/VC/Mezz (Large) 37 11% 89% 12% 88% 23% 77%

LBO/VC/Mezz (Small/Mid-Size) 46 51% 49% 40% 60% 60% 40%

LBO/VC/Mezz (All) 83 30% 70% 23% 77% 33% 68%

LBO / Grow th Equity (Large) 19 5% 95% 6% 94% 5% 95%

LBO / Grow th Equity (Small/Mid-Size) 19 48% 52% 44% 56% 0% 0%

LBO / Grow th Equity (All) 38 29% 71% 22% 78% 5% 95%

Venture Capital (Large) 13 50% 50% 50% 50% 100% 0%

Venture Capital (Small/Mid-Size) 19 60% 40% 20% 80% 60% 40%

Venture Capital (All) 32 57% 43% 35% 65% 73% 27%

Mezzanine (Large) 7 7% 93% 20% 80% 20% 80%

Mezzanine (Small/Mid) 7 0% 0% 0% 0% 0% 0%

Mezzanine (All) 14 7% 93% 20% 80% 20% 80%

Fund of Funds (Large) 9 0% 100% 0% 100% 0% 0%

Fund of Funds (Small-Mid-Size) 5 0% 0% 0% 0% 0% 0%

Fund of Funds (All) 14 0% 100% 0% 100% 0% 0%

RE/Sec/Co-Inv/Dist (One Size) 9 0% 0% 0% 100% 0% 0%

Institutional (Large) 13 10% 90% 13% 87% 20% 80%

Institutional (Small/Mid-Size) 8 50% 50% 50% 50% 0% 0%

Institutional (All) 21 23% 77% 23% 78% 20% 80%

All Firms 128 27% 73% 21% 79% 30% 70%

Firm Classif ication# Fiirms

Transaction Fees Monitoring Fees

GP/LP Split of Fees Other than Management Fees (Other Fees) (Median)

Directors Fees


III. Human Capital


I. INTRODUCTION/ PARTICIPANT SUMMARY


III. HUMAN CAPITAL








Human Capital Number of Employees Per Employee Group

It is obvious that large firms have more employees than small firms. What is less obvious is that VC firms, all other things being equal, normally have more partners than LBO firms, but LBO firms have more non-partner investment professionals than VC firms. This makes sense as VC firms have more portfolio companies (and smaller size portfolio companies) than LBO firms and thus requires more partner time. Conversely, LBO firms have fewer and larger size portfolio companies that require more analysis, more due diligence and more monitoring - which are tasks that can be done below the partner level.


Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 10 5 7 12 17 7 14 21 3 0 1 1 24 7 13 38 1:1.50 1:7.00

LBO/VC/Mezz (Small/Mid-Size) 4 2 4 5 5 2 4 6 0 0 0 1 4 1 3 5 1:1.06 1:3.40

LBO/VC/Mezz (All) 7 3 5 8 10 3 5 14 1 0 0 1 13 1 5 13 1:1.25 1:5.00

LBO / Grow th Equity (Large) 10 4 7 11 18 10 14 22 5 1 1 3 22 6 12 18 1:2.03 1:9.50

LBO / Grow th Equity (Small/Mid-Size) 5 3 4 6 7 4 5 8 2 1 1 2 6 1 3 5 1:1.23 1:3.00

LBO / Grow th Equity (All) 7 4 5 8 12 5 9 17 4 1 1 2 14 2 5 13 1:1.31 1:5.00

Venture Capital (Large) 11 6 8 14 12 4 9 16 3 0 1 2 23 8 15 38 1:1.00 1:9.00

Venture Capital (Small/Mid-Size) 4 2 4 6 3 2 3 4 0 0 0 1 4 2 3 7 1:0.90 1:5.25

Venture Capital (All) 7 4 6 8 7 2 4 8 1 0 0 1 12 2 7 13 1:1.00 1:6.25

Mezzanine (Large) 8 4 7 10 20 6 20 32 1 1 1 1 26 5 7 35 1:2.07 1:0.50

Mezzanine (Small/Mid) 3 3 3 4 3 2 4 5 0 0 0 1 1 0 0 2 1:0.60 1:9.00

Mezzanine (All) 6 3 5 8 12 3 5 17 1 0 1 1 14 0 4 7 1:1.42 1:7.11

Fund of Funds (Large) 8 4 6 10 11 5 10 12 2 0 1 4 10 5 9 17 1:1.60 1:7.00

Fund of Funds (Small-Mid-Size) 3 1 4 5 3 1 2 5 0 0 0 0 14 2 8 26 1:1.00 1:7.00

Fund of Funds (All) 6 4 5 6 8 3 6 10 1 0 0 2 11 4 9 17 1:1.14 1:7.00

RE/Sec/Co-Inv/Dist (One Size) 8 5 5 10 15 5 6 21 1 1 1 1 18 8 12 14 1:1.42 1:13.00

Institutional (Large) 8 5 9 10 12 7 10 20 1 0 0 1 9 3 5 7 1:1.83 1:4.63

Institutional (Small/Mid-Size) 5 4 4 6 7 4 5 8 1 0 1 1 3 2 3 4 1:1.19 1:8.00

Institutional (All) 7 4 6 10 10 4 7 16 1 0 0 1 7 2 4 7 1:1.25 1:6.50

All Firms 7 4 5 10 10 3 6 14 2 0 1 1 12 2 6 13 1:1.23 1:7.00

Administrative / Support Staff

Investment ProfessionalsPartner / M.D. Non-Partner / Non-MD

Number of Employees

Investment ProfessionalsFirm Classif ication Administrative / Support Staff

Partner / M.D. Non-Partner / Non-MD

Median Ratio Partner to Non-Partner

Number of Employees


By Firm Type

Human Capital Staffing Changes 2015/2016 – Investment Professionals

Based on staffing forecasts by firms in our survey most PE and VC firms are maintaining their investment teams at current levels. Among partners, 26% of all sample firms increased staffing in 2015 (versus 24% in 2014 and 23% projected for this year); and 5% decreased (versus 8% in 2014 and 5% projected in 2016). Among non-partner investment professionals, 39% of firms increased staffing in 2015 (versus 43% in 2014 and 48% projected doing so in 2015). Meanwhile, 12% of all firms in our sample decreased non-partner investment professional staffing in 2015 (versus 23% in 2014 and 6% projected for 2016).






LBO/VC/Mezz 28% 45% 27% 22% 5% 13% 4% 25% 67% 70%

LBO / Grow th Equity 34% 75% 21% 22% 0% 0% 3% 25% 66% 76%

Venture Capital 28% 37% 34% 20% 13% 13% 0% N/A 59% 66%

Mezzanine 21% 33% 14% 50% 0% 0% 21% 14% 79% 64%

Fund of Funds 7% 0% 21% 13% 7% 4% 7% 25% 86% 71%

RE/Sec/Co-Inv/Dist 22% 3% 22% 42% 11% 25% 0% N/A 67% 78%

Institutional 24% 45% 19% 16% 5% 13% 5% 14% 71% 76%

All Firms 26% 40% 23% 20% 5% 13% 5% 20% 69% 72%





LBO/VC/Mezz 38% 28% 49% 25% 12% 16% 12% 50% 51% 39%


Venture Capital 28% 33% 50% 33% 14% 16% 3% 50% 58% 47%

Mezzanine 50% 31% 50% 25% 13% 15% 7% N/A 38% 43%

Fund of Funds 31% 11% 36% 10% 13% 33% 7% N/A 56% 57%

RE/Sec/Co-Inv/Dist 60% 28% 56% 10% 10% 17% 0% N/A 30% 44%

Institutional 36% 26% 52% 15% 16% 13% 19% N/A 48% 29%

All Firms 39% 26% 48% 20% 12% 16% 6% 32% 48% 45%

2015 2016

No Change

Staff ing Changes in 2015 and projected in 2016 - Investment Professionals (Partner/M.D.)

2015 2016

Increase

2015 2016

Decrease


2015 2016 20152016

20162015


Staff ing Changes in 2015 and projected in 2016 - Investment Professionals (Non-Partner/Non-M.D.)



By Firm Type

Human Capital Staffing Changes 2015/2016 – Administrative / Support Staff

Among Administrative/Support Staff (non-partner), 36% increased staff in 2015 (versus 33% in 2014 and 26% projected in 2016); and 7% decreased staff (versus 12% in 2014 and 14% projected in 2016).






LBO/VC/Mezz 4% 100% 0% 0% 4% 14% 4% N/A 93% 96%

LBO / Grow th Equity 3% 100% 0% 0% 3% 14% 5% N/A 95% 95%

Venture Capital 7% 100% 0% 0% 6% 24% 3% N/A 87% 97%

Mezzanine 8% 100% 0% 0% 0% 0% 0% 0% 92% 100%

Fund of Funds 0% 0% 0% 0% 0% 0% 0% 0% 100% 100%

RE/Sec/Co-Inv/Dist (One Size) 0% 0% 0% 0% 0% 0% 11% N/A 100% 89%


All Firms 4% 100% 0% 0% 3% 14% 4% N/A 94% 96%





LBO/VC/Mezz 33% 25% 25% 14% 6% 19% 12% 17% 61% 63%


Venture Capital 26% 17% 28% 8% 11% 18% 13% 20% 63% 59%

Mezzanine 50% 50% 14% 9% 0% N/A 14% N/A 50% 71%

Fund of Funds 38% 24% 29% 10% 13% 29% 7% N/A 50% 64%

RE/Sec/Co-Inv/Dist (One Size) 60% 45% 56% 14% 10% 7% 22% N/A 30% 22%


All Firms 36% 29% 26% 13% 7% 20% 14% 17% 57% 60%


2015 2016 2015 20162015 2016

Decrease No ChangeIncrease

2015 2016 2015 20162015 2016


Staff ing Changes in 2015 and projected in 2016 - Administrative/Support Staff (Partners/M.D.)


Staff ing Changes in 2015 and projected in 2016 - Administrative/Support Staff (Non-Partner/Non-M.D.)



Human Capital Investment Manager Ratios

Average commi?ed capital per partner is $282 million in our sample of LBO/Growth Equity firms and $163 million per partner in our sample of VC firms. When we do the calculation for all investment professionals (including Partner level), the amount falls to $105 million per professional in LBO firms and $84 million per professional in VC firms.Average management fees per partner are $4.5 million in LBO/Growth Equity firms and $1.8 million in VC firms. For all investment professions the ratio falls to $1.7 million in LBO/Growth Equity firms and $0.9 million in VC firms. The average portfolio companies-to-partner ratio is 6.2 in our sample of LBO/Growth Equity firms and 9.0 in VC firms. The portfolio companies-to-investment professional ratio is 2.3 in LBO/Growth Equity firms and 4.6 in VC firms.


Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 278.2 139.9 196.1 338.9 104.9 52.8 73.9 127.8 3.7 1.8 2.9 3.4 1.4 0.7 1.1 1.3 6.5 2.2 6.2 10.8 2.4 0.8 2.3 4.1

LBO/VC/Mezz (Small/Mid-Size) 155.2 29.8 77.1 166.9 73.2 13.8 35.6 77.1 3.2 0.7 1.3 2.8 1.5 0.3 0.6 1.3 11.2 5.1 9.7 17.9 5.3 2.3 4.5 8.3

LBO/VC/Mezz (All) 234.7 32.7 136.9 262.8 95.8 13.2 55.3 106.2 3.9 1.1 1.9 4.5 1.6 0.4 0.8 1.8 8.2 3.1 6.9 12.6 3.4 1.3 2.8 5.1

LBO / Grow th Equity (Large) 308.3 148.6 222.9 375.6 113.8 53.7 80.5 135.7 3.4 1.4 3.0 3.5 1.3 0.5 1.1 1.3 4.5 1.4 2.2 6.3 1.6 0.5 0.8 2.3

LBO / Grow th Equity (Small/Mid-Size) 214.5 22.0 69.8 147.7 84.2 8.6 27.4 58.0 6.0 0.8 2.0 2.6 2.4 0.3 0.8 1.0 9.9 3.1 7.1 17.8 3.9 1.2 2.8 7.0

LBO / Grow th Equity (All) 281.8 32.9 147.0 333.4 104.9 12.1 54.2 122.9 4.5 1.4 2.8 4.6 1.7 0.5 1.0 1.7 6.2 1.9 3.4 12.0 2.3 0.7 1.3 4.4

Venture Capital (Large) 201.0 132.0 149.8 240.0 95.4 62.6 71.1 113.9 2.1 1.3 2.1 2.8 1.0 0.6 1.0 1.3 7.5 6.0 7.2 10.0 3.6 2.9 3.4 4.7

Venture Capital (Small/Mid-Size) 99.2 27.9 79.6 188.2 58.1 15.8 45.1 106.7 1.6 0.8 1.2 2.7 0.9 0.4 0.7 1.5 11.8 6.5 11.9 18.6 6.9 3.7 6.8 10.5

Venture Capital (All) 162.5 31.6 138.9 203.1 83.8 16.0 70.4 103.0 1.8 0.6 1.6 2.1 0.9 0.3 0.8 1.0 9.0 4.9 9.0 11.8 4.6 2.5 4.6 6.0

Mezzanine (Large) 327.7 206.8 258.8 387.4 95.7 60.4 75.6 113.1 5.1 1.4 3.7 3.8 1.5 0.4 1.1 1.1 10.6 8.0 12.8 16.2 3.1 2.3 3.7 4.7

Mezzanine (Small/Mid) 112.7 65.3 123.5 196.4 68.8 33.1 62.7 99.6 1.8 2.2 2.2 2.2 1.1 1.1 1.1 1.1 10.2 8.9 12.9 16.2 6.2 4.5 6.5 8.2

Mezzanine (All) 248.3 64.9 179.0 311.2 91.4 22.5 62.1 108.0 5.8 1.7 3.2 4.8 2.1 0.6 1.1 1.7 10.7 5.4 8.3 17.1 3.9 1.9 2.9 5.9

Fund of Funds (Large) 898.6 214.3 285.7 1428.6 374.4 89.3 119.0 595.2 3.8 1.4 2.4 7.9 1.6 0.6 1.0 3.3 8.7 10.7 10.7 12.0 3.6 4.5 4.5 5.0

Fund of Funds (Small-Mid-Size) 123.6 46.2 56.3 225.0 63.8 23.9 29.0 116.1 3.3 1.0 1.5 5.8 1.7 0.5 0.8 3.0 1.3 1.5 1.5 1.5 0.6 0.8 0.8 0.8

Fund of Funds (All) 754.5 97.1 257.3 440.4 326.0 41.9 111.2 190.3 3.8 0.7 2.5 4.7 1.6 0.3 1.1 2.0 9.3 4.7 13.1 14.3 4.0 2.0 5.7 6.2

RE/Sec/Co-Inv/Dist (One Size) 134.6 28.6 142.9 201.4 46.2 9.8 49.0 69.1 1.2 0.3 1.0 1.7 0.4 0.1 0.3 0.6 8.4 3.2 4.9 13.1 2.9 1.1 1.7 4.5

Institutional (Large) 445.4 198.7 262.6 433.3 186.6 80.4 106.2 175.3 3.4 1.4 3.7 3.7 1.4 0.6 1.5 1.5 10.3 8.1 11.0 14.3 4.3 3.3 4.5 5.8

Institutional (Small/Mid-Size) 400.6 68.8 122.6 188.6 169.1 29.0 51.8 79.6 6.2 1.1 1.1 1.2 2.6 0.5 0.5 0.5 11.3 7.4 12.8 17.4 4.8 3.1 5.4 7.4

Institutional (All) 437.9 65.9 231.9 505.8 182.1 26.8 94.4 205.9 4.2 0.7 1.5 4.3 1.7 0.3 0.6 1.7 10.1 4.8 11.1 13.3 4.2 2.0 4.5 5.4

All Firms 308.1 42.0 155.4 292.5 126.5 17.0 62.8 118.1 3.5 0.7 1.8 4.1 1.4 0.3 0.7 1.7 8.5 3.2 7.7 12.3 3.5 1.3 3.1 5.0


Committed Capital (All Active Funds) Per Investment Manager - Millions Management Fees Per Investment Manager - Millions Portfolio Companies Per Investment Manager

Partner / M.D. All Investment Professionals Partner / M.D. All Investment Professionals Partner / M.D. All Investment Professionals


Human Capital Human Capital Policies, Experience to Partner, and MBA Hiring/Compensation Practices

The average amount of time from an MBA degree (or its equivalent in experience) to partner/managing director is 11 years. The median is 10 years

The median annual starting salary for an MBA for all firms in our survey is $127,500 (versus $125,00 last year) and the median first year bonus (annualized) is $75,000 (versus $100,000 last year). Larger firms, because they generate more fees, typically pay more than small and mid-size firms.

85% of firms have a formal performance appraisal system and 62% have a formal compensation policy. Both are up significantly from past years.


Avg. 25th 50th 75thLBO/VC/Mezz 10 7 10 12LBO / Grow th Equity 10 7 10 11Venture Capital 8 5 9 10Mezzanine 13 10 10 15Fund of Funds 12 10 10 15RE/Sec/Co-Inv/Dist 13 10 13 15Institutional 13 10 10 14All Firms 11 10 10 14

Years of Experience to PartnerFirm Classif ication


LBO/VC/Mezz (Large) 70% 158.2 120.0 150.0 175.0 101.8 50.0 112.5 150.0LBO/VC/Mezz (Small/Mid-Size) 41% 126.8 120.0 125.0 145.0 61.8 22.5 40.0 77.5LBO/VC/Mezz (All) 54% 144.7 120.0 137.5 163.8 84.5 33.8 73.5 134.7LBO / Grow th Equity (Large) 74% 154.6 112.5 150.0 175.0 108.7 64.9 115.6 150.0LBO / Grow th Equity (Small/Mid-Size) 58% 137.3 125.0 130.0 150.0 89.3 45.0 75.0 110.0LBO / Grow th Equity (All) 66% 147.0 120.0 150.0 175.0 100.2 50.0 90.0 150.0Venture Capital (Large) 54% 177.1 145.0 175.0 212.5 76.4 37.5 50.0 117.3Venture Capital (Small/Mid-Size) 37% 111.4 105.0 120.0 130.0 24.4 12.5 20.0 30.0Venture Capital (All) 44% 144.3 121.3 137.5 168.8 50.4 21.3 32.5 54.5Mezzanine (Large) 71% 145.0 120.0 145.0 150.0 117.9 110.0 112.5 145.0Mezzanine (Small/Mid) 0% N/A N/A N/A N/A N/A N/A N/A N/AMezzanine (All) 36% 145.0 120.0 145.0 150.0 117.9 110.0 112.5 145.0Fund of Funds (Large) 33% 123.3 97.5 100.0 137.5 68.3 52.5 55.0 77.5Fund of Funds (Small-Mid-Size) 40% 92.5 78.8 92.5 106.3 52.5 52.5 52.5 52.5Fund of Funds (All) 36% 111.0 95.0 100.0 120.0 64.4 51.9 53.8 66.3RE/Sec/Co-Inv/Dist (One Size) 78% 102.9 87.5 100.0 115.0 68.3 13.1 51.0 93.0Institutional (Large) 54% 137.1 115.0 120.0 162.5 109.8 91.0 112.5 126.6Institutional (Small/Mid-Size) 38% 150.0 145.0 150.0 155.0 70.3 65.5 75.0 77.5Institutional (All) 48% 141.0 120.0 145.0 157.5 97.9 72.8 95.0 119.6All Firms 52% 138.0 110.0 127.5 157.5 85.1 41.9 75.0 124.0

Firm Classif ication % Hiring MBAs

MBA Graduate Annualized Compensation ($000)

Annualized MBA Salary Annualized MBA Bonus



Human Capital Payroll Cost As % of General Partner Fees/Revenues

The median payroll as a percent of revenues (management fees plus other fees) is 62%. It is 69% in VC firms and 58% in LBO firms.




Human Capital

There are 4,113 employees reported in this survey. Included are 1,183 partners and 2,930 non-partners. There are 2,211 investment managers and 1,902 administrative/support staff. The average payroll cost is $11.66 million per firm. Of course, it is much lager in large firms than in small firms.


Partner / M.D. Non-Partner/M.D. Partner / M.D. Non-Partner/M.D.

LBO/VC/Mezz 563 854 238 1,107LBO / Grow th Equity 270 475 136 532Venture Capital 219 218 88 392Mezzanine 80 179 14 191Fund of Funds 86 113 34 158RE/Sec/Co-Inv/Dist 70 134 10 158Institutional 146 221 30 159All Firms 871 1,340 312 1,590

Investment Professionals Administrative Support

Number of Incumbents (United States and Canada)



IV. Compensation Strategy


I. . INTRODUCTION/ PARTICIPANT SUMMARY


III.HUMAN CAPITAL




VII. COMPENSATION LEVELS BY TYPE & SIZE OF FIRM (INCLUDES CANADA & ASIA PACIFIC)I.



Compensation Strategy Types of Compensation – Investment Professionals

Among survey participants, 86% reported a carried interest plan for Partners (89% of LBO/Growth Equity firms; 88% of Venture Capital firms; and 86% of Institutional firms). 23% have a co-investment plan. Some of the Institutional firms have various types of stock options as well.

27% of firms have a salary/partner draw either with a salary or without a salary. 84% of LBO firms and 88% of VC firms report having an annual bonus or incentive plan for partners (this includes residual fee bonuses).

Non-partner investment professionals have bonus plans in 97% of LBO firms and 84% of VC firms. 84% of LBO firms and 71% of VC firms provide a carried interest plan to these employees.

By Firm Type


Base Salary Salary Draw / Partner Draw

Annual Incentive /

Bonus

Residual Fees Bonus

Carried Interest Plans

Phantom Carry Plan

Co-Investment Plans

Phantom Stock Performance Shares / Units

Stock Options Restricted Stock

Stock Appreciation

Rights

Equity/options in Portfolio Companies

Other

LBO/VC/Mezz 100% 39% 65% 19% 87% 5% 27% 2% 6% 2% 6% 0% 1% 8%

LBO / Grow th Equity 100% 42% 66% 18% 89% 5% 32% 3% 8% 3% 5% 0% 0% 5%

Venture Capital 100% 31% 66% 22% 88% 6% 19% 3% 6% 3% 0% 0% 3% 6%

Mezzanine 100% 36% 64% 14% 79% 0% 29% 0% 0% 0% 21% 0% 0% 21%

Fund of Funds 100% 14% 86% 14% 79% 0% 7% 0% 7% 0% 29% 0% 0% 7%

RE/Sec/Co-Inv/Dist 100% 11% 89% 11% 89% 0% 44% 0% 0% 0% 0% 0% 0% 33%

Institutional 100% 5% 76% 10% 86% 10% 14% 0% 10% 0% 24% 0% 0% 10%

All Firms 100% 27% 71% 16% 86% 5% 23% 2% 6% 2% 11% 0% 1% 10%

Base SalarySalary Draw / Partner Draw

Annual Incentive/Bonu

s

Residual Fees Bonus


Phantom Carry Plan

Co-Investment Plans Phantom Stock

Performance Shares / Units Stock Options

Restricted Stock

Stock Appreciation

Rights


Other

LBO/VC/Mezz 100% 2% 93% 2% 78% 16% 25% 2% 5% 1% 1% 0% 2% 7%

LBO / Grow th Equity 100% 3% 97% 3% 84% 18% 32% 3% 8% 0% 0% 0% 3% 5%

Venture Capital 100% 0% 84% 3% 71% 23% 13% 3% 3% 3% 0% 0% 3% 10%

Mezzanine 100% 7% 100% 0% 79% 0% 29% 0% 0% 0% 7% 0% 0% 7%

Fund of Funds 100% 0% 100% 0% 71% 14% 7% 0% 7% 0% 14% 0% 0% 7%

RE/Sec/Co-Inv/Dist 100% 0% 89% 11% 56% 0% 33% 0% 0% 0% 0% 0% 0% 33%

Institutional 100% 0% 90% 0% 67% 19% 14% 0% 0% 0% 5% 0% 0% 10%

All Firms 100% 2% 93% 2% 74% 16% 21% 2% 4% 1% 3% 0% 2% 9%



Investment Professionals (Partner)

Investment Professionals (Non-Partner)


By Firm Type

Compensation Strategy Types of Compensation – Administrative / Support Staff

Among Administrative/Support Staff at the partner level, 86% of firms provide bonus plans, 56% provide carried interest plans (seems low) and 16% provide co-investment plans to these employees.

Among non-partner administrative/support staff, 88% of firms provide bonus plans, 33% offer carried interest plans, and 13% provide a co-investment plan.




s

Residual Fees Bonus


Phantom Carry Plan



Restricted Stock

Stock Appreciation

Rights


Other

LBO/VC/Mezz 100% 4% 85% 4% 60% 2% 19% 4% 6% 2% 6% 0% 0% 8%LBO / Grow th Equity 95% 11% 79% 11% 68% 5% 26% 5% 11% 0% 5% 0% 0% 5%Venture Capital 100% 0% 95% 0% 52% 0% 14% 5% 5% 5% 0% 0% 0% 14%Mezzanine 100% 10% 70% 0% 60% 0% 20% 0% 0% 0% 20% 0% 0% 0%Fund of Funds 100% 0% 86% 0% 57% 0% 0% 0% 14% 0% 57% 0% 0% 14%

RE/Sec/Co-Inv/Dist 100% 0% 100% 20% 60% 0% 40% 0% 0% 0% 0% 0% 0% 20%Institutional 100% 0% 87% 0% 40% 0% 0% 0% 0% 0% 27% 0% 0% 0%All Firms 99% 4% 86% 4% 56% 1% 16% 3% 5% 1% 14% 0% 0% 8%



s

Residual Fees Bonus


Phantom Carry Plan



Restricted Stock

Stock Appreciation

Rights


Other

LBO/VC/Mezz 100% 0% 88% 3% 39% 5% 16% 3% 5% 1% 1% 0% 0% 5%LBO / Grow th Equity 100% 0% 86% 3% 36% 6% 22% 3% 6% 0% 0% 0% 0% 3%Venture Capital 100% 0% 83% 3% 37% 7% 7% 3% 7% 3% 0% 0% 0% 10%Mezzanine 100% 0% 100% 0% 42% 0% 17% 0% 0% 0% 8% 0% 0% 0%Fund of Funds 100% 0% 100% 0% 29% 21% 7% 0% 7% 0% 14% 0% 0% 7%

RE/Sec/Co-Inv/Dist 100% 0% 100% 13% 13% 13% 13% 0% 0% 0% 0% 0% 0% 25%Institutional 100% 0% 80% 0% 30% 5% 5% 0% 0% 0% 5% 0% 0% 0%All Firms 100% 0% 88% 3% 33% 8% 13% 2% 4% 1% 3% 0% 0% 6%



Administrative / Support Staff (Partner)

Administrative / Support Staff (Non-Partner)


By Firm Type

Compensation Strategy Base Salary Level Changes – Investment Professionals

45% of firms increased partner level salaries in 2015 (versus 52% in 2014 and a projected 52% in 2016). The median increase ranged from 3% to 7%. No firms decreased salaries (compared to 3% in 2014 and 0% projected in 2016).

Among non-partner investment professionals, 83% of firms increased salaries in 2015 (versus 77% in 2014 and 80% projected in 2016). The median increase was 5% for all firms (8% for LBO/Growth Equity and 5% for Venture Capital). Essentially no decreases in salary were reported for these employees.






LBO/VC/Mezz 35% 6% 44% 6% 0% 0% 0% 0% 65% 56%


Venture Capital 35% 5% 58% 6% 0% 0% 0% 0% 65% 42%

Mezzanine 46% 3% 50% 4% 0% 0% 0% 0% 54% 50%

Fund of Funds 62% 3% 58% 3% 0% 0% 0% 0% 38% 42%

RE/Sec/Co-Inv/Dist 50% 6% 67% 4% 0% 0% 0% 0% 50% 33%

Institutional 71% 4% 79% 5% 0% 0% 0% 0% 29% 21%

All Firms 45% 4% 52% 5% 0% 0% 0% 0% 55% 48%





LBO/VC/Mezz 79% 5% 77% 5% 0% 0% 0% 0% 21% 23%


Venture Capital 77% 5% 79% 5% 0% 0% 0% 0% 23% 21%

Mezzanine 85% 5% 83% 3% 0% 0% 0% 0% 15% 17%

Fund of Funds 85% 4% 75% 4% 0% 0% 0% 0% 15% 25%

RE/Sec/Co-Inv/Dist 88% 5% 88% 4% 0% 0% 0% 0% 13% 13%

Institutional 100% 5% 100% 5% 0% 0% 0% 0% 0% 0%

All Firms 83% 5% 80% 5% 0% 0% 0% 0% 17% 20%


Increase

2015 20162016


Decrease

Salary Changes in 2015 and Projected for 2016 - Investment Professionals (Partners/M.D.)

No Change

2016

Decrease No Change

Salary Changes in 2015 and Projected for 2016 - Investment Professionals (Non-Partner/Non-M.D.)

2015

2015 2016

Increase

2015 2016 2015 2016

2015


Partner level employees saw increases in bonuses in 43% of firms for 2015 (versus 27% in 2014 and a projected 32% in 2016). The median increase was 10%. Conversely, 3% of firms decreased bonus amounts (compared with 5% in 2014 and a projected 5% in 2016).

Non-partner investment professionals had increases in bonuses in 63% of firms for 2015 (versus 44% in 2014 and a projected 44% in 2016). The median increase was 10%. None of these firms decreased bonus amounts (compared to 1% in 2014 and a projected 9% in 2016).

Compensation Strategy Bonus Level Changes – Investment Professionals






LBO/VC/Mezz 34% 10% 27% 16% 5% 46% 4% 12% 61% 70%


Venture Capital 38% 7% 26% 155% 0% 0% 5% 12% 62% 68%

Mezzanine 38% 7% 33% 4% 0% 0% 0% 0% 62% 67%

Fund of Funds 58% 8% 45% 13% 0% 0% 0% 0% 42% 55%

RE/Sec/Co-Inv/Dist 71% 10% 71% 10% 0% 0% 0% 0% 29% 29%

Institutional 50% 33% 18% 25% 0% 0% 18% 12% 50% 64%

All Firms 43% 10% 32% 10% 3% 46% 5% 12% 54% 63%





LBO/VC/Mezz 60% 10% 43% 10% 0% 0% 6% 3% 40% 51%


Venture Capital 52% 10% 40% 10% 0% 0% 5% 3% 48% 55%

Mezzanine 69% 9% 64% 3% 0% 0% 0% 0% 31% 36%

Fund of Funds 58% 8% 45% 8% 0% 0% 0% 0% 42% 55%

RE/Sec/Co-Inv/Dist 63% 18% 63% 15% 0% 0% 0% 0% 38% 38%

Institutional 75% 34% 22% 15% 0% 0% 44% 3% 25% 33%

All Firms 63% 10% 44% 10% 0% 0% 9% 3% 37% 47%

Increase

Increase

2015 2016

Decrease No Change

Bonus Changes in 2015 and Projected for 2016 - Investment Professionals (Partners/M.D.)


20162015 2016

2015

No ChangeDecrease

2015 20162015 2016

Bonus Changes in 2015 and Projected for 2016 - Investment Professionals (Non-Partner/Non-M.D.)

2015 2016



By Firm Type

Compensation Strategy Base Salary Changes – Administrative / Support Staff

Among administrative/support staff employees, 69% of firms increased salaries for partners (versus 65% in 2014) and 79% increased salaries for non-partners(versus 83% in 2014. The median increase was 5% for partners 4% for non-partners. Decreases in salary were non-existent.






LBO/VC/Mezz 69% 5% 75% 5% 0% 0% 0% 0% 31% 25%


Venture Capital 80% 5% 86% 5% 0% 0% 0% 0% 20% 14%

Mezzanine 67% 5% 67% 4% 0% 0% 0% 0% 33% 33%

Fund of Funds 67% 3% 57% 3% 0% 0% 0% 0% 33% 43%

RE/Sec/Co-Inv/Dist 33% 5% 50% 4% 0% 0% 0% 0% 67% 50%

Institutional 88% 5% 88% 5% 0% 0% 0% 0% 13% 13%

All Firms 69% 5% 73% 5% 0% 0% 0% 0% 31% 27%





LBO/VC/Mezz 73% 4% 78% 4% 2% 8% 0% 0% 26% 22%


Venture Capital 78% 4% 84% 4% 0% 0% 0% 0% 22% 16%

Mezzanine 80% 3% 78% 3% 0% 0% 0% 0% 20% 22%

Fund of Funds 92% 3% 92% 3% 0% 0% 0% 0% 8% 8%

RE/Sec/Co-Inv/Dist 100% 5% 100% 4% 0% 0% 0% 0% 0% 0%

Institutional 87% 3% 83% 3% 0% 0% 0% 0% 13% 17%

All Firms 79% 4% 82% 3% 1% 8% 0% 0% 20% 18%

2015 2016

No Change

Salary Changes in 2015 and Projected for 2016 - Administrative/Support Staff (Non-Partner/Non-M.D.)

Decrease

Salary Changes in 2015 and Projected for 2016 - Administrative/Support Staff (Partners/M.D.)


Increase

2015 2016

No ChangeDecrease

20162015

2015 20162016

2015 20162015


Increase


By Firm Type

Compensation Strategy Bonus Level Changes – Administrative / Support Staff

51% of firms increased bonuses for partner level administrative/support staff in 2015 and 7% decreased bonuses. The median increase was 10%

53% of firms increased bonus levels for (non-partner) administrative/support staff in 2015, while 3% of firms decreased bonuses. The median increase was 8%.






LBO/VC/Mezz 52% 10% 21% 15% 7% 20% 7% 6% 41% 72%


Venture Capital 62% 10% 23% 10% 0% 0% 8% 6% 38% 69%

Mezzanine 33% 6% 0% 0% 17% 10% 0% 0% 50% 100%

Fund of Funds 50% 5% 50% 5% 0% 0% 0% 0% 50% 50%

RE/Sec/Co-Inv/Dist 50% 10% 50% 10% 0% 0% 0% 0% 50% 50%

Institutional 50% 31% 17% 5% 17% 10% 33% 6% 33% 50%

All Firms 51% 10% 26% 10% 7% 10% 9% 6% 42% 65%





LBO/VC/Mezz 50% 8% 37% 5% 3% 23% 2% 22% 47% 61%


Venture Capital 45% 5% 32% 5% 0% 0% 0% 0% 55% 68%

Mezzanine 70% 7% 63% 3% 10% 10% 0% 0% 20% 38%

Fund of Funds 58% 6% 55% 5% 0% 0% 0% 0% 42% 45%

RE/Sec/Co-Inv/Dist 83% 7% 71% 8% 0% 0% 0% 0% 17% 29%

Institutional 50% 206% 14% 5% 8% 10% 0% 0% 42% 86%

All Firms 53% 8% 41% 5% 3% 10% 1% 22% 43% 58%

Bonus Changes in 2015 and Projected for 2016 - Administrative/Support Staff (Non-Partner/Non-M.D.)

Decrease

2015 2016

No Change

2015 2016

2016

Bonus Changes in 2015 and Projected for 2016 - Administrative/Support Staff (Partners/M.D.)

Decrease

2015 2016

No Change

2015


Increase

2015 2016


Increase

2015 2016


By Firm Type

Compensation Strategy Annual Bonus Plans: Bonus Determination Factors

For investment professionals, 22% of firms (19% last year) report bonuses are entirely discretionary. Some 55% of firms report that bonuses are somewhat discretionary but are based on firm, team or individual performance (mostly individual). Another 18% have formulaic goals/objectives.

For non-investment professionals, 28% of firms (20% last year) report bonuses are entirely discretionary. Another 57% of firms report bonuses are somewhat discretionary but are based on individual, team or firm performance (mostly individual). 12% have formulaic goals/objective.


Entirely discretionary

Based on firm performance

Based on fund / team

performance

Based on Individual

performance


Based on fund/team

performance

Based on Individual

performance

LBO/VC/Mezz 5% 24% 34% 16% 42% 12% 6% 8%

LBO / Grow th Equity 3% 24% 37% 13% 47% 8% 5% 8%

Venture Capital 6% 28% 19% 19% 38% 13% 6% 6%

Mezzanine 7% 14% 57% 14% 43% 21% 7% 14%

Fund of Funds 0% 14% 36% 29% 64% 7% 14% 14%

RE/Sec/Co-Inv/Dist 0% 22% 44% 22% 56% 22% 0% 22%

Institutional 10% 19% 52% 29% 62% 19% 14% 19%

All Firms 5% 22% 38% 20% 49% 13% 8% 12%

Entirely discretionary


Based on fund / team

performance

Based on Individual

performance


Based on fund/team

performance

Based on Individual

performance

LBO/VC/Mezz 4% 28% 33% 16% 41% 6% 2% 8%


Venture Capital 6% 31% 19% 19% 41% 6% 0% 6%

Mezzanine 0% 14% 57% 21% 50% 7% 7% 14%

Fund of Funds 0% 21% 36% 21% 57% 0% 14% 14%

RE/Sec/Co-Inv/Dist 0% 44% 33% 11% 33% 11% 0% 22%

Institutional 5% 29% 52% 19% 62% 10% 5% 10%

All Firms 3% 28% 36% 16% 46% 6% 4% 10%

Firm Classif icationNo Plan

Discretionary

Firm Classif icationNo Plan

Discretionary Formulaic

On w hat basis are annual incentives/bonuses distributed? Investment Professionals

On w hat basis are annual incentives/bonuses distributed? Non-Investment Professionals

Formulaic


By Firm Type

Compensation Strategy Annual Bonus Plans: When are Bonuses Distributed and Who Makes Bonus Decisions

The timing for payment of bonuses varies among firms. 36% pay before financial year-end, 22% during the first month after financial year-end, 38% in 2-4 months. 8% of firms provide a bonus upon exit of a portfolio company, and 6% for a closing.

If bonuses are discretionary, the most common approach to determining bonus amounts is by the managing partners.


Before the f inancial year

end

0 - 1 month after the f inancial

year end

2 - 4 months after the

f inancial year end


f inancial year end


f inancial year end

Event - Closing Event - Exit Event - Recap

LBO/VC/Mezz 43% 23% 30% 4% 5% 8% 10% 2%


Venture Capital 53% 16% 25% 6% 0% 6% 9% 0%

Mezzanine 29% 14% 57% 0% 7% 7% 0% 0%

Fund of Funds 21% 14% 57% 7% 7% 7% 7% 0%

RE/Sec/Co-Inv/Dist 22% 44% 33% 0% 11% 0% 11% 0%

Institutional 24% 5% 67% 0% 0% 0% 0% 0%

All Firms 36% 22% 38% 3% 5% 6% 8% 2%


When are bonuses distributed?

Managing Partner(s)

All PartnersManagement /

Executive Committee

Compensation Committee

Department Head

Other

LBO/VC/Mezz 43% 8% 14% 11% 6% 0%

LBO / Grow th Equity 55% 5% 16% 8% 5% 0%

Venture Capital 41% 13% 9% 9% 3% 0%

Mezzanine 21% 7% 21% 21% 14% 0%

Fund of Funds 36% 7% 36% 7% 14% 0%

RE/Sec/Co-Inv/Dist 33% 11% 33% 11% 11% 0%

Institutional 33% 0% 5% 10% 33% 0%

All Firms 41% 7% 16% 10% 12% 0%


If bonus is partially or fully discretionary, w ho makes the bonus determination?


Compensation Strategy Carried Interest Plans (CIP): As % of Most Recent Fund and Carried Interest Dollars at Work

The carried interest “percent” is worthy of note, but more important are the “dollars at work” that are derived from the percentage.

For example, assume there are three funds each with $800 million of commi?ed capital. One has carried interest of 25%, one at 20% and one at 15%. The dollars at work would be $200 million (25%); $160 million (20%); and $120 million (15%).

As described above, the “dollars at work” are returned to the LPs, but any realized gains from those dollars are paid/distributed to the GP.

If a modest 10% return is assumed, $200 million yields $20 million of gains; $160 million is $16 million, and $120 million is $12 million – quite a difference.

Traditional Carried Interest Plans for LBO, VC, and Mezzanine firms represent 20% of the commi?ed capital provided by Limited Partners (LPs). LPs ultimately are (or should be) returned 100% of their capital but only receive 80% of any realized gains from exits of portfolio companies. The remaining 20% of realized gains is awarded to the General Partner (GP)/private equity firm. The LPs have allowed 20% of their capital (like an interest free loan) to “carry” the GPs.

Carried interest is not always 20%. Some firms have had a 25% or 30% carried interest plan. Note that the median carried interest is 5% for Fund of Funds organizations.


# Firms Avg. 25th 50th 75thLBO/VC/Mezz 74 19% 20% 20% 20%

LBO / Grow th Equity 33 19% 20% 20% 20%

Venture Capital 28 19% 20% 20% 20%

Mezzanine 12 18% 20% 20% 20%

Fund of Funds 11 7% 5% 5% 9%

RE/Sec/Co-Inv/Dist 8 14% 8% 18% 20%

Institutional 21 15% 10% 17% 20%

All Firms 113 17% 15% 20% 20%

Firm Classif icationCarried Interest as a % of Most Recent Fund



LBO/VC/Mezz (Large) 36 192.0 79.9 142.5 206.8LBO/VC/Mezz (Small/Mid-Size) 38 41.5 22.0 40.0 58.0LBO/VC/Mezz (All) 74 114.7 28.5 64.0 136.3LBO / Grow th Equity (Large) 17 236.0 116.9 150.0 265.0LBO / Grow th Equity (Small/Mid-Size) 16 49.3 21.9 43.8 76.3LBO / Grow th Equity (All) 33 145.5 41.2 80.0 150.0Venture Capital (Large) 12 117.3 74.6 108.8 140.5Venture Capital (Small/Mid-Size) 16 34.0 21.2 30.0 50.3Venture Capital (All) 28 69.7 22.3 50.5 86.3Mezzanine (Large) 7 213.1 89.7 150.0 173.5Mezzanine (Small/Mid) 5 49.0 40.0 46.0 50.0Mezzanine (All) 12 144.7 44.5 68.3 152.5Fund of Funds (Large) 8 58.3 19.0 43.8 85.0Fund of Funds (Small-Mid-Size) 3 6.8 2.0 3.9 10.2Fund of Funds (All) 11 44.3 10.0 20.0 72.5RE/Sec/Co-Inv/Dist (One Size) 8 175.9 12.9 36.0 50.0Institutional (Large) 13 107.8 16.0 116.9 150.0Institutional (Small/Mid-Size) 8 34.0 22.3 26.3 38.3Institutional (All) 21 79.6 21.8 51.0 118.8All Firms 113 106.7 22.5 60.0 120.0

Most Recent Fund

Carried Interest Dollars at Work


Compensation Strategy Carried Interest Plans (CIP): Allocation

Partners/Managing Directors are allocated most of the carried interest. Non-partners, which did not receive carried interest until the late 1990’s, are now allocated 16% of the “carry” (15% in LBO firms and 13% in VC firms).

Among Institutional firms, the Parent Company receives 13% of the carry.

By Firm Type

50% of firms allocate carried interest to employees on a purely discretionary basis.

An additional 29% are also discretionary but based on a range determined by grade level. 14% allocate based on a formula, and 5 based on the grade level.


Firm Classif ication Partners / M.D.'S Non-Partners / Non-M.D.'s

Parent Company (Institutional Firms Only)

Sponsor/Corner-stone Investors

Unallocated/reserved for new hires

LBO/VC/Mezz 77% 15% 4% 2% 3%

LBO / Grow th Equity 78% 15% 3% 2% 2%

Venture Capital 77% 13% 5% 1% 4%

Mezzanine 72% 17% 6% 4% 1%

Fund of Funds 63% 19% 10% 8% 1%

RE/Sec/Co-Inv/Dist 71% 13% 14% 1% 0%

Institutional 65% 18% 13% 1% 3%

All Firms 73% 16% 7% 2% 2%

Carried Interest Plan Allocation (%)

Entirely Discretionary

Based on Grade

Based on Formula

Discretionary Based on Grade Other

LBO/VC/Mezz 58% 3% 10% 27% 1%



Mezzanine 50% 0% 10% 40% 0%

Fund of Funds 36% 9% 18% 27% 9%

RE/Sec/Co-Inv/Dist 50% 0% 38% 13% 0%


All Firms 50% 5% 14% 29% 2%


How is the allocation of each participant's individual carried interest determined?


Compensation Strategy Carried Interest Plans (CIP) : Distribution Requirements and Hurdle Rates

79% of firms are required to return all capital (invested or commi?ed) from a fund before employees can receive any carried interest distributions.

A surprising 21% of firms are on a deal by deal basis rather than a fund basis. This is most common among LBO firms at 39%.

However, see next table on hurdle rates

64% of firms (80% LBO, 38% VC) have a hurdle rate to surpass before any carried interest distributions are made.

Among these firms, 77% must meet a “preferred return” that typically is 8% annualized. After the 8% is met, the GP’s receive 100% (most firms) or 80% (a few firms) or 50% (very few firms) of the next tranche (or tier or layer) of realized gains as a “catch-up” until the normal carried interest percent is met.

11% of these firms (45% VC) must meet a Net Asset Value test (typically 120% or 125%) before carried interest distributions are made.

.

By Firm Type


All Committed Capital

All Invested Capital Deal by Deal

LBO/VC/Mezz 33% 43% 25%

LBO / Grow th Equity 21% 39% 39%

Venture Capital 50% 36% 14%

Mezzanine 29% 64% 7%

Fund of Funds 50% 50% 0%

RE/Sec/Co-Inv/Dist 18% 45% 36%

Institutional 47% 53% 0%

All Firms 34% 45% 21%


Is the f irm required to return all capital before carried interest distributions are made?

% of Firms Rate

% of Firms Rate

% of Firms Rate

% of Firms Rate

LBO/VC/Mezz 36% 14% 120% 75% 8% 2% 8% 10% 0%

LBO / Grow th Equity 20% 7% 110% 90% 8% 0% 8% 3% 0%

Venture Capital 62% 45% 120% 27% 9% 0% 0% 27% 0%

Mezzanine 15% 0% 0% 90% 8% 0% 0% 10% 0%

Fund of Funds 25% 11% 100% 89% 8% 0% 0% 0% 0%

RE/Sec/Co-Inv/Dist 33% 0% 120% 100% 8% 0% 0% 0% 0%

Institutional 39% 7% 130% 67% 8% 7% 8% 20% 0%

All Firms 36% 11% 120% 77% 8% 1% 8% 10% 0%

No Hurdle Rate Used

Net Asset Value TestFirm Classif ication Other Method

Firms Using Hurdle Rates to Determine Carried Interest

Preferred return w ith catch-up

Threshold return, no catch up


Compensation Strategy Carried Interest Plans (CIP) : Distribution Requirements and Hurdle Rates

By Firm Type



Compensation Strategy Carried Interest Plans (CIP): Vesting

Normally, if there are carried interest distributions, plan participants that remain employed will receive 100% of the amount due.

Vesting of carried interest protects an employee in the event of termination. The terminated employee will receive the percent vested at time of termination.

Vesting accrues on an annual basis in 64% of firms and on a monthly basis in 22% of firms. (VC firms are 52% monthly and only 30% annual).

0% of firms have no vesting and terminated employees will not receive any carried interest distributions.

57% of firms base Partner vesting (52% non-partner) on the time from inception of each new fund (i.e., vesting starts over for each new fund).

27% of firms base vesting on t h e t i m e s i n c e d a t e o f employment and 11% of firms base it on length of service since an employee first was allocated carried interest.

By Firm Type


No Vesting Annual Quarterly Monthly

LBO/VC/Mezz 0% 55% 13% 32%

LBO / Grow th Equity 0% 68% 11% 21%

Venture Capital 0% 30% 17% 52%

Mezzanine 0% 78% 11% 11%

Fund of Funds 0% 80% 10% 10%

RE/Sec/Co-Inv/Dist 0% 86% 14% 0%

Institutional 0% 76% 18% 6%

All Firms 0% 64% 14% 22%

Vesting Accruals for Carried Interest PlansFirm Classif ication

Partner Non-Partner Partner Non-Partner Partner Non-Partner Partner Non-Partner Partner Non-Partner

LBO/VC/Mezz 54% 48% 28% 30% 13% 14% 1% 1% 4% 7%


Venture Capital 54% 50% 32% 32% 8% 9% 0% 0% 5% 9%

Mezzanine 73% 67% 18% 17% 9% 8% 0% 0% 0% 8%

Fund of Funds 91% 82% 9% 9% 0% 0% 0% 9% 0% 0%

RE/Sec/Co-Inv/Dist 75% 100% 25% 0% 0% 0% 0% 0% 0% 0%

Institutional 50% 43% 32% 32% 11% 11% 0% 0% 7% 14%

All Firms 57% 52% 27% 28% 11% 12% 1% 2% 4% 8%

On w hat basis does carried interest vest?

Based on time from inception of each new

fund

Based on time since date of employmentFirm Classif ication

Must be employed to receive any distribution

Vesting is entirely discretionary

Based on length of service since the initial CIP

commencement


Compensation Strategy Carried Interest Plans (CIP): Vesting (Continued)

Vesting has been taking longer in recent years than in the past.. LBO firms typically vest fully over seven years and VC firms over eight to nine years.

The normal vesting schedule may be accelerated (normally to 50% up to 100%) due to certain events. 38% of firms accelerate for death; 36% for disability; and 24% due to retirement.

By Firm Type



Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

LBO/VC/Mezz 13% 29% 45% 60% 75% 86% 100% 100% 100% 100% 10% 25% 43% 57% 70% 80% 89% 100% 100% 100%

LBO / Grow th Equity 14% 30% 50% 62% 76% 90% 100% 100% 100% 100% 14% 29% 43% 57% 71% 86% 100% 100% 100% 100%

Venture Capital 13% 28% 42% 56% 70% 82% 89% 100% 100% 100% 5% 25% 39% 50% 65% 76% 86% 98% 100% 100%

Mezzanine 5% 23% 38% 55% 73% 80% 88% 100% 100% 100% 0% 18% 30% 48% 70% 80% 88% 100% 100% 100%

Fund of Funds 0% 25% 50% 68% 90% 100% 100% 100% 100% 100% 0% 25% 50% 68% 90% 100% 100% 100% 100% 100%

RE/Sec/Co-Inv/Dist 9% 27% 44% 56% 80% 97% 100% 100% 100% 100% 0% 0% 0% 25% 28% 30% 30% 30% 30% 30%

Institutional 15% 30% 48% 60% 75% 100% 100% 100% 100% 100% 15% 30% 48% 60% 75% 95% 95% 100% 100% 100%

All Firms 14% 30% 45% 60% 75% 88% 100% 100% 100% 100% 10% 25% 43% 57% 71% 82% 90% 100% 100% 100%

Partners / M.D.'S Other Employees

Median Cumulative Vesting Percent of Carried Interest by Year - Most Recent Fund

% Firms Median % Firms Median % Firms Median

LBO/VC/Mezz 35% 90% 20% 100% 38% 80%

LBO / Grow th Equity 41% 80% 24% 100% 44% 80%

Venture Capital 21% 20% 11% 0% 25% 18%

Mezzanine 50% 100% 33% 100% 50% 100%

Fund of Funds 27% 100% 27% 100% 27% 100%

RE/Sec/Co-Inv/Dist 38% 80% 25% 80% 50% 65%

Institutional 41% 100% 36% 80% 41% 100%

All Firms 36% 100% 24% 100% 38% 90%

Do any of the follow ing events cause vesting of carried interest to be accelerated?

Firm Classif ication Disability Retirement Death

Compensation Strategy Carried Interest Plans (CIP): Treatment of Leavers

By Firm Type

Other termination events cause the percent vested to be forfeited. 89% of firms forfeit vesting for termination due to cause and 63% if an employee terminates to join a competitor (these seem about right). However, 49% of firms responded that they forfeit for termination not joining a competitor and 40% for involuntary termination not for cause. These last two makes us question what is the purpose of having a vesting schedule.

The percent of carried interest that is forfeited usually is allocated to other participants (51% of firms) However, with 25% of firms, it is placed in reserve for future allocation, and in 24% of firms it reverts to the management company.


% Firms% Forfeited

(Median) % Firms% Forfeited



(Median)

LBO/VC/Mezz 66% 63% 53% 50% 38% 35% 91% 100%


Venture Capital 81% 75% 63% 50% 44% 0% 88% 100%

Mezzanine 78% 100% 56% 60% 44% 20% 100% 100%

Fund of Funds 57% 55% 29% 0% 43% 0% 57% 100%

RE/Sec/Co-Inv/Dist 67% 30% 67% 10% 50% 0% 83% 100%

Institutional 53% 75% 40% 75% 40% 50% 100% 100%

All Firms 63% 63% 49% 50% 40% 50% 89% 100%

Firm Classif icationVoluntarily (go to

competitor)Voluntarily (not to

competitor) Involuntary (no cause) Involuntary (cause)

Is Carried Interest Plan participation subject to forfeiture in w hole or in part on cessation of employment?

Reverts to management

company

Reallocated to other participants

Reserved for future reallocation

Other

LBO/VC/Mezz 22% 52% 27% 0%



Mezzanine 33% 67% 0% 0%

Fund of Funds 30% 50% 20% 0%



All Firms 24% 51% 25% 0%

What happens to carry points forfeited on cessation of employment?



Compensation Strategy Carried Interest Plans (CIP): Treatment of New Employees and Timing Of Distributions

By Firm Type

If there is a new hire or a promotion where the employee is awarded some carried interest, 35% have carried interest reserves from which they can allocate and 31% of firms dilute the carried interest of other participants.

24% of firms require that these employees must wait for the next fund.

Most firms make carried interest distributions at the time of exit from a portfolio company (subject to lock-up periods). Very few firms allow for deferrals of distributions.

However, 47% of Institutional firms have annual distributions.


Need to w ait for the next fund

An element of carry is in reserve

Dilution of existing carry aw ards Other

LBO/VC/Mezz 16% 38% 38% 9%



Mezzanine 44% 33% 11% 11%

Fund of Funds 60% 30% 10% 0%



All Firms 24% 35% 31% 9%

When Earned Quarterly Annually Other

LBO/VC/Mezz 76% 0% 15% 10%



Mezzanine 50% 0% 38% 13%

Fund of Funds 63% 25% 13% 0%



All Firms 69% 2% 20% 9%


Are carry distributions paid w hen earned or at regular intervals?


How does the plan deal w ith new participants or additional carry aw ards to existing participants?


Compensation Strategy Employee Benefits and Perquisites

Most firms offer retirement plans and 401(k) plans are the most common. Some firms (notably Mezzanine) also offer Defined Benefit pension plans and Cash Balance pension plans. Other plans normally offered are Medical, Dental, Life Insurance, and Long-Term Disability. To a somewhat lesser degree, short-term disability plans are offered.

By Firm Type

Average annual employee benefit cost is $34,200 for partners, $24,100 for non-partners and $27,400 for all employees combined.

PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner PartnerNon-

Partner

LBO/VC/Mezz 82% 83% 4% 1% 10% 6% 5% 4% 97% 97% 88% 88% 74% 74% 82% 83% 81% 78% 12% 4% 3% 0% 26% 22%

LBO / Grow th Equity 79% 82% 0% 0% 9% 6% 6% 3% 100% 100% 82% 82% 71% 71% 79% 79% 82% 76% 6% 3% 0% 0% 26% 26%

Venture Capital 80% 80% 3% 0% 7% 0% 7% 7% 97% 97% 93% 93% 73% 73% 87% 90% 80% 80% 17% 3% 7% 0% 23% 17%

Mezzanine 92% 92% 15% 8% 23% 23% 0% 0% 92% 92% 92% 92% 85% 85% 77% 77% 77% 77% 15% 8% 0% 0% 31% 23%

Fund of Funds 100% 100% 0% 0% 8% 8% 0% 0% 100% 100% 92% 92% 77% 77% 85% 85% 77% 77% 0% 0% 0% 0% 8% 8%

RE/Sec/Co-Inv/Dist 89% 89% 11% 0% 33% 33% 22% 22% 100% 100% 89% 89% 78% 78% 78% 78% 100% 100% 11% 0% 11% 0% 22% 22%

Institutional 96% 96% 4% 4% 13% 13% 0% 0% 100% 100% 100% 100% 96% 96% 100% 100% 96% 91% 9% 4% 0% 0% 22% 17%

All Firms 85% 86% 4% 2% 12% 9% 5% 4% 98% 98% 90% 90% 77% 77% 84% 85% 83% 80% 10% 3% 2% 0% 22% 19%


Cash Balance Pension Plan

Car Allow anceLife InsuranceLong-term Disability

Defined Benefit Pension Plan

Medical Dental Short-term Disability

SERP/IRA401(k)

Benefits/perquisites provided to employees (COUNTA)

Company Car Gym Membership


LBO/VC/Mezz 30.6 15.4 22.0 45.0 25.3 15.0 20.0 30.9 27.1 15.0 20.4 31.0LBO / Grow th Equity 22.9 8.0 16.0 22.0 21.1 9.4 15.0 28.0 21.7 9.1 15.0 25.8Venture Capital 50.7 25.0 47.0 60.0 23.4 15.0 20.0 30.0 31.9 18.0 25.0 42.0Mezzanine 49.4 40.0 50.0 62.0 29.9 16.3 25.0 36.0 34.8 19.9 28.5 49.6Fund of Funds 37.0 21.0 22.0 50.0 25.3 21.0 21.0 30.0 27.8 21.0 21.0 30.0

RE/Sec/Co-Inv/Dist 30.2 20.4 26.9 35.0 26.5 10.8 26.8 37.0 27.5 15.0 26.9 37.0Institutional 84.0 22.0 44.5 60.8 21.5 13.0 21.0 26.3 42.4 17.0 22.0 40.0All Firms 34.2 15.7 22.0 47.2 24.1 15.0 20.0 30.0 27.4 15.0 20.4 31.0

Firm Classif ication Partners All EmployeesNon-Partners

Cost of Employee Benefits (000's)


Compensation Strategy Employee Benefits and Perquisites: Portion of Benefits Paid by The Firm

All firms pay most of the cost of the various employee benefit programs for partners and non-partners and their dependents.

By Firm Type



Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th

LBO/VC/Mezz 79% 100% 74% 90% 72% 100% 68% 85% 62% 100% 63% 100% 72% 100% 13% 0%

LBO / Grow th Equity 79% 100% 72% 88% 63% 85% 59% 80% 61% 100% 64% 100% 74% 100% 6% 0%

Venture Capital 79% 100% 75% 100% 77% 100% 73% 100% 59% 100% 63% 100% 69% 100% 20% 0%

Mezzanine 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100%

Fund of Funds 76% 77% 59% 70% 69% 78% 59% 75% 67% 100% 80% 100% 68% 100% 0% 0%

RE/Sec/Co-Inv/Dist 96% 100% 87% 100% 84% 100% 76% 100% 75% 100% 75% 100% 97% 100% 3% 0%

Institutional 53% 68% 51% 65% 55% 75% 52% 70% 57% 100% 42% 0% 67% 100% 4% 0%

All Firms 75% 90% 69% 85% 69% 85% 65% 80% 63% 100% 62% 100% 73% 100% 9% 0%


Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th Avg 50th

LBO/VC/Mezz 79% 100% 74% 85% 71% 95% 67% 85% 60% 100% 61% 100% 68% 100% 14% 0%

LBO / Grow th Equity 79% 90% 71% 80% 62% 80% 58% 80% 58% 100% 61% 100% 67% 100% 9% 0%

Venture Capital 80% 100% 76% 100% 77% 100% 73% 100% 59% 100% 63% 100% 69% 100% 18% 0%

Mezzanine 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100% 0% 100%

Fund of Funds 77% 77% 59% 75% 69% 78% 59% 75% 67% 100% 80% 100% 68% 100% 0% 0%

RE/Sec/Co-Inv/Dist 96% 100% 87% 100% 84% 100% 76% 100% 75% 100% 75% 100% 97% 100% 3% 0%

Institutional 56% 75% 53% 75% 55% 75% 52% 70% 57% 100% 42% 25% 67% 100% 4% 0%

All Firms 76% 90% 69% 80% 69% 85% 64% 80% 62% 100% 61% 100% 71% 100% 10% 0%

Medical (Employees) Medical (Dependents) Dental (Employees) Dental (Dependents)

Long-tern DisabilityDental (Employees)Medical (Dependents) Basic Life Insurance Supplemental Life Insurance

Short-term DisabilityDental (Dependents)

Supplemental Life Insurance

Medical (Employees)

Portion of Benefits Paid by the Firm - Partner Level

Portion of Benefits Paid by the Firm - Non-Partner Level

Long-tern DisabilityShort-term Disability Basic Life Insurance


Compensation Strategy Employee Benefits and Perquisites: 401k Contributions Provided by The Firm

87% of firms match employee contributions. 48% match salary only and 38% match on both salary and bonus. 2% will vary the match based on firm performance and 5% based on length of service.

Most of these firms match a maximum of 3% of compensation.

By Firm Type


No Matching % Salary % Salary plus bonus

LBO/VC/Mezz 19% 40% 41%







All Firms 13% 48% 38%


If your f irm provides 401(k) contributions, on w hat basis are they

calculated?

Firm performance Length of serviceFirm Performance

and Length of Service

None

LBO/VC/Mezz 0% 5% 1% 93%



Mezzanine 0% 8% 0% 92%

Fund of Funds 8% 0% 0% 92%



All Firms 2% 5% 1% 92%


If your f irm provides a 401(k) match, on w hat basis does the match vary?

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12+%

LBO/VC/Mezz 0% 1% 2% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

LBO / Grow th Equity 0% 1% 2% 3% 2% 3% 3% 2% 0% 0% 0% 0% 0%

Venture Capital 0% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%

Mezzanine 0% 1% 2% 3% 3% 2% 3% 2% 0% 0% 0% 0% 0%

Fund of Funds 0% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%

RE/Sec/Co-Inv/Dist 0% 1% 2% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

Institutional 0% 1% 2% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4%

All Firms 0% 1% 2% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%


Median level of 401(k) contribution, by employee contribution

Employee Contribution


Compensation Strategy General Partner Commitment (GPC)

General Partners are required to put some money “at risk” in order to qualify for long-term capital gain tax treatment. Also, LPs prefer that GPs have “skin in the game” by investing alongside the LPs The most common allocation is 2% of the capital commi?ed to the fund. LBO firms in our survey commit more money than other types of firms.

GPs often contribute pro rata to their share of carried interest. It also is common to negotiate internally among the partners.

The majority of firms make their GP contributions at the time of an LP drawdown (86% VC, 62% LBO). A number of firms contribute on a deal by deal basis (15% LBO; 14% VC).

By Firm Type



LBO/VC/Mezz 77 3.01% 1.00% 1.67% 2.70%

LBO / Grow th Equity 34 4.81% 1.17% 2.50% 4.25%

Venture Capital 30 1.61% 1.00% 1.00% 1.88%

Mezzanine 13 1.49% 0.50% 1.00% 2.26%

Fund of Funds 13 1.17% 0.20% 0.75% 2.00%

RE/Sec/Co-Inv/Dist 9 3.19% 1.00% 2.00% 3.30%

All Firms 120 2.68% 0.50% 1.00% 2.50%

Firm Classif icationStandard General Partner Commitment as % of Most Recent Fund Pro rata to

Carried Interest

Plan interest

Internally agreed

amongst partners

DiscretionaryIndividual

affordability

Fund management entity pays

total

Fund management entity pays proportion

Other

LBO/VC/Mezz 39% 30% 16% 22% 1% 3% 0%

LBO / Grow th Equity 29% 32% 21% 32% 3% 0% 0%

Venture Capital 50% 23% 10% 17% 0% 3% 0%

Mezzanine 38% 38% 15% 8% 0% 8% 0%

Fund of Funds 31% 23% 0% 15% 0% 15% 0%

RE/Sec/Co-Inv/Dist 44% 22% 22% 22% 0% 11% 0%

Institutional 22% 9% 0% 4% 0% 0% 0%

All Firms 35% 25% 11% 18% 1% 4% 0%


How is the allocation of the General Partner commitment amongst the partners / employees determined?

At time of LP draw dow n

On an annual basis

All up front Deal by Deal Other

LBO/VC/Mezz 72% 4% 9% 13% 2%



Mezzanine 67% 17% 17% 0% 0%

Fund of Funds 80% 10% 0% 10% 0%

RE/Sec/Co-Inv/Dist 100% 0% 0% 0% 0%


All Firms 73% 4% 9% 12% 2%

For those w ho contribute to the General Partner commitment, are they expected to subscribe on:



Compensation Strategy Co-Investment Plans: Participation and General Plan Characteristics

Page 32 shows that 23% of firms (32% LBO, 29% Mezzanine, 19% VC, and 7% Fund of Funds) have a co-investment plan that is in addition to the GP contribution. Shown below are various features of these plans.

For partners and non-partners, contributions are usually voluntary. Most co-investments are pro rata on all deals – although there is some “cherry-picking.”

By Firm Type



Mandatory Voluntary N/A Mandatory Voluntary N/A Mandatory Voluntary N/A Mandatory Voluntary N/A

LBO/VC/Mezz 13% 32% 55% 6% 47% 47% 0% 30% 70% 0% 37% 63%

LBO / Grow th Equity 14% 29% 57% 5% 55% 40% 0% 25% 75% 0% 44% 56%

Venture Capital 9% 36% 55% 0% 40% 60% 0% 40% 60% 0% 30% 70%

Mezzanine 17% 33% 50% 17% 33% 50% 0% 25% 75% 0% 25% 75%

Fund of Funds 0% 40% 60% 0% 40% 60% 0% 25% 75% 0% 40% 60%

RE/Sec/Co-Inv/Dist 40% 40% 20% 20% 20% 60% 0% 25% 75% 0% 25% 75%

Institutional 22% 11% 67% 22% 22% 56% 0% 0% 100% 0% 17% 83%

All Firms 16% 30% 54% 9% 40% 51% 0% 25% 75% 0% 33% 67%

Participation in the co-investment plan (by employee group)

Administrative/Support Staff

Partners/M.D.'s Non-Partners/Non-M.D.'s

Investment Professionals

Partners/M.D.'s Non-Partners/Non-M.D.'s

All DealsSpecif ic

Deals Only Both

LBO/VC/Mezz 65% 30% 5%







All Firms 62% 28% 10%

Firm Classif icationCo-Investments are made on:

Average 50th

LBO/VC/Mezz 5% 0%

LBO / Grow th Equity 6% 0%

Venture Capital 4% 0%

Mezzanine 8% 0%

Fund of Funds 0% 0%

RE/Sec/Co-Inv/Dist 13% 0%

Institutional 0% 0%

All Firms 4% 0%


Are employees charged normal

management fees on their

investment?


Compensation Strategy Co-Investment Plans

All Firms

Co-investments almost always are with after tax dollars. Very few firms charge normal management fees or carried interest to employees. 15% of firms with a co-investment plan provide loans, the highest employer contributions often 3:1. Loans normally are recourse. Interest rates on the loans normally are floating (as opposed to fixed) and the typical interest rate is 4.19%.


Fixed Floating

LBO/VC/Mezz 24% 10% 40% 60% 4:01 100.00% 3.38%

LBO / Grow th Equity 13% 8% 25% 75% 3:01 100.00% 3.38%

Venture Capital 33% 17% N/A N/A N/A 100.00% N/A

Mezzanine 0% 0% 0% 0% N/A 0.00% 0.00%

Fund of Funds 50% 50% 100% 0% N/A 50.00% 5.00%

RE/Sec/Co-Inv/Dist 11% 0% 33% 67% N/A 100.00% 5.00%

Institutional 0% 0% 0% 0% N/A 0.00% 0.00%

All Firms 15% 10% 27% 73% 3:01 87.50% 4.19%

Firm Classif ication Are loans provided to employees?

Are employees required to invest their

ow n money?

Highest loan ratio of f irm to

employee

Interest Rate

Loans

Average % of loan that is recourse

Average current

interest rate

LBO/VC/Mezz 47% 10%

LBO / Grow th Equity 53% 8%

Venture Capital 46% 17%

Mezzanine 33% 0%

Fund of Funds 36% 50%

RE/Sec/Co-Inv/Dist 38% 0%

Institutional 45% 0%

All Firms 45% 10%


Does a plan committee have

any discretion as to vesting of

leavers?

Is there preferential treatment in

respect to the investment?

© 2016 by Holt Private Equity Consultants, MM&K Ltd. and Buyouts Insider. All Rights Reserved Private Equity and Venture Capital – North America Report Page 54 © 2016 by Holt Private Equity Consultants, MM&K Ltd. and Buyouts Insider. All Rights Reserved Private Equity and Venture Capital – North America Report Page 54

V. Year to Year Changes in Compensation Levels

(Also, geographic differences in compensation)

PE/VC Compensation North America



III. HUMAN CAPITAL






All Firms - By Employee Grouping

Compensation Levels – Changes in Median Compensation Year -over-year changes in median compensation for investment manager positions

The economy affects performance and performance affects compensation. Salary plus bonus plus carried interest distributions increased in a good economy 25% from 2007 to 2008. Then in a bad economy from 2008 to 2009 they decreased 5%. Things gradually improved, and there were increases of 24% in the past three years. This includes all investment managers but not administrative/support staff.

If we focus on Partners, they received no salary increases from 2008 to 2009 and 2009 to 2010; only 1% in 2010 to 2011; and 5%- 6% the following years, but 8% from 2014 to 2015 and 9% from 2015 to 2016. When bonus and carried interest distributions are included, the changes (percent) were negative from 2008 to 2009 and 2009 to 2010 but did increase 23% or more the past three years.

Historic Changes in Median Compensation


Partner Non-Partner All

Salary Salary + Bonus Salary + Bonus + Carry Salary Salary + Bonus Salary + Bonus +

Carry Salary Salary + Bonus Salary + Bonus + Carry

2007/2008 11% 14% 23% 13% 34% 35% 12% 18% 25%

2008/2009 0% -6% -12% 6% 10% 11% 3% 1% -5%

2009/2010 0% -5% -9% 5% 7% 8% 0% 5% 5%

2010/2011 1% 9% 12% 4% 7% 8% 2% 4% 10%

2011/2012 5% 11% 25% 21% 27% 33% 10% 15% 26%

2012/2013 6% 10% 16% 6% 19% 24% 6% 13% 16%

2013/2014 5% 14% 30% 6% 22% 22% 6% 18% 26%

2014/2015 8% 15% 23% 10% 23% 24% 9% 19% 24%

2015/2016 9% 14% 23% 9% 21% 25% 9% 18% 24%

Venture Capital

We also include year-to-year changes for certain key positions in LBO and VC firms. This includes salaries from April 1, 2015 to April 1, 2016, and bonuses earned/accrued in 2014 and 2015. As stated in the introduction, we no longer add carried interest distributions to salary and bonus. Rather, we show distributions only for those that received a distribution. VC salaries are typically higher than LBO firms, but when bonuses are added to salaries LBO firms tend to close the gap.

LBO/Growth Equity

LBO and Venture Capital Firms

Compensation Levels – Changes in Median Compensation Year-over-year changes in median compensation - Key Positions



Managing General Partner(s)/CEO 750.0 705.0 6% 1782.0 1629.9 9% 2290.0 2383.5 -4%

Senior Partner/Senior Managing Director(s) 425.0 400.0 6% 928.0 875.0 6% 1190.0 1230.0 -3%

Partner/Managing Director(s)/Portfolio Manager 300.0 275.0 9% 720.0 650.0 11% 877.4 228.6 284%

Principal/Director(s) 208.3 250.0 -17% 550.0 469.0 17% 270.0 500.0 -46%

Vice President(s)/Senior Associate(s) 168.0 150.0 12% 320.0 250.0 28% 325.0 250.0 30%

Associates(s) 115.0 101.5 13% 210.0 167.0 26% 210.0 137.0 53%

CFO 250.0 225.0 11% 410.0 380.0 8% 475.0 475.0 0%

COO 275.0 242.5 13% 425.0 426.0 0% 425.0 440.0 -3%



Managing General Partner(s)/CEO 800.0 750.0 7% 1622.0 1200.0 35% 2516.0 2100.0 19.8%

Senior Partner/Senior Managing Director(s) 612.5 490.5 25% 947.0 757.6 25% 1000.0 685.0 46.0%

Partner/Managing Director(s)/Portfolio Manager 350.0 313.0 12% 560.0 500.0 12% 558.0 450.0 24.0%

Principal/Director(s) 240.0 202.5 19% 340.0 311.5 9% 375.0 210.0 78.6%

Vice President(s)/Senior Associate(s) 150.0 140.0 7% 235.0 213.6 10% 195.0 177.5 9.9%

Associates(s) 125.0 115.0 9% 172.8 156.0 11% 197.0 165.0 19.4%

CFO 300.0 275.5 9% 430.0 400.0 8% 400.0 385.2 3.9%

COO 382.5 345.0 11% 408.0 374.0 9% 437.0 400.0 9.3%


Compensation Levels – by Geographic Location All Large Size Firms ($1.2 billion plus) – The Pacific area tends to pay slightly above the Northeast and Midwest for many positions, The differences for most positions are not very significant, indicating that investment management positions are national in scope, and not regional.


Average Median Average Median Average Median

PE01 Managing General Partner(s) / CEO 1,575.8 1,852.5 2,345.0 2,300.0 2,942.0 3,261.3

PE02 Senior Partner / Senior Managing Director(s) 718.0 615.2 1,216.5 1,312.5 1,388.9 1,340.3

PE03 Partner / MD(s) / Portfolio Manager 729.6 693.1 575.1 610.0 797.9 732.0

PE04 Principal / Vice President / Director(s) 524.2 502.1 472.9 450.0 524.2 431.2

PE05 Senior Associate(s) 283.7 300.0 301.1 305.0 286.5 275.0

PE06 Associate(s) 174.9 180.1 209.5 195.3 201.3 195.0

PE07 Senior Analyst(s) 130.6 115.1 134.4 110.1 187.9 200.0

PE08 Analyst(s) 96.8 96.8 89.4 79.3 125.5 107.3

Job Code Job Title

Midw est Northeast Pacif ic

Salary + Bonus ($000)

25th 75th 25th 75th 25th 75th

PE01 Managing General Partner(s) / CEO 1,076.3 2,575.0 1,197.0 2,550.0 1,689.7 3,480.0

PE02 Senior Partner / Senior Managing Director(s) 915.0 1,200.0 1,000.0 1,341.7 1,241.6 1,535.0




PE06 Associate(s) 155.0 199.9 165.9 260.0 173.9 215.0


PE08 Analyst(s) 76.5 117.1 70.1 113.9 105.6 154.5

Job Code Job Title



Compensation Levels – by Geographic Location All Small/Mid Size Firms (below $1.2 billion) – Again, the Pacific region compensates salary plus bonus somewhat higher than the Northeast or Midwest. However, this is not always true.


Average Median Average Median Average Median

PE01 Managing General Partner(s) / CEO 1,024.3 622.3 1,716.7 1,200.0 1,864.9 1,500.0

PE02 Senior Partner / Senior Managing Director(s) 821.6 895.0 965.7 862.5 674.6 750.0




PE06 Associate(s) 136.5 138.6 177.2 151.9 196.5 197.0


PE08 Analyst(s) 91.8 100.0 117.7 114.9 95.3 110.0

Job Code Job Title




25th 75th 25th 75th 25th 75th

PE01 Managing General Partner(s) / CEO 500.0 1,836.0 600.0 2,700.0 1,000.0 2,962.1

PE02 Senior Partner / Senior Managing Director(s) 402.0 1,190.0 400.0 1,208.8 502.6 849.5




PE06 Associate(s) 123.6 150.0 96.0 220.0 170.0 220.0


PE08 Analyst(s) 95.3 100.0 81.5 145.9 67.8 123.8

Job Code Job Title Salary + Bonus ($000)

VI. Compensation Levels Per Position (By Type &

Size of Firm)




III. HUMAN CAPITAL




VII. COMPENSATION LEVELS BY TYPE & SIZE OF FIRM (INCLUDES CANADA ASIA PACIFIC)


Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Partner Level Positions

Job Descriptions

PE 01. Managing General Partner(s) / CEO: One or more of the top level partners that provide both strategic and operational leadership to the private equity organization, with responsibility for its overall success, planning and growth.

PE 02. Senior Partner / Senior Managing Director(s): Exceptional experience as dealmakers and portfolio managers who oversee investment and exiting decisions for large parts of the portfolio, and who head up execution of organizational goals and strategy set by the managing general partner(s). They normally have at least 15 years of relevant experience.

PE 03. Partner / Managing Director(s) / Portfolio Manager: Seasoned experience as dealmakers, either with financial or operational expertise, who lead teams that source transactions, negotiate them, and monitor companies once in the portfolio. They typically sit on company boards and determine exit strategies. They normally have at least 10 years of relevant experience.

PM 01. Venture Partner/Operations Partner: This professional identifies investment opportunities and advises portfolio companies on operational ma?ers. This partner may occasionally fill in a key management role on a temporary basis.

Observations

Page #10 provides definitions for various terms used in this Section V. We will summarize some of this information.

In this section VI of the report, we look at each surveyed position separately by type and size of firm. Then in section VII we will reverse the data, and show all positions within each type and size of firm.

We consider small size firms as having under $500 million of commi?ed capital from all active funds; mid-size firms are $500 to $1.5 billion; and large firms are $15 billion or more.

For each component of compensation, we show an average and a median (50th percentile). We also show a 25th (low) and a 75th (high) percentile. We consider the median as more reliable than the average because the average can include one or two very high or low paying firms that distort the true competitive market-place compensation. Thus, when we comment on each position, we will focus on the median (or 50th percentile).

There are two pages for most positions (unless there is insufficient data). The various components of actual compensation on the first page are: salary; salary plus bonus; and carried interest distributions but only for those that received a distribution. The second page covers carried interest allocations (not distributions) and includes the percent of the most recent fund (often referred to as “points” in the fund) and the dollars at work from both the most recent fund and all active funds. The percent of carried interest typically is lower in large firms for higher level positions while the dollars at work for these positions are larger than in small firms.

For higher level positions, size makes a significant difference in compensation levels. For lower level positions, size can make some difference but less so than with higher levels. Therefore, our commentary will focus on large firms for Partner, Principal and Senior Associate positions and on all firms below the Senior Associate position.


Compensation Levels Per Position (By Type & Size of Firm) Investment Managers -Partner Level Positions

Observations (Continued)

PE 01 - Large VC firms ($3.0 million) usually pay higher salaries than large LBO firms ($1.2 million), but LBO firms ($2.3 million) close the gap (or even surpass VC firms - $3.3 million) when bonuses are added to salaries. Mezzanine is at $1.0 million and Fund of Fund firms also at $1.0 million. Carried interest distributions were $3.5 million at all firms ($6.5 at LBO firms and $2.3 million at VC firms).

Median carried interest is 3.4% (of the fund) in large LBO firms and 4.2% in large VC firms. Dollars at work from all active funds (which we consider the most important component of carried interest because they generate realized gains) are $104.0 million in large LBO firms and $64.3 million in large VC firms. The dollars at work are $29.6 million in large Mezzanine organizations; and $65.4 million in large Fund of Funds.

PE 02 - Salary plus bonus median for the Senior Partner/Senior Managing Director position is $1.3 million in large LBO firms and $1.2 in large VC firms. Large Mezzanine firms are at $506,000 and large Fund of Funds at $750,000. Carried interest distributions were $1.4 million at all firms.

Median carried interest as a percent of the fund is 1.5% for large LBO firms and 1.3% for large VC firms. The dollars at work from all active funds are $51.6 million in large LBO firms and $28.1 million in large VC firms.

PE 03 - Salary plus bonus median for the third level Partner position is $650,000 in large LBO firms and $634,000 in large VC firms. This compares with $650,000 in both large Mezzanine firms and large Fund of Fund firms. Carried interest distributions are $502,000 in all firms.

Carried interest as a percent of the fund is 1.1% for large LBO firms and 0.8% for large VC firms. The dollars at work from all active funds are $12.2 million for all firms.

PM 01 – This position is titled as a Partner but it is not typically an investment manager so we treat it separately. The 50th percentile (median) salary plus bonus for the Venture Partner/Operations Partner level position is $522,600 for all firms. 47% of these employees are allocated carried interest that is 0.4% of the fund and $3.0 million of dollars at work.


Managing General Partner (s) / CEO



Job Title # Firms Base Salary ($000) Salary + Bonus ($000) Carry Distribution ($000)

Avg. 25th 50th 75th Avg. 25th 50th 75th # Firms Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 19 1949.8 276.6 1350.0 3189.5 3101.6 1836.0 3189.5 4300.0 7 4929.6 1646.9 1789.6 6549.4 LBO/VC/Mezz (Mid-Size) 17 731.8 400.0 750.0 1000.0 1615.9 1000.0 1150.0 1622.0 2 4178.5 - 4178.5 - LBO/VC/Mezz (Small) 7 545.9 473.1 525.0 600.0 591.8 575.0 600.0 621.1 1 - - - - LBO/VC/Mezz (All) 33 1302.5 400.0 636.0 1350.0 2109.2 750.0 1622.0 3189.5 17 4817.5 885.0 2278.7 8250.0 LBO/Growth Equity (Large) 14 1878.6 213.3 1175.0 2300.0 2767.0 1836.0 2300.0 3394.2 6 8006.1 2554.4 6549.4 13579.6 LBO/Growth Equity (Mid-Size) 6 481.7 217.5 270.0 630.0 1127.0 700.0 1175.0 1542.0 1 - - - - LBO/Growth Equity (Small) 5 539.3 446.3 500.0 600.0 584.5 550.0 600.0 622.3 1 - - - - LBO/Growth Equity (All) 25 1236.2 253.1 480.0 1350.0 1925.3 622.3 1656.0 2300.0 6 5594.3 1647.4 3319.3 7399.7 Venture Capital (Large) 15 2222.3 636.0 3000.0 3189.5 3419.3 3189.5 3265.0 4300.0 3 2278.7 2278.7 2278.7 2278.7 Venture Capital (Mid-Size) 12 858.3 750.0 800.0 1050.0 1821.6 1000.0 1142.5 1622.0 1 - - - - Venture Capital (Small) 3 523.8 485.6 525.0 562.5 614.1 610.0 620.0 621.1 1 - - - - Venture Capital (All) 30 1506.9 609.0 800.0 3000.0 2499.7 1135.0 1622.0 4041.3 5 1555.6 885.0 2278.7 2278.7 Mezzanine (Large) 2 272.5 - 272.5 - 997.1 - 997.1 - 2 913.4 - 913.4 - Mezzanine (Small/Mid-Size) 5 402.2 350.0 354.0 500.0 605.2 500.0 557.0 619.0 2 300.0 - 300.0 - Mezzanine (All) 7 365.1 275.0 350.0 427.0 717.2 528.5 619.0 850.0 4 606.7 258.3 300.0 648.4 Fund of Funds (Large) 18 465 300 381 600 1,122 350 1,088 1,500 9 4,097 200 4,600 7,490 Fund of Funds (Small/Mid-Size) 3 737 575 850 956 1,287 852 1,309 1,733 0 - - - - Fund of Funds (All) 21 499.3 300.0 406.0 600.0 1216.4 361.3 1175.3 1500.0 9 4096.5 200.0 4600.0 7489.6 Real Estate/Secondary/Co-Investment/Distressed (One Size) 7 651.7 468.3 850.0 850.0 1167.2 997.8 1425.0 1500.0 1 - - - - Institutional (Large) 3 267.7 251.6 253.1 276.6 1248.7 723.1 750.0 1525.0 3 4157.2 2490.9 4848.9 6169.3 Institutional (Small/Mid-Size) 4 869.1 387.5 423.1 904.7 1096.8 554.2 878.6 1421.3 1 - - - - Institutional (All) 7 611.3 276.6 350.0 423.1 1161.9 659.2 750.0 1707.5 4 3339.1 697.0 2866.9 5509.1 All Firms 97 1137.3 400.0 525.0 1200.0 1918.6 750.0 1500.0 2588.0 22 4272.3 446.3 3529.5 7388.5

Managing General Partner (s) / CEO - Continued



Job Title # Firms

Carried Interest

% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions)


LBO/VC/Mezz (Large) 18 3.7% 2.8% 3.7% 4.3% 43.6 23.7 33.3 49.3 99.7 64.3 81.0 104.1 LBO/VC/Mezz (Mid-Size) 12 4.1% 2.9% 3.4% 6.1% 14.6 8.1 9.9 19.2 34.7 22.0 30.9 47.5 LBO/VC/Mezz (Small) 7 8.7% 3.8% 6.0% 10.6% 10.4 8.0 10.8 13.1 11.7 10.4 11.0 13.1 LBO/VC/Mezz (All) 37 4.9% 2.8% 4.0% 5.8% 27.6 9.7 14.5 32.2 60.3 15.0 39.5 78.0 LBO/Growth Equity (Large) 15 3.5% 2.6% 3.4% 3.7% 56.3 46.7 51.8 52.0 118.1 74.5 104.0 120.9 LBO/Growth Equity (Mid-Size) 5 4.3% 0.8% 5.7% 7.2% 20.6 7.0 29.0 30.1 37.1 7.9 47.4 47.4 LBO/Growth Equity (Small) 5 5.7% 2.5% 5.0% 6.0% 9.7 5.9 10.8 12.4 11.6 10.8 11.0 12.4 LBO/Growth Equity (All) 25 4.4% 2.6% 3.5% 6.3% 39.9 11.2 34.2 48.4 77.0 13.0 74.0 99.7 Venture Capital (Large) 12 3.8% 3.4% 4.2% 4.5% 18.8 7.0 23.7 25.7 67.9 35.1 64.3 104.1 Venture Capital (Mid-Size) 7 3.9% 3.3% 3.4% 4.8% 10.3 8.5 9.9 12.9 33.0 26.0 29.9 39.7 Venture Capital (Small) 3 11.4% 5.1% 8.2% 16.1% 9.5 7.3 10.0 12.0 11.7 10.5 11.0 12.5 Venture Capital (All) 22 5.8% 3.6% 4.3% 5.3% 15.7 9.6 15.0 23.7 47.3 20.0 39.7 64.3 Mezzanine (Large) 2 2.1% - 2.1% - 7.9 - 7.9 - 29.6 - 29.6 - Mezzanine (Small/Mid-Size) 3 5.3% 4.5% 4.8% 5.8% 12.4 11.7 13.6 13.7 22.2 15.9 17.0 25.8 Mezzanine (All) 5 4.0% 3.2% 4.3% 4.8% 10.6 9.6 9.8 13.6 25.2 15.0 17.0 34.7 Fund of Funds (Large) 18 0.0% 1.1% 4.3% 8.0% 35 5.0 44.1 50.7 191.8 20.0 65.4 216.0 Fund of Funds (Small/Mid-Size) 1 - - - - - - - - - - - - Fund of Funds (All) 19 4.1% 1.1% 3.2% 8.0% 31.5 5.0 25.6 50.7 173.3 20.0 57.7 216.0 Real Estate/Secondary/Co-Investment/Distressed (One Size) 6 2.7% 0.1% 2.7% 5.4% 13.5 - 13.5 - 40.1 - 40.1 - Institutional (Large) 3 3.7% 1.5% 2.0% 5.0% 22.1 7.8 9.4 30.0 244.3 20.6 26.2 358.9 Institutional (Small/Mid-Size) 3 6.1% 2.7% 3.3% 8.2% 17.8 7.2 9.9 24.5 26.6 20.5 29.9 34.5 Institutional (All) 6 4.9% 2.0% 2.7% 6.9% 19.9 7.0 9.6 31.7 135.5 17.8 28.0 36.7 All Firms 54 4.9% 3.1% 4.3% 6.1% 24.4 7.1 13.6 29.6 68.6 13.6 34.7 74.5

Senior Partner / Senior Managing Director (s)




Avg. 25th 50th 75th Avg. 25th 50th 75th #Firms Avg. 25th 50th 75th

LBO/VC/Mezz (Large) 21 717.8 480.0 668.3 950.0 1277.8 897.7 1190.0 1380.0 7 1303.6 658.3 923.8 1429.6 LBO/VC/Mezz (Mid-Size) 13 501.1 308.8 400.0 550.0 807.9 825.0 847.9 862.5 3 577.1 149.5 254.0 843.2 LBO/VC/Mezz (Small) 6 291.7 281.3 307.5 326.3 345.9 335.0 362.5 377.3 0 - - - - LBO/VC/Mezz (All) 40 600.0 304.4 500.0 762.5 1040.1 634.6 897.7 1297.1 14 1085.5 303.0 954.9 1343.4 LBO/Growth Equity (Large) 15 706.3 241.2 950.0 1050.0 1189.0 1145.0 1297.1 1325.9 7 1430.1 895.2 986.1 1474.8 LBO/Growth Equity (Mid-Size) 4 274.1 200.0 270.0 344.1 764.6 731.9 895.3 928.0 2 843.2 - 843.2 - LBO/Growth Equity (Small) 5 287.0 275.0 300.0 330.0 339.5 330.0 350.0 375.0 0 - - - - LBO/Growth Equity (All) 24 562.0 232.3 330.0 950.0 893.5 462.5 1000.0 1325.0 6 1489.0 880.9 954.9 1651.3 Venture Capital (Large) 15 819.0 612.5 668.3 700.0 1508.8 897.7 1225.0 2065.0 0 - - - - Venture Capital (Mid-Size) 9 601.9 400.0 550.0 825.0 827.1 825.0 847.9 850.0 1 - - - - Venture Capital (Small) 1 - - - - - - - - 0 - - - - Venture Capital (All) 25 720.7 500.0 612.5 700.0 1218.2 825.0 897.7 1295.0 1 - - - - Mezzanine (Large) 3 298.7 273.0 289.3 319.7 495.5 428.0 506.0 568.2 2 588.8 - 588.8 - Mezzanine (Small/Mid-Size) 2 293.8 - 293.8 - 478.4 - 478.4 - 1 - - - - Mezzanine (All) 5 296.7 275.0 289.3 312.5 488.6 410.0 506.0 546.8 3 409.2 120.8 191.5 588.8 Fund of Funds (Large) 13 310.6 225.4 275.0 425.0 772.5 510.4 750.0 850.0 6 3,304 2,900 3,304 3,709 Fund of Funds (Small/Mid-Size) 2 475.0 - 475.0 - 550.0 - 550.0 - 0 - - - - Fund of Funds (All) 15 326.2 225.4 275.0 425.0 786.7 510.4 750.0 850.0 7 2973.3 2900.0 2900.0 3708.9 Real Estate/Secondary/Co-Investment/Distressed (One Size) 7 340.2 240.9 425.0 425.0 811.5 690.2 750.0 1007.5 2 1194.3 - 1194.3 - Institutional (Large) 7 369.2 260.8 350.0 500.0 844.4 572.4 1000.0 1000.0 3 1924.5 1032.3 1873.1 2791.0 Institutional (Small/Mid-Size) 3 317.5 251.2 308.8 379.4 437.1 372.7 551.8 558.9 0 - - - - Institutional (All) 10 344.8 244.5 308.8 475.0 713.8 528.9 630.4 1000.0 4 1689.9 787.4 1429.6 2332.1 All Firms 92 550.5 300.0 500.0 668.3 985.9 551.8 897.7 1298.3 19 2012.9 352.0 1402.5 3336.5

Senior Partner / Senior Managing Director (s) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 18 1.4% 1.0% 1.4% 1.7% 14.1 7.8 10.8 17.9 39.2 20.0 40.9 52.4 LBO/VC/Mezz (Mid-Size) 9 3.3% 2.6% 3.3% 3.6% 10.1 6.8 8.6 15.0 21.2 15.4 20.5 22.8 LBO/VC/Mezz (Small) 6 5.5% 2.5% 4.0% 7.4% 11.7 3.6 6.9 10.9 12.0 4.5 6.9 10.9 LBO/VC/Mezz (All) 33 2.5% 1.3% 1.7% 2.6% 12.5 6.9 8.7 14.7 29.6 11.4 21.7 44.9 LBO/Growth Equity (Large) 17 1.4% 0.9% 1.5% 1.8% 16.0 10.2 14.4 17.9 41.0 19.8 51.6 54.8 LBO/Growth Equity (Mid-Size) 4 3.6% 3.1% 3.6% 4.1% 13.8 13.4 15.0 15.5 23.6 21.0 22.8 25.4 LBO/Growth Equity (Small) 5 5.8% 2.1% 3.9% 8.6% 13.0 3.1 8.7 11.6 13.3 4.3 8.7 11.6 LBO/Growth Equity (All) 26 2.8% 1.4% 1.7% 2.4% 15.9 9.1 13.2 17.9 35.2 13.7 30.8 51.6 Venture Capital (Large) 9 1.3% 1.0% 1.3% 1.7% 7.4 7.0 7.4 7.8 28.1 11.2 28.1 44.9 Venture Capital (Mid-Size) 5 3.0% 2.6% 3.3% 3.3% 7.1 5.7 6.8 8.6 19.3 11.8 20.5 20.5 Venture Capital (Small) 1 - - - - - - - - - - - - Venture Capital (All) 15 2.1% 1.3% 1.7% 2.9% 6.9 6.8 7.0 7.8 21.4 11.2 11.8 31.9 Mezzanine (Large) 2 1.5% - 1.5% - 5.1 - 5.1 - 12.8 - 12.8 - Mezzanine (Small/Mid-Size) 1 - - - - - - - - - - - - Mezzanine (All) 3 1.7% 1.5% 1.6% 1.8% 5.3 3.5 5.8 7.4 13.4 9.3 14.6 18.2 Fund of Funds (Large) 13 0.0% 0.6% 1.1% 1.8% 13 5.0 14.7 19.5 110.7 18.4 21.8 191.3 Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 13 0.0% 0.6% 1.1% 1.8% 13 5.0 14.7 19.5 110.7 18.4 21.8 191.3 Real Estate/Secondary/Co-Investment/Distressed (One Size) 6 90.6% 1.1% 91.6% 180.0% 4.5 0.5 0.7 6.7 17.4 12.2 24.2 25.9 Institutional (Large) 3 2.4% 1.6% 1.8% 2.8% 13.9 8.7 9.0 16.7 129.7 23.3 24.8 183.7 Institutional (Small/Mid-Size) 2 2.8% - 2.8% - 4.3 - 4.3 - 8.3 - 8.3 - Institutional (All) 5 2.4% 1.6% 2.2% 2.9% 8.6 3.7 7.0 8.8 68.3 6.6 16.8 24.0 All Firms 45 2.6% 1.5% 2.1% 3.2% 11.7 5.7 8.7 13.5 35.3 12.5 22.8 37.9

Partner / Managing Director (s)





LBO/VC/Mezz (Large) 22 364.1 268.3 330.5 410.9 529.4 346.8 607.9 650.0 5 545.8 361.5 501.9 581.5 LBO/VC/Mezz (Mid-Size) 18 372.0 231.3 296.7 412.5 494.3 392.1 437.5 512.5 2 31.3 - 31.3 - LBO/VC/Mezz (Small) 5 276.2 238.7 275.1 300.0 310.2 272.0 347.0 350.0 1 - - - - LBO/VC/Mezz (All) 45 340.6 240.0 311.0 400.0 494.8 339.3 460.4 650.0 11 413.8 130.5 410.0 545.5 LBO/Growth Equity (Large) 19 336.0 300.0 316.0 350.0 613.3 581.5 650.0 719.3 4 691.6 507.6 545.5 729.5 LBO/Growth Equity (Mid-Size) 7 247.0 200.0 205.0 205.0 463.6 385.0 400.0 500.0 1 - - - - LBO/Growth Equity (Small) 4 270.2 234.0 256.9 293.1 300.3 259.0 309.5 350.8 1 - - - - LBO/Growth Equity (All) 30 322.6 240.2 300.0 350.0 476.4 326.8 455.8 650.0 4 666.7 478.9 541.7 729.5 Venture Capital (Large) 15 382.4 311.0 350.0 422.9 549.1 317.5 634.3 732.0 0 - - - - Venture Capital (Mid-Size) 12 430.6 243.3 375.0 462.5 519.9 394.5 468.8 550.0 1 - - - - Venture Capital (Small) 2 287.6 - 287.6 - 356.1 - 356.1 - 1 - - - - Venture Capital (All) 29 393.5 305.5 350.0 422.9 528.0 356.1 500.0 650.0 2 226.8 - 226.8 - Mezzanine (Large) 13 282.9 218.7 316.0 341.5 607.9 471.6 650.0 748.3 3 351.3 236.3 361.5 471.5 Mezzanine (Small/Mid-Size) 3 196.9 160.0 170.0 220.4 337.0 272.5 320.0 393.1 1 - - - - Mezzanine (All) 16 263.0 207.8 270.8 316.0 545.4 427.0 581.5 650.0 4 301.0 140.3 255.8 416.5 Fund of Funds (Large) 8 287.5 200.0 333.3 337.5 718.3 583.3 650.0 898.8 3 2,150.6 2,150.6 2,150.6 2,150.6 Fund of Funds (Small/Mid-Size) 2 265.7 - 265.7 - 356.4 - 356.4 - 0 - - - - Fund of Funds (All) 10 279.7 211.9 307.7 333.3 640.0 582.4 583.3 774.4 4 1758.3 1758.3 2150.6 2150.6 Real Estate/Secondary/Co-Investment/Distressed (One Size) 8 299.1 286.2 311.4 333.3 597.8 539.7 583.3 606.8 1 - - - - Institutional (Large) 20 218.2 200.7 207.8 250.0 527.8 463.5 500.0 513.3 3 1145.0 642.2 1173.3 1662.0 Institutional (Small/Mid-Size) 6 345.0 266.3 287.6 366.3 508.6 359.1 378.3 527.8 1 - - - - Institutional (All) 26 262.7 206.1 247.5 256.3 525.8 386.4 500.0 540.3 5 885.3 410.0 581.5 1173.3 All Firms 95 358.8 240.0 303.9 418.1 546.4 379.3 505.2 672.1 17 803.7 150.0 501.9 1322.5

Partner / Managing Director (s) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 11 0.9% 0.3% 1.1% 1.3% 5.1 1.7 4.5 7.6 18.7 10.2 21.6 26.1 LBO/VC/Mezz (Mid-Size) 11 1.2% 0.7% 1.0% 1.3% 3.3 2.6 2.7 3.5 7.2 3.2 3.6 7.0 LBO/VC/Mezz (Small) 5 3.1% 1.8% 2.5% 3.0% 5.1 2.3 5.3 6.2 5.8 5.3 5.5 6.2 LBO/VC/Mezz (All) 27 1.7% 0.9% 1.2% 2.1% 5.0 2.5 4.2 6.8 13.6 5.6 10.2 24.2 LBO/Growth Equity (Large) 16 1.1% 0.3% 1.1% 1.7% 7.3 3.0 7.6 9.6 14.9 9.9 11.5 25.0 LBO/Growth Equity (Mid-Size) 4 0.6% 0.5% 0.6% 0.6% 2.5 2.4 2.6 2.7 3.1 3.0 3.1 3.2 LBO/Growth Equity (Small) 4 2.1% 1.6% 2.1% 2.6% 3.7 2.0 3.8 5.5 4.6 4.3 5.4 5.7 LBO/Growth Equity (All) 24 1.3% 1.0% 1.1% 1.8% 5.5 2.5 5.3 8.3 11.8 5.3 9.9 21.6 Venture Capital (Large) 12 1.0% 0.2% 0.8% 1.6% 5.2 2.0 3.8 6.9 20.2 5.0 25.0 30.6 Venture Capital (Mid-Size) 7 1.5% 1.1% 1.2% 1.3% 3.3 3.0 3.0 3.9 6.3 5.8 5.8 8.2 Venture Capital (Small) 2 4.0% - 4.0% - 6.4 - 6.4 - 8.0 - 8.0 - Venture Capital (All) 21 1.4% 0.3% 1.0% 1.3% 3.4 2.4 2.5 3.5 18.3 7.0 25.0 27.8 Mezzanine (Large) 9 1.4% 0.3% 1.5% 2.5% 6.2 2.5 4.5 12.6 16.8 10.9 18.8 25.0 Mezzanine (Small/Mid-Size) 1 - - - - - - - - - - - - Mezzanine (All) 10 1.7% 0.4% 1.5% 2.5% 6.5 2.5 4.8 11.8 16.0 11.0 12.5 25.0 Fund of Funds (Large) 8 0.0% 0.5% 1.3% 2.4% 8 3.1 6.9 15.1 90.3 13.0 25.0 215.9 Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 8 1.4% 0.6% 1.3% 2.4% 8 2.5 3.3 15.1 80.6 4.3 25.0 215.9 Real Estate/Secondary/Co-Investment/Distressed (One Size) 7 0.6% 0.0% 0.0% 1.3% 0.7 - 0.7 - 9.2 - 9.2 - Institutional (Large) 3 1.5% 1.0% 1.1% 1.8% 9.0 6.0 6.9 11.0 83.4 17.1 21.6 118.8 Institutional (Small/Mid-Size) 3 3.1% 1.2% 1.3% 4.2% 5.6 3.1 3.9 7.2 8.1 6.8 8.2 9.3 Institutional (All) 6 2.2% 1.1% 1.3% 2.0% 6.4 3.1 5.2 8.7 39.6 6.8 10.5 17.1 All Firms 37 1.9% 1.1% 1.7% 2.5% 8.1 2.7 6.5 8.7 22.9 6.2 12.2 24.2

Venture Partner/Operations Partner

Compensation Levels Per Position (By Type & Size of Firm)

Investment Managers - Non-Partner Level Positions



LBO/VC/Mezz (Large) 4 365.8 300.0 350.0 415.8 817.8 581.9 600.0 835.9 0 - - - -LBO/VC/Mezz (Mid-Size) 4 63.5 52.0 63.5 75.0 73.0 62.0 73.0 84.0 0 - - - -LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - -LBO/VC/Mezz (All) 8 376.9 309.5 400.0 431.6 834.7 527.5 600.0 1097.3 2 138.2 - 138.2 -

LBO/Grow th Equity (Large) 7 345.7 300.0 319.0 368.8 720.0 563.8 600.0 625.5 2 138.2 - 138.2 -LBO/Grow th Equity (Mid-Size) 10 199.1 165.5 173.4 205.6 390.8 246.6 393.7 510.8 5 1,298.8 92.0 938.6 2,685.6LBO/Grow th Equity (Small) 0 - - - - - - - - 0 - - - -LBO/Grow th Equity (All) 17 365.8 300.0 350.0 415.8 817.8 581.9 600.0 835.9 0 - - - -

Venture Capital (Large) 0 - - - - - - - - 0 - - -Venture Capital (Mid-Size) 0 - - - - - - - - 2 166.0 - 166.0 -Venture Capital (Small) 0 - - - - - - - - 0 - - - -Venture Capital (All) 0 - - - - - - - - 0 - - - -

Mezzanine (Large) 3 463.1 463.1 463.1 463.1 1543.6 1543.6 1543.6 1543.6 0 - - - -Mezzanine (Small/Mid-Size) 5 198.6 176.9 190.6 220.9 - - - - 2 166 - 166 -Mezzanine (All) 8 463.1 463.1 463.1 463.1 1543.6 1543.6 1543.6 1543.6 0 - - - -

Fund of Funds (Large) 0 - - - - - - - - 0 - - - -Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - -Fund of Funds (All) 0 - - - - - - - - 0 - - - -

Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - -

Institutional (Large) 8 94.8 77.0 87.0 134.5 1035.6 527.5 1035.6 1543.6 0 - - - -Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - -Institutional (All) 8 68.0 68.0 68.0 68.0 639.7 500.0 643.7 787.2 9 1,491 582 1,409 2,151

All Firms 12 277.7 225.0 300.0 323.6 496.7 225.0 522.6 600.0 3 114 74 81 138


Venture Partner/Operations Partner - Continued

Compensation Levels Per Position (By Type & Size of Firm) Investment Managers - Non-Partner Level Positions


Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 0 - - - - - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 0 - - - - - - - - - - - - LBO/Growth Equity (Large) 8 0.2% 0.2% 0.2% 0.2% 3.5 3.2 3.6 4.0 5.2 3.2 3.9 8.0 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 8 0.2% 0.2% 0.2% 0.2% 3.5 3.2 3.6 4.0 5.2 3.2 3.9 8.0 Venture Capital (Large) 3 0.6% 0.6% 0.6% 0.6% 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 3 0.6% 0.6% 0.6% 0.6% 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 3 3.4% 2.3% 2.9% 4.3% 7.7 5.8 6.6 9.0 12.0 10.9 12.6 13.4 Mezzanine (All) 3 3.4% 2.3% 2.9% 4.3% 7.7 5.8 6.6 9.0 12.0 10.9 12.6 13.4 Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 3 0.2% 0.2% 0.2% 0.2% 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 3 0.2% 0.2% 0.2% 0.2% 3.0 3.0 3.0 3.0 0.3 0.3 0.3 0.3 All Firms 5 0.4% 0.2% 0.4% 0.6% 2.7 3.0 3.0 3.2 3.0 1.3 3.0 3.2

Compensation Levels Per Position (By Type & Size of Firm) Investment Manager -Non-Partner Level Positions

Job Descriptions

PE 04. Principal / Director(s): Supervised by more senior staff, these professionals participate on teams that source transactions, negotiate them, and monitor companies once in the portfolio. Rarely sit on portfolio company boards though often serves as an observer. They typically have an MBA or equivalent business experience, and at least five years of post MBA relevant experience.

PE 05. Vice President(s) / Senior Associate(s): These professionals, moderately supervised, analyze statistical and other data at an advanced level to support deal sourcing, due diligence of investment opportunities, and the monitoring of portfolio companies. They typically have an MBA or equivalent business experience with at least two years of post MBA relevant experience.

PE 06. Associate(s): These junior professionals, heavily supervised, analyze statistical and other data at an intermediate level to support deal sourcing, due diligence of investment opportunities, and the monitoring of portfolio companies. They have an MBA or equivalent business experience and less than two years of post MBA relevant experience.

PE 07. Senior Analyst(s): These junior professions, heavily supervised, analyze statistical and other data at a basic to intermediate level to support deal sourcing, due diligence of investment opportunities, and the monitoring of portfolio companies. They have a college degree or equivalent business experience and two to four years of pre-MBA experience.

PE 08. Analyst(s): These junior professionals, heavily supervised, analyze statistical and other data at a basic level to support deal sourcing, due diligence of investment opportunities, and the monitoring of portfolio companies. They have a college degree or equivalent business experience and zero to two years of pre-MBA experience.



Observations

PE 04 – The 50th percentile (median) salary plus bonus for Principal level employees is slightly higher for large LBO firms ($400,000) than for large VC firms ($371,000). It is $330,000 for large Mezzanine, firms, and $235,000 for large Fund of Fund firms. Carried interest distributions are $221,000 for all firms. 76% of these positions are allocated carried interest among LBO/VC/Mezz firms. The percent of the fund is 0.4% large LBO and 0.2% large VC. The dollars at work are $4.3 million at all firms.

PE 05 - The 50th percentile (median) salary plus bonus for Senior Associate level employees is $252,000 among all firms. It is $332,000 at large LBO firms and $259,000 at large VC firms . Large Mezzanine firms are $253,000, and large Fund of Fund firms are $176,000. 55% of these positions are allocated carried interest. The percent of the fund median for all firms is 0.3% and the dollars at work are $1.3 million .

PE 06 – The 50th percentile (median) salary plus bonus for Associate level positions is $176,000 among all firms. It is higher for LBO firms ($212,000) than for VC firms ($168,000). 31% of these positions are allocated carried interest at LBO/VC/Mezz firms. Among all firms, the percent of the fund is 0.3% and the dollars at work are $0.7 million.

PE 07 - The 50th percentile (median) salary plus bonus for Senior Analyst level positions is $126,000 among all firms. Essentially none of the firms allocate any carried interest to these employees.

PE 08 – The 50th percentile (median) salary plus bonus for Analyst level positions is $100,000 among all firms. Essentially none of the firms allocate carried interest to these employees.


Principal / Vice President / Director (s)





LBO/VC/Mezz (Large) 24 297.5 265.8 300.0 342.1 452.3 367.5 400.0 623.4 7 429.9 247.6 270.0 436.9 LBO/VC/Mezz (Mid-Size) 17 225.0 188.8 195.0 250.0 309.6 251.5 300.0 337.5 2 252.3 - 252.3 - LBO/VC/Mezz (Small) 10 195.9 175.0 186.8 200.0 247.4 212.5 245.0 287.5 0 - - - - LBO/VC/Mezz (All) 51 250.8 194.3 250.0 300.0 363.5 250.0 320.0 415.6 10 453.7 238.5 329.2 472.3 LBO/Growth Equity (Large) 27 272.1 200.0 300.0 333.3 464.3 300.0 400.0 625.0 6 463.3 266.7 329.2 461.2 LBO/Growth Equity (Mid-Size) 7 250.0 175.0 300.0 300.0 367.5 300.0 300.0 437.5 2 252.3 - 252.3 - LBO/Growth Equity (Small) 5 191.0 175.0 175.0 180.0 258.0 235.0 250.0 300.0 0 - - - - LBO/Growth Equity (All) 39 267.6 180.0 260.0 328.6 453.3 300.0 400.0 625.0 6 463.3 266.7 329.2 461.2 Venture Capital (Large) 12 260.9 200.0 291.5 312.5 346.8 283.0 370.8 400.0 0 - - - - Venture Capital (Mid-Size) 10 212.5 195.0 195.0 240.0 280.6 240.5 262.5 325.0 0 - - - - Venture Capital (Small) 5 200.7 193.6 200.0 200.0 236.7 200.0 240.0 250.0 0 - - - - Venture Capital (All) 27 237.1 195.0 240.0 300.0 310.1 240.5 300.0 371.5 0 - - - - Mezzanine (Large) 10 169.6 125.0 187.5 200.0 329.6 225.0 330.0 400.0 2 309.0 - 309.0 - Mezzanine (Small/Mid-Size) 3 181.7 162.5 200.0 210.0 255.0 207.5 250.0 300.0 0 - - - - Mezzanine (All) 13 172.9 125.0 200.0 200.0 309.3 225.0 260.0 400.0 2 309.0 - 309.0 - Fund of Funds (Large) 11 231.8 187.5 200.0 270.8 341.4 217.5 235.0 475.0 0 - - - - Fund of Funds (Small/Mid-Size) 3 172.0 155.5 160.0 182.5 213.0 195.0 200.0 224.5 0 - - - - Fund of Funds (All) 14 219.6 175.0 200.0 215.1 336.0 200.0 242.0 485.5 1 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 6 276.1 210.1 280.8 341.7 453.5 365.5 526.0 550.0 1 - - - - Institutional (Large) 17 108.4 - 108.4 - 285.2 - 285.2 - 2 259.2 - 259.2 - Institutional (Small/Mid-Size) 7 217.5 190.0 222.5 250.0 301.1 285.1 300.0 316.0 0 - - - - Institutional (All) 24 184.8 158.4 195.0 228.4 325.3 270.3 300.0 352.9 3 302.3 210.7 388.5 436.9 All Firms 111 240.4 185.3 220.0 300.0 371.3 249.3 350.0 431.2 18 395.2 91.3 220.6 421.9

Principal / Vice President / Director (s) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 18 0.4% 0.2% 0.4% 0.6% 4.4 1.5 4.4 6.8 8.7 6.1 7.5 13.6 LBO/VC/Mezz (Mid-Size) 11 1.5% 0.5% 0.6% 2.2% 6.3 1.3 2.3 5.4 14.5 2.3 2.7 8.7 LBO/VC/Mezz (Small) 10 2.2% 0.5% 1.5% 2.8% 3.0 1.1 2.6 5.0 3.5 1.1 2.0 5.7 LBO/VC/Mezz (All) 39 1.1% 0.3% 0.6% 1.0% 4.3 1.2 3.0 6.2 7.8 2.0 5.9 10.6 LBO/Growth Equity (Large) 16 0.5% 0.2% 0.4% 0.7% 5.1 2.2 6.4 6.8 10.4 7.3 11.2 14.0 LBO/Growth Equity (Mid-Size) 5 2.3% 0.6% 2.8% 3.9% 12.0 2.5 8.3 23.4 29.5 4.3 13.1 63.9 LBO/Growth Equity (Small) 5 0.8% 0.5% 0.6% 1.0% 2.6 1.0 1.8 3.4 2.3 1.0 1.4 2.6 LBO/Growth Equity (All) 26 0.7% 0.3% 0.6% 0.9% 5.5 2.2 5.3 6.8 10.3 2.6 7.5 13.6 Venture Capital (Large) 9 0.2% 0.1% 0.2% 0.4% 1.0 0.5 1.0 1.5 5.5 0.8 0.8 15.0 Venture Capital (Mid-Size) 6 0.9% 0.5% 0.5% 1.3% 1.7 1.2 1.8 2.3 2.0 1.9 2.3 2.4 Venture Capital (Small) 5 3.5% 2.0% 3.0% 4.0% 3.3 1.2 3.0 5.0 4.7 1.2 4.8 6.0 Venture Capital (All) 20 1.4% 0.2% 0.4% 1.8% 2.0 1.1 1.5 2.3 5.8 1.1 2.7 10.5 Mezzanine (Large) 5 0.5% 0.2% 0.2% 1.0% 1.7 1.5 1.5 1.5 10.8 6.6 15.0 15.0 Mezzanine (Small/Mid-Size) 1 - - - - - - - - - - - - Mezzanine (All) 6 0.7% 0.2% 0.6% 1.0% 2.1 1.5 1.5 2.6 9.8 5.1 10.8 15.0 Fund of Funds (Large) 8 0.0% 0.0% 0.2% 0.0% 2.6 1.5 3.3 3.3 5.9 1.4 4.3 7.0 Fund of Funds (Small/Mid-Size) 1 - - - - - - - - - - - - Fund of Funds (All) 9 0.0% 0.0% 0.2% 0.0% 2.6 1.5 3.3 3.3 5.9 1.4 4.3 7.0 Real Estate/Secondary/Co-Investment/Distressed (One Size) 5 0.2% 0.0% 0.4% 0.4% - - - - - - - - Institutional (Large) 2 0.6% - 0.6% - 2.9 - 2.9 - 17.4 - 17.4 - Institutional (Small/Mid-Size) 3 2.5% 1.8% 2.0% 3.0% 4.8 4.1 6.0 6.0 4.8 4.1 6.0 6.0 Institutional (All) 5 1.1% 0.3% 0.6% 1.0% 4.3 1.2 3.0 6.2 7.8 2.0 5.9 10.6 All Firms 50 1.2% 0.4% 0.6% 1.1% 3.8 1.1 2.8 5.0 7.1 1.4 4.3 8.0

Senior Associate (s)





LBO/VC/Mezz (Large) 22 183.1 150.0 175.0 183.1 285.8 217.3 300.0 350.1 1 - - - - LBO/VC/Mezz (Mid-Size) 19 169.3 145.0 180.0 195.0 245.1 179.0 260.0 300.0 2 15.8 - 15.8 - LBO/VC/Mezz (Small) 6 139.3 131.3 135.0 150.0 182.5 142.3 170.0 195.0 1 - - - - LBO/VC/Mezz (All) 47 169.9 143.8 160.3 183.1 264.6 198.8 272.5 325.8 5 64.4 24.0 30.0 86.6 LBO/Growth Equity (Large) 26 193.0 150.0 175.0 212.3 311.8 300.0 331.7 371.7 1 - - - - LBO/Growth Equity (Mid-Size) 8 178.3 147.9 170.0 210.8 302.3 282.5 291.3 355.0 1 - - - - LBO/Growth Equity (Small) 4 138.8 133.1 135.0 142.5 182.4 138.6 142.3 206.1 1 - - - - LBO/Growth Equity (All) 38 179.0 146.3 162.5 183.1 287.4 271.3 300.0 370.6 2 102.0 - 102.0 - Venture Capital (Large) 3 165.0 150.0 165.0 180.0 258.7 217.3 258.7 300.0 0 - - - - Venture Capital (Mid-Size) 12 166.0 143.1 180.0 195.0 212.8 176.4 209.5 260.0 1 - - - - Venture Capital (Small) 3 137.1 130.6 131.3 140.6 169.1 156.1 170.0 182.5 1 - - - - Venture Capital (All) 15 161.6 147.5 150.0 180.0 219.6 179.0 217.3 260.0 2 12.8 - 12.8 - Mezzanine (Large) 9 134.8 100.0 150.0 153.5 250.8 200.0 253.0 300.0 0 - - - - Mezzanine (Small/Mid-Size) 5 133.0 120.0 140.0 150.0 199.5 190.0 195.0 210.0 0 - - - - Mezzanine (All) 14 134.1 100.0 150.0 150.0 231.0 200.0 210.0 277.5 0 - - - - Fund of Funds (Large) 14 134.9 128.1 140.0 150.0 216.2 156.5 175.7 300.0 0 - - - - Fund of Funds (Small/Mid-Size) 2 119.4 - 119.4 - 201.8 - 201.8 - 0 - - - - Fund of Funds (All) 16 133.0 127.5 134.1 150.0 214.4 152.7 175.7 300.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 5 137.0 120.0 150.0 150.0 259.8 200.0 300.0 300.0 0 - - - - Institutional (Large) 18 130.8 95.5 128.3 170.8 198.1 141.1 193.4 259.7 1 - - - - Institutional (Small/Mid-Size) 8 205.9 143.4 148.8 211.3 251.6 163.1 174.5 263.0 1 - - - - Institutional (All) 26 150.8 123.2 147.5 170.8 212.3 154.3 179.0 259.7 2 12.3 - 12.3 - All Firms 101 167.9 130.0 150.0 178.2 256.2 192.0 252.0 301.3 7 44.6 24.0 47.9

Senior Associate (s) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 14 0.2% 0.1% 0.1% 0.4% 1.8 1.1 1.8 2.2 3.3 1.7 3.3 4.0 LBO/VC/Mezz (Mid-Size) 8 0.8% 0.2% 0.2% 1.0% 4.1 0.8 0.9 6.9 4.9 0.6 1.2 5.9 LBO/VC/Mezz (Small) 4 1.3% 0.8% 1.5% 2.0% 1.0 0.9 1.2 1.2 1.0 0.9 1.2 1.2 LBO/VC/Mezz (All) 26 0.6% 0.1% 0.2% 0.7% 2.2 1.1 1.6 2.4 3.4 1.2 1.8 4.0 LBO/Growth Equity (Large) 19 0.2% 0.1% 0.1% 0.2% 1.8 1.1 1.7 2.7 3.5 1.3 3.5 4.0 LBO/Growth Equity (Mid-Size) 5 1.1% 0.2% 0.6% 2.2% 5.5 0.9 1.8 12.0 7.5 1.2 2.4 16.3 LBO/Growth Equity (Small) 2 1.2% - 1.2% - - - - - 0.9 - 0.9 - LBO/Growth Equity (All) 26 0.4% 0.1% 0.1% 0.4% 2.3 1.1 1.3 2.7 3.6 1.2 3.2 4.0 Venture Capital (Large) 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0 Venture Capital (Mid-Size) 3 0.2% 0.2% 0.2% 0.2% 0.6 - 0.6 - 0.6 - 0.6 - Venture Capital (Small) 2 1.5% - 1.5% - - - - - - - - - Venture Capital (All) 8 0.5% 0.1% 0.2% 0.6% 0.8 0.7 0.7 0.7 3.9 0.7 4.1 7.0 Mezzanine (Large) 6 0.3% 0.1% 0.3% 0.6% 1.3 0.7 1.3 1.8 4.4 1.8 4.4 7.0 Mezzanine (Small/Mid-Size) 2 1.0% - 1.0% - 3 - 3 - 5 - 5 - Mezzanine (All) 8 0.5% 0.1% 0.6% 0.7% 1.6 0.7 1.8 1.9 4.5 1.8 4.7 7.0 Fund of Funds (Large) 6 0.0% 0.1% 0.1% 0.1% 2 0.7 0.8 0.8 5.1 3.1 5.0 7.0 Fund of Funds (Small/Mid-Size) 1 - - - - - - - - - - - - Fund of Funds (All) 7 0.4% 0.1% 0.1% 0.6% 2 0.7 0.8 3.2 5.5 3.1 7.0 7.3 Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 3 0.1% 0.1% 0.1% 0.1% 0.8 0.7 0.8 0.8 3.1 2.4 2.4 3.5 Institutional (Small/Mid-Size) 2 0.6% - 0.6% - - - - - - - - - Institutional (All) 5 0.6% 0.1% 0.2% 0.7% 2.2 1.1 1.6 2.4 3.4 1.2 1.8 4.0 All Firms 31 0.5% 0.1% 0.3% 0.7% 2.1 0.7 1.2 2.2 2.6 0.6 1.3 3.2

Associate(s)





LBO/VC/Mezz (Large) 15 137.3 110.0 125.0 131.0 210.5 170.0 212.0 240.0 0 - - - - LBO/VC/Mezz (Mid-Size) 13 121.9 116.3 122.5 135.0 205.7 150.0 197.0 280.0 0 - - - - LBO/VC/Mezz (Small) 8 112.0 97.5 100.0 127.0 132.9 120.0 130.0 146.3 0 - - - - LBO/VC/Mezz (All) 36 126.2 100.4 125.0 135.0 194.0 150.0 170.0 230.0 1 - - - - LBO/Growth Equity (Large) 22 142.2 120.0 125.0 126.7 234.5 212.0 215.0 260.0 0 - - - - LBO/Growth Equity (Mid-Size) 7 127.5 122.5 130.0 135.0 300.0 280.0 320.0 340.0 0 - - - - LBO/Growth Equity (Small) 6 98.8 95.0 100.0 100.0 122.5 115.0 125.0 130.0 0 - - - - LBO/Growth Equity (All) 35 130.8 110.0 120.0 126.7 209.2 142.5 212.0 260.0 0 - - - - Venture Capital (Large) 7 127.5 113.8 125.0 142.5 181.5 167.5 170.0 203.8 0 - - - - Venture Capital (Mid-Size) 6 118.2 88.1 120.0 147.8 142.8 98.6 150.0 185.3 0 - - - - Venture Capital (Small) 2 145.0 - 145.0 - 159.0 - 159.0 - 0 - - - - Venture Capital (All) 15 126.3 112.5 125.0 145.0 166.1 151.9 167.8 190.3 0 - - - - Mezzanine (Large) 9 110.6 95.0 110.0 125.0 179.5 155.0 170.0 208.8 0 - - - - Mezzanine (Small/Mid-Size) 3 95.0 92.5 95.0 97.5 133.3 125.0 135.0 142.5 0 - - - - Mezzanine (All) 12 107.0 90.0 110.0 125.0 168.9 150.0 170.0 190.1 0 - - - - Fund of Funds (Large) 15 101.2 91.0 105.0 110.0 141.1 103.4 110.0 179.0 0 - - - - Fund of Funds (Small/Mid-Size) 3 109.8 107.2 115.0 115.0 142.6 119.9 124.8 156.4 0 - - - - Fund of Funds (All) 18 104.1 91.0 105.0 110.0 143.9 103.4 115.0 188.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 6 110.0 105.0 105.0 112.5 186.5 162.8 205.1 220.0 0 - - - - Institutional (Large) 14 116.6 88.2 116.6 145.0 153.2 103.4 153.2 203.0 0 - - - - Institutional (Small/Mid-Size) 4 122.1 115.6 131.3 133.1 147.4 136.1 142.3 156.1 1 - - - - Institutional (All) 18 119.7 91.1 131.1 142.5 155.2 110.1 156.1 199.8 1 - - - - All Firms 94 120.3 100.0 115.0 132.2 180.6 142.4 176.3 210.5 3 11.6 5.3 5.7 14.8

Associate(s) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 5 0.2% 0.0% 0.3% 0.4% 0.9 0.7 1.2 1.2 1.9 1.2 1.2 3.5 LBO/VC/Mezz (Mid-Size) 4 0.2% 0.1% 0.2% 0.3% 0.6 0.4 0.6 0.8 0.6 0.5 0.6 0.8 LBO/VC/Mezz (Small) 2 0.3% - 0.3% - 1.0 - 1.0 - 1.0 - 1.0 - LBO/VC/Mezz (All) 11 0.2% 0.0% 0.3% 0.4% 0.8 0.4 0.8 1.2 1.4 0.5 1.2 1.5 LBO/Growth Equity (Large) 5 0.1% 0.0% 0.0% 0.1% 0.4 - 0.4 - 2.3 0.6 3.5 3.5 LBO/Growth Equity (Mid-Size) 2 0.1% - 0.1% - 0.4 - 0.4 - 0.5 - 0.5 - LBO/Growth Equity (Small) 1 - - - - - - - - - - - - LBO/Growth Equity (All) 8 0.2% 0.0% 0.1% 0.3% 0.7 0.3 0.4 1.0 1.8 0.5 1.5 3.5 Venture Capital (Large) 6 0.1% 0.0% 0.1% 0.2% 0.6 0.6 0.6 0.6 2.1 0.6 2.1 3.5 Venture Capital (Mid-Size) 2 0.3% - 0.3% - - - - - 0.8 - 0.8 - Venture Capital (Small) 1 - - - - - - - - - - - - Venture Capital (All) 9 0.1% 0.0% 0.0% 0.0% 0.6 - 0.6 - 2.3 0.8 3.5 3.5 Mezzanine (Large) 7 0.2% 0.0% 0.3% 0.4% 1.0 1.0 1.2 1.2 2.0 1.2 1.2 3.5 Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 7 0.2% 0.0% 0.3% 0.4% 1.0 1.0 1.2 1.2 2.0 1.2 1.2 3.5 Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 1 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - - - - - Institutional (Large) 4 0.2% 0.2% 0.3% 0.3% 0.2 0.2 0.2 0.2 1.0 0.2 0.2 1.0 Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 4 0.2% 0.2% 0.3% 0.3% 0.2 0.2 0.2 0.2 1.0 0.2 0.2 1.0 All Firms 8 0.3% 0.1% 0.3% 0.4% 0.7 0.4 0.6 1.0 1.1 0.5 0.7 1.3

Senior Analyst (s)





LBO/VC/Mezz (Large) 17 108.8 80.0 100.0 126.0 145.4 120.0 144.0 161.0 0 - - - - LBO/VC/Mezz (Mid-Size) 2 100.0 - 100.0 - 185.0 - 185.0 - 0 - - - - LBO/VC/Mezz (Small) 3 91.7 85.0 100.0 102.5 102.7 97.5 100.0 106.5 1 - - - - LBO/VC/Mezz (All) 31 103.8 80.0 100.0 125.0 141.3 106.5 144.0 173.0 1 - - - - LBO/Growth Equity (Large) 16 104.0 80.0 90.0 100.0 151.3 118.8 161.0 192.1 0 - - - - LBO/Growth Equity (Mid-Size) 2 100.0 - 100.0 - 185.0 - 185.0 - 0 - - - - LBO/Growth Equity (Small) 3 91.7 85.0 100.0 102.5 102.7 97.5 100.0 106.5 1 - - - - LBO/Growth Equity (All) 16 98.7 77.5 90.1 100.0 139.9 98.8 120.0 186.8 1 - - - - Venture Capital (Large) 9 112.4 80.0 125.0 126.0 139.0 120.0 144.0 144.0 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 1 - - - - - - - - 0 - - - - Venture Capital (All) 10 111.7 86.3 125.0 126.0 136.4 120.0 144.0 144.0 0 - - - - Mezzanine (Large) 0 - - - - - - - - 0 - - - - Mezzanine (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Mezzanine (All) 7 79.0 74.5 80.0 80.0 105.6 88.5 115.1 120.0 0 - - - - Fund of Funds (Large) 14 85.3 77.3 80.0 80.0 121.6 100.0 110.1 120.0 0 - - - - Fund of Funds (Small/Mid-Size) 3 80.7 66.0 67.0 88.5 95.5 80.3 80.5 103.3 0 - - - - Fund of Funds (All) 17 86.1 72.2 80.0 90.9 118.4 90.3 110.1 123.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - - Institutional (Large) 8 71.7 64.5 74.0 77.3 97.9 91.4 92.9 110.1 0 - - - - Institutional (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Institutional (All) 10 76.9 66.9 75.7 77.3 101.1 92.9 101.5 110.1 0 - - - - All Firms 63 99.0 78.7 94.5 102.5 139.3 97.5 126.0 172.0 3 219.2 5.8 11.0 328.5

Senior Analyst (s) – Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 0 - - - - - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - - - - - LBO/VC/Mezz (All) 1 - - - - - - - - - - - - LBO/Growth Equity (Large) 1 - - - - - - - - - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 1 - - - - - - - - - - - - LBO/Growth Equity (All) 1 - - - - - - - - - - - - Venture Capital (Large) 0 - - - - - - - - - - - - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 0 - - - - - - - - - - - - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 1 - - - - - - - - - - - - All Firms 2 0.1% - 0.1% - 0.3 - 0.3 - 0.3 - 0.3 -

Analyst (s)





LBO/VC/Mezz (Large) 7 70.9 61.5 74.8 77.9 91.5 79.1 90.0 103.6 0 - - - - LBO/VC/Mezz (Mid-Size) 8 92.7 95.0 95.0 97.0 133.8 110.0 116.0 157.0 0 - - - - LBO/VC/Mezz (Small) 2 87.1 - 87.1 - 90.1 - 90.1 - 0 - - - - LBO/VC/Mezz (All) 17 82.9 73.5 79.2 95.0 108.9 80.4 100.0 116.0 0 - - - - LBO/Growth Equity (Large) 6 70.0 60.0 72.1 79.2 94.2 80.0 80.0 114.4 0 - - - - LBO/Growth Equity (Mid-Size) 4 97.0 95.0 95.0 100.0 - - - - 0 - - - - LBO/Growth Equity (Small) 2 87.1 - 87.1 - 90.1 - 90.1 - 0 - - - - LBO/Growth Equity (All) 12 80.0 72.1 79.2 89.3 110.6 80.0 95.3 114.4 0 - - - - Venture Capital (Large) 2 86.2 60.0 60.0 125.0 105.6 80.0 80.0 144.0 0 - - - - Venture Capital (Mid-Size) 5 88.8 77.5 95.0 97.0 101.0 81.5 110.0 116.0 0 - - - - Venture Capital (Small) 1 - - - - - - - - 0 - - - - Venture Capital (All) 8 87.7 68.8 89.3 97.0 102.6 80.8 95.3 116.0 0 - - - - Mezzanine (Large) 9 67.6 60.0 62.0 77.5 83.4 76.5 80.0 100.0 0 - - - - Mezzanine (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Mezzanine (All) 10 65.9 60.0 62.0 76.2 81.6 69.4 80.0 95.0 0 - - - - Fund of Funds (Large) 5 66.0 60.0 70.0 70.0 79.6 79.3 79.3 80.0 0 - - - - Fund of Funds (Small/Mid-Size) 3 76.3 68.6 80.0 85.8 100.1 74.3 85.0 118.3 0 - - - - Fund of Funds (All) 8 70.1 60.0 70.0 72.1 86.1 79.3 79.3 80.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 76.1 - 76.1 - 80.8 - 80.8 - 0 - - - - Institutional (Large) 10 66.8 62.0 70.0 70.0 74.4 67.0 79.3 79.3 0 - - - - Institutional (Small/Mid-Size) 4 78.8 69.6 89.3 93.1 87.3 72.9 95.3 105.6 0 - - - - Institutional (All) 14 71.4 62.0 70.0 72.1 78.9 67.0 79.3 79.3 0 - - - - All Firms 39 80.3 70.0 77.5 92.0 104.8 79.3 100.0 123.8 1 - - - -

Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Operations and Administration

Job Descriptions

AS 01. Chief Operating Officer (COO): This position normally exists at the larger private equity firms; the COO is responsible for the non-deal-making aspects of the organization, including internal business operations such as human resources, finance/accounting, compliance, and technology. The position also may oversee fund raising, marketing, and communications.

AS 02. Administrative/ Office Manager: This position supervises support staff and oversees routine administrative functions of the firm. Reports to the Managing General Partner or COO or CFO, depending on the size of the firm.

AS 03. Executive Assistant: This position provides full secretarial and administrative support to the CEO/ Managing Partner and other Senior Partners including se?ing up of meetings and conference calls; ordering and receiving supplies for the office; pu?ing together numerous reports; sending out mailings; and responding to various other requests.

AS 04. Secretary/ Administrator: Provides secretarial and administrative for individual investment executives or for the whole investment team

AS 05. Receptionist: Responsible for reception duties for the firm.

Observations

AS 01 - The 50th percentile (median) salary plus bonus for the COO for all Private Equity/VC firms is $437,000. 63% have carried interest. The percent of the fund is 1.2%; and carried interest dollars at work from all active funds is $14.3 million .

AS 02 - The 50th percentile (median) salary plus bonus for the Administrative/Office Manager position is $128,000 for all firms. 8% of these firms allocate carried interest to this position. Carried interest represents 0.1% of the fund and $300,000 dollars at work.

AS 03 – The 50th percentile (median) salary plus bonus for the Executive Assistant position is $100,000 for all firms. A few firms allocate carried interest to this position but it is small enough to be pre?y much meaningless.

AS 04 – The 50th percentile (median) salary plus bonus for the Secretary/Administrator position is $65,000 for all firms.

AS 05 - The 50th percentile (median) salary plus bonus for the Receptionist position is $61,000 for all firms.


Chief Operating Officer (COO)





LBO/VC/Mezz (Large) 7 266.0 100.0 325.0 325.0 603.6 332.0 437.0 437.0 1 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 8 256.9 100.0 312.5 325.0 560.0 332.0 431.0 503.9 2 557.7 - 557.7 - LBO/Growth Equity (Large) 6 238.3 100.0 212.5 325.0 558.3 332.0 384.5 437.0 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 6 266.0 100.0 325.0 325.0 603.6 332.0 437.0 437.0 1 - - - - Venture Capital (Large) 0 190.0 100.0 100.0 325.0 374.0 332.0 332.0 437.0 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 0 208.3 100.0 200.0 318.8 382.5 332.0 378.5 434.0 0 - - - - Mezzanine (Large) 4 190.0 100.0 100.0 325.0 374.0 332.0 332.0 437.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 4 190.0 100.0 100.0 325.0 374.0 332.0 332.0 437.0 0 - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 2 200.0 - 200.0 - 315.0 - 315.0 - 0 - - - - Fund of Funds (All) 2 183.9 137.5 137.5 259.4 315.0 315.0 315.0 315.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - 0 - - - - Institutional (Large) 3 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Institutional (All) 4 - - - - - - - - 0 - - - - All Firms 16 32.0 200.0 300.0 325.0 560.4 332.0 437.0 600.0 3 1483.1 710.5 871.0 1949.6

Chief Operating Officer (COO) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 5 1.5% 0.8% 1.2% 1.2% 6.9 2.3 9.0 9.0 13.3 9.9 14.3 14.3 LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 5 1.5% 0.8% 1.2% 1.2% 6.9 2.3 9.0 9.0 13.3 9.9 14.3 14.3 LBO/Growth Equity (Large) 7 1.3% 0.8% 1.2% 1.2% 6.7 2.9 9.0 9.0 12.6 9.9 14.3 14.3 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 7 1.4% 0.9% 1.2% 1.2% 7.3 4.0 9.0 9.0 13.4 11.0 14.3 14.3 Venture Capital (Large) 5 1.0% 0.8% 1.2% 1.2% 6.3 2.3 9.0 9.0 12.5 9.9 14.3 14.3 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 5 1.0% 0.8% 1.2% 1.2% 6.3 2.3 9.0 9.0 12.5 9.9 14.3 14.3 Mezzanine (Large) 5 1.0% 0.8% 1.2% 1.2% 6 2 9 9 13 10 14 14 Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 5 1.0% 0.8% 1.2% 1.2% 6 2 9 9 13 10 14 14 Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 1 - - - - - - - - - - - - Institutional (Small/Mid-Size) 1 - - - - - - - - - - - - Institutional (All) 1 - - - - - - - - - - - - All Firms 7 1.3% 0.8% 1.2% 1.2% 7.0 4.2 8.6 9.0 14.9 11.0 14.3 16.1

Administrative/ Office Manager





LBO/VC/Mezz (Large) 13 112.8 101.0 102.0 119.0 138.8 128.3 132.0 149.0 1 - - - - LBO/VC/Mezz (Mid-Size) 8 104.8 90.3 99.3 125.0 134.9 102.3 109.4 175.0 1 - - - - LBO/VC/Mezz (Small) 4 70.5 57.5 73.5 86.5 76.6 58.9 75.5 93.3 0 - - - - LBO/VC/Mezz (All) 25 100.5 82.0 100.0 116.5 125.6 97.5 128.3 149.0 3 41.6 17.3 26.0 58.0 LBO/Growth Equity (Large) 15 104.7 94.5 101.0 102.0 132.3 109.4 128.3 132.0 1 - - - - LBO/Growth Equity (Mid-Size) 2 119.0 - 119.0 - 164.1 - 164.1 - 1 - - - - LBO/Growth Equity (Small) 3 66.7 50.0 65.0 82.5 73.5 52.8 65.0 90.0 0 - - - - LBO/Growth Equity (All) 20 99.6 95.3 100.5 102.0 121.7 109.5 124.8 132.0 1 - - - - Venture Capital (Large) 11 103.0 88.0 116.5 117.8 125.5 109.4 133.0 141.0 0 - - - - Venture Capital (Mid-Size) 7 99.4 85.5 99.3 112.2 122.4 98.5 109.4 142.2 0 - - - - Venture Capital (Small) 1 - - - - - - - - 0 - - - - Venture Capital (All) 19 100.6 79.0 101.0 117.8 122.3 97.5 121.2 141.0 0 - - - - Mezzanine (Large) 5 85.4 75.0 75.0 101.0 107.0 97.5 97.5 121.2 0 - - - - Mezzanine (Small/Mid-Size) 3 71.7 62.5 70.0 80.0 91.7 72.5 78.0 104.0 0 - - - - Mezzanine (All) 8 80.3 73.8 75.0 92.8 101.2 92.6 97.5 121.2 0 - - - - Fund of Funds (Large) 9 80.0 61.0 70.0 109.0 87.2 64.5 70.0 127.0 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 9 80.0 61.0 70.0 109.0 87.2 64.5 70.0 127.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 9 80.0 61.0 70.0 109.0 87.2 64.5 70.0 127.0 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Institutional (All) 1 - - - - - - - - 0 - - - - All Firms 62 123.0 77.0 97.7 118.4 212.9 85.9 128.3 145.1 3 41.2 16.9 25.0 57.5

Administrative/ Office Manager - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 1 - - - - - - - - - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 2 0.0% - 0.0% - .09 - .09 - .15 - .19 - LBO/Growth Equity (Large) 2 0.0% - 0.0% - .09- - .09 - .17 - .18 - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 3 - - - - - - - - - - - - Venture Capital (Large) 0 - - - - - - - - - - - - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 0 - - - - - - - - - - - - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 1 - - - - - - - - - - - - Mezzanine (All) 1 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 0 - - - - - - - - - - - - All Firms 6 0.1% 0.1% 1.5 0.8 0.5 0.3

Executive Assistant





LBO/VC/Mezz (Large) 22 84.6 70.2 78.8 108.0 95.0 76.6 89.0 120.4 0 - - - - LBO/VC/Mezz (Mid-Size) 15 85.1 77.0 82.5 91.8 96.7 83.5 99.8 105.7 0 - - - - LBO/VC/Mezz (Small) 2 62.5 - 62.5 - 81.5 - 81.5 - 0 - - - - LBO/VC/Mezz (All) 39 81.7 69.3 77.9 93.0 92.9 82.3 89.0 111.1 2 14.8 - 14.8 - LBO/Growth Equity (Large) 19 72.5 60.7 73.8 76.2 84.3 71.2 86.5 94.0 1 - - - - LBO/Growth Equity (Mid-Size) 5 88.8 80.0 89.5 103.0 101.5 100.5 100.8 113.0 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 24 75.1 60.7 73.8 104.3 85.5 69.0 86.5 114.9 0 - - - - Venture Capital (Large) 21 94.2 78.8 91.5 108.0 103.4 89.0 104.5 120.5 0 - - - - Venture Capital (Mid-Size) 11 82.9 77.0 82.5 90.6 93.1 83.3 95.0 99.8 0 - - - - Venture Capital (Small) 2 62.5 - 62.5 - 81.5 - 81.5 - 0 - - - - Venture Capital (All) 34 88.7 75.5 86.6 107.9 98.8 83.1 99.8 120.0 0 - - - - Mezzanine (Large) 7 92.2 69.2 108.0 109.5 102.3 70.4 120.5 126.6 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 7 92.2 69.2 108.0 109.5 102.3 70.4 120.5 126.6 0 - - - - Fund of Funds (Large) 6 81.4 74.2 81.4 88.5 95.2 91.3 95.2 99.2 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 7 82.0 74.2 81.4 88.5 95.4 91.3 95.2 99.2 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 5 91.2 88.5 88.5 88.5 107.5 99.2 99.2 111.7 0 - - - - Institutional (Large) 9 97.6 33.6 74.2 185.0 120.3 38.7 91.3 231.0 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 9 97.6 33.6 74.2 185.0 120.3 38.7 91.3 231.0 0 - - - - All Firms 85 87.4 69.0 82.5 98.3 101.7 80.5 99.8 118.3 3 10.8 6.2 11.9 15.9

Executive Assistant - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 0 - - - - - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 0 - - - - - - - - - - - - LBO/Growth Equity (Large) 2 0.0% - 0.0% - 0.1 - 0.1 - 0.1 - 0.1 - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 2 - - - - - - - - - - - - Venture Capital (Large) 0 - - - - - - - - - - - - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 0 - - - - - - - - - - - - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - - - - - Fund of Funds (All) 1 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 0 - - - - - - - - - - - - All Firms 1 - - - - - - - - - - - -

Secretary/ Administrator





LBO/VC/Mezz (Large) 12 60.0 46.0 57.8 77.0 64.0 50.2 60.9 89.0 0 - - - - LBO/VC/Mezz (Mid-Size) 4 59.0 52.0 59.0 66.0 68.0 57.0 68.0 79.0 0 - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 17 59.2 47.5 52.0 71.5 64.3 50.4 62.0 84.0 1 - - - - LBO/Growth Equity (Large) 11 45.9 37.3 46.0 50.5 48.5 39.9 50.2 50.5 0 - - - - LBO/Growth Equity (Mid-Size) 2 52.0 - 52.0 - 57.0 - 57.0 - 0 - - - - LBO/Growth Equity (Small) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 14 47.4 37.3 50.5 56.0 50.4 39.9 50.5 61.0 0 - - - - Venture Capital (Large) 8 80.1 74.0 77.0 93.1 86.1 84.6 89.0 93.1 0 - - - - Venture Capital (Mid-Size) 2 66.0 - 66.0 - 79.0 - 79.0 - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 10 77.2 66.0 77.0 89.1 84.7 79.0 89.0 92.1 0 - - - - Mezzanine (Large) 2 65.0 - 65.0 - 71.3 - 71.3 - 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 2 65.0 - 65.0 - 71.3 - 71.3 - 0 - - - - Fund of Funds (Large) 0 - - - - - - - - 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 1 - - - - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 58.3 - 58.3 - 62.4 - 62.4 - 0 - - - - Institutional (Large) 6 62.2 28.7 62.2 95.7 74.6 29.6 74.6 119.7 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 6 62.2 28.7 62.2 95.7 74.6 29.6 74.6 119.7 0 - - - - All Firms 47 64.0 50.5 54.5 84.8 71.5 50.8 65.0 91.1 1 - - - -

Receptionist





LBO/VC/Mezz (Large) 12 53.8 47.0 54.0 55.0 60.9 54.0 60.1 65.0 0 - - - - LBO/VC/Mezz (Mid-Size) 7 45.4 40.0 40.0 49.9 49.3 45.0 46.0 52.2 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 27 51.9 44.8 53.0 55.0 57.9 49.1 59.0 65.0 0 - - - - LBO/Growth Equity (Large) 8 54.1 42.5 55.0 58.8 61.3 42.5 65.0 69.8 0 - - - - LBO/Growth Equity (Mid-Size) 3 46.0 40.0 40.0 49.0 49.7 44.0 44.0 52.5 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 7 53.6 42.5 55.0 62.5 61.0 43.3 65.0 74.5 0 - - - - Venture Capital (Large) 14 56.5 53.0 55.0 61.9 64.0 59.0 61.1 68.4 0 - - - - Venture Capital (Mid-Size) 5 47.6 40.0 49.9 49.9 51.5 46.0 52.2 52.2 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 19 54.1 48.5 53.0 60.0 60.7 54.0 59.0 64.8 0 - - - - Mezzanine (Large) 3 67.3 66.0 70.0 70.0 78.8 76.2 84.0 84.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 3 67.3 66.0 70.0 70.0 78.8 76.2 84.0 84.0 0 - - - - Fund of Funds (Large) 0 - - - - - - - - 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 1 - - - - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 42 51.9 43.6 55.0 68.0 59.9 47.0 61.1 77.5 1 - - - -

Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Finance

Job Descriptions

FN 01. Chief Financial Officer (CFO): This senior level professional heads up finance/accounting for the firm and its limited partnerships. The position also may have responsibility for the business operations of the firm, such as human resources, compliance and technology. At larger firms, the CFO may report to the COO.

FN 02. Controller: This professional performs accounting, financial monitoring, reporting and similar services. Reports to the Managing General Partner or COO or CFO, depending on the size of the firm.

FN 03. Assistant Controller: This position assists the Controller and/or CFO with their various duties and responsibilities.

FN 04.Senior Accountant: Performs at least two accounting functions, such as accounts payable, accounts receivable, or book-keeping.

FN 05. Junior Accountant: Junior member of the finance team, typically would not be qualified, responsible for day-to-day maintenance of accounts records.

FN 06. Fund Accountant: Predominantly an administrative position, responsible for maintaining administrative records and working on reconciliation statements for funds. Assists in preparation of fund portfolio statements and profit & loss reporting on funds.

Observations

FN 01 - The 50th percentile (median) salary plus bonus for the CFO position is $400,000 at all firms; $475,000 at large LBO firms and $500,000 at large VC firms. Carried interest distributions were $297,000 at all firms. Carried interest as a percent of the fund was 0.4%. and carried interest dollars at work were $4.6 million.

FN 02 – The 50th percentile (median) salary plus bonus for the Controller position is $215,000. It was $220,000 for large LBO firms and $231,000 in large VC firms. (Note that some firms do not have a CFO position. When this occurs, the Controller tends to be paid higher than if there were a CFO position). 31% of firms allocate carried interest to this position. The carried interest percent of the fund is 0.1 and the dollars at work are $800,000.

FN 03 – The 50th percentile (median) salary plus bonus for the Assistant Controller position is $145,000 in all firms. 13% 0f these firms provide carried interest of 0.1% and $700,000 of dollars at work.

FN 04. – The 50th percentile (median) salary plus bonus for the Senior Accountant position is $75,000.

FN 05 - The 50th percentile (median) salary plus bonus for the Junior Accountant position is $75,000.

FN 06 – The 50th percentile (median) salary plus bonus for the Fund Accountant position is $103,000.

FN 07 – The 50th percentile (median) salary plus bonus for the Junior Fund Accountant position is $80,000.


Chief Financial Officer (CFO)





LBO/VC/Mezz (Large) 20 354.7 248.8 325.0 460.0 482.4 357.5 437.5 573.9 4 534.1 257.3 368.3 645.1 LBO/VC/Mezz (Mid-Size) 13 251.3 225.0 225.0 281.0 352.7 276.0 292.0 490.2 3 129.0 45.0 65.0 181.0 LBO/VC/Mezz (Small) 7 170.7 122.5 179.6 210.0 223.7 137.0 234.6 283.5 0 - - - - LBO/VC/Mezz (All) 40 301.7 225.0 250.0 363.8 423.7 281.7 396.9 541.9 12 432.6 157.9 328.1 761.3 LBO/Growth Equity (Large) 17 315.9 250.0 250.0 375.0 480.9 360.0 475.0 500.0 4 534.1 257.3 368.3 645.1 LBO/Growth Equity (Mid-Size) 4 225.0 218.8 225.0 231.3 387.3 292.0 336.0 431.3 2 45.0 - 45.0 - LBO/Growth Equity (Small) 4 154.9 122.5 154.8 187.2 205.9 140.5 189.3 254.7 0 - - - - LBO/Growth Equity (All) 25 291.1 210.0 250.0 375.0 409.2 292.0 360.0 475.0 4 534.1 257.3 368.3 645.1 Venture Capital (Large) 25 355.1 250.0 325.0 460.0 492.5 360.0 500.0 585.5 3 761.3 761.3 761.3 761.3 Venture Capital (Mid-Size) 9 263.0 225.0 281.0 285.0 337.4 276.0 281.0 490.2 1 - - - - Venture Capital (Small) 4 188.6 163.4 194.8 220.0 244.1 204.7 243.3 282.8 0 - - - - Venture Capital (All) 38 315.8 241.3 265.5 375.0 429.6 281.7 400.0 562.5 4 645.2 645.2 761.3 761.3 Mezzanine (Large) 10 272.0 242.5 250.0 250.0 440.5 360.0 430.0 500.0 0 - - - - Mezzanine (Small/Mid-Size) 3 216.7 212.5 225.0 225.0 339.6 312.5 340.0 366.9 1 - - - - Mezzanine (All) 13 259.2 240.0 250.0 250.0 417.2 350.0 360.0 500.0 1 - - - - Fund of Funds (Large) 9 212.2 215.0 215.0 240.0 278.9 215.0 215.0 360.0 1 - - - - Fund of Funds (Small/Mid-Size) 3 212.2 134.5 134.5 251.0 265.0 163.5 163.5 315.8 0 - - - - Fund of Funds (All) 12 217.4 150.0 215.0 250.0 352.7 163.5 215.0 416.0 1 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 3 275.9 230.0 275.0 321.3 356.9 301.3 355.0 411.5 0 - - - - Institutional (Large) 1 - - - - - - - - 1 - - - - Institutional (Small/Mid-Size) 2 232.3 - 232.3 - 362.4 - 362.4 - 1 - - - - Institutional (All) 3 206.5 167.2 179.6 232.3 316.7 230.0 234.6 362.4 2 242.9 - 242.9 - All Firms 83 295.8 215.0 250.0 350.0 447.4 281.0 400.0 566.3 15 319.4 126.9 297.0 403.5

Chief Financial Officer (CFO) - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 16 0.3% 0.2% 0.3% 0.4% 2.7 1.5 2.0 2.6 6.4 2.6 4.5 7.0 LBO/VC/Mezz (Mid-Size) 9 0.6% 0.5% 0.5% 0.6% 2.1 1.3 2.3 3.0 4.4 2.3 4.7 6.0 LBO/VC/Mezz (Small) 5 1.0% 0.6% 0.9% 1.3% 1.5 1.0 1.4 1.9 2.0 0.5 1.2 1.6 LBO/VC/Mezz (All) 30 0.5% 0.2% 0.4% 0.6% 2.3 1.2 1.8 2.6 5.1 2.0 4.4 6.6 LBO/Growth Equity (Large) 16 0.2% 0.1% 0.2% 0.3% 2.5 1.9 2.0 2.5 6.3 2.6 6.4 7.0 LBO/Growth Equity (Mid-Size) 4 0.7% 0.6% 0.6% 0.7% 3.1 2.8 3.3 3.6 5.0 4.4 5.4 6.0 LBO/Growth Equity (Small) 2 0.5% - 0.5% - - - - - 0.5 - 0.5 - LBO/Growth Equity (All) 22 0.3% 0.2% 0.2% 0.4% 2.8 2.0 2.3 2.6 5.7 2.0 4.3 6.9 Venture Capital (Large) 20 0.4% 0.3% 0.3% 0.4% 1.9 1.1 1.8 2.6 6.8 4.4 4.5 7.0 Venture Capital (Mid-Size) 5 0.5% 0.2% 0.5% 0.5% 1.3 0.5 1.3 1.3 3.5 1.3 1.3 4.7 Venture Capital (Small) 3 1.3% 1.0% 1.3% 1.7% 1.9 1.4 1.6 2.3 3.0 1.4 1.6 3.9 Venture Capital (All) 28 0.5% 0.3% 0.3% 0.5% 1.5 0.9 1.3 2.1 4.5 2.6 4.4 6.8 Mezzanine (Large) 8 0.2% 0.1% 0.3% 0.3% 1.7 0.7 2.0 2.2 5.3 2.6 7.0 7.0 Mezzanine (Small/Mid-Size) 1 - - - - - - - - - - - - Mezzanine (All) 9 0.3% 0.1% 0.3% 0.4% 1.6 0.7 2.0 2.0 5.0 2.9 5.3 7.0 Fund of Funds (Large) 3 0.1% 0.1% 0.1% 0.1% 0.7 - 0.7 - 5.7 5.0 7.0 7.0 Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 3 0.4% 0.1% 0.1% 0.5% 2.2 0.7 0.7 3.0 10.0 6.0 7.0 11.0 Real Estate/Secondary/Co-Investment/Distressed (One Size) 4 0.0% 0.3% 0.0% 1.4% 3.8 2.7 5.2 5.6 11.7 6.1 12.0 17.5 Institutional (Large) 1 - - - - - - - - - - - - Institutional (Small/Mid-Size) 1 - - - - - - - - - - - - Institutional (All) 2 0.5% 0.2% 0.4% 0.6% 2.3 1.2 1.8 2.6 5.1 2.0 4.4 6.6 All Firms 36 0.7% 0.3% 0.4% 0.9% 3.2 1.4 2.5 3.6 7.3 2.5 4.6 8.0

Controller





LBO/VC/Mezz (Large) 23 174.4 147.5 175.0 205.0 224.1 190.0 220.0 250.6 1 - - - - LBO/VC/Mezz (Mid-Size) 10 152.1 133.8 145.0 174.9 188.4 169.5 191.5 217.9 1 - - - - LBO/VC/Mezz (Small) 3 80.0 77.5 80.0 82.5 93.3 80.0 85.0 102.5 0 - - - - LBO/VC/Mezz (All) 36 164.5 145.0 165.0 194.7 209.9 170.0 218.0 241.3 3 11.7 8.5 14.7 16.4 LBO/Growth Equity (Large) 19 172.5 127.5 165.0 218.5 226.1 146.5 220.0 274.7 1 - - - - LBO/Growth Equity (Mid-Size) 3 145.3 137.5 145.0 153.0 195.5 184.5 203.0 210.3 0 - - - - LBO/Growth Equity (Small) 2 82.5 - 82.5 - 102.5 - 102.5 - 0 - - - - LBO/Growth Equity (All) 24 156.5 90.0 157.5 200.0 203.2 120.8 195.0 241.3 1 - - - - Venture Capital (Large) 21 178.4 165.0 186.0 194.7 228.5 218.7 231.0 260.0 0 - - - - Venture Capital (Mid-Size) 8 155.8 140.8 153.0 179.5 187.5 167.0 191.5 218.0 1 - - - - Venture Capital (Small) 1 - - - - - - - - 0 - - - - Venture Capital (All) 30 168.9 145.0 175.0 192.5 212.5 190.0 218.7 256.3 1 - - - - Mezzanine (Large) 7 172.7 135.0 165.0 215.8 224.0 171.5 220.0 287.1 0 - - - - Mezzanine (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Mezzanine (All) 8 169.8 138.8 165.0 205.3 218.0 162.8 220.0 276.6 0 - - - - Fund of Funds (Large) 7 184.9 125.0 125.0 275.0 207.5 125.0 125.0 325.0 0 - - - - Fund of Funds (Small/Mid-Size) 3 123.7 94.3 94.3 138.4 139.8 102.8 102.8 158.4 0 - - - - Fund of Funds (All) 10 164.6 109.6 125.0 228.8 191.6 113.9 125.0 280.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 6 217.9 173.1 228.8 275.0 292.0 244.8 325.0 325.0 1 - - - - Institutional (Large) 3 71.6 71.6 71.6 71.6 97.5 97.5 97.5 97.5 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 3 71.6 71.6 71.6 71.6 97.5 97.5 97.5 97.5 0 - - - - All Firms 85 159.8 130.0 150.0 179.5 209.3 160.0 215.0 241.3 8 23.8 13.7 23.5 28.3

Controller – Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 9 0.1% 0.1% 0.1% 0.1% 0.6 0.5 0.7 0.8 0.6 0.5 0.5 0.7 LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - - - - - LBO/VC/Mezz (All) 11 0.1% 0.1% 0.1% 0.2% 0.6 0.5 0.7 0.8 0.6 0.5 0.5 0.8 LBO/Growth Equity (Large) 7 0.1% 0.0% 0.1% 0.2% 0.6 0.6 0.7 0.8 0.6 0.5 0.5 0.8 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 1 - - - - - - - - - - - - LBO/Growth Equity (All) 8 0.1% 0.0% 0.1% 0.2% 0.6 0.6 0.7 0.8 0.5 0.5 0.5 0.7 Venture Capital (Large) 11 0.1% 0.1% 0.1% 0.2% 0.6 0.5 0.6 0.6 0.8 0.5 0.8 1.1 Venture Capital (Mid-Size) 1 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 12 0.2% 0.1% 0.1% 0.3% 0.7 0.5 0.8 0.8 0.7 0.5 0.8 0.8 Mezzanine (Large) 3 0.2% 0.2% 0.3% 0.3% 0.7 0.7 0.8 0.8 0.9 0.8 0.8 0.9 Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 3 0.2% 0.2% 0.3% 0.3% 0.7 0.7 0.8 0.8 0.9 0.8 0.8 0.9 Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 1 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 0.2% - 0.2% - 0.7 - 0.7 - 1.0 - 1.0 - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 0 - - - - - - - - - - - - All Firms 18 0.2% 0.1% 0.1% 0.2% 0.8 0.5 0.8 0.8 1.0 0.4 0.8 1.1

Assistant Controller





LBO/VC/Mezz (Large) 12 118.4 105.0 121.8 145.0 131.1 105.0 132.0 162.5 0 - - - - LBO/VC/Mezz (Mid-Size) 4 115.0 90.0 115.0 140.0 123.0 99.0 123.0 147.0 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 16 118.6 105.0 127.0 140.0 133.2 105.0 145.0 162.5 1 - - - - LBO/Growth Equity (Large) 8 113.3 93.8 105.0 157.0 127.6 93.8 105.0 195.1 0 - - - - LBO/Growth Equity (Mid-Size) 2 90.0 - 90.0 - 99.0 - 99.0 - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 10 104.9 75.0 105.0 131.0 117.0 79.5 105.0 150.1 0 - - - - Venture Capital (Large) 14 119.0 105.0 127.0 138.5 135.7 119.0 145.0 162.5 0 - - - - Venture Capital (Mid-Size) 2 140.0 - 140.0 - 147.0 - 147.0 - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 16 121.7 105.0 132.8 140.0 137.1 119.0 146.0 162.5 0 - - - - Mezzanine (Large) 3 82.3 60.0 60.0 93.5 95.6 60.0 60.0 113.3 0 - - - - Mezzanine (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Mezzanine (All) 4 84.3 60.0 75.0 99.3 94.2 60.0 75.0 109.2 0 - - - - Fund of Funds (Large) 2 145.5 - 145.5 - 199.5 - 199.5 - 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 2 145.5 - 145.5 - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 52 120.4 90.0 125.0 145.1 150.5 105.0 145.0 169.4 3 936.1 82.0 150.1 1,397.1

Assistant Controller - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 2 0.1% - 0.1% - - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 2 0.1% - 0.1% - - - - - - - - - LBO/Growth Equity (Large) 0 - - - - - - - - - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 0 - - - - - - - - - - - - Venture Capital (Large) 5 0.4% 0.1% 0.1% 0.8% 6.2 - 6.2 - 92.5 - 92.5 - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 5 0.4% 0.1% 0.1% 0.8% 6.2 - 6.2 - 92.5 - 92.5 - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 5 0.4% 0.1% 0.1% 1.0% 2 1 1 4 16 1 1 40 Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 5 0.4% 0.1% 0.1% 1.0% 2 1 1 4 16 1 1 40 All Firms 3 0.0% 0.0% 0.1% 0.1% - - - - 0.7 - 0.7 -

Senior Accountant





LBO/VC/Mezz (Large) 4 59.8 44.5 59.8 75.0 65.8 56.5 65.8 75.0 0 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 5 58.4 44.5 54.5 75.0 64.0 56.5 58.6 75.0 0 - - - - LBO/Growth Equity (Large) 6 59.8 44.5 59.8 75.0 65.8 56.5 65.8 75.0 0 - - - - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 7 56.7 44.5 44.5 75.0 63.9 56.5 56.5 75.0 0 - - - - Venture Capital (Large) 0 - - - - - - - - 0 - - - - Venture Capital (Mid-Size) 1 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 1 - - - - - - - - 0 - - - - Mezzanine (Large) 0 - - - - - - - - 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 0 - - - - - - - - 0 - - - - Fund of Funds (Large) 6 107.9 68.2 107.9 147.5 122.1 73.2 122.1 171.0 6 - - - - Fund of Funds (Small/Mid-Size) 2 90.4 - 90.4 - 96.9 - 96.9 - 2 - - - - Fund of Funds (All) 8 100.9 68.2 80.0 147.5 115.2 73.2 110.0 171.0 9 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 69.0 - 69.0 - 81.5 - 81.5 - 0 - - - - Institutional (Large) 2 44.5 - 44.5 - 56.5 - 56.5 - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 2 44.5 - 44.5 - 56.5 - 56.5 - 0 - - - - All Firms 23 71.9 60.0 69.0 85.0 81.0 60.0 75.0 96.5 0 - - - -

Senior Accountant - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 0 - - - - - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 0 - - - - - - - - - - - - LBO/Growth Equity (Large) 0 - - - - - - - - - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 0 - - - - - - - - - - - - Venture Capital (Large) 0 - - - - - - - - - - - - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 0 - - - - - - - - - - - - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 0 - - - - - - - - - - - - All Firms 0 - - - - - - - - - - - -

Junior Accountant





LBO/VC/Mezz (Large) 4 59.8 44.5 59.8 75.0 65.8 56.5 65.8 75.0 0 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 5 58.4 44.5 54.5 75.0 64.0 56.5 58.6 75.0 0 - - - - LBO/Growth Equity (Large) 6 59.8 44.5 59.8 75.0 65.8 56.5 65.8 75.0 0 - - - - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 7 56.7 44.5 44.5 75.0 63.9 56.5 56.5 75.0 0 - - - - Venture Capital (Large) 0 - - - - - - - - 0 - - - - Venture Capital (Mid-Size) 1 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 1 - - - - - - - - 0 - - - - Mezzanine (Large) 0 - - - - - - - - 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 0 - - - - - - - - 0 - - - - Fund of Funds (Large) 3 60.0 60.0 60.0 60.0 72.0 72.0 72.0 72.0 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 4 62.3 60.0 60.0 62.3 72.5 72.0 72.0 72.5 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 69.0 - 69.0 - 81.5 - 81.5 - 0 - - - - Institutional (Large) 2 44.5 - 44.5 - 56.5 - 56.5 - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 2 44.5 - 44.5 - 56.5 - 56.5 - 0 - - - - All Firms 23 71.9 60.0 69.0 85.0 81.0 60.0 75.0 96.5 0 - - - -

Fund Accountant





LBO/VC/Mezz (Large) 8 85.6 81.9 88.8 92.5 97.8 93.1 106.2 110.9 0 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 9 90.0 85.0 90.0 91.0 111.1 102.5 110.0 113.7 1 - - - - LBO/Growth Equity (Large) 14 85.4 85.0 87.5 90.0 101.2 102.5 110.0 113.7 0 - - - - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 15 85.6 81.9 88.8 92.5 97.8 93.1 106.2 110.9 0 - - - - Venture Capital (Large) 5 86.0 85.0 85.0 87.5 116.9 113.7 119.0 119.0 0 - - - - Venture Capital (Mid-Size) 1 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 6 86.0 85.0 85.0 87.5 116.9 113.7 119.0 119.0 0 - - - - Mezzanine (Large) 5 86.0 85.0 85.0 87.5 116.9 113.7 119.0 119.0 0 - - - - Mezzanine (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Mezzanine (All) 6 86.7 85.0 86.3 87.5 113.7 113.7 116.4 119.0 0 - - - - Fund of Funds (Large) 3 78.0 78.0 78.0 78.0 82.0 82.0 82.0 82.0 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 4 82.0 78.0 78.0 82.0 87.0 82.0 82.0 87.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 33 87.9 68.0 90.0 95.0 104.3 77.5 102.5 110.0 0 - - - -

Junior Fund Accountant





LBO/VC/Mezz (Large) 2 75.0 - 75.0 - 76.6 - 76.6 - 0 - - - - LBO/VC/Mezz (Mid-Size) 2 90.0 - 90.0 - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 4 68.8 66.8 75.0 75.0 76.9 73.0 76.6 84.0 1 - - - - LBO/Growth Equity (Large) 3 75.0 75.0 75.0 75.0 76.6 76.6 76.6 76.6 0 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 3 75.0 - 75.0 - 76.6 - 76.6 - 0 - - - - Venture Capital (Large) 0 - - - - - - - - 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 0 - - - - - - - - 0 - - - - Mezzanine (Large) 0 - - - - - - - - 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 0 - - - - - - - - 0 - - - - Fund of Funds (Large) 3 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 3 75.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 0 - - - - Real Estate/Secomdary/Co-Investment/Distressed (One Size) 4 73 73 75 75 86 86 90 90 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 16 76.5 65.6 75.0 75.0 86.6 75.2 79.8 84.0 0 - - - -

Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Marketing and Investor Relations

Job Descriptions

MK 01. Chief Marketing Officer/ Head of Marketing: This professional is responsible for fund-raising and other limited partner relations, including quarterly reports and regularly scheduled meetings.

MK 02. Marketing Manager: Supports the Head of Marketing in fund-raising and other limited partner relations, including quarterly reports and regularly scheduled meetings. In smaller firms may be the only marketing role.

IR 01. Investor Relations Director/ Head of Investor Relations: Lead role in communications with both investors and press, communicating group’s strategy , fund performance and messages as agreed by the CEO/ Managing Partner and senior management team. Role may be taken by a senior partner in the business and may also incorporate the marketing function.

IR 02. Investor Relations Manager: Provides support and assistance to the Investor Relations Director in communicating with fund investors, both regular and ad hoc.

Observations

Sample size for these positions is quite small so some of the data can be out of line with the competitive marketplace

MK 01 - The 50th percentile (median) salary plus bonus for the Chief Marketing Officer position is $300,000 for all firms. It is $300,000 at large VC firms and $240,000 at large LBO firms. 64% of these firms allocate carried interest to this position, representing 0.6% of the fund and $700,000 dollars at work.

MK 02 – The 50th percentile (median) salary plus bonus for the Marketing Manager position is $151,000 for all firms. 27% of these firms allocate carried interest to this position, representing 0.1% of the fund, and $1.1 million at work.

IR 01 – The 50th percentile (median) salary plus bonus for the Investor Relations Director position is $282,000. 39% of these firms allocate carried interest to this position. The percent of the fund is 0.2 and the dollars at work are $800,000.

IR 02 – The 50th percentile (median) salary plus bonus for the Investor Relations Manager position is $149,000. 27% of firms have carried interest. The percent of the fund is negligible.


Chief Marketing Officer/ Head of Marketing





LBO/VC/Mezz (Large) 25 179.1 154.5 200.0 200.0 240.3 228.5 240.0 270.0 1 - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 25 196.2 154.5 200.0 225.0 310.0 228.5 240.0 400.0 1 - - - - LBO/Growth Equity (Large) 11 196.2 154.5 200.0 225.0 310.0 228.5 240.0 400.0 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 11 179.1 154.5 200.0 200.0 240.3 228.5 240.0 270.0 1 - - - - Venture Capital (Large) 7 221.4 200.0 200.0 250.0 368.6 270.0 300.0 500.0 0 - - - - Venture Capital (Mid-Size) 4 63.5 52.0 63.5 75.0 - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 11 221.4 200.0 200.0 250.0 368.6 270.0 300.0 500.0 0 - - - - Mezzanine (Large) 7 221.4 200.0 200.0 250.0 368.6 270.0 300.0 500.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 7 221.4 200.0 200.0 250.0 368.6 270.0 300.0 500.0 0 - - - - Fund of Funds (Large) 3 325.0 325.0 325.0 325.0 400.0 400.0 400.0 400.0 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 3 325.0 325.0 325.0 325.0 378.0 300.0 400.0 475.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 28 239.5 190.0 200.0 300.0 349.9 240.0 300.0 422.3 2 73.2 - 73.2 -

Chief Marketing Officer/ Head of Marketing - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 3 6.7% 5.0% 10.0% 10.0% - - - - 0.4 0.3 0.3 0.4 LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 3 6.7% 5.0% 10.0% 10.0% - - - - 0.4 0.3 0.3 0.4 LBO/Growth Equity (Large) 6 3.5% 0.3% 0.3% 7.6% 2.0 2.0 2.0 2.0 0.4 0.3 0.3 0.4 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 6 6.7% 5.0% 10.0% 10.0% 2.0 2.0 2.0 2.0 0.4 0.3 0.3 0.4 Venture Capital (Large) 5 4.2% 0.3% 0.3% 10.0% 2.0 2.0 2.0 2.0 0.3 - 0.3 - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 5 4.2% 0.3% 0.3% 10.0% 2.0 2.0 2.0 2.0 0.3 - 0.3 - Mezzanine (Large) 5 0 0 0 0 2 2 2 2 0 - 0 - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 5 4.2% 0.3% 0.3% 10.0% 2.0 2.0 2.0 2.0 0.3 - 0.3 - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 0.5% - 0.5% - 1.9 - 1.9 - 4.7 - 4.7 - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 3 6.7% 5.0% 10.0% 10.0% - - - - 0.4 0.3 0.3 0.4 All Firms 8 2.8% 0.1% 0.6% 3.3% 3.5 2.8 3.9 4.6 4.4 0.4 0.7 8.7

Marketing Manager





LBO/VC/Mezz (Large) 2 365.0 - 365.0 - 365.0 - 365.0 - 0 - - - - LBO/VC/Mezz (Mid-Size) 2 90.0 - 90.0 - 90.0 - 90.0 - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 4 230.4 94.4 236.3 365.0 236.7 103.8 255.0 365.0 1 - - - - LBO/Growth Equity (Large) 3 365.0 365.0 365.0 365.0 365.0 365.0 365.0 365.0 0 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 3 365.0 - 365.0 - 365.0 - 365.0 - 0 - - - - Venture Capital (Large) 0 - - - - - - - - 0 - - - - Venture Capital (Mid-Size) 2 90.0 - 90.0 - 90.0 - 90.0 - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 2 90.0 - 90.0 - 90.0 - 90.0 - 0 - - - - Mezzanine (Large) 0 - - - - - - - - 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 0 - - - - - - - - 0 - - - - Fund of Funds (Large) 3 250.0 250.0 250.0 250.0 350.0 350.0 350.0 350.0 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 3 250.0 250.0 250.0 250.0 350.0 350.0 350.0 350.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 3 250.0 250.0 250.0 250.0 350.0 350.0 350.0 350.0 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 11 165.3 81.5 108.0 236.5 183.0 95.0 151.0 258.0 0 - - - -

Marketing Manager - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 2 0.1% - 0.1% - 1.1 - 1.1 - 1.1 - 1.1 - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 2 0.1% - 0.1% - 1.1 - 1.1 - 1.1 - 1.1 - LBO/Growth Equity (Large) 3 0.1% 0.1% 0.1% 0.1% 0.9 0.9 1.1 1.1 0.9 0.9 1.1 1.1 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 3 0.1% 0.1% 0.1% 0.1% 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 Venture Capital (Large) 0 - - - - - - - - - - - - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 0 - - - - - - - - - - - - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 0 - - - - - - - - - - - - All Firms 3 0.1% 0.1% 0.1% 0.2% 1.0 0.9 1.1 1.1 1.0 0.9 1.1 1.1

Investor Relations Director/ Head of Investor Relations





LBO/VC/Mezz (Large) 4 241.3 170.0 241.3 312.5 375.5 213.5 375.5 537.5 0 - - - -

LBO/VC/Mezz (Mid-Size) 2 270.0 - 270.0 - 282.0 - 282.0 - 0 - - - -

LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 6 248.0 170.0 270.0 312.5 390.3 255.0 282.0 537.5 1 - - - - LBO/Growth Equity (Large) 8 223.4 170.0 170.0 312.5 350.6 244.6 255.0 537.5 0 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 8 241.3 170.0 241.3 312.5 375.5 213.5 375.5 537.5 0 - - - - Venture Capital (Large) 5 170.0 170.0 170.0 170.0 238.4 213.5 255.0 255.0 0 - - - - Venture Capital (Mid-Size) 2 270.0 - 270.0 - 282.0 - 282.0 - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 7 198.6 170.0 170.0 220.0 250.9 234.3 255.0 268.5 0 - - - - Mezzanine (Large) 5 170.0 170.0 170.0 170.0 238.4 213.5 255.0 255.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 5 170.0 170.0 170.0 170.0 238.4 213.5 255.0 255.0 0 - - - - Fund of Funds (Large) 4 125.0 100.0 100.0 125.0 284.4 125.0 125.0 284.4 1 4 125.0 100.0 100.0 Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 0 - - - Fund of Funds (All) 4 125.0 100.0 100.0 125.0 284.4 125.0 125.0 284.4 1 4 125.0 100.0 100.0 Real Estate/Secondary/Co-Investment/Distressed (One Size) 4 125.0 100.0 100.0 125.0 284.4 125.0 125.0 284.4 1 4 125.0 100.0 100.0 Institutional (Large) 1 - - - - - - - - 1 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 1 - - - - - - - - 1 - - - - All Firms 25 251.3 170.0 200.0 278.6 541.4 240.0 282.0 537.5 2 242.8 - 242.8 -

Investor Relations Director/ Head of Investor Relations - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - LBO/Growth Equity (Large) 3 0.2% 0.2% 0.3% 0.3% 1.1 0.8 0.8 1.3 1.4 0.8 0.8 1.7 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 3 0.3% 0.2% 0.3% 0.3% 0.8 0.8 0.8 1.3 0.8 0.8 0.8 1.7 Venture Capital (Large) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - Mezzanine (Large) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - Fund of Funds (Large) 1 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 1 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 1 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 - All Firms 6 0.3% 0.1% 0.2% 0.3% 1.9 0.6 0.8 0.8 15.5 0.5 0.8 1.1

Investor Relations Manager





LBO/VC/Mezz (Large) 7 103.8 69.4 124.0 137.0 153.1 89.5 148.8 211.9 1 - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 8 114.2 85.0 124.0 150.0 158.9 102.0 148.8 221.7 5 58.8 34.8 83.8 83.8 LBO/Growth Equity (Large) 9 116.9 85.0 124.0 150.0 173.6 102.0 148.8 275.0 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 10 116.1 105.1 124.0 143.5 175.3 137.7 148.8 243.5 1 - - - - Venture Capital (Large) 11 105.0 62.5 85.0 150.7 127.6 73.5 102.0 185.2 3 83.8 83.8 83.8 83.8 Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 11 105.0 62.5 85.0 150.7 127.6 73.5 102.0 185.2 3 83.8 83.8 83.8 83.8 Mezzanine (Large) 6 113.4 85.0 104.5 124.0 137.5 102.0 125.4 148.8 1 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 6 113.4 85.0 104.5 124.0 137.5 102.0 125.4 148.8 1 - - - - Fund of Funds (Large) 6 74.5 45.0 70.9 104.9 88.9 51.3 84.8 127.6 1 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 6 74.5 45.0 70.9 104.9 88.9 51.3 84.8 127.6 1 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 9 238.1 177.0 203.0 260.9 421.9 358.1 441.7 480.8 2 1245.4 - 1245.4 - Institutional (Large) 4 115.8 113.5 120.7 122.9 178.9 167.2 189.9 201.6 2 23.0 - 23.0 - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - 0.0 Institutional (All) 4 0.0 0.0 0.0 0.0 - - - - 3 1.1 1.3 3.0 0.0 All Firms 23 105.1 47.5 120.0 137.0 140.7 60.7 148.8 170.0 2 20.4 - 20.4 -

Investor Relations Manager - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 1 - - - - - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 1 - - - - - - - - - - - - LBO/Growth Equity (Large) 2 0.0 0.0 0.4 - 0.4 - 1.3 - .42 - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 2 0.0 0.0 0.4 - 0.4 - 1.3 - .42 - Venture Capital (Large) 3 0.0 0.0 0.0 0.0 2.5 2.5 2.5 2.5 3.6 3.6 3.6 3.6 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 3 0.0 0.0 0.0 0.0 2.5 2.5 2.5 2.5 3.6 3.6 3.6 3.6 Mezzanine (Large) 1 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 1 - - - - - - - - - - - - Fund of Funds (Large) 1 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 1 - - - - * - * - * - * - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 1 - - - - - - - - - - - - All Firms 3 0.0 0.0 0.0 0.0 1.6 2.5 2.5 2.5 3.57 3.57 3.57 3.57

Compensation Levels Per Position (By Type & Size of Firm) Non-Investment Positions - Legal, Human Resources and Information Technology

Job Descriptions

LG 01. Chief Legal Counsel: This professional is responsible for coordinating legal work by outside counsel. It also may provide legal advice on fund formation, entering and exiting portfolio companies, and assisting portfolio companies.

LG 02. Compliance & Risk Officer: Responsible for ensuring that the firm is in compliance with all relevant regulations. Ensures adequate monitoring of investment activities, undertakes audits of investment procedures and advises CEO/ Managing Partner and Legal team on all compliance related issues.

HR 01. Chief Human Resources/ Talent Officer: This professional is responsible for various Human Resources functions, such as recruiting, performance management, compensation and employee benefits. Often recruits executives for portfolio companies.

HR 02. Human Resources Manager: Responsible for day-to-day administration of HR functions, including payroll, staffing and recruitment. Implements and monitors HR programmers and strategy as determined by senior executives.

HR 03. Human Resources Assistant / Officer: Provides administrative and secretarial support to the HR Director and HR Manager

IT 01. Chief Technology Officer: This position is responsible for purchasing and operating computer networks and various software and hardware. It also is responsible for communications systems (phones, etc).

IT 02. Information Technology Manager: Works with Head of IT or outsourced IT support to manage the firm’s IT applications and infrastructure. In smaller firms may be the most senior IT position.

Observations

LG 01 – The 50th percentile (median) salary plus bonus for the Chief Legal Counsel position is $585,000. 50% of firms allocate carried interest to this position. The typical percent of the fund is 0.3 and the dollars at work are $3.4 million.

LG 02. – The 50% percentile (median) salary plus bonus for the Compliance & Risk Officer position is $315.000. 33% of firms allocate carried interest. The typical percent of the fund is 0.2 and the dollars at work are $1.3 million.

HR 01 – The 50th percentile salary plus bonus for the Chief Human Resources Officer was $358,000. 38% of firms provide carried interest to this position The carried interest percent of fund is 0.2 and the dollars at work are $2.2 million .

HR 02 – The 50th percentile (median) salary plus bonus for the Human Resources Manager position is $150,000. 15% of firms provide carried interest to this position. The carried interest percent of the fund data was 0.1%.

HR 03 – The 50th percentile (median) salary plus bonus for the Human Resources Executive Assistant is $65,000

IT 01 & 02 – The 50th percentile (median) salary plus bonus is $225,000 for the Chief Technology Officer position and $205,000 for the Information Technology Manager. 63% of firms provide carried interest to the CTO – 0.1 % of the fund, and $600,000 dollars at work..


Chief Legal Counsel





LBO/VC/Mezz (Large) 11 347.7 250.0 325.0 325.0 505.6 287.5 525.0 650.0 1 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 13 319.4 250.0 250.0 325.0 476.9 287.5 500.0 618.8 1 - - - - LBO/Growth Equity (Large) 13 247.0 250.0 250.0 325.0 438.8 400.0 500.0 525.0 1 - - - - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 15 216.8 87.1 250.0 325.0 352.1 93.1 400.0 525.0 1 - - - - Venture Capital (Large) 12 406.3 250.0 287.5 443.8 615.6 446.9 575.0 743.8 0 - - - - Venture Capital (Mid-Size) 1 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 13 396.2 250.0 275.0 325.0 594.5 341.0 500.0 650.0 0 - - - - Mezzanine (Large) 6 287.5 250.0 287.5 325.0 575.0 500.0 575.0 650.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 6 287.5 250.0 287.5 325.0 575.0 500.0 575.0 650.0 0 - - - - Fund of Funds (Large) 2 325.0 - 325.0 - 650.0 - 650.0 - 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 3 327.7 325.0 325.0 329.0 572.7 534.0 650.0 650.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 466.5 - 466.5 - 1109.0 - 1109.0 - 0 - - - - Institutional (Large) 2 87.1 - 87.1 - 93.1 - 93.1 - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 2 87.1 - 87.1 - 93.1 - 93.1 - 0 - - - - All Firms 31 400.8 250.0 325.0 600.0 662.1 409.0 585.0 797.0 2 212.5 - 212.5 -

Chief Legal Counsel - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 9 0.3% 0.3% 0.3% 0.4% 2.6 1.8 2.5 3.0 8.8 2.8 7.4 8.0 LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 9 0.3% 0.3% 0.3% 0.4% 2.6 1.8 2.5 3.0 8.8 2.8 7.4 8.0 LBO/Growth Equity (Large) 11 0.2% 0.1% 0.3% 0.3% 2.4 2.0 2.3 2.5 10.6 0.4 4.3 25.0 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 11 0.2% 0.1% 0.2% 0.3% 3.3 2.5 2.5 3.8 9.8 0.4 4.2 20.8 Venture Capital (Large) 12 0.3% 0.3% 0.3% 0.3% 2.2 1.8 2.3 2.6 11.7 2.8 7.4 25.0 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 12 0.3% 0.3% 0.3% 0.3% 2.1 1.1 2.5 2.6 12.3 2.8 7.4 25.0 Mezzanine (Large) 6 0.3% 0.3% 0.3% 0.3% 2.3 2.0 2.3 2.5 25.0 25.0 25.0 25.0 Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 6 0.3% 0.3% 0.3% 0.3% 2.3 2.0 2.3 2.5 25.0 25.0 25.0 25.0 Fund of Funds (Large) 2 0.0% - 0.0% - 2.5 - 2.5 - 25.0 - 25.0 - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 2 0.3% - 0.3% - 2.5 - 2.5 - 25.0 - 25.0 - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 2 0.1% - 0.1% - - - - - 0.4 - 0.4 - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 9 0.3% 0.3% 0.3% 0.4% 2.6 1.8 2.5 3.0 8.8 2.8 7.4 8.0 All Firms 10 0.3% 0.2% 0.3% 0.3% 2.9 2.2 3.1 3.5 6.1 2.8 3.4 7.4

Compliance & Risk Officer





LBO/VC/Mezz (Large) 8 223.8 98.8 200.0 325.0 367.5 98.8 275.0 543.8 0 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 1 - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 10 194.7 100.0 130.0 300.0 310.3 100.0 203.7 450.0 1 - - - - LBO/Growth Equity (Large) 15 206.3 100.0 130.0 300.0 337.3 100.0 203.7 450.0 0 - - - - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - 1 - - - - LBO/Growth Equity (Small) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 17 214.4 100.0 140.0 300.0 342.2 100.0 140.0 450.0 0 - - - - Venture Capital (Large) 6 218.3 135.0 225.0 300.0 333.3 213.4 346.3 450.0 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 6 218.3 135.0 225.0 300.0 333.3 213.4 346.3 450.0 0 - - - - Mezzanine (Large) 6 218.3 135.0 225.0 300.0 333.3 213.4 346.3 450.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 6 218.3 135.0 225.0 300.0 333.3 213.4 346.3 450.0 0 - - - - Fund of Funds (Large) 3 245.8 218.8 300.0 300.0 363.3 320.0 450.0 450.0 0 - - - - Fund of Funds (Small/Mid-Size) 3 122.0 114.3 137.5 137.5 162.0 148.0 190.0 190.0 0 - - - - Fund of Funds (All) 6 200.0 200.0 200.0 200.0 262.7 190.0 190.0 385.0 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 28 225.1 100.0 215.0 310.0 363.8 104.5 315.0 460.0 2 13.3 - 13.3 -

Compliance & Risk Officer - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 2 0.1% - 0.1% - 0.7 - 0.7 - 7.0 - 7.0 - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 3 0.1% - 0.1% - 0.7 - 0.7 - 7.0 - 7.0 - LBO/Growth Equity (Large) 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0 LBO/Growth Equity (Mid-Size) 1 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 4 0.1% - 0.1% - 0.7 - 0.7 - 7.0 - 7.0 - Venture Capital (Large) 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0 Mezzanine (Large) 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0 Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0 Fund of Funds (Large) 2 0.1% - 0.1% - 0.7 - 0.7 - 7.0 - 7.0 - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 2 0.1% - 0.1% - 0.7 - 0.7 - 7.0 - 7.0 - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 0 - - - - - - - - - - - - All Firms 4 0.2% 0.1% 0.2% 0.4% 2.5 1.3 1.6 2.7 6.0 2.5 4.8 8.3

Chief Human Resources/ Talent Officer





LBO/VC/Mezz (Large) 10 236.3 160.0 285.0 285.0 319.6 182.7 358.0 427.5 0 - - - - LBO/VC/Mezz (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 11 230.5 160.0 267.5 285.0 311.8 182.7 358.0 427.5 1 - - - - LBO/Growth Equity (Large) 10 220.3 160.0 205.0 285.0 309.5 180.7 305.1 433.1 1 - - - - LBO/Growth Equity (Mid-Size) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 11 224.2 157.9 222.5 288.8 310.0 182.0 305.1 433.1 0 - - - - Venture Capital (Large) 9 258.7 285.0 285.0 285.0 354.9 358.0 358.0 427.5 0 - - - - Venture Capital (Mid-Size) 1 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 10 249.7 198.0 285.0 285.0 339.0 236.5 358.0 427.5 0 - - - - Mezzanine (Large) 6 245.6 185.0 285.0 296.3 353.4 243.9 427.5 444.4 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 6 245.6 185.0 285.0 296.3 353.4 243.9 427.5 444.4 0 - - - - Fund of Funds (Large) 0 - - - - - - - - 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 1 - - - - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 214.3 - 214.3 - 355.8 - 355.8 - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 24 233.3 160.0 272.0 285.0 336.5 195.7 358.0 447.8 2 27.9 - 27.9 -

Chief Human Resources/ Talent Officer - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 8 0.2% 0.2% 0.2% 0.2% 1.6 0.6 1.6 2.6 1.2 0.4 0.6 2.3 LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 8 0.2% 0.2% 0.2% 0.2% 1.6 0.6 1.6 2.6 1.2 0.4 0.6 2.3 LBO/Growth Equity (Large) 8 0.2% 0.0% 0.2% 0.2% 1.6 0.6 1.5 2.6 1.3 0.3 0.6 2.5 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 6 0.2% 0.1% 0.2% 0.3% 1.6 0.6 1.6 2.6 1.2 0.4 0.6 2.3 Venture Capital (Large) 7 0.2% 0.2% 0.2% 0.3% 1.6 0.6 1.6 2.6 1.7 0.6 1.7 2.8 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 7 0.3% 0.2% 0.2% 0.3% 1.6 0.6 1.6 2.6 1.7 0.6 1.7 2.8 Mezzanine (Large) 4 0.3% 0.2% 0.3% 0.4% 1.6 0.6 1.6 2.6 1.7 0.6 1.7 2.8 Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 4 0.3% 0.2% 0.3% 0.4% 1.6 0.6 1.6 2.6 1.7 0.6 1.7 2.8 Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 8 0.2% 0.2% 0.2% 0.2% 1.6 0.6 1.6 2.6 1.2 0.4 0.6 2.3 All Firms 9 0.2% 0.1% 0.2% 0.2% 1.7 0.7 1.6 2.6 2.0 1.1 2.2 2.9

Human Resources Manager





LBO/VC/Mezz (Large) 7 133.1 93.0 126.0 180.0 156.2 120.0 163.8 193.4 1 - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 7 132.7 76.5 130.5 190.0 158.7 100.0 163.8 214.8 2 32.7 - 32.7 - LBO/Growth Equity (Large) 6 98.7 60.0 93.0 126.0 121.3 80.0 120.0 162.9 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 6 106.4 60.0 126.0 126.0 129.5 80.0 160.0 163.8 1 - - - - Venture Capital (Large) 5 170.4 126.0 200.0 200.0 199.3 163.8 223.0 223.0 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 5 170.4 126.0 200.0 200.0 199.3 163.8 223.0 223.0 0 - - - - Mezzanine (Large) 2 126.0 - 126.0 - 163.8 - 163.8 - 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 2 126.0 - 126.0 - 163.8 - 163.8 - 0 - - - - Fund of Funds (Large) 0 - - - - - - - - 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 1 - - - - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 128.7 - 128.7 - 151.8 - 151.8 - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 20 122.8 100.0 125.0 133.3 151.2 129.7 150.0 163.8 1 - - - -

Human Resources Manager - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 3 0.1% 0.0% 0.1% 0.2% - - - - - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 3 0.1% 0.0% 0.1% 0.2% - - - - - - - - LBO/Growth Equity (Large) 2 0.0% - 0.0% - - - - - - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 0 - - - - - - - - - - - - LBO/Growth Equity (All) 2 0.0%- - 0.0% - - - - - - - - - Venture Capital (Large) 3 0.1% 0.0% 0.1% 0.2% - - - - - - - - Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 3 0.1% 0.0%- 0.1% 0.2% - - - - - - - - Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 1 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 0 - - - - - - - - - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 3 0.1% 0.1% 0.1% 0.1% - - - - - - - - All Firms 2 0.1% - 0.1% - - - - - - - - -

Human Resources Assistant





LBO/VC/Mezz (Large) 7 130.0 100.0 125.0 162.5 160.9 150.0 150.0 186.5 0 - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 14 124.8 100.0 125.0 151.9 160.5 150.0 150.0 214.8 2 27.3 - 27.3 - LBO/Growth Equity (Large) 5 114.0 125.0 125.0 125.0 144.1 150.0 150.0 150.0 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 3 103.3 92.5 125.0 125.0 126.7 115.0 150.0 150.0 0 - - - - Venture Capital (Large) 3 200.0 200.0 200.0 200.0 223.0 223.0 223.0 223.0 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 6 163.0 126.0 163.0 200.0 193.4 163.8 193.4 223.0 0 - - - - Mezzanine (Large) 3 100.0 100.0 100.0 100.0 150.0 150.0 150.0 150.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 3 100.0 100.0 100.0 100.0 150.0 150.0 150.0 150.0 0 - - - - Fund of Funds (Large) 0 - - - - - - - - 0 - - - - Fund of Funds (Small/Mid-Size) 1 - - - - - - - - 0 - - - - Fund of Funds (All) 1 - - - - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 2 128.7 - 128.7 - 151.8 - 151.8 - 0 - - - - Institutional (Large) 0 - - - - - - - - 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 0 - - - - - - - - 0 - - - - All Firms 18 128.3 102.3 125.0 132.8 160.8 150.0 150.0 171.5 1 - - - -

Chief Technology Officer





LBO/VC/Mezz (Large) 7 141.9 135.0 145.3 145.3 164.7 155.0 167.1 167.1 0 - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 15 181.4 135.0 145.3 160.0 223.9 155.0 167.1 190.0 2 210.5 - 210.5 - LBO/Growth Equity (Large) 3 225.8 163.8 200.0 275.0 267.2 225.8 300.0 325.0 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 1 - - - - - - - - 0 - - - - Venture Capital (Large) 6 152.7 145.3 152.7 160.0 178.6 167.1 178.6 190.0 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 9 165.1 145.3 160.0 190.0 194.0 167.1 190.0 225.0 0 - - - - Mezzanine (Large) 3 135.0 135.0 135.0 135.0 155.0 155.0 155.0 155.0 0 - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Mezzanine (All) 3 135.0 135.0 135.0 135.0 155.0 155.0 155.0 155.0 0 - - - - Fund of Funds (Large) 2 300.0 - 300.0 - 450.0 - 450.0 - 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 2 300.0 - 300.0 - 450.0 - 450.0 - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - - Institutional (Large) 5 176.5 127.5 127.5 200.0 293.9 151.5 151.5 450.0 1 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 3 209.2 163.8 200.0 250.0 388.8 300.8 450.0 507.4 1 - - - - All Firms 22 189.9 145.3 170.0 197.5 267.9 167.1 225.0 322.0 2 153.3 - 153.3 -

Chief Technology Officer - Continued



Job Title # Firms

Carried Interest



LBO/VC/Mezz (Large) 5 0.0 0.0 0.0 0.0 0.7 0.5 0.7 0.7 0.8 0.3 0.3 0.6 LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - - - - - LBO/VC/Mezz (Small) 0 - - - - - - - - - - - - LBO/VC/Mezz (All) 5 0.0 0.0 0.0 0.0 0.7 0.5 0.7 0.7 0.8 0.3 0.3 0.6 LBO/Growth Equity (Large) 5 0.0 0.0 0.0 0.0 0.2 0.2 0.3 0.3 0.8 0.3 0.3 0.6 LBO/Growth Equity (Mid-Size) 0 - - - - - - - - - - - - LBO/Growth Equity (Small) 1 - - - - - - - - - - - - LBO/Growth Equity (All) 6 0.0 0.0 0.0 0.0 0.2 0.2 0.3 0.3 0.8 0.3 0.3 0.6 Venture Capital (Large) 3 0.2 0.2 0.2 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Venture Capital (Mid-Size) 0 - - - - - - - - - - - - Venture Capital (Small) 0 - - - - - - - - - - - - Venture Capital (All) 3 0.2 0.2 0.2 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Mezzanine (Large) 0 - - - - - - - - - - - - Mezzanine (Small/Mid-Size) 0 - - - - - - - - - - - - Mezzanine (All) 0 - - - - - - - - - - - - Fund of Funds (Large) 0 - - - - - - - - - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - - - - - Fund of Funds (All) 0 - - - - - - - - - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 0 - - - - - - - - - - - - Institutional (Large) 5 0.3 0.0 0.0 0.1 1.8 0.3 0.3 0.7 11.4 0.3 0.3 0.7 Institutional (Small/Mid-Size) 0 - - - - - - - - - - - - Institutional (All) 5 0.3 0.0 0.0 0.1 1.8 0.3 0.3 0.7 11.4 0.3 0.3 0.7 All Firms 5 0.0 0.0 0.0 0.0 1.9 0.6 0.7 0.7 15.6 0.5 0.6 0.7

Information Technology Manager





LBO/VC/Mezz (Large) 6 166.6 159.8 165.0 173.8 204.5 196.7 205.0 212.1 0 - - - - LBO/VC/Mezz (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/VC/Mezz (Small) 1 - - - - - - - - 0 - - - - LBO/VC/Mezz (All) 7 156.9 158.0 161.5 173.8 192.1 194.0 199.5 205.0 1 - - - - LBO/Growth Equity (Large) 8 166.8 158.0 165.0 176.7 203.2 194.0 205.0 207.4 1 - - - - LBO/Growth Equity (Mid-Size) 0 - - - - - - - - 0 - - - - LBO/Growth Equity (Small) 1 - - - - - - - - 0 - - - - LBO/Growth Equity (All) 9 153.8 158.0 165.0 170.9 190.3 194.0 205.0 209.8 0 - - - - Venture Capital (Large) 2 165.0 - 165.0 - 214.5 - 214.5 - 0 - - - - Venture Capital (Mid-Size) 0 - - - - - - - - 0 - - - - Venture Capital (Small) 0 - - - - - - - - 0 - - - - Venture Capital (All) 2 165.0 - 165.0 - 214.5 - 214.5 - 0 - - - - Mezzanine (Large) 3 85.0 85.0 85.0 85.0 95.0 95.0 95.0 95.0 0 - - - - Mezzanine (Small/Mid-Size) 0 0 - - - - Mezzanine (All) 3 85.0 85.0 85.0 85.0 95.0 95.0 95.0 95.0 0 - - - - Fund of Funds (Large) 1 - - - - - - - - 0 - - - - Fund of Funds (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Fund of Funds (All) 1 - - - - - - - - 0 - - - - Real Estate/Secondary/Co-Investment/Distressed (One Size) 1 - - - - - - - - 0 - - - - Institutional (Large) 3 153.8 153.8 153.8 153.8 212.0 212.0 212.0 212.0 0 - - - - Institutional (Small/Mid-Size) 0 - - - - - - - - 0 - - - - Institutional (All) 3 153.8 153.8 153.8 153.8 212.0 212.0 212.0 212.0 0 - - - - All Firms 21 148.0 153.8 158.0 176.7 183.9 194.0 205.0 214.5 1 - - - -

VII. Compensation Levels By Type & Size of Firm




III. HUMAN CAPITAL






In this section, we show all positions in each type of firm. If there is sufficient information, we further break the data for each type of firm by large size ($1.2 billion or more of committed capital), mid-size ($500 million to $1.2 billion) and small size (under $500 million).

We encourage you to focus on the 50th percentile (median) and on salary plus bonus. The average may be influenced by one or two high paying or low paying firms. Also, some firms pay high salaries and low bonuses while other firms pay low salaries and high bonuses. Thus, the combined salary plus bonus is most meaningful.

The most meaningful carried interest figure is the amount (dollars at work) from all active funds. This is the amount that generates realized gains from investments on behalf of participants in the carried interest plan.

At the end of the section are data from firms in Canada, then from firms in Asia Pacific, and finally we show the cost of employee benefits by position.

Please note that with all of these break-outs, we have some small sample sizes, so be careful with the use of some of this data.

Compensation Levels by Type and Size of Firm


Large LBO/Growth Equity



Job Code Job Title # Firms Base Salary ($000) Salary + Bonus ($000) Carry Distribution ($000)


PE01 Managing General Partner(s) / CEO 14 1,878.6 213.3 1,175.0 2,300.0 2,767.0 1,836.0 2,300.0 3,394.2 6 8,006.1 2,554.4 6,549.4 13,579.6

PE02 Senior Partner / Senior Managing Director(s) 15 706.3 241.2 950.0 1,050.0 1,189.0 1,145.0 1,297.1 1,325.9 7 1,430.1 895.2 986.1 1,474.8

PE03 Partner / MD(s) / Portfolio Manager 17 336.0 300.0 316.0 350.0 613.3 581.5 650.0 719.3 4 691.6 507.6 545.5 729.5

PE04 Principal / Vice President / Director(s) 21 272.1 200.0 300.0 333.3 464.3 300.0 400.0 625.0 6 463.3 266.7 329.2 461.2

PE05 Senior Associate(s) 24 193.0 150.0 175.0 212.3 311.8 300.0 331.7 371.7 1 - - - -

PE06 Associate(s) 19 142.2 120.0 125.0 126.7 234.5 212.0 215.0 260.0 0 - - - -

PE07 Senior Analyst(s) 16 104.0 80.0 90.0 100.0 151.3 118.8 161.0 192.1 0 - - - -

PE08 Analyst(s) 7 70.0 60.0 72.1 79.2 94.2 80.0 80.0 114.4 0 - - - -

PM01 Venture Partner/Operations Partner 1 - - - - - - - - 1 - - - -

AS01 Chief Operating Officer (COO) 6 238.3 100.0 212.5 325.0 558.3 332.0 384.5 437.0 1 - - - -

AS02 Administrative/Office Manager 15 104.7 94.5 101.0 102.0 132.3 109.4 128.3 132.0 1 - - - -

AS03 Executive Assistant 19 72.5 60.7 73.8 76.2 84.3 71.2 86.5 94.0 1 - - - -

AS04 Secretary/Administrator 11 45.9 37.3 46.0 50.5 48.5 39.9 50.2 50.5 0 - - - -

AS05 Receptionist 8 54.1 42.5 55.0 58.8 61.3 42.5 65.0 69.8 0 - - - -

FN01 Chief Financial Officer (CFO) 17 315.9 250.0 250.0 375.0 480.9 360.0 475.0 500.0 4 534.1 257.3 368.3 645.1

FN02 Controller 19 172.5 127.5 165.0 218.5 226.1 146.5 220.0 274.7 1 - - - -

FN03 Assistant Controller 8 113.3 93.8 105.0 157.0 127.6 93.8 105.0 195.1 0 - - - -

FN04 Senior Accountant 14 85.4 84.1 91.2 100.0 105.1 99.8 104.5 139.0 0 - - - -

FN05 Junior Accountant 6 59.8 44.5 59.8 75.0 65.8 56.5 65.8 75.0 0 - - - -

FN06 Fund Accountant 14 85.4 85.0 87.5 90.0 101.2 102.5 110.0 113.7 0 - - - -

FN07 Junior Fund Accountant / Fund Administrator 3 75.0 75.0 75.0 75.0 76.6 76.6 76.6 76.6 0 - - - -

MK01 Chief Marketing Officer/Head of Marketing 11 196.2 154.5 200.0 225.0 310.0 228.5 240.0 400.0 1 - - - -

MK02 Marketing Manager 3 365.0 365.0 365.0 365.0 365.0 365.0 365.0 365.0 0 - - - -

IR01 Investor Relations/Head of Investor Relations 8 223.4 170.0 170.0 312.5 350.6 244.6 255.0 537.5 0 - - - -

IR02 Investor Relations Manager 9 116.9 85.0 124.0 150.0 173.6 102.0 148.8 275.0 1 - - - -

LG01 Chief Legal Counsel 13 247.0 250.0 250.0 325.0 438.8 400.0 500.0 525.0 1 - - - -

LG02 Compliance & Risk Officer 15 206.3 100.0 130.0 300.0 337.3 100.0 203.7 450.0 0 - - - -

HR01 Chief Human Resources/Talent Officer 10 220.3 160.0 205.0 285.0 309.5 180.7 305.1 433.1 1 - - - -

HR02 Human Resources Manager 6 98.7 60.0 93.0 126.0 121.3 80.0 120.0 162.9 1 - - - -

HR03 Human Resources Executive Assistant 0 - - - - - - - - 0 - - - -

IT01 Chief Technology Officer 8 291.3 272.5 300.0 350.0 356.3 318.8 350.0 450.0 0 - - - -

IT02 Information Technology Manager 8 166.8 158.0 165.0 176.7 203.2 194.0 205.0 207.4 0 - - - -

Large LBO/Growth Equity - Continued



Job Code Job Title # Firms

Carried Interest



PE01 Managing General Partner(s) / CEO 15 3.5% 2.6% 3.4% 3.7% 56.3 46.7 51.8 52.0 118.1 74.5 104.0 120.9

PE02 Senior Partner / Senior Managing Director(s) 17 1.4% 0.9% 1.5% 1.8% 16.0 10.2 14.4 17.9 41.0 19.8 51.6 54.8

PE03 Partner / MD(s) / Portfolio Manager 16 1.1% 0.3% 1.1% 1.7% 7.3 3.0 7.6 9.6 14.9 9.9 11.5 25.0

PE04 Principal / Vice President / Director(s) 16 0.5% 0.2% 0.4% 0.7% 5.1 2.2 6.4 6.8 10.4 7.3 11.2 14.0

PE05 Senior Associate(s) 19 0.2% 0.1% 0.1% 0.2% 1.8 1.1 1.7 2.7 3.5 1.3 3.5 4.0

PE06 Associate(s) 5 0.1% 0.0% 0.0% 0.1% 0.4 - 0.4 - 2.3 0.6 3.5 3.5

PE07 Senior Analyst(s) 1 - - - - - - - - - - - -

PE08 Analyst(s) 0 - - - - - - - - - - - -

PM01 Venture Partner/Operations Partner 2 0.2% - 0.2% - 3.4 - 3.4 - 3.9 - 3.9 -

AS01 Chief Operating Officer (COO) 7 1.3% 0.8% 1.2% 1.2% 6.7 2.9 9.0 9.0 12.6 9.9 14.3 14.3

AS02 Administrative/Office Manager 2 0.0% - 0.0% - - - - - 0.3 - 0.3 -

AS03 Executive Assistant 2 0.0% - 0.0% - 0.1 - 0.1 - 0.1 - 0.1 -

AS04 Secretary/Administrator 0 - - - - - - - - - - - -

AS05 Receptionist 0 - - - - - - - - - - - -

FN01 Chief Financial Officer (CFO) 16 0.2% 0.1% 0.2% 0.3% 2.5 1.9 2.0 2.5 6.3 2.6 6.4 7.0

FN02 Controller 7 0.1% 0.0% 0.1% 0.2% 0.6 0.6 0.7 0.8 0.6 0.5 0.5 0.8

FN03 Assistant Controller 0 - - - - - - - - - - - -

FN04 Senior Accountant 0 - - - - - - - - - - - -

FN05 Junior Accountant 0 - - - - - - - - - - - -

FN06 Fund Accountant 1 - - - - - - - - - - - -

FN07 Junior Fund Accountant / Fund Administrator 0 - - - - - - - - - - - -

MK01 Chief Marketing Officer/Head of Marketing 6 3.5% 0.3% 0.3% 7.6% 2.0 2.0 2.0 2.0 0.4 0.3 0.3 0.4

MK02 Marketing Manager 3 0.1% 0.1% 0.1% 0.1% 0.9 0.9 1.1 1.1 0.9 0.9 1.1 1.1

IR01 Investor Relations/Head of Investor Relations 3 0.2% 0.2% 0.3% 0.3% 1.1 0.8 0.8 1.3 1.4 0.8 0.8 1.7

IR02 Investor Relations Manager 3 0.2% 0.0% 0.1% 0.3% 1.4 - 1.4 - 1.5 0.4 0.4 2.0

LG01 Chief Legal Counsel 11 0.2% 0.1% 0.3% 0.3% 2.4 2.0 2.3 2.5 10.6 0.4 4.3 25.0

LG02 Compliance & Risk Officer 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0

HR01 Chief Human Resources/Talent Officer 8 0.2% 0.0% 0.2% 0.2% 1.6 0.6 1.5 2.6 1.3 0.3 0.6 2.5

HR02 Human Resources Manager 2 0.0% - 0.0% - - - - - - - - -

HR03 Human Resources Executive Assistant 0 - - - - - - - - - - - -

IT01 Chief Technology Officer 6 0.1% 0.1% 0.1% 0.2% 0.6 0.6 0.7 0.7 3.8 0.6 3.8 7.0

IT02 Information Technology Manager 3 0.1% 0.1% 0.1% 0.1% 0.5 0.5 0.7 0.7 0.5 0.5 0.7 0.7

Mid-Size LBO/Growth Equity





PE01 Managing General Partner(s) / CEO 8 558.1 275.0 307.5 862.5 1,148.6 937.5 1,200.0 1,656.0 3 6,055.6 4,933.4 8,300.0 8,300.0

PE02 Senior Partner / Senior Managing Director(s) 8 295.3 263.8 312.5 344.1 603.9 326.3 601.3 878.9 4 843.2 254.0 843.2 1,432.3



PE05 Senior Associate(s) 8 153.0 145.0 155.0 156.7 295.5 273.8 290.0 318.3 2 30.0 - 30.0 -

PE06 Associate(s) 7 123.6 115.0 125.0 130.0 272.6 220.0 300.0 320.0 0 - - - -


PE08 Analyst(s) 4 96.7 94.2 97.5 100.0 - - - - 0 - - - -

PM01 Venture Partner/Operations Partner 10 199.1 165.5 173.4 205.6 390.8 246.6 393.7 510.8 5 1,298.8 92.0 938.6 2,685.6

AS01 Chief Operating Officer (COO) 0 - - - - - - - - 0 - - - -

AS02 Administrative/Office Manager 3 127.0 119.0 143.0 143.0 183.5 164.1 222.3 222.3 2 90.0 - 90.0 -


AS04 Secretary/Administrator 2 52.0 - 52.0 - 57.0 - 57.0 - 0 - - - -

AS05 Receptionist 3 46.0 40.0 40.0 49.0 49.7 44.0 44.0 52.5 0 - - - -


FN02 Controller 7 140.1 132.5 135.0 145.0 177.1 150.5 166.0 210.3 0 - - - -



FN05 Junior Accountant 1 - - - - - - - - 0 - - - -

FN06 Fund Accountant 2 91.0 - 91.0 - 104.0 - 104.0 - 0 - - - -

FN07 Junior Fund Accountant / Fund Administrator 0 - - - - - - - - 0 - - - -

MK01 Chief Marketing Officer/Head of Marketing 0 - - - - - - - - 0 - - - -

MK02 Marketing Manager 0 - - - - - - - - 0 - - - -

IR01 Investor Relations/Head of Investor Relations 0 - - - - - - - - 0 - - - -

IR02 Investor Relations Manager 0 - - - - - - - - 0 - - - -

LG01 Chief Legal Counsel 1 - - - - - - - - 0 - - - -

LG02 Compliance & Risk Officer 2 75.0 - 75.0 - 75.0 - 75.0 - 2 11.0 - 11.0 -

HR01 Chief Human Resources/Talent Officer 1 - - - - - - - - 0 - - - -

HR02 Human Resources Manager 0 - - - - - - - - 0 - - - -


IT01 Chief Technology Officer 0 - - - - - - - - 0 - - - -

IT02 Information Technology Manager 0 - - - - - - - - 0 - - - -

Mid-Size LBO/Growth Equity - Continued




Carried Interest








PE06 Associate(s) 2 0.1% - 0.1% - 0.4 - 0.4 - 0.5 - 0.5 -


PE08 Analyst(s) 0 - - - - - - - - - - - -

PM01 Venture Partner/Operations Partner 0 - - - - - - - - - - - -

AS01 Chief Operating Officer (COO) 0 - - - - - - - - - - - -

AS02 Administrative/Office Manager 2 0.2% - 0.2% - 0.8 - 0.8 - 1.3 - 1.3 -

AS03 Executive Assistant 0 - - - - - - - - - - - -


AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 2 0.0% - 0.0% - 0.2 - 0.2 - 0.2 - 0.2 -






MK01 Chief Marketing Officer/Head of Marketing 0 - - - - - - - - - - - -

MK02 Marketing Manager 0 - - - - - - - - - - - -

IR01 Investor Relations/Head of Investor Relations 0 - - - - - - - - - - - -

IR02 Investor Relations Manager 0 - - - - - - - - - - - -

LG01 Chief Legal Counsel 0 - - - - - - - - - - - -

LG02 Compliance & Risk Officer 2 0.5% - 0.5% - 1.5 - 1.5 - 2.3 - 2.3 -

HR01 Chief Human Resources/Talent Officer 0 - - - - - - - - - - - -

HR02 Human Resources Manager 0 - - - - - - - - - - - -


IT01 Chief Technology Officer 0 - - - - - - - - - - - -

IT02 Information Technology Manager 0 - - - - - - - - - - - -

Small LBO/Growth Equity





PE01 Managing General Partner(s) / CEO 5 539.3 446.3 500.0 600.0 584.5 550.0 600.0 622.3 1 - - - -

PE02 Senior Partner / Senior Managing Director(s) 5 287.0 275.0 300.0 330.0 339.5 330.0 350.0 375.0 0 - - - -

PE03 Partner / MD(s) / Portfolio Manager 4 270.2 234.0 256.9 293.1 300.3 259.0 309.5 350.8 1 - - - -

PE04 Principal / Vice President / Director(s) 5 191.0 175.0 175.0 180.0 258.0 235.0 250.0 300.0 0 - - - -


PE06 Associate(s) 5 98.8 95.0 100.0 100.0 122.5 115.0 125.0 130.0 0 - - - -


PE08 Analyst(s) 2 87.1 - 87.1 - 90.1 - 90.1 - 0 - - - -




AS03 Executive Assistant 0 - - - - - - - - 0 - - - -

AS04 Secretary/Administrator 1 - - - - - - - - 0 - - - -

AS05 Receptionist 0 - - - - - - - - 0 - - - -

FN01 Chief Financial Officer (CFO) 4 154.9 122.5 154.8 187.2 205.9 140.5 189.3 254.7 0 - - - -

FN02 Controller 2 82.5 - 82.5 - 102.5 - 102.5 - 0 - - - -

FN03 Assistant Controller 0 - - - - - - - - 0 - - - -

FN04 Senior Accountant 1 - - - - - - - - 0 - - - -


FN06 Fund Accountant 0 - - - - - - - - 0 - - - -







LG02 Compliance & Risk Officer 1 - - - - - - - - 0 - - - -






Small LBO/Growth Equity - Continued




Carried Interest







PE05 Senior Associate(s) 2 1.2% - 1.2% - - - - - 0.9 - 0.9 -

PE06 Associate(s) 1 - - - - - - - - - - - -


PE08 Analyst(s) 0 - - - - - - - - - - - -



AS02 Administrative/Office Manager 0 - - - - - - - - - - - -



AS05 Receptionist 0 - - - - - - - - - - - -

FN01 Chief Financial Officer (CFO) 2 0.5% - 0.5% - - - - - 0.5 - 0.5 -

FN02 Controller 1 - - - - - - - - - - - -











LG02 Compliance & Risk Officer 0 - - - - - - - - - - - -






All LBO/Growth Equity





PE01 Managing General Partner(s) / CEO 17 1,236.2 253.1 480.0 1,350.0 1,925.3 622.3 1,656.0 2,300.0 6 5,594.3 1,647.4 3,319.3 7,399.7

PE02 Senior Partner / Senior Managing Director(s) 17 562.0 232.3 330.0 950.0 893.5 462.5 1,000.0 1,325.0 6 1,489.0 880.9 954.9 1,651.3




PE06 Associate(s) 17 130.8 110.0 120.0 126.7 209.2 142.5 212.0 260.0 0 - - - -


PE08 Analyst(s) 9 80.0 72.1 79.2 89.3 110.6 80.0 95.3 114.4 0 - - - -






AS05 Receptionist 7 53.6 42.5 55.0 62.5 61.0 43.3 65.0 74.5 0 - - - -


FN02 Controller 18 156.5 90.0 157.5 200.0 203.2 120.8 195.0 241.3 1 - - - -





FN07 Junior Fund Accountant / Fund Administrator 2 75.0 - 75.0 - 76.6 - 76.6 - 0 - - - -


MK02 Marketing Manager 2 365.0 - 365.0 - 365.0 - 365.0 - 0 - - - -










All LBO/Growth Equity - Continued




Carried Interest








PE06 Associate(s) 5 0.2% 0.0% 0.1% 0.3% 0.7 0.3 0.4 1.0 1.8 0.5 1.5 3.5


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 7 0.1% 0.0% 0.1% 0.2% 0.6 0.6 0.7 0.8 0.5 0.5 0.5 0.7






MK01 Chief Marketing Officer/Head of Marketing 3 6.7% 5.0% 10.0% 10.0% - - - - 0.4 0.3 0.3 0.4


IR01 Investor Relations/Head of Investor Relations 2 0.3% - 0.3% - 0.8 - 0.8 - 0.8 - 0.8 -









Large Venture Capital






PE02 Senior Partner / Senior Managing Director(s) 15 819.0 612.5 668.3 700.0 1,508.8 897.7 1,225.0 2,065.0 0 - - - -




PE06 Associate(s) 10 127.5 113.8 125.0 142.5 181.5 167.5 170.0 203.8 0 - - - -


PE08 Analyst(s) 5 86.2 60.0 60.0 125.0 105.6 80.0 80.0 144.0 0 - - - -

PM01 Venture Partner/Operations Partner 0 - - - - - - - - 0 - - -





AS05 Receptionist 14 56.5 53.0 55.0 61.9 64.0 59.0 61.1 68.4 0 - - - -


FN02 Controller 21 178.4 165.0 186.0 194.7 228.5 218.7 231.0 260.0 0 - - - -









IR02 Investor Relations Manager 11 105.0 62.5 85.0 150.7 127.6 73.5 102.0 185.2 3 83.8 83.8 83.8 83.8







IT02 Information Technology Manager 2 165.0 - 165.0 - 214.5 - 214.5 - 0 - - - -

Large Venture Capital - Continued




Carried Interest








PE06 Associate(s) 3 0.2% 0.2% 0.2% 0.2% 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6


PE08 Analyst(s) 0 - - - - - - - - - - - -

PM01 Venture Partner/Operations Partner 3 0.6% 0.6% 0.6% 0.6% 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0





AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 15 0.2% 0.1% 0.2% 0.2% 1.1 0.6 0.7 1.2 1.8 0.7 0.9 2.1

FN03 Assistant Controller 5 0.4% 0.1% 0.1% 0.8% 6.2 - 6.2 - 92.5 - 92.5 -

FN04 Senior Accountant 3 0.1% 0.1% 0.1% 0.1% - - - - - - - -






IR01 Investor Relations/Head of Investor Relations 3 0.3% 0.3% 0.3% 0.3% 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8

IR02 Investor Relations Manager 3 0.6% 0.6% 0.6% 0.6% 2.5 2.5 2.5 2.5 3.6 3.6 3.6 3.6




HR02 Human Resources Manager 3 0.1% 0.1% 0.1% 0.1% - - - - - - - -




Mid-Size Venture Capital





PE01 Managing General Partner(s) / CEO 12 858.3 750.0 800.0 1,050.0 1,821.6 1,000.0 1,142.5 1,622.0 1 - - - -





PE06 Associate(s) 6 118.2 88.1 120.0 147.8 142.8 98.6 150.0 185.3 0 - - - -

PE07 Senior Analyst(s) 0 - - - - - - - - 0 - - - -

PE08 Analyst(s) 5 88.8 77.5 95.0 97.0 101.0 81.5 110.0 116.0 0 - - - -

PM01 Venture Partner/Operations Partner 0 - - - - - - - - 2 166.0 - 166.0 -





AS05 Receptionist 5 47.6 40.0 49.9 49.9 51.5 46.0 52.2 52.2 0 - - - -


FN02 Controller 8 155.8 140.8 153.0 179.5 187.5 167.0 191.5 218.0 1 - - - -

FN03 Assistant Controller 2 140.0 - 140.0 - 147.0 - 147.0 - 0 - - - -




FN07 Junior Fund Accountant / Fund Administrator 0 - - - - 73.0 62.0 73.0 84.0 0 - - - -

MK01 Chief Marketing Officer/Head of Marketing 4 63.5 52.0 63.5 75.0 - - - - 0 - - - -


IR01 Investor Relations/Head of Investor Relations 2 270.0 - 270.0 - 282.0 - 282.0 - 0 - - - -









Mid-Size Venture Capital - Continued




Carried Interest







PE05 Senior Associate(s) 3 0.2% 0.2% 0.2% 0.2% 0.6 - 0.6 - 0.6 - 0.6 -

PE06 Associate(s) 2 0.3% - 0.3% - - - - - 0.8 - 0.8 -


PE08 Analyst(s) 0 - - - - - - - - - - - -

PM01 Venture Partner/Operations Partner 8 1.6% 1.3% 1.5% 2.1% - - - - - - - -





AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 1 - - - - - - - - - - - -




FN06 Fund Accountant 2 0.3% - 0.3% - 0.5 - 0.5 - 0.5 - 0.5 -





IR02 Investor Relations Manager 0 - - - - 3.4 3.2 3.3 3.4 - - - -








Small Venture Capital






PE02 Senior Partner / Senior Managing Director(s) 1 - - - - - - - - 0 - - - -

PE03 Partner / MD(s) / Portfolio Manager 2 287.6 - 287.6 - 356.1 - 356.1 - 1 - - - -



PE06 Associate(s) 2 145.0 - 145.0 - 159.0 - 159.0 - 0 - - - -


PE08 Analyst(s) 1 - - - - - - - - 0 - - - -



AS02 Administrative/Office Manager 1 - - - - - - - - 0 - - - -

AS03 Executive Assistant 2 62.5 - 62.5 - 81.5 - 81.5 - 0 - - - -


AS05 Receptionist 0 - - - - - - - - 0 - - - -


FN02 Controller 1 - - - - - - - - 0 - - - -

















Small Venture Capital - Continued




Carried Interest




PE02 Senior Partner / Senior Managing Director(s) 1 - - - - - - - - - - - -

PE03 Partner / MD(s) / Portfolio Manager 2 4.0% - 4.0% - 6.4 - 6.4 - 8.0 - 8.0 -


PE05 Senior Associate(s) 2 1.5% - 1.5% - - - - - - - - -

PE06 Associate(s) 1 - - - - - - - - - - - -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 0 - - - - - - - - - - - -

















All Venture Capital





PE01 Managing General Partner(s) / CEO 30 1,506.9 609.0 800.0 3,000.0 2,499.7 1,135.0 1,622.0 4,041.3 5 1,555.6 885.0 2,278.7 2,278.7

PE02 Senior Partner / Senior Managing Director(s) 25 720.7 500.0 612.5 700.0 1,218.2 825.0 897.7 1,295.0 1 - - - -

PE03 Partner / MD(s) / Portfolio Manager 35 393.5 305.5 350.0 422.9 528.0 356.1 500.0 650.0 2 226.8 - 226.8 -



PE06 Associate(s) 18 126.3 112.5 125.0 145.0 166.1 151.9 167.8 190.3 0 - - - -


PE08 Analyst(s) 11 87.7 68.8 89.3 97.0 102.6 80.8 95.3 116.0 0 - - - -






AS05 Receptionist 19 54.1 48.5 53.0 60.0 60.7 54.0 59.0 64.8 0 - - - -


FN02 Controller 30 168.9 145.0 175.0 192.5 212.5 190.0 218.7 256.3 1 - - - -

















All Venture Capital - Continued




Carried Interest








PE06 Associate(s) 2 0.2% - 0.2% - 0.6 - 0.6 - 0.6 - 0.6 -


PE08 Analyst(s) 1 - - - - - - - - - - - -


AS01 Chief Operating Officer (COO) 2 0.8% - 0.8% - 2.3 - 2.3 - 9.9 - 9.9 -




AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 9 0.2% 0.1% 0.2% 0.3% 1.1 0.6 0.8 1.6 1.9 0.6 0.8 2.9

FN03 Assistant Controller 2 0.1% - 0.1% - - - - - - - - -

FN04 Senior Accountant 2 0.1% - 0.1% - - - - - - - - -




MK01 Chief Marketing Officer/Head of Marketing 4 5.2% 0.3% 5.2% 10.0% 4.0 - 4.0 - 4.4 0.3 4.4 8.5







HR02 Human Resources Manager 2 0.1% - 0.1% - - - - - - - - -


IT01 Chief Technology Officer 2 0.2% - 0.2% - 0.6 - 0.6 - 0.6 - 0.6 -


Large Mezzanine **NEW**





PE01 Managing General Partner(s) / CEO 10 579.5 300.0 500.0 912.5 2,824.4 873.6 2,500.0 4,937.5 7 13,553.8 133.0 1,693.8 30,928.0

PE02 Senior Partner / Senior Managing Director(s) 12 370.6 272.1 300.0 412.5 735.7 584.3 615.2 797.8 4 787.4 787.4 986.1 986.1

PE03 Partner / MD(s) / Portfolio Manager 13 346.4 210.0 235.0 275.0 568.5 435.0 591.8 610.0 6 1,717.4 416.5 1,832.5 3,083.5

PE04 Principal / Vice President / Director(s) 10 216.6 200.0 206.8 244.3 433.6 406.8 450.0 489.0 7 885.0 388.5 388.5 1,600.0


PE06 Associate(s) 9 120.3 90.0 131.0 140.0 200.0 150.0 190.1 260.0 0 - - - -


PE08 Analyst(s) 9 70.5 62.0 72.1 77.5 81.2 67.0 76.5 100.0 0 - - - -

PM01 Venture Partner/Operations Partner 3 463.1 463.1 463.1 463.1 1,543.6 1,543.6 1,543.6 1,543.6 0 - - - -





AS05 Receptionist 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 - - - -


FN02 Controller 10 142.6 130.0 139.0 166.0 192.8 166.0 167.5 248.1 0 - - - -

FN03 Assistant Controller 11 190.0 84.4 90.0 150.0 636.7 96.1 103.0 190.0 3 17.7 2.2 21.3 30.9













HR03 Human Resources Executive Assistant 3 70.0 70.0 70.0 70.0 85.0 85.0 85.0 85.0 0 - - - -



Large Mezzanine – Continued




Carried Interest








PE06 Associate(s) 6 0.4% 0.3% 0.4% 0.4% 0.7 0.2 0.7 1.2 0.7 0.2 0.7 1.2


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -

FN01 Chief Financial Officer (CFO) 1 - - - - - - - - - - - -

FN02 Controller 3 0.4% 0.4% 0.4% 0.4% 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2

FN03 Assistant Controller 2 0.7% - 0.7% - 6.0 - 6.0 - 282.2 - 282.2 -
















**NEW**

Small-Mid Mezzanine - **NEW**





PE01 Managing General Partner(s) / CEO 5 402.2 350.0 354.0 500.0 605.2 500.0 557.0 619.0 2 300.0 - 300.0 -

PE02 Senior Partner / Senior Managing Director(s) 2 293.8 - 293.8 - 478.4 - 478.4 - 1 - - - -




PE06 Associate(s) 3 95.0 92.5 95.0 97.5 133.3 125.0 135.0 142.5 0 - - - -


PE08 Analyst(s) 1 - - - - - - - - 0 - - - -

PM01 Venture Partner/Operations Partner 5 198.6 176.9 190.6 220.9 - - - - 2 165.6 - 165.6 -





AS05 Receptionist 0 - - - - - - - - 0 - - - -


FN02 Controller 1 - - - - - - - - 0 - - - -

















Small-Mid Mezzanine – Continued **NEW**




Carried Interest





PE03 Partner / MD(s) / Portfolio Manager 1 - - - - - - - - - - - -

PE04 Principal / Vice President / Director(s) 1 - - - - - - - - - - - -

PE05 Senior Associate(s) 2 1.0% - 1.0% - 2.6 - 2.6 - 4.8 - 4.8 -

PE06 Associate(s) 0 - - - - - - - - - - - -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 0 - - - - - - - - - - - -

















All Mezzanine





PE01 Managing General Partner(s) / CEO 16 509.5 300.0 427.0 514.3 2,111.6 717.3 1,097.1 2,504.0 10 9,912.5 174.8 996.9 24,108.2

PE02 Senior Partner / Senior Managing Director(s) 15 352.2 265.9 300.0 350.0 812.4 542.0 600.0 965.2 6 1,081.6 390.1 986.1 986.1

PE03 Partner / MD(s) / Portfolio Manager 16 318.4 198.3 235.0 275.0 525.1 405.8 586.7 610.0 7 1,493.5 255.8 581.5 3,083.5

PE04 Principal / Vice President / Director(s) 14 204.2 200.0 203.4 216.7 456.2 364.2 428.4 489.0 8 928.0 388.5 808.9 1,600.0


PE06 Associate(s) 13 112.5 90.0 100.0 131.0 184.0 150.0 190.1 191.9 0 - - - -


PE08 Analyst(s) 11 67.0 62.0 72.1 74.8 77.5 67.0 76.5 88.3 0 - - - -

PM01 Venture Partner/Operations Partner 3 463.1 463.1 463.1 463.1 1,543.6 1,543.6 1,543.6 1,543.6 0 - - - -





AS05 Receptionist 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 - - - -

FN01 Chief Financial Officer (CFO) 8 235.6 200.0 225.0 300.0 442.2 318.8 366.9 675.0 2 110.5 - 110.5 -

FN02 Controller 11 143.3 130.0 139.0 162.5 191.3 166.0 167.5 225.5 0 - - - -






MK01 Chief Marketing Officer/Head of Marketing 0 - - - - 405.8 310.0 399.5 503.3 1 - - - -








HR03 Human Resources Executive Assistant 3 70.0 70.0 70.0 70.0 85.0 85.0 85.0 85.0 0 - - - -



All Mezzanine - Continued




Carried Interest








PE06 Associate(s) 7 0.2% 0.0% 0.3% 0.4% 1.0 1.0 1.2 1.2 2.0 1.2 1.2 3.5


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 3 0.2% 0.2% 0.3% 0.3% 0.7 0.7 0.8 0.8 0.9 0.8 0.8 0.9






MK01 Chief Marketing Officer/Head of Marketing 5 4.2% 0.3% 0.3% 10.0% 2.0 2.0 2.0 2.0 0.3 - 0.3 -





LG02 Compliance & Risk Officer 3 0.1% 0.1% 0.1% 0.1% 0.7 0.7 0.7 0.7 7.0 7.0 7.0 7.0






Large LBO/VC/Mezz






PE02 Senior Partner / Senior Managing Director(s) 21 717.8 480.0 668.3 950.0 1,277.8 897.7 1,190.0 1,380.0 7 1,303.6 658.3 923.8 1,429.6




PE06 Associate(s) 13 137.3 110.0 125.0 131.0 210.5 170.0 212.0 240.0 0 - - - -


PE08 Analyst(s) 8 70.9 61.5 74.8 77.9 91.5 79.1 90.0 103.6 0 - - - -






AS05 Receptionist 12 53.8 47.0 54.0 55.0 60.9 54.0 60.1 65.0 0 - - - -


FN02 Controller 23 174.4 147.5 175.0 205.0 224.1 190.0 220.0 250.6 1 - - - -





FN07 Junior Fund Accountant / Fund Administrator 2 75.0 - 75.0 - 76.6 - 76.6 - 0 - - - -












Large LBO/VC/Mezz - Continued




Carried Interest








PE06 Associate(s) 5 0.2% 0.0% 0.3% 0.4% 0.9 0.7 1.2 1.2 1.9 1.2 1.2 3.5


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 9 0.1% 0.1% 0.1% 0.1% 0.6 0.5 0.7 0.8 0.6 0.5 0.5 0.7







MK02 Marketing Manager 2 0.1% - 0.1% - 1.1 - 1.1 - 1.1 - 1.1 -









IT02 Information Technology Manager 2 0.1% - 0.1% - 0.7 - 0.7 - 0.7 - 0.7 -

Mid-Size LBO/VC/Mezz





PE01 Managing General Partner(s) / CEO 17 731.8 400.0 750.0 1,000.0 1,615.9 1,000.0 1,150.0 1,622.0 2 4,178.5 - 4,178.5 -

PE02 Senior Partner / Senior Managing Director(s) 13 501.1 308.8 400.0 550.0 807.9 825.0 847.9 862.5 3 577.1 149.5 254.0 843.2

PE03 Partner / MD(s) / Portfolio Manager 16 372.0 231.3 296.7 412.5 494.3 392.1 437.5 512.5 2 31.3 - 31.3 -

PE04 Principal / Vice President / Director(s) 15 225.0 188.8 195.0 250.0 309.6 251.5 300.0 337.5 2 252.3 - 252.3 -


PE06 Associate(s) 10 121.9 116.3 122.5 135.0 205.7 150.0 197.0 280.0 0 - - - -

PE07 Senior Analyst(s) 2 100.0 - 100.0 - 185.0 - 185.0 - 0 - - - -

PE08 Analyst(s) 9 92.7 95.0 95.0 97.0 133.8 110.0 116.0 157.0 0 - - - -

PM01 Venture Partner/Operations Partner 4 63.5 52.0 63.5 75.0 73.0 62.0 73.0 84.0 0 - - - -





AS05 Receptionist 7 45.4 40.0 40.0 49.9 49.3 45.0 46.0 52.2 0 - - - -


FN02 Controller 10 152.1 133.8 145.0 174.9 188.4 169.5 191.5 217.9 1 - - - -





FN07 Junior Fund Accountant / Fund Administrator 2 90.0 - 90.0 - - - - - 0 - - - -


MK02 Marketing Manager #N/A #N/A #N/A #N/A #N/A 90.0 - 90.0 - 0 - - - -

IR01 Investor Relations/Head of Investor Relations 2 270.0 - 270.0 - 282.0 - 282.0 - 0 - - - -









Mid-Size LBO/VC/Mezz - Continued




Carried Interest








PE06 Associate(s) 4 0.2% 0.1% 0.2% 0.3% 0.6 0.4 0.6 0.8 0.6 0.5 0.6 0.8


PE08 Analyst(s) 2 0.3% - 0.3% - 0.5 - 0.5 - 0.5 - 0.5 -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 1 - - - - - - - - - - - -





FN07 Junior Fund Accountant / Fund Administrator 14 1.8% 1.4% 1.8% 2.1% 6.1 3.4 6.3 9.0 13.3 9.5 13.6 18.2












Small LBO/VC/Mezz










PE06 Associate(s) 7 112.0 97.5 100.0 127.0 132.9 120.0 130.0 146.3 0 - - - -


PE08 Analyst(s) 2 87.1 - 87.1 - 90.1 - 90.1 - 0 - - - -




AS03 Executive Assistant 2 62.5 - 62.5 - 81.5 - 81.5 - 0 - - - -


AS05 Receptionist 0 - - - - - - - - 0 - - - -


FN02 Controller 3 80.0 77.5 80.0 82.5 93.3 80.0 85.0 102.5 0 - - - -

















Small LBO/VC/Mezz - Continued




Carried Interest








PE06 Associate(s) 2 0.3% - 0.3% - 1.0 - 1.0 - 1.0 - 1.0 -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 1 - - - - - - - - - - - -

















All LBO/VC/Mezz





PE01 Managing General Partner(s) / CEO 61 1,302.5 400.0 636.0 1,350.0 2,109.2 750.0 1,622.0 3,189.5 17 4,817.5 885.0 2,278.7 8,250.0

PE02 Senior Partner / Senior Managing Director(s) 55 600.0 304.4 500.0 762.5 1,040.1 634.6 897.7 1,297.1 14 1,085.5 303.0 954.9 1,343.4



PE05 Senior Associate(s) 60 169.9 143.8 160.3 183.1 264.6 198.8 272.5 325.8 5 64.4 24.0 30.0 86.6

PE06 Associate(s) 47 126.2 100.4 125.0 135.0 194.0 150.0 170.0 230.0 1 - - - -


PE08 Analyst(s) 26 82.9 73.5 79.2 95.0 108.9 80.4 100.0 116.0 0 - - - -

PM01 Venture Partner/Operations Partner 2 328.3 - 328.3 - 584.4 - 584.4 - 2 138.2 - 138.2 -

AS01 Chief Operating Officer (COO) 8 256.9 100.0 312.5 325.0 560.0 332.0 431.0 503.9 2 557.7 - 557.7 -

AS02 Administrative/Office Manager 37 100.5 82.0 100.0 116.5 125.6 97.5 128.3 149.0 3 41.6 17.3 26.0 58.0

AS03 Executive Assistant 52 81.7 69.3 77.9 93.0 92.9 82.3 89.0 111.1 2 14.8 - 14.8 -


AS05 Receptionist 27 51.9 44.8 53.0 55.0 57.9 49.1 59.0 65.0 0 - - - -


FN02 Controller 49 164.5 145.0 165.0 194.7 209.9 170.0 218.0 241.3 3 11.7 8.5 14.7 16.4













HR02 Human Resources Manager 10 132.7 76.5 130.5 190.0 158.7 100.0 163.8 214.8 2 32.7 - 32.7 -




All LBO/VC/Mezz - Continued




Carried Interest








PE06 Associate(s) 9 0.2% 0.0% 0.3% 0.4% 0.8 0.4 0.8 1.2 1.4 0.5 1.2 1.5


PE08 Analyst(s) 1 - - - - - - - - - - - -



AS02 Administrative/Office Manager 2 0.1% - 0.1% - - - - - 0.5 - 0.5 -



AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 11 0.1% 0.1% 0.1% 0.2% 0.6 0.5 0.7 0.8 0.6 0.5 0.5 0.8







MK02 Marketing Manager 2 0.1% - 0.1% - 1.1 - 1.1 - 1.1 - 1.1 -









IT02 Information Technology Manager 2 0.1% - 0.1% - 0.7 - 0.7 - 0.7 - 0.7 -

Large Fund of Funds - **NEW**





PE01 Managing General Partner(s) / CEO 9 583.3 350.0 600.0 850.0 1,161.1 1,000.0 1,000.0 1,500.0 3 4,096.5 2,400.0 4,600.0 6,044.8

PE02 Senior Partner / Senior Managing Director(s) 5 352.5 275.0 425.0 425.0 788.1 750.0 750.0 750.0 2 3,304.4 - 3,304.4 -




PE06 Associate(s) 12 98.5 90.3 98.0 106.3 132.4 101.6 106.7 137.5 0 - - - -


PE08 Analyst(s) 3 70.0 70.0 70.0 70.0 79.3 79.3 79.3 79.3 0 - - - -






AS05 Receptionist 3 75.0 75.0 75.0 75.0 83.0 83.0 83.0 83.0 0 - - - -


FN02 Controller 6 200.0 125.0 200.0 275.0 225.0 125.0 225.0 325.0 0 - - - -

















Large Fund of Funds - Continued - **NEW**




Carried Interest








PE06 Associate(s) 2 0.0% - 0.0% - - - - - 3.5 - 3.5 -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -

FN01 Chief Financial Officer (CFO) 3 0.1% 0.1% 0.1% 0.1% 0.7 - 0.7 - 5.7 5.0 7.0 7.0

FN02 Controller 0 - - - - - - - - - - - -










LG01 Chief Legal Counsel 2 0.3% - 0.3% - 2.5 - 2.5 - 25.0 - 25.0 -




HR03 Human Resources Executive Assistant 6 69.0% 6.5% 75.0% 130.0% - - - - - - - -



Small-Mid Fund of Funds - **NEW**





PE01 Managing General Partner(s) / CEO 3 737.0 575.0 850.0 955.5 1,287.0 852.0 1,309.0 1,733.0 0 - - - -

PE02 Senior Partner / Senior Managing Director(s) 2 475.0 - 475.0 - 550.0 - 550.0 - 0 - - - -

PE03 Partner / MD(s) / Portfolio Manager 2 265.7 - 265.7 - 356.4 - 356.4 - 0 - - - -


PE05 Senior Associate(s) 2 119.4 - 119.4 - 201.8 - 201.8 - 0 - - - -

PE06 Associate(s) 3 109.8 107.2 115.0 115.0 142.6 119.9 124.8 156.4 0 - - - -


PE08 Analyst(s) 3 76.3 68.6 80.0 85.8 100.1 74.3 85.0 118.3 0 - - - -


AS01 Chief Operating Officer (COO) 2 200.0 - 200.0 - 315.0 - 315.0 - 0 - - - -




AS05 Receptionist 2 45.0 - 45.0 - 47.0 - 47.0 - 0 - - - -


FN02 Controller 3 123.7 94.3 94.3 138.4 139.8 102.8 102.8 158.4 0 - - - -


FN04 Senior Accountant 2 90.4 - 90.4 - 96.9 - 96.9 - 0 - - - -















Small-Mid Fund of Funds - Continued - **NEW**




Carried Interest



PE01 Managing General Partner(s) / CEO 1 - - - - - - - - - - - -


PE03 Partner / MD(s) / Portfolio Manager 0 - - - - - - - - - - - -

PE04 Principal / Vice President / Director(s) 1 - - - - - - - - - - - -

PE05 Senior Associate(s) 1 - - - - - - - - - - - -

PE06 Associate(s) 0 - - - - - - - - - - - -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 0 - - - - - - - - - - - -

















All Fund of Funds





PE01 Managing General Partner(s) / CEO 10 610.0 412.5 600.0 850.0 1,175.9 1,000.0 1,154.5 1,500.0 3 4,096.5 2,400.0 4,600.0 6,044.8

PE02 Senior Partner / Senior Managing Director(s) 6 352.1 293.8 387.5 425.0 740.1 562.5 750.0 750.0 2 3,304.4 - 3,304.4 -




PE06 Associate(s) 13 99.8 91.0 105.0 110.0 150.4 103.4 115.0 215.0 0 - - - -


PE08 Analyst(s) 4 72.5 70.0 70.0 72.5 80.4 79.3 80.0 80.0 0 - - - -


AS01 Chief Operating Officer (COO) 0 - - - - 374.0 332.0 332.0 437.0 0 - - - -



AS04 Secretary/Administrator 1 - - - - 69.2 68.1 71.3 71.3 0 - - - -

AS05 Receptionist 4 68.8 68.8 75.0 75.0 76.5 75.7 83.0 83.5 0 - - - -


FN02 Controller 7 197.5 125.0 182.5 275.0 223.7 125.0 220.0 308.1 0 - - - -

FN03 Assistant Controller 0 - - - - 95.6 60.0 60.0 113.3 0 - - - -








IR02 Investor Relations Manager 6 74.5 45.0 70.9 104.9 113.2 89.3 110.1 135.2 2 52.2 - 52.2 -

LG01 Chief Legal Counsel 1 - - - - 552.6 500.0 500.0 650.0 0 - - - -

LG02 Compliance & Risk Officer 0 - - - - 333.3 213.4 346.3 450.0 0 - - - -

HR01 Chief Human Resources/Talent Officer 1 - - - - 340.3 222.1 427.5 438.8 0 - - - -

HR02 Human Resources Manager 1 - - - - 167.2 163.8 163.8 168.9 0 - - - -


IT01 Chief Technology Officer 0 - - - - 360.0 225.0 450.0 450.0 0 - - - -

IT02 Information Technology Manager 1 - - - - 209.8 207.5 214.5 214.5 0 - - - -

All Fund of Funds - Continued




Carried Interest








PE06 Associate(s) 3 0.1% 0.0% 0.0% 0.2% - - - - 2.4 1.9 3.5 3.5


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 1 - - - - - - - - - - - -










LG01 Chief Legal Counsel 2 0.3% - 0.3% - 2.5 - 2.5 - 25.0 - 25.0 -







Real Estate/Secondary/Co-Investment/Distressed





PE01 Managing General Partner(s) / CEO 6 645.8 400.0 850.0 850.0 1,247.3 1,338.0 1,462.5 1,500.0 1 - - - -

PE02 Senior Partner / Senior Managing Director(s) 6 354.2 275.0 425.0 425.0 841.7 750.0 750.0 1,136.3 1 - - - -




PE06 Associate(s) 5 105.8 105.0 105.0 105.0 185.8 153.8 220.0 220.0 0 - - - -


PE08 Analyst(s) 1 - - - - - - - - 0 - - - -






AS05 Receptionist 5 66.6 58.0 75.0 75.0 75.3 77.5 83.0 83.0 0 - - - -

FN01 Chief Financial Officer (CFO) 2 276.3 - 276.3 - 357.8 - 357.8 - 0 - - - -

FN02 Controller 6 217.9 173.1 228.8 275.0 292.0 244.8 325.0 325.0 1 - - - -



FN05 Junior Accountant 2 69.0 - 69.0 - 81.5 - 81.5 - 0 - - - -

FN06 Fund Accountant 2 113.9 - 113.9 - 155.7 - 155.7 - 0 - - - -






LG01 Chief Legal Counsel 2 466.5 - 466.5 - 1,109.0 - 1,109.0 - 0 - - - -


HR01 Chief Human Resources/Talent Officer 2 214.3 - 214.3 - 355.8 - 355.8 - 0 - - - -

HR02 Human Resources Manager 2 128.7 - 128.7 - 151.8 - 151.8 - 0 - - - -

HR03 Human Resources Executive Assistant 2 61.5 - 61.5 - 65.0 - 65.0 - 0 - - - -



Real Estate/Secondary/Co-Investment/Distressed – Continued




Carried Interest



PE01 Managing General Partner(s) / CEO 6 2.7% 0.1% 2.7% 5.4% 13.5 - 13.5 - 40.1 - 40.1 -


PE03 Partner / MD(s) / Portfolio Manager 7 0.6% 0.0% 0.0% 1.3% 0.7 - 0.7 - 9.2 - 9.2 -

PE04 Principal / Vice President / Director(s) 5 0.2% 0.0% 0.4% 0.4% - - - - - - - -

PE05 Senior Associate(s) 0 - - - - - - - - - - - -

PE06 Associate(s) 1 - - - - - - - - - - - -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -

FN01 Chief Financial Officer (CFO) 2 0.0% - 0.0% - - - - - - - - -

FN02 Controller 1 - - - - - - - - - - - -









IR02 Investor Relations Manager #N/A #N/A #N/A #N/A #N/A 0.6 - 0.6 - 11.0 - 11.0 -








Large Institutional **NEW**





PE01 Managing General Partner(s) / CEO 16 1,416.4 372.3 912.5 2,575.0 2,201.2 1,859.9 2,300.0 2,575.0 10 5,856.0 3,709.1 7,085.0 7,388.5

PE02 Senior Partner / Senior Managing Director(s) 22 536.1 256.7 500.0 673.9 941.6 630.4 1,000.0 1,245.2 10 2,817.6 1,207.8 3,708.9 3,981.6

PE03 Partner / MD(s) / Portfolio Manager 20 448.2 248.7 312.5 750.0 707.5 589.2 646.8 898.8 11 1,971.2 1,408.5 2,150.6 2,617.1



PE06 Associate(s) 14 117.8 110.1 112.8 131.0 174.0 174.5 190.1 196.4 0 - - - -


PE08 Analyst(s) 10 76.2 70.0 72.1 87.0 102.2 77.2 79.3 138.5 0 - - - -

PM01 Venture Partner/Operations Partner 8 94.8 77.0 87.0 134.5 1,035.6 527.5 1,035.6 1,543.6 0 - - - -

AS01 Chief Operating Officer (COO) 3 68.0 68.0 68.0 68.0 582.5 - 582.5 - 1 - - - -



AS04 Secretary/Administrator 0 - - - - 88.9 62.9 109.5 119.7 0 - - - -

AS05 Receptionist 6 69.8 68.0 69.8 71.5 78.4 74.8 78.4 82.0 0 - - - -

FN01 Chief Financial Officer (CFO) 7 439.6 197.4 250.0 766.0 724.4 292.7 416.0 1,302.0 1 - - - -

FN02 Controller 8 176.5 71.6 174.6 282.5 235.2 97.5 229.9 376.5 1 - - - -

FN03 Assistant Controller 6 393.4 130.0 137.8 720.8 772.2 158.0 178.8 1,534.8 2 3,329.2 - 3,329.2 -

FN04 Senior Accountant 0 - - - - 114.7 95.2 111.0 163.0 0 - - - -



FN07 Junior Fund Accountant / Fund Administrator 2 525.0 - 525.0 - 129.6 129.6 129.6 129.6 0 - - - -


MK02 Marketing Manager 3 388.0 388.0 388.0 388.0 - - - - 0 - - - -

IR01 Investor Relations/Head of Investor Relations 2 239.3 - 239.3 - 520.2 - 520.2 - 2 242.5 - 242.5 -









Large Institutional - Continued **NEW**




Carried Interest






PE04 Principal / Vice President / Director(s) 2 0.6% - 0.6% - 2.9 - 2.9 - 17.4 - 17.4 -


PE06 Associate(s) 0 - - - - - - - - - - - -


PE08 Analyst(s) 0 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 0 - - - - - - - - - - - -









IR02 Investor Relations Manager 4 0.1% 0.1% 0.1% 0.1% - - - - 2.8 1.1 1.3 3.0

LG01 Chief Legal Counsel 2 0.1% - 0.1% - - - - - 0.4 - 0.4 -







Small-Mid Institutional **NEW**





PE01 Managing General Partner(s) / CEO 4 869.1 387.5 423.1 904.7 1,096.8 554.2 878.6 1,421.3 1 - - - -





PE06 Associate(s) 3 122.1 115.6 131.3 133.1 147.4 136.1 142.3 156.1 1 - - - -


PE08 Analyst(s) 3 78.8 69.6 89.3 93.1 87.3 72.9 95.3 105.6 0 - - - -






AS05 Receptionist 0 - - - - - - - - 0 - - - -


FN02 Controller 0 - - - - - - - - 0 - - - -

















Small-Mid Institutional - Continued **NEW**




Carried Interest




PE02 Senior Partner / Senior Managing Director(s) 2 2.8% - 2.8% - 4.3 - 4.3 - 8.3 - 8.3 -



PE05 Senior Associate(s) 2 0.6% - 0.6% - - - - - - - - -

PE06 Associate(s) 0 - - - - - - - - - - - -


PE08 Analyst(s) 1 - - - - - - - - - - - -






AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 0 - - - - - - - - - - - -

















All Institutional





PE01 Managing General Partner(s) / CEO 7 611.3 276.6 350.0 423.1 1,161.9 659.2 750.0 1,707.5 4 3,339.1 697.0 2,866.9 5,509.1

PE02 Senior Partner / Senior Managing Director(s) 11 344.8 244.5 308.8 475.0 713.8 528.9 630.4 1,000.0 4 1,689.9 787.4 1,429.6 2,332.1

PE03 Partner / MD(s) / Portfolio Manager 12 262.7 206.1 247.5 256.3 525.8 386.4 500.0 540.3 5 885.3 410.0 581.5 1,173.3



PE06 Associate(s) 10 119.7 91.1 131.1 142.5 155.2 110.1 156.1 199.8 1 - - - -


PE08 Analyst(s) 9 71.4 62.0 70.0 72.1 78.9 67.0 79.3 79.3 0 - - - -






AS05 Receptionist 0 - - - - - - - - 0 - - - -

FN01 Chief Financial Officer (CFO) 3 206.5 167.2 179.6 232.3 316.7 230.0 234.6 362.4 2 242.9 - 242.9 -

FN02 Controller 3 71.6 71.6 71.6 71.6 97.5 97.5 97.5 97.5 0 - - - -


FN04 Senior Accountant 2 46.9 - 46.9 - 47.9 - 47.9 - 0 - - - -

FN05 Junior Accountant 2 44.5 - 44.5 - 56.5 - 56.5 - 0 - - - -







LG01 Chief Legal Counsel 2 87.1 - 87.1 - 93.1 - 93.1 - 0 - - - -







All Institutional - Continued




Carried Interest








PE06 Associate(s) 4 0.2% 0.2% 0.3% 0.3% 0.2 0.2 0.2 0.2 1.0 0.2 0.2 1.0


PE08 Analyst(s) 0 - - - - - - - - - - - -



AS02 Administrative/Office Manager 3 0.2% 0.2% 0.2% 0.2% 3.0 3.0 3.0 3.0 0.3 0.3 0.3 0.3



AS05 Receptionist 0 - - - - - - - - - - - -


FN02 Controller 4 0.2% 0.2% 0.2% 0.2% 2.2 2.2 2.4 2.4 4.3 4.3 5.0 5.0

FN03 Assistant Controller 5 0.4% 0.1% 0.1% 1.0% 2.1 0.8 0.8 4.1 16.4 0.8 0.8 39.7








IR02 Investor Relations Manager 4 0.1% 0.1% 0.1% 0.1% - - - - 2.8 1.1 1.3 3.0








Compensation Levels – Canada

There were not many firms from Canada that participated in the survey.

We do hope to expand the number of Canadian firms in future years

Canada All Firms









PE06 Associate(s) 1 - - - - - - - - 0 - - - -


PE08 Analyst(s) 1 - - - - - - - - 0 - - - -






AS05 Receptionist 1 - - - - - - - - 0 - - - -


FN02 Controller 3 71.6 71.6 71.6 71.6 97.5 97.5 97.5 97.5 0 - - - -

















Compensation Levels – Canada

There were not many firms from Canada that participated in the survey.

We do hope to expand the number of Canadian firms in future years

Canada All Firms – Continued


Job Code Job Title # Firms Carried Interest

% of Most Recent Fund Dollars At Work Most Recent Fund (Millions) Dollars At Work All Active Funds (Millions) Avg. 25th 50th 75th Avg. 25th 50th 75th Avg. 25th 50th 75th

PE01 Managing General Partner(s) / CEO 2 3.0% - 3.0% - 6.8 - 6.8 - 20.1 - 20.1 -PE02 Senior Partner / Senior Managing Director(s) 1 - - - - - - - - - - - -PE03 Partner / MD(s) / Portfolio Manager 2 2.1% - 2.1% - 4.9 - 4.9 - 13.2 - 13.2 -PE04 Principal / Vice President / Director(s) 3 3.2% 0.3% 0.4% 4.7% - - - - 3.0 - 3.0 -PE05 Senior Associate(s) 1 - - - - - - - - - - - -PE06 Associate(s) 0 - - - - - - - - - - - -PE07 Senior Analyst(s) 0 - - - - - - - - - - - -PE08 Analyst(s) 0 - - - - - - - - - - - -PM01 Venture Partner/Operations Partner 1 - - - - - - - - - - - -AS01 Chief Operating Officer (COO) 0 - - - - - - - - - - - -AS02 Administrative/Office Manager 0 - - - - - - - - - - - -AS03 Executive Assistant 0 - - - - - - - - - - - -AS04 Secretary/Administrator 0 - - - - - - - - - - - -AS05 Receptionist 0 - - - - - - - - - - - -FN01 Chief Financial Officer (CFO) 2 0.3% - 0.3% - - - - - 3.3 - 3.3 -FN02 Controller 0 - - - - - - - - - - - -FN03 Assistant Controller 0 - - - - - - - - - - - -FN04 Senior Accountant 0 - - - - - - - - - - - -FN05 Junior Accountant 0 - - - - - - - - - - - -FN06 Fund Accountant 0 - - - - - - - - - - - -FN07 Junior Fund Accountant / Fund Administrator 0 - - - - - - - - - - - -MK01 Chief Marketing Officer/Head of Marketing 0 - - - - - - - - - - - -MK02 Marketing Manager 0 - - - - - - - - - - - -


IR02 Investor Relations Manager 1 - - - - - - - - - - - -LG01 Chief Legal Counsel 3 0.1% 0.1% 0.1% 0.1% - - - - 0.4 0.4 0.4 0.4LG02 Compliance & Risk Officer 0 - - - - - - - - - - - -HR01 Chief Human Resources/Talent Officer 0 - - - - - - - - - - - -HR02 Human Resources Manager 0 - - - - - - - - - - - -HR03 Human Resources Executive Assistant 0 - - - - - - - - - - - -IT01 Chief Technology Officer 0 - - - - - - - - - - - -IT02 Information Technology Manager 0 - - - - - - - - - - - -

Compensation Levels – Asia Pacific

Asia Pacific data was reported by 8 firms.

The average compensation is influenced by a few high and/or low paying firms, so we encourage readers of this report to focus on the median (or 50th percentile).

Most of the firms also have employees in the United States and several are headquartered in the United States.

There was not enough information to allocate the data by type or size of firm. This means some firms reported on one position but not another. The result of course is that this also has an effect on the data from one position to another.

All Firms




PE01 Managing General Partner(s) / CEO 2 685.5 - 685.5 - 1,148.0 - 1,148.0 - 0 - - - - PE02 Senior Partner / Senior Managing Director(s) 6 556.7 516.0 533.0 603.3 1,002.6 1,057.8 1,057.8 1,124.0 0 - - - - PE03 Partner / MD(s) / Portfolio Manager 8 371.0 325.1 391.7 458.3 586.3 549.8 571.2 766.3 0 - - - - PE04 Principal / Vice President / Director(s) 12 155.4 71.7 200.3 217.9 228.1 75.4 246.4 384.2 2 107.9 - 107.9 - PE05 Senior Associate(s) 9 115.4 83.0 123.2 140.1 174.1 140.0 188.2 194.1 0 - - - - PE06 Associate(s) 4 104.4 104.4 107.6 107.6 120.8 120.8 129.4 129.4 0 - - - - PE07 Senior Analyst(s) 6 72.2 71.2 72.2 73.1 91.3 80.2 91.3 102.3 0 - - - - PE08 Analyst(s) 1 - - - - - - - - 0 - - - - PM01 Venture Partner/Operations Partner 2 334.3 - 334.3 - 517.4 - 517.4 - 0 - - - - AS01 Chief Operating Officer (COO) 0 - - - - - - - - 0 - - - - AS02 Administrative/Office Manager 1 - - - - - - - - 0 - - - - AS03 Executive Assistant 6 59.0 54.3 59.0 63.8 68.3 60.4 68.3 76.2 0 - - - - AS04 Secretary/Administrator 4 55.1 55.1 59.6 59.6 58.2 58.2 63.6 63.6 0 - - - - AS05 Receptionist 0 - - - - - - - - 2 107.9 - 107.9 - FN01 Chief Financial Officer (CFO) 0 - - - - - - - - 0 - - - - FN02 Controller 3 147.2 147.2 147.2 147.2 182.4 182.4 182.4 182.4 0 - - - - FN03 Assistant Controller 0 - - - - - - - - 0 - - - - FN04 Senior Accountant 1 - - - - - - - - 0 - - - - FN05 Junior Accountant 3 88.2 88.2 88.2 88.2 88.2 88.2 88.2 88.2 0 - - - - FN06 Fund Accountant 3 69.5 69.5 69.5 69.5 78.8 78.8 78.8 78.8 0 - - - - FN07 Junior Fund Accountant / Fund Administrator 0 - - - - - - - - 0 - - - - MK01 Chief Marketing Officer/Head of Marketing 0 - - - - - - - - 0 - - - - MK02 Marketing Manager 0 - - - - - - - - 0 - - - - IR01 Investor Relations/Head of Investor Relations 0 - - - - - - - - 0 - - - - IR02 Investor Relations Manager 3 113.2 113.2 113.2 113.2 149.7 149.7 149.7 149.7 0 - - - - LG01 Chief Legal Counsel 0 - - - - - - - - 0 - - - - LG02 Compliance & Risk Officer 0 - - - - - - - - 0 - - - - HR01 Chief Human Resources/Talent Officer 0 - - - - - - - - 0 - - - - HR02 Human Resources Manager 4 121.1 111.5 111.5 121.1 125.6 111.5 111.5 125.6 0 - - - - HR03 Human Resources Executive Assistant 0 - - - - - - - - 0 - - - - IT01 Chief Technology Officer 0 - - - - - - - - 0 - - - - IT02 Information Technology Manager 0 - - - - - - - - 0 - - - -

Compensation Levels – Asia Pacific

All Firms - Continued



Carried Interest



PE01 Managing General Partner(s) / CEO 1 - - - - - - - - - - - -

PE02 Senior Partner / Senior Managing Director(s) 2 1.0% - 1.0% - 11.7 - 11.7 - 37.4 - 37.4 -



PE05 Senior Associate(s) 3 1.4% 1.4% 1.4% 1.4% 2.9 2.9 2.9 2.9 - - - -

PE06 Associate(s) 3 0.2% 0.2% 0.2% 0.2% 0.6 0.6 0.6 0.6 - - - -

PE07 Senior Analyst(s) 3 0.4% 0.4% 0.4% 0.4% 0.5 0.5 0.5 0.5 - - - -

PE08 Analyst(s) 0 - - - - - - - - - - - -




AS03 Executive Assistant 3 0.9% 0.9% 0.9% 0.9% 3.1 3.1 3.1 3.1 - - - -


AS05 Receptionist 5 1.0% 0.7% 1.2% 1.2% 5.4 3.6 3.9 7.8 22.5 - 22.5 -


FN02 Controller 0 - - - - - - - - - - - -




FN06 Fund Accountant 3 1.4% 1.4% 1.4% 1.4% 4.3 4.3 4.3 4.3 - - - -

Benefits All Firms

This data summarizes benefit cost information provided by plan participants. Higher level employees tend to receive higher amounts for their benefits.


CostofEmployeeBenefits

Job Code Job Title All Firms Small Firms Mid-Size Firms Large Firms

Avg. Median Average Median Avg. Median Avg. Median

PE01 Managing General Partner(s) / CEO 42.1 41.0 23.5 38.6 47.5 65.4 31.0 66.0

PE02 Senior Partner / Senior Managing Director(s) 39.6 29.3 22.0 28.5 35.0 54.0 31.0 60.0

PE03 Partner / MD(s) / Portfolio Manager 34.0 26.9 35.0 - 33.1 35.0 28.0 50.0

PE04 Principal / Vice President / Director(s) 32.3 26.9 26.0 30.0 28.0 35.0 25.0 36.0

PE05 Senior Associate(s) 24.4 20.8 15.0 23.5 25.3 30.5 20.0 30.0

PE06 Associate(s) 22.9 19.6 19.8 28.5 15.3 25.5 19.6 35.0

PE07 Senior Analyst(s) 25.1 23.0 23.0 26.5 20.0 - 24.7 37.5

PE08 Analyst(s) 19.6 20.0 - - 13.0 19.0 15.0 21.0

PM01 Venture Partner/Operations Partner - - - - - - 26.8 -

AS01 Chief Operating Officer (COO) 44.3 20.0 - - - - 20.0 78.5

AS02 Administrative/Office Manager 23.0 19.5 19.0 28.5 30.0 30.5 19.5 31.0

AS03 Executive Assistant 21.9 17.8 19.0 19.5 17.7 30.0 17.8 28.5

AS04 Secretary/Administrator 14.4 10.0 14.0 21.3 8.0 - 10.0 13.8

AS05 Receptionist 21.1 18.0 - - 13.0 43.5 18.0 26.0

FN01 Chief Financial Officer (CFO) 33.1 28.5 23.0 31.9 27.0 30.0 26.9 44.0

FN02 Controller 28.2 23.5 25.3 - 20.0 33.8 25.0 39.0

FN03 Assistant Controller 22.2 19.0 - - 15.0 22.0 20.0 28.0

FN04 Senior Accountant 28.0 24.0 22.8 - 30.9 42.0 23.6 25.0

FN05 Junior Accountant 14.3 15.0 - - - - 15.0 16.1

FN06 Fund Accountant 16.3 15.0 - - 7.0 - 15.0 25.0

FN07 Junior Fund Accountant / Fund Administrator 20.0 15.0 20.0 27.7 31.4 - 14.3 15.0

MK01 Chief Marketing Officer/Head of Marketing 31.4 25.0 - - 25.3 33.5 18.9 42.1

MK02 Marketing Manager 47.6 30.0 - - 30.0 - 30.0 102.6

IR01 Investor Relations/Head of Investor Relations 26.5 23.4 - - - - 20.0 30.0

IR02 Investor Relations Manager 27.7 26.8 - - - - 25.0 30.8

LG01 Chief Legal Counsel 43.9 50.0 - - - - 50.0 50.0

LG02 Compliance & Risk Officer 27.9 28.5 - - 14.0 - 30.5 32.4

HR01 Chief Human Resources/Talent Officer 16.1 18.0 - - - - 18.0 19.0

HR02 Human Resources Manager 14.0 15.0 - - - - 15.0 18.0

HR03 Human Resources Executive Assistant - - - - - - 16.5 -

IT01 Chief Technology Officer 37.1 30.0 - - - - 26.8 50.0

IT02 Information Technology Manager 18.8 15.0 - - - - 15.0 15.0

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2016-2017 holt-mm&k-buyouts insider pe/vc compensation report · between 2015 and 2016,...

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