2016欧洲和非洲私人资本补偿调研报告（英文版）-1mb

报告摘要

2016 Europe & Africa Private Capital Compensation Survey Summary

Core Content

The 2016 Europe & Africa Private Capital Compensation Survey provides an overview of compensation trends across the private capital industry, focusing on investment professionals, fund-raising professionals, infrastructure professionals, and operating partners. The survey received 454 complete responses, with a cumulative total of 1,985 since 2013. It is the fourth annual edition of the survey and is conducted in an anonymous manner to protect the identities of respondents and their employers.

Main Points

Market Backdrop

2016 saw record capital raising in Europe since 2008, driven by low interest rates in the US and Europe, which made private equity (PE) an attractive asset class.
The dry powder level in the region intensified competition for assets.
A pricing gap persists between sellers' high expectations and buyers' demand, particularly due to Brexit uncertainty.
Despite this, some pricing adjustments have occurred, though the long-term impact of Brexit remains uncertain.
Special situations have become a popular investment strategy in 2016, with new funds and teams entering the market.

Hiring and Talent Trends

Low hiring demand overall, but replacement hiring is ongoing, especially at the deal captain level.
Chinese-backed investment vehicles are increasing their presence in Europe, aiming to invest in local companies and expand into Asia.
Sovereign and pension investors continue to seek talent from traditional general partners (GPs) for direct strategies.
Special situations have increased demand for proven professionals who can manage cross-capital structure investments.
There is little new demand for operating professionals and a pause in demand for fund-raising professionals.

Compensation Trends

Base Salary

48% of respondents reported an increase in base salary in 2016.
The scale of increase was generally 11% to 40% for most respondents.
Base salary growth has been consistent across all experience levels, with entry-level roles (0–2 years) showing minimal growth (0.9%).

Bonus

Bonus compensation has also seen growth, though the rate of increase varied.
Only Managing Directors saw a significant increase in bonus compensation (up 46% from 2015), while principals and associates saw more modest increases or flat compensation.

Total Cash Compensation

Total cash compensation increased for all levels in 2016 and 2015.
Managing Directors saw a 8.9% increase in 2016, while principals and associates saw 11.1% and 13.5% increases, respectively.
CAGR (Compound Annual Growth Rate) for total cash compensation was 8.1% for Managing Directors, 11.3% for Principals, and 13.8% for Associates.

Compensation by Fund Size and Strategy

Base salaries and total cash compensation have been rising across all fund sizes.
Distressed funds had the highest base salary for Managing Directors and Principals in 2016, a first in the survey's history.
Buyout funds remain the highest compensators overall.
Credit professionals continue to receive high compensation due to sustained demand.

Compensation by Region

United Kingdom returned to being the most highly compensated market in Europe, surpassing Switzerland.
Germany still offers higher compensation for junior professionals than the UK.
Southern Europe and Benelux also offer higher compensation for Principals and Managing Directors, respectively.
Africa has lower compensation levels compared to Europe, though the data is limited.

Key Information

Investment professionals make up the largest respondent group (330 respondents).
Infrastructure professionals (CFOs, General Counsels, and CHROs) and Operating Partners were included in the analysis, with operating partners not receiving carry.
The survey included 24 responses from infrastructure professionals and 28 responses from operating professionals.
Educational qualifications of respondents were categorized, with MBA being the most common, followed by ACA/CPA and JD/solicitor.
Non-MBA respondents were also surveyed, with a majority having no additional qualifications.

Conclusion

The survey highlights a general trend of increasing compensation across the private capital industry in Europe and Africa, with investment professionals benefiting the most. Distressed funds and buyout funds are the highest compensators, while special situations have driven demand for cross-capital structure expertise. Geographic disparities in compensation persist, with the UK leading in overall compensation, and Germany offering better pay for juniors. Infrastructure and operating professionals are also seeing growth in compensation, though fund-raising professionals face a pause in demand.