F I N D I N G S

1,314 participants contributed towards the Private Equity remuneration data for 2022 - 2023. Corporate levels grouped the participants (viz., Analyst, Associate, Vice President, Director, and Partner). Data were sorted according to base salary, bonuses, and carry allocations. This was sorted according to the main fund types within the Private Markets (Private Equity, Private Credit, Real Assets).

Bonus ranges at Analyst generally did not exceed the threshold of 100% At Vice President and Director level, there were examples of this being one or two times base At the Partner level, bonuses varied primarily due to asset-raising success There were examples of no bonus being paid at all, though this is rare

Carry allocations are always subjective to funds, with undisclosed terms and conditions It is, however, clear that carry allocations are awarded as early as the Associate level, with more sizeable distributions being extended to professionals at the higher end of the corporate levels.

Total compensation proportionally increased with an increase in assets under management Distinguished compensations were noted between small- and mid-cap, small- and largecap, and mid- and large-cap funds However, differentiation in total compensation amongst funds within similar AUM ranges was marginal