2022 PRIVATE EQUITY

INVESTMENT PROFESSIONALS
COMPENSATION REPORT
 July 2022

We are excited to share Odyssey Search Partners’ 2022 Private Equity Investment Professionals
compensation report.

This report is a summary of how Investment Professionals (IP) in the Private Equity (PE) industry were
paid in 2021, their current 2022 bases, expected 2022 bonuses, and estimated value of carry. Our survey
was conducted over several weeks ending June 30th, 2022.

We received survey responses from 1,317 Investment Professionals that varied across the following
dimensions:

- Title: Analyst, Associate, Senior Associate, Vice President, Principal, and Managing Director/
Partner
- Fund Type: Lower Middle Market, Middle Market, Upper Middle Market, Mega Funds, and
Family Offices
- Investment Strategies: Leveraged Buyout (LBO), Venture Capital (VC), Growth Equity (Growth),
Real Estate (RE)/ Infrastructure, Distressed/ Special Situations PE, Secondaries, Co-Invest, Fund
of Funds, ESG/Impact, and Capital Solutions
- Location: 15+ cities across the United States

For more details, please see the Methodology section.

We hope you find this report useful and welcome the opportunity to continue the dialogue.

Adam Kahn Anthony Keizner

Managing Partner Managing Partner
[email protected] [email protected]

© 2022 Odyssey Search Partners 1

Private Equity Practice
 2022 PE Investment Professional Compensation Report -
Contents
1. Key Findings ……………………………………………..…….……………………………. 3

2. Cash Compensation Overview …………………………….....…………………….. 4

2.1 Cash Compensation Overview …………………….……………………………………………….. 4
2.2 Total 2021 Cash Compensation Summary .….………………….………………….………… 6

3. Cash Compensation …..……………………….....……………………………………... 7

3.1 Investment Strategy ……………………………………………………………………………..……… 7
3.2 Location ………………………………………………………………………….……..……………………. 8
3.3 Gender ………………………………………………………………………….…….….……………….….. 8
3.4 Total Bonus Deferral ……………………………………………………….…….…………………….. 9

4. Cash Compensation by Title ………………….…………….....…………………….. 10

4.1 Analyst …………………………………………………………………………………………………..…….. 10
4.2 Associate ……………………………………………………………………………………..…………..….. 11
4.3 Senior Associate ………………………………………………………………………………………..…. 13
4.4 Vice President …………………………………………………………………………..………….…..…. 15
4.5 Principal ………………………………………………………………….…………..……………….…..…. 17
4.6 Managing Director/ Partner …………..………………………………….……………….……….. 19

5. Carried Interest ..…………………………………………………………..……………... 20

5.1 Title When Carry First Allocated ………………………….…..………….……………………… 20
5.2 Amount of Carry Allocated …..….…………………………………………………….……........ 23
5.3 Value of Carry ………………………………………………………..…….…………………………….. 24
5.4 Carry-to-Cash Ratio ……………………………..……………………………………………………… 26
5.5 Carry Impact on Cash Compensation ………………………………………………………….. 27

6. Co-Investment Eligibility …………………………………..……………………..…... 28

7. Satisfaction with Compensation ………………………..……………………..….. 29

8. Methodology …………………………………………………….…………….…………… 30

9. Characteristics of Sample …….…………………………….……………….………… 30

9.1 Respondents’ Firm Characteristics ………………………………………………………..…..… 31
9.2 Respondent Demographics ………………………………………………………………...…...…. 31

10. About Odyssey Search Partners …………………………………………………….……..… 32

© 2022 Odyssey Search Partners 2

Private Equity Practice
 4.2 Associate cont.
Over the following six tables, we further detail the cash compensation in terms of fund size data, by showing the
percentiles as well as the medians for each size of current fund.

Associate - Current Fund $0-500M

2021 Base 2021 Bonus 2021 Total* 2022 Base 2022 Bonus 2022 Total*

25th Percentile $100 $50 $165 $120 $65 $185

Median $110 $80 $195 $125 $100 $230
75th Percentile $125 $110 $220 $140 $130 $270

Associate - Current Fund $500M-1B

2021 Base 2021 Bonus 2021 Total* 2022 Base 2022 Bonus 2022 Total*

25th Percentile $115 $70 $190 $125 $80 $210

Median $125 $100 $225 $135 $115 $250
75th Percentile $135 $125 $255 $150 $150 $300

Associate - Current Fund $1-3B

2021 Base 2021 Bonus 2021 Total* 2022 Base 2022 Bonus 2022 Total*

25th Percentile $115 $95 $215 $125 $120 $250

Median $125 $125 $250 $140 $140 $280
75th Percentile $140 $150 $280 $155 $170 $330

Associate - Current Fund $3-5B

2021 Base 2021 Bonus 2021 Total* 2022 Base 2022 Bonus 2022 Total*

25th Percentile $120 $105 $230 $135 $125 $270

Median $130 $140 $270 $150 $150 $300
th
75 Percentile $150 $180 $325 $155 $200 $375

Associate - Current Fund $5-10B

2021 Base 2021 Bonus 2021 Total* 2022 Base 2022 Bonus 2022 Total*

25th Percentile $125 $125 $270 $140 $150 $300

Median $140 $150 $300 $150 $165 $325
th
75 Percentile $150 $175 $330 $175 $200 $380

Associate - Current Fund $10B+

2021 Base 2021 Bonus 2021 Total* 2022 Base 2022 Bonus 2022 Total*

25th Percentile $125 $135 $285 $150 $160 $325

Median $145 $180 $305 $155 $190 $355
75th Percentile $150 $200 $360 $175 $235 $400
*Total is the median of total compensation (base + bonus). It is not the sum of median base and median bonus.

© 2022 Odyssey Search Partners 3

Private Equity Practice
 5.1 Title When Carry First Allocated cont.
Continuing this point of how smaller and bigger funds differ in the timing of when they first allocate carry, we
see below that initially allocating carry at the Principal level is not common (only 4%), but of those firms who
do, it is a more common practice at larger funds than smaller funds.

© 2022 Odyssey Search Partners 4

Private Equity Practice
 10 – ABOUT ODYSSEY SEARCH PARTNERS

Odyssey Search Partners

Odyssey Search Partners is a premier, retained buyside-focused search firm, founded in 2010 and led by Adam Kahn
and Anthony Keizner. We specialize in placing Investment and IR Professionals in the private equity, hedge fund,
family office, and private credit sectors. Our expertise spans all levels of recruitment, from pre-MBAs to Partners
and Portfolio Managers. We approach every search with diversity in mind.

Odyssey Private Equity Practice

The core focus of our practice is placing investment professional talent across PE strategies including VC/growth,
LBO, special situation, and hybrid firms. We systematically map entry-level candidates as well as current PE Analysts,
Associates, Senior Associates, Vice Presidents, Principals, and senior professionals. ESG, Infrastructure, and Real
Estate are among the areas where we’ve been most active in 2022. Outside of investment professional placements,
we support our PE clients’ firms with hiring in five main areas: 1) deal sourcing/origination specialists, 2) research
professionals, 3) portfolio company support, 4) capital markets, and 5) investor relations/marketing.

www.odysseysearchpartners.com

The report was compiled based on analysis by Anthony Keizner and

Ada Blige who oversee Odyssey’s consulting and compensation work.

For further information on this report, please contact:

[email protected]

212-750-5677

© 2022 Odyssey Search Partners 5

Private Equity Practice