2016北美私募股权公司薪酬调研报告（英文版）-4mb

2016 North American Private Equity Investment Professional Compensation Survey Summary

Core Content

The 2016 North American Private Equity Investment Professional Compensation Survey by Heidrick & Struggles provides an in-depth analysis of compensation trends across different professional levels, fund sizes, and regions in the private equity industry. The data was collected from 380 direct private equity firms, focusing on base salary, bonus, and carried interest (carry) for investment professionals.

Main Points

Compensation Trends

• Overall Compensation Increase: Across all professional levels, total compensation increased in 2016, with the largest increases seen in Vice Presidents and Associates/Senior Associates.
• Base Salary Growth:
  • Vice President: 10% increase in 2016 to $196,000.
  • Associates/Senior Associates: 7% increase.
  • Principals: 7% increase.
  • Partners/Managing Directors: 5.6% increase.
• Bonus Growth:
  • 2015: 74% of respondents reported an increase in bonus, with 88% seeing up to a 50% increase.
  • 2016: Bonus increases were less pronounced compared to 2015, but still showed a positive trend.
• Carry Allocation:
  • Managing Partners: Average carry of $43.4 million across all funds and $24.8 million for the most recent fund.
  • Partners/Managing Directors: Over 90% eligible for carry.
  • Vice Presidents and Principals: Also eligible for carry, with varying amounts.
  • Associates/Senior Associates: Only 26% eligible for carry.

Fund Size and Compensation

• Smaller Funds (<$250M):
  • Bonus increases were significant, with 38.2% increase for Associates/Senior Associates in 2015.
  • Base salary increases were notable in 2016.
• Mid-Size Funds ($250M–$499M):
  • Managing Partners saw a 21.2% bonus increase in 2015, leading to a total average salary of over $1.2 million.
• Large Funds ($500M–$749M):
  • Managing Partners experienced a 96% bonus increase in 2015.
  • Base salary increases were also significant in 2016.
• Very Large Funds ($750M–$999M):
  • Managing Partners had the highest total salary increase in 2016, reaching over $2.25 million.
  • Bonus and carry were substantial across all levels.

Regional Compensation Comparison

• Compensation varied across US regions, though specific figures are not detailed in the summary.
• The survey highlights the importance of regional market dynamics in determining compensation levels.

Professional Levels

• Managing Partner: Highest base and bonus, with significant carry allocations.
• Partner/Managing Director: High compensation with substantial carry.
• Principal: Mid-level compensation with increasing carry.
• Vice President: Strong base and bonus increases, especially in 2016.
• Associate/Senior Associate: Lower base and bonus, but some carry allocations.

Educational Background and Experience

• Educational background is a factor in compensation, though specific data is not detailed.
• Years of private equity experience significantly influence compensation, with higher experience correlating with higher base, bonus, and carry.
• The survey emphasizes the importance of experience in determining professional compensation.

Key Information

• Compensation Structure:
  • Base salary, bonus, and carry are the primary components of compensation.
  • Carry is more common at higher professional levels.
• Market Conditions:
  • The private equity market showed resilience in 2016, with strong fund-raising and exit activity.
  • The market slowdown in H1 2016 affected bonus increases, but overall compensation remained favorable.
• Survey Methodology:
  • Data was self-reported and anonymized.
  • Approximately 16% of responses were excluded due to incompleteness.
  • Only direct investment firms were included in the survey.
• Compensation in USD Thousands:
  • All figures are reported in USD thousands.
  • Carry figures are particularly high for senior professionals.

Professional Roles and Compensation

Conclusion

The survey underscores the continued growth in compensation for private equity investment professionals, driven by strong market activity and the demand for skilled individuals. While base salary increases were more moderate in 2016 compared to previous years, bonuses and carry remained significant contributors to overall compensation, especially for senior professionals. The data also highlights the impact of fund size on compensation, with smaller funds showing notable growth in junior roles and larger funds offering substantial compensation for senior roles.