2018-2019年度亚太地区私人资本专业薪酬调查（英文版）_28页_2mb

2018-2019 Asia Pacific Private Capital Investment Professional Compensation Survey Summary

Core Content

This survey provides an analysis of compensation trends for investment professionals in the Asia Pacific private capital industry, covering the years 2017 to 2019 and including expectations for 2019. It highlights the growth of the private capital market, hiring trends, and changes in compensation structures across different seniority levels, investment strategies, and firm sizes.

Main Points

Market Overview

• 2018 was a strong year for private capital in Asia Pacific, with aggregate deal value reaching $169 billion, up from $75 billion in 2014.
• Venture capital (VC) reached a record high of $129 billion, driven by $105 billion in China.
• Assets under management (AUM) in APAC totaled $883 billion, representing 26% of global private equity (PE) AUM, nearly triple the 2009 level.
• Despite growth, challenges loom, including Sino-US trade tensions, global economic slowdown, high deal prices, and lack of exits.
• Polarization is increasing between large, established general partners (GPs) and smaller, newer GPs, which may reduce competition and discourage new entrants.

Hiring Trends

• Strong demand for investment professionals across APAC.
• Principals and vice presidents are in particularly high demand, indicating a focus on strengthening middle management.
• New sources of demand are emerging, including pension funds, sovereign wealth funds, and private equity firms.
• Firms are expanding beyond traditional economic capitals, opening offices in regions where deal activity is concentrated (e.g., Southeast Asia).
• China-based teams are becoming more common, with some firms moving operations from Hong Kong to other parts of China.
• Diversification in investment strategies is increasing, leading to greater demand for expertise in private credit and real asset investments.

Compensation Trends

• Cash compensation increased for all five seniority levels between 2017 and 2019.
• Highest percentage gains were seen at the associate/senior associate level, with the gains decreasing as seniority increased.
• Base salary increased for 42% of respondents in 2019, slightly lower than 2018 but the same as 2017.
• Bonus increases peaked in 2018 at 59%, but dropped to 45% in 2019, with 6% of respondents reporting a decrease.
• Compensation was not strongly correlated with firm AUM, but it was with fund size—larger funds paid higher compensation at all levels except managing partner and vice president.

Compensation by Fund Type

• Regional funds are catching up to global funds in terms of compensation.
• Global funds paid lower base and bonus compared to regional funds for senior roles.
• Asia Pacific's homegrown funds are now able to compete with global peers for top talent.

Compensation by Investment Strategy

• Buyout had the highest compensation at all levels, with managing partners earning $530.36 in base salary and $569.57 in bonus.
• Venture capital also saw strong compensation growth, though specific figures are not provided.
• Carried interest varied significantly by role and fund size, with partners/managing directors receiving the highest average carry.

Key Information

• Survey participants: 215 investment professionals across the region.
• Data collection: Based on self-reported compensation data for 2017, 2018, and 2019, with expectations for 2019.
• Compensation units: All figures are reported in USD thousands unless otherwise noted.
• Carried interest calculation: Based on a net 2x return and a 20% performance fee.
• Confidentiality: All data is anonymous, with no identification of individual respondents or employers.
• Talent shortage: A lack of professionals with local expertise, networks, and language skills.
• Future outlook: 65% of respondents expected their salary to increase in the next 12 months, while 34% expected no change and 1% anticipated a decrease.
• Market sentiment: A plurality of respondents in all investment strategies expected no change or improvement in market conditions over the next year.

Summary Table: Compensation Trends by Seniority Level

Conclusion

The 2018-2019 survey highlights a dynamic and evolving private capital landscape in Asia Pacific, marked by strong growth in deal value and AUM, increasing demand for investment professionals, and compensation trends that reflect the industry's maturity. While the market is growing, challenges remain, and the Greater China premium is showing signs of decline. The survey also underscores the importance of local expertise and the potential for regional funds to compete with global players.