holt-thomson reuters pe & vc compensation questionnaire 2013 final final.xlsx
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Welcome & Background Table of Contents
The survey questionnaire has two sections
Alternative Asset Management Compensation Series 2013/2014 Holt / MM&K / Thomson Reuters North American PE/VC Compensation Report
Please e-mail all completed surveys to: david.toll@thomsonreuters.com
Welcome to theHolt / MM&K / Thomson Reuters North American PE/VC Compensation Report and thank you for participating !
This survey is part of the 2013 Alternative Asset Management Compensation Series, which also includes MM&K / Holt / Thomson Reuters European PE/VC Compensation Reportand Reuters HedgeWorld / Holt / MM&K Hedge Fund Compensation Report.
Since 2002 Holt Private Equity Consultants has conducted an annual compensation survey of PE professionals, giving our firm the most comprehensive set of compensation data in the world. This year we are again working in association with global data provider Thomson Reuters (publisher of Buyouts magazine, Venture Capital Journal, and peHUB community Web site) to ensure the highest possible level of participation.
Section A (pages 1-9: 71 questions) includes a number of "how" questions regarding the design of your compensation plans and current and predicted staffing and salary and bonus levels.
Section B includes a "how much" compensation data sheet covering your most recent two years of salary, bonus, and carried interest information.
Please complete both sections of the report
By way of appreciation for completing the survey all participants will receive a free summary report. Participants who purchase the full report before 31st August 2013 will also be entitled to a 50% discount on the cover price of $3,000. To order the full report now, please complete the order form by clicking on the link on the right.
Data and information in this file is copyrighted by the authors. Electronic and printed copies of file can only be shared with employees of your firm Users are forbidden to reproduce, republish, redistribute, or resell any materials from this file without permission of the authors. For permissions and other copyright-related questions, please email your question to: Mike.Holt@HoltPrivateEquityCompensation.com
About The Survey
Instructions
Complete Section A: "How"
Job Descriptions
Complete Section B: "How Much"
Order Form
Page 2
General Information
1. Participant Information
Name:
Organization:
Title
Address:
Address 2:
City/Town:
State / County
ZIP Code:
Country:
Email Address:
Phone Number:
2. How did you hear about this survey?
Please Select Other (Please specify)
Please Select
Other (Please specify)
3. Please select your currency. We will assume that all monetary values entered in this survey are in the currency you indicate.
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Home
Financial and Operational Data
Please Select Primary fund type
Please Select 2nd Fund Type
Please Select 3rd Fund Type
Committed Capital(Most Recent Fund)
Please Select Primary fund type
-
-
Assets Under Management(Most Recent Fund) (All Active Funds)
Please Select Primary fund type
-
-
7. Please indicate the number of portfolio companies you have (Excludes Funds of Funds).
Management fee agreed on most recent fundAmount Received (millions)(All Active Funds) While Investing (e.g. 2%)
Please Select Primary fund type
-
-
4. Please indicate the types of funds your firm has. If your firm only has one fund type, please select "N/A" when asked "Please Select Other Investment Type".
5. Please indicate the amount of committed capital and cost of investments in millions.
Committed Capital (All Active Funds)
Cost of Investments (All Active Funds)
6. Please indicate the amount of Assets Under Management in millions.
8. Please show the amount of management fees you receive from all funds (millions). Then show the percentage of management fees for your most recent fund.
After Investing (e.g. 1%)
Previous
Please Select Primary fund type YES/NO % to GP % to LP
Transaction Fees Please Select
Monitoring Fees Please Select
Directors Fees Please Select
Dividends Please Select
Not Applicable YES/NO % to GP % to LP
Transaction Fees Please Select
Monitoring Fees Please Select
Directors Fees Please Select
Dividends Please Select
Not Applicable YES/NO % to GP % to LP
Transaction Fees Please Select
Monitoring Fees Please Select
Directors Fees Please Select
Dividends Please Select
Please Select % of capital provided by the parent company
11. How many funds does the business manage?
Number of Funds
That are currently being invested
That are fully invested and not wound up
That are rolling or evergreen funds
Total
9. Do you charge the following other fees on your most recent fund? If yes, how are these fees divided between GP and LP? (please provide details for all investment types operated by your firm)
Amount (millions)
Amount (millions)
Amount (millions)
10. Please indicate your ownership structure. For institutional organizations only, please specify the % of investment capital provided by the parent company (all active funds).
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Human Capital
12. Please indicate the number of incumbents at your firm by location and by employee group.
Investment Professionals Administrative / Support Staff
Partner Level Non-Partner Level Partner Level Non-Partner Level
United States
Canada
UK & Ireland
Germany
Italy
France
Spain
Scandinavia
UAE and other Gulf States*
India
Japan
China (includes Hong Kong)
Australia & New Zealand*
South America*
Other*
*Please provide details here
Investment Professionals Administrative / Support StaffPartner Level Non-Partner Level Partner Level Non-Partner Level
2012 (actual) Change Please Select Please Select Please Select Please Select
2013 (expected) Change Please Select Please Select Please Select Please Select
% change (e.g. 3%)
Number of years to partner years
Total Payroll Cost (millions) millions
16. What are your firm's payroll costs as a percentage of GP fees/revenues.
Total Payroll Cost (% total fees) %
13. Please indicate your staffing level changes during 2012 and expected for 2013 (Click "Please Select" first, and then show % change)
% change (e.g., 3%)
14. How many years of experience (from year of MBA or equivalent in experience) does an investment executive typically need to be promoted to partner or managing director?
15. What was your firm's total payroll cost (millions) in 2012? (Payroll cost should include salaries and bonuses. Bonuses should include any residual fees. Also include employee benefits if available)
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Compensation Strategy - Overview
Formal compensation policy Please Select
Staff performance appraisal system Please Select
18. What types of compensation does your firm offer? (please select "yes" where offered)
Investment Professionals Administrative / Support Staff
Partner Level Non-Partner Level Partner Level Non-Partner Level
Base Salary
Salary Draw / Partner Draw
Annual Performance 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
Please Specify
19. Do you typically hire new/recent M.B.A. graduates?
Yes / No Please Select
If "Yes", what is the typical starting annual salary and 1st year annualized bonus for such graduates?
Annual Salary Annualized Bonus
17. Does your firm have a formal compensation policy and/or a staff performance appraisal system? (please check all that apply)
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Previous
Compensation Strategy - Base and Bonus
20. Please identify changes in salary levels (Click "Please Select" first, and then show % change)
Investment Professionals Administrative / Support Staff
Partner Level Non-Partner Level Partner Level Non-Partner Level
2012 (actual) Change Please Select Please Select Please Select Please Select
Please Select Please Select Please Select Please Select
% change (e.g. 3%)
21. Please identify changes in annual bonus levels (Click "Please Select" first, and then show % change)
Investment Professionals Administrative / Support Staff
Partner Level Non-Partner Level Partner Level Non-Partner Level
2012 (actual) Change Please Select Please Select Please Select Please Select
Please Select Please Select Please Select Please Select
% change (e.g. 3%)
No plan
Entirely discretionary
Discretionary based on firm performance
Discretionary, based on fund/team performance
Discretionary, based on individual performance
Formulaic, based on firm performance
Formulaic, based on fund/team performance
Formulaic, based on individual performance
Other (please specify)
23. If bonus is partially or fully discretionary, who makes the annual incentive/bonus determination?
Please Select
24. When are bonuses distributed? Please select "Yes" where applicable
Time Period "Yes" "Yes"
Before the financial year end Closing
0 - 2 months after the financial year-end Exit
2 - 4 months after the financial year-end Recap
4 - 6 months after the financial year-end
6 - 12 months after the financial year-end
% change (e.g., 3%)
2013 (expected) Change
% change (e.g., 3%)
2013 (expected) Change
22. On what basis are annual incentives/bonuses distributed to investment and non-investment professionals at your firm? (please select "Yes" where offered)
Investment Professionals
Non-investment Professionals
Event
Previous
Investment Professionals Administrative / Support Staff
Partner Level Non-Partner Level Partner Level Non-Partner Level
Bonuses subject to deferral?
Number of years (e.g. 3 )
25. Are annual bonuses (in part of full) subject to further deferral? If so for how long are they deferred? (please select and then show number of years)
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Compensation Strategy - Carried Interest Plans
Please skip section if your firm doesn't have a Carried Interest Plan
26. Please indicate the quantum of your carry interest plan as % of most recent fund (e.g. 20%).
Please Select Primary fund Type (Page 2) (e.g. 20%)
-
-
Most Recent Fund All Active Funds
Please Select Primary fund Type (Page 2) e.g. 200 e.g. 350
-
-
28. Please indicate the allocation (%) of carry by employee group (Rows should total to 100%).
Unallocated Other
Please Select Primary fund Type (Page 2)
-
-
29. How is the allocation of each participant's individual carried interest determined?
Please Select
Yes / No
Whole Fund - Committed Capital Select
Whole Fund - Contributed Capital Select
Vintage Fund (e.g. annual portfolio) Select
Deal by Deal Select
Yes / No
Net Asset Value Test Select e.g. 8%
Preferred return with catch-up Select
Minimum return, no catch up Select
Other method Select
Carried Interest (as % of Most Recent Fund)
27. Please indicate the amount of carried interest at work for the most recent fund and all active funds by investment type? Please enter amount in millions (e.g., 20% of one billion equals 200 million "at work").
Partners/ M.D.'s
Non-Partners/ Non-M.D.'s
Parent Company
Sponsor / Cornerstone
Investors
30. Is the firm required to return all invested capital before carried interest distributions are made?
31. Please indicate if you use any of the hurdle rates below to determine carried interest and indicate the percentage used (typically 50% to 100%)
Hurdle Rate (%)
Previous
Skip This Section
% to carried Interest participant during catch up
33. Please indicate the vesting accruals for your carried interest plans?
Vesting Accruals Please Select
34. On what basis does carry vest?
Vesting is based on time from inception of each new fund Select Select
Vesting is based on time since date of employment Select Select
Vesting is based on length of service since the initial carried interest plan commencement Select Select
Vesting is entirely discretionary Select Select
There is no vesting. Must be employed to receive any distribution Select Select
Partner/M.D. Other Employees Example
1 Year 0%
2 Years 0%
3 Years 20%
4 Years 40%
5 Years 60%
6 Years 80%
7 Years 100%
8 Years 100%
9 Years 100%
10 Years 100%
Yes / No %
Terminate voluntarily (go to competitor) Select
Terminate voluntarily (not to competitor) Select
Terminate involuntary (no cause) Select
Terminate involuntary (cause) Select
32. If you use preferred return with catch-up to determine carried interest, what % goes to the CIP participant during the catch-up period? (typically 50% to 100%)
Partners / M.D.'s
Other Employees
35. For the most recent fund, show the cumulative vesting of carried interest for partners/M.D.'s, and other employees
36. Is Carried Interest Plan participation subject to forfeiture in whole or in part on cessation of employment? (Please select N/A if not subject to forfeiture or indicate the percentage forfeited for each of the circumstances listed below)
37. What happens to carry points forfeited on cessation of employment?
Please Select
38. Does a plan committee have any discretion as to the vesting of leavers?
Yes / No
Select
Yes / No %
Disability Select
Retirement Select
Death Select
40. Are carry distributions paid when earned or at regular intervals (i.e., quarterly, annually) ?
Please Select
41. Is there a partial of full deferral mechanism?
Please Select
42. If there is a deferral mechanism for carry distributions , when are payments made?
Please Select
Yes / No
Select
44. How does the plan deal with new participants or additional carry awards to existing participants?
Please Select
39. Do any of the following events cause vesting of carried interest to be accelerated? If "yes", please indicate percentage that vests.
43. Is a portion of the carry not allocated at the outset of the fund, but rather held in reserve for promotions or new hires?
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Compensation Strategy - General Partner Commitment
Please skip section if your firm doesn't have General Partner Commitment arrangements
Please Select Primary fund Type (Page 2)
-
-
"Yes" "Yes"
N/A Individual affordability
Pro rata to Carried Interest Plan interest Fund management entity pays total
Internally agreed amongst partners Fund management entity pays a proportion
Discretionary Other (please specify)
Select
"Yes"
Management Fee Waiver mechanism used?
45. What was your standard General Partner commitment as a percentage of your most recent fund (Not the same as a Co-Investment Plan)?
% MostRecent Fund
46. How is the allocation of the General Partner commitment amongst the partners / employees determined? Please select "Yes" where applicable
47. For those who contribute to the General Partner commitment, are they expected to subscribe on a deal by deal basis, on an annual basis or are they required to put all the money up in advance?
48. Does the Firm use a "management fee waiver" mechanism to fund capital commitments of the General Partner commitment (Please select "Yes" where applicable)
Skip This Section
NEXT
Previous
Compensation Strategy - Co-Investment Plans
Please skip section if your firm doesn't have a Co-Investment Plan
Investment professionals - Partners/ M.D.'s Please Select
Investment Professionals - NOT Partners/ M.D.'s Please Select
Support/Administrative Staff - Partners/ M.D.'s Please Select
Support/Administrative Staff - NOT Partners/ M.D.'s Please Select
50. Are the co-investment opportunities:
Please Select
Sweet Equity/Pari Passu Please Select
52. On which deals are co-investments made on?
Please Select
Yes/No Select
54. Are loans provided for participants to make co-investments?
Yes/No Select
55. Are those participants receiving loans to make co-investments also required to invest their own money?
Yes/No Select
56. Please indicate the highest ratio of loan to employee money allowed (e.g., 2:1)
Ratio e.g. 2:1
57. Please specify percentages for the items below:
Percentage of loan that is "recourse"
Current interest rate on the employee loan
58. Is the interest rate:
Please Select
49. For each of the following employee groups, please specify if participation in the co-investment plan is mandatory, voluntary or not required
51. Is the co-investment in the sweet equity (ordinary shares only) or pari passu with (on same terms as) the fund?
53. Do those working on a particular investment have any preferential treatment under the co-investment plan in respect of that investment? (e.g., cherry picking)
Skip This Section
Previous
59. Can interest on the loan be deferred?
Yes/No Select
60. Are employees charged normal management fees on co-investments?
Yes/No Select
61. Are employees charged normal carried interest on co-investments?
Yes/No Select
62. Do you have a vesting schedule on co-investment gains?
Yes/No Select
63. Please enter cumulative vesting percentage on investment gains for each year.
Cumulative % e.g.
1 Year 0%
2 Years 25%
3 Years 50%
4 Years 75%
5 Years 100%
64. Is there a cap on the amount any one participant can invest in the co-investment plan in any one year?
Yes/No Select If "yes", what is the cap?
Partner/Managing Director
Non- Partner Level
65. What is the size of the co-investment for all participants in the plan as a percentage of all funds invested?
Total Size of Co-Invest (% of all funds invested)
66. Do leavers have to repay their leverage when their employment ceases?
Yes/No
Bad Leavers Select
Good Leavers Select NEXT
Compensation Strategy - Employee Benefits
67. Does your firm provide benefits/perquisites to your employees? (Please enter "yes" where offered)
Partner Level Non-Partner Level
401(k)
Defined Benefit Pension Plan
Cash Balance Pension Plan
SERP/IRA
Medical
Dental
Short-term Disability
Long-term Disability
Life Insurance
Car Allowance
Company Car
Gym Membership
Other (please specify)
68. If your firm provides 401(k) plan contributions, on what basis are they calculated?
Contribution Basis Please Select
69. If your firm provides a 401(k) match, on what basis does the match vary?
Match Variation Basis Please Select
70. Please provide your firm's level of 401k contribution, by employee contribution.
Employee Contribution Firm's Contribution Example (1:1 or fixed rate)
0% 0% or 5%
1% 1% or 5%
2% 2% or 5%
3% 3% or 5%
4% 4% or 5%
5% 5% or 5%
6% 6% or 5%
7% 7% or 5%
8% 8% or 5%
9% 9% or 5%
10% 10% or 5%
11% 11% or 5%
12+% 12+% or 5%
Previous
71. If your firm provides the following benefits, indicate what portion is paid for by the firm:
Partner Level (%) Non-Partner Level (%)
Medical (Employee)
Medical (Dependents)
Dental (Employee)
Dental (Dependents)
Short-term Disability
Long-term Disability
Basic Life Insurance
Supplemental Life Insurance
Section BHome
Confidential ]
Compensation Levels
Please Select Your Currency for Reporting Compensation Data Other (Please specify)
Please Select Your Currency (Carry Data, if different than for Compensation Data) Other (Please specify)
(Do not leave blank cells. Enter “0” or “NA”, as applicable)
Job Title Job ID Country Fund Type
Base Salary (000's) Annual Bonus (000's)
Carried Interest
Distribution (000's)
Performance Year Performance Year Award Year
2012 2011 2012 2011 2012 2011
PE01 CEO 234-01 1 USA El Paso, TX LBO / Growth Equity 500 500 530 450 380 300 2.00% 15.6 45.1 200 0 20.3
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Select Select Select 0.00 0.00 0.00 0.00 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
Job Code
No. of Ees
For US & UK only
Location (City, State)
Long Term Incentives and Equity
(000's) Cost of Employee Benefits (000's)% of Most
Recent Fund
Money At Work (Millions)
As of April 1,
2013
As of April 1,
2012
Most Recent Fund
All Active Funds
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Instructions
Job Descriptions
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A
Company Currency Other
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Investment Type
Committed Capital Most Recent Fund
Committed Capital All
Active Funds
Cost of Investment
AUM (Recent Fund
AUM (All Funds)
Number of portfolio
companies
Management Fees (Millions)
Management Fees Investing
(%)
Management Fees After (%)
Transaction Fees (Y/N)
Amounts (millions)
Transaction Fees (% GP)
Transaction Fees (% LP)
Monitoring Fees (Y/N)
Please Select Primary fund
type
Please Select 2nd Fund Type
Please Select 3rd Fund Type
Dividends (Y/N) Institutional # Funds Total
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Amounts (millions)
Monitoring Fees (% GP)
Monitoring Fees (% LP)
Directors Fees (Y/N)
Amounts (millions)
Directors Fees (% GP)
Directors Fees (% LP)
Amounts (millions)
Dividends (% GP)
Dividends (% LP)
Private / Stand Alone
% of capital provided by the
parent
# Funds currently being
invested
# Funds fully invested and not wound up
# Funds rolling or evergreen
funds
NA IP_PL NA IP_NPL NA AS_PL NA AS_NPL Eur IP_PL Eur IP_NPL Eur AS_PL Eur AS_NPL AsPac IP_PL AsPac IP_NPL AsPac AS_PL AsPac AS_NPL Tot IP_PL Tot IP_NPL Tot AS_PL Tot AS_NPL
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2012 Staffing Changes IP_PL
Increase
2012 Staffing Changes IP_PL
Decrease
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2012 Staffing Changes IP_PL
No change
2012 Staffing % Changes IP_PL
2012 Staffing Changes IP_NPL Increase
2012 Staffing Changes IP_NPL
Decrease
2012 Staffing Changes
IP_NPL No change
2012 Staffing % Changes IP_NPL
2012 Staffing Changes AS_NPL Increase
2012 Staffing Changes AS_NPL Decrease
2012 Staffing Changes
AS_NPL No change
2012 Staffing % Changes AS_NPL
2012 Staffing Changes AS_NPL Increase
2012 Staffing Changes AS_NPL decrease
2012 Staffing Changes
AS_NPL no chage
2012 Staffing % Changes AS_NPL
2013 Staffing Changes IP_PL
Increase
2013 Staffing Changes IP_PL
Decrease
2013 Staffing Changes IP_PL
No change
2013 Staffing % Changes IP_PL
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2013 Staffing Changes IP_NPL Increase
2013 Staffing Changes IP_NPL
Decrease
2013 Staffing Changes
IP_NPL No change
2013 Staffing % Changes IP_NPL
2013 Staffing Changes AS_PL
Increase
2013 Staffing Changes AS_PL
Decrease
2013 Staffing Changes
AS_PL No change
2013 Staffing % Changes AS_PL
2013 Staffing Changes AS_NPL Increase
2013 Staffing Changes AS_NPL Decrease
2013 Staffing Changes
AS_NPL No change
2013 Staffing % Changes AS_NPL
Experience to Partner
2012 Total payroll costs
2012 payroll costs as %GP
Fees
Compensation Policy
Appraisal System
Base Salary -PL
Other PL
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Salary Draw / Partner Draw -
PL
Annual Incentive/Bonus
-PL
Residual Fees -PL
Carried Interest Plans -PL
Phantom Carry -PL
Co-Investment Plans -PL
Phantom Stock -PL
Performance Shares / Units -
PL
Stock Options -PL
Restricted Stock -PL
Stock Appreciation Rights -PL
Equity/options in portfolio
companies PL
Base Salary -NPL
Salary Draw / Partner Draw -
NPL
Annual Incentive/Bonus
-NPL
Residual Fees -IP NPL
Carried Interest Plans -NPL
Other NPL
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Phantom Carry -NPL
Co-Investment Plans -NPL
Phantom Stock -NPL
Performance Shares / Units -
NPL
Stock Options -NPL
Restricted Stock -NPL
Stock Appreciation Rights -NPL
Equity/options in portfolio
companies NPL
Base Salary -ASPL
Salary Draw / Partner Draw -
ASPL
Annual Incentive/Bonus
-ASPL
Residual Fees -ASPL
Carried Interest AS Plans -
ASPL
Phantom Carry -ASPL
Co-Investment AS Plans -
ASPL
Phantom Stock -ASPL
Performance Shares / Units -
ASPL
Other ASPL
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Stock Options -ASPL
Restricted Stock -ASPL
Stock Appreciation Rights -ASPL
Equity/options in portfolio companies
ASPL
Base Salary -ASNPL
Salary Draw / Partner Draw -
ASNPL
Annual Incentive/Bonus
-ASNPL
Residual Fees -ASNPL
Carried Interest Plans -ASNPL
Phantom Carry -ASNPL
Co-Investment Plans -ASNPL
Phantom Stock -ASNPL
Performance Shares / Units -
ASNPL
Stock Options -ASNPL
Restricted Stock -ASNPL
Stock Appreciation
Rights -ASNPL
Equity/options in portfolio companies
ASNPL
Other ASNPL Hire MBA
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Other Compa tools - Detail
Annualized Mba Salary
Starting MBA bonus
2012 Salary Changes IP_PL
Increase
2012 Salary Changes IP_PL
Decrease
2012 Salary Changes IP_PL
No change
2012 Salary % Changes IP_PL
2012 Salary Changes IP_NPL Increase
2012 Salary Changes IP_NPL
Decrease
2012 Salary Changes
IP_NPL No change
2012 Salary % Changes IP_NPL
2012 Salary Changes AS_NPL Increase
2012 Salary Changes AS_NPL Decrease
2012 Salary Changes
AS_NPL No change
2012 Salary % Changes AS_NPL
2012 Salary Changes AS_NPL Increase
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2012 Salary Changes AS_NPL Decrease
2012 Salary Changes
AS_NPL No change
2012 Salary % Changes AS_NPL
2013 Salary Changes IP_PL
Increase
2013 Salary Changes IP_PL
Decrease
2013 Salary Changes IP_PL
No change
2013 Salary % Changes IP_PL
2013 Salary Changes IP_NPL Increase
2013 Salary Changes IP_NPL
Decrease
2013 Salary Changes
IP_NPL No change
2013 Salary % Changes IP_NPL
2013 Salary Changes
AS_PL Increase
2013 Salary Changes AS_PL
Decrease
2013 Salary Changes
AS_PL No change
2013 Salary % Changes AS_PL
2013 Salary Changes AS_NPL Increase
2013 Salary Changes AS_NPL Decrease
2013 Salary Changes
AS_NPL No change
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2013 Salary % Changes AS_NPL
2012 Bonus Changes IP_PL
Increase
2012 Bonus Changes IP_PL
Decrease
2012 Bonus Changes IP_PL
No change
2012 Bonus % Changes IP_PL
2012 Bonus Changes IP_NPL Increase
2012 Bonus Changes IP_NPL
Decrease
2012 Bonus Changes
IP_NPL No change
2012 Bonus % Changes IP_NPL
2012 Bonus Changes
AS_PL Increase
2012 Bonus Changes AS_PL
Decrease
2012 Bonus Changes
AS_PL No change
2012 Bonus % Changes AS_PL
2012 Bonus Changes AS_NPL Increase
2012 Bonus Changes AS_NPL Decrease
2012 Bonus Changes
AS_NPL No change
2012 Bonus % Changes AS_NPL
2013 Bonus Changes IP_PL
Increase
No IPan - IP
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2013 Bonus Changes IP_PL
Decrease
2013 Bonus Changes IP_PL
No change
2013 Bonus % Changes IP_PL
2013 Bonus Changes IP_NPL Increase
2013 Bonus Changes IP_NPL
Decrease
2013 Bonus Changes
IP_NPL No change
2013 Bonus % Changes IP_NPL
2013 Bonus Changes AS_NPL Increase
2013 Bonus Changes AS_NPL Decrease
2013 Bonus Changes
AS_NPL No change
2013 Bonus % Changes AS_NPL
2013 Bonus Changes AS_NPL Increase
2013 Bonus Changes AS_NPL Decrease
2013 Bonus Changes
AS_NPL No change
2013 Bonus % Changes AS_NPL
Entirely discretionary -
IP
Discretionary based on firm performance -
IP
No IPan - NIP
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Discretionary, based on fund/team
performance - IP
Discretionary, based on individual
performance - IP
Formulaic, based on firm performance -
IP
Formulaic, based on fund/team
performance - IP
Formulaic, based on individual
performance - IP
Other (IPease specify) - IP
Entirely discretionary -
NIP
Discretionary based on firm performance -
NIP
Discretionary, based on fund/team
performance - NIP
Discretionary, based on individual
performance - NIP
Formulaic, based on firm performance -
NIP
Formulaic, based on fund/team
performance - NIP
Formulaic, based on individual
performance - NIP
Other (IPease specify) - NIP
Bonus DeterminationM
anaging Partner(s)
Bonus DeterminationAl
l Partners
Bonus DeterminationManagement/Exe
cutive Committee
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Bonus DeterminationC
ompensation Committee
Bonus DeterminationDepartment Head
Bonus DeterminationO
ther
Bonus Determination Other specify
Bonuses distributed - Before the
financial year end
Bonuses distributed - 0 - 2 months after the financial
year-end
Bonuses distributed - 2 - 4 months after the financial
year-end
Bonuses distributed - 4 - 6 months after the financial
year-end
Bonuses distributed - 6 - 12 months after
the financial year-end
Bonuses distributed -
Event Closing
About This Survey
The survey collects and reports data on compensation design, as well as compensation levels; in other words, we will report on the “how,” as well as the “how much.” Instructions to complete these two sections are discussed below.
Section A: Compensation Design (“how”)
- General Information- Operational Data- Human Capital- Compensation Strategy – Overview- Compensation Strategy – Base and Bonus- Compensation Strategy – Carried Interest Plans- Compensation Strategy – General Partner Commitment- Compensation Strategy – Co-Investment Plans - Compensation Strategy – Employee Benefits
Section B: Compensation levels (“how much”)
- Base Salary (includes salary draw)- Annual Bonus (whether from performance or residual fees)- Carried Interest Distribution - 2012- Carried Interest Distribution - 2011- Carried Interest as % of most recent fund- Carried Interest at Work - Most Recent Fund- Carried Interest at Work - All Active Funds- Long Term Incentive Value Annual ised - 2012- Long Term Incentive Value Annual ised - 2011- Cost / Cash Equivalent Value of Employee Benefits
HomeSection B: "How Much"
Instructions
Section A:
-
Section B:
-
-
The following guidelines will ensure the accuaracy of your data and our ability to anlayze it:
1
2 Salary per employee. Partial year employees should have amounts annualized for this purpose. Also include any 'draw'.
3
4
5
6
This section covers nine topics (one topic per page). If any of the topics is not applicable to your firm (e.g. Firm does not offer a Co-Investment Plan), please click on the "skip this section" at the top of the page to continue.
Participating organizations have an option of one out of two ways to complete the Compensation Data Spread Sheet, as follows:
By individual: List each employee separately. This is preferred the preferred option.
By position: Identify number of incumbents in each position, then show the average compensation for the group of incumbents on that position. (If you have incumbents on a position in more than one location, please list the number and average for each location).
If most employees on a position participate in a plan/program, but the amount is zero, enter “0.” Conversely, if most employees on a position do not participate in a plan/program, enter “NA” This will help us determine the % of employees that participate in the various plans/programs.
Bonus should include any residual management or other fees allocated per employee at this position. Partial year employees should have amounts annualized for this purpose – or use ”target” bonus.
For most firms the total carried interest is 20%. This 20% is allocated to various individuals or other constituencies as “points.” Show the average allocation as a percent of the fund/points per employee for each position. Total for all listed employees should not exceed 20% or your total carried interest if different than 20%.
Show average annualized value of equity (using Black-Scholes or other preferred method) compensation awarded as a long-term incentive. Please enter amount per employee at this position.
Please enter the value or your firm's cost of benefits and all other compensation. If employee does not receive the benefit, please enter "N/A"
Home Section B
Job Descriptions
Descriptions
Inve
stm
ent
PE01
PE02
PE03
PE04
PE05 Senior Associate(s)
PE06 Associate(s)
PE07 Senior Analyst(s)
PE08 Analyst(s)
PE09
Ad
min
/Su
pp
ort
AS01 Chief Operating Officer (COO)
AS02 Administrative/ Office Manager
AS03 Executive Assistant
AS04 Secretary/ Administrator Provides secretarial and administrative for individual investment executives or for the whole investment team
AS05 Receptionist Responsible for reception duties for the firm
Fin
ance
FN01 Chief Financial Officer (CFO)
FN02 Controller
FN03 Assistant Controller This position assists the Controller and/or CFO with their various duties and responsibilities.
FN04 Senior Accountant Performs at least two accounting functions, such as accounts payable, accounts receivable, or book-keeping.
FN05 Junior Accountant Junior member of the finance team, typically would not be qualified, responsible for day-to-day maintenance of accounts records.
FN06 Fund Accountant Responsible for a range of fund specific acounting functions. These may include profit & loss reporting, reconciliation and fund portfolio reporting.
FN07
Mar
keti
ng
MK01 This professional is responsible for fund-raising and other limited partner relations, including quarterly reports and regularly scheduled meetings.
MK02 Marketing Manager
IR01
IR02 Investor Relations Manager Provides support and assistance to the Investor Relations Director in communicating with fund investors, both regular and ad hoc.
Leg
al
LG01 Chief Legal Counsel
LG02 Compliance & Risk Officer
HR
HR01
HR02 Human Resources Manager
HR03 Provides administrative and secretarial support to the HR Director and HR Manager
IT
IT01 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).
IT02 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.
Job Code
TypicalJob Titles
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.
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.
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.
Principal / Vice President / 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 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.
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.
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.
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.
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.
Venture Partner/Operations Partner
This professional identifies investment opportunities and advises portfolio companies on operational matters. This partner may occasionally fill in a key management role on a temporary basis.
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.
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.
This position provides full secretarial and administrative support to the CEO/ Managing Partner and other Senior Partners including setting up of meetings and conference calls; ordering and receiving supplies for the office; putting together numerous reports; sending out mailings; and responding to various other requests.
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.
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.
Junior Fund Accountant / Fund Administrator
Predominantly an administrative position. Assists in maintaining administrative records and working on reconciliation statements for funds. Assists in preparation of fund portfolio statements and profit & loss reporting on funds.
Chief Marketing Officer / Head of Marketing
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.
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.
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.
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.
Chief Human Resources / Talent Director
This professional is responsible for various Human Resources functions, such as recruiting, performance management, compensation and employee benefits. Often recruits executives for portfolio companies.
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.
Human ResourcesAssistant / Officer
Information Technology Manager
Home Section B
Date
Company
Name
[Stress Address]
[City, ST ZIP]
Country
Phone:
Fax:
Item # Description of Modules Total
102 Participant - North America Private Equity $1,500 $2,500 -
104 Participant - Europe Private Equity £1,250 £1,750 -
106 Participant - North America Hedge Fund $1,000 $1,500 -
107 Participant - Europe Hedge Fund £1,000 £1,500 -
110 Non Participant - North America Private Equity $2,500 $3,000 -
112 Non Participant - Europe Private Equity £1,750 £2,500 -
114 Non Participant - North America Hedge Fund $1,500 $2,000 -
115 Non Participant - Europe Hedge Fund £1,500 £2,000 -
Total $ -
Terms and Conditions of Supply
Participant rates will be granted for responses deemed complete by the survey sponsors.
Sales are subject to all applicable taxes.
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2013 Alternative Asset Management Compensation Survey Series
Contact US:
Holt Private Equity ConsultantsR. Michael Holt (Mike)
Mike.Holt@HoltPrivateEquityCompensation.com
(239) 594-5530
Thomson ReutersDavid Toll
david.toll@thomsonreuters.com(646) 223-6784
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