Private equity compensation packages held steady in 2024 across all fund sizes and seniority levels, according to the latest industry survey released by Odyssey Search Partners.
For each cohort of associates, vice presidents, principals, and partners, this year’s median cash compensation is almost entirely unchanged from 2023 levels.
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Also unchanged is the delta between the smallest funds and the largest. Associates at firms with current fund sizes of sub-$500 million earned a median of $230,000 — a 37 percent discount to the $365,000 take-home for the median associate at a fund larger than $10 billion (itself a good way off the top quartile package of $405,000).
The difference only grows with seniority. Vice presidents ($325k) and principals ($480k) in the same lower middle market grouping saw 47 and 44 percent discounts, respectively, to cash compensation of peers at funds greater than $10 billion—$610k for VPs and $865k for principals.
Median cash compensation across all fund sizes; average current fund carry; data per Odyssey Search Partners
Reported current fund carried interest allocations fell into relatively tight bands at the vice president level. Of the 83 percent of VPs who received an allocation, 77 percent reported a dollar equivalent of between $1.5 to $5 million.
Median cash compensation across all fund sizes; average current fund carry; data per Odyssey Search Partners
Dispersion grew for principals, nearly all of whom received carry. 59 percent reported allocations between $3.5 to $10 million, while the top 7 percent fell between $10 to $15 million.
At the partner level, most allocations reach into the upper seven-figure and low eight-figure range: 83 percent of respondents reported current fund carry dollars of greater than $3.5 million, and 41 percent reported greater than $10 million.
Data also show compensation variance by location. Roles in San Francisco’s Bay Area and New York City command a 6 percent and 5 percent premium, respectively, over the national median.
On the low end, remote positions are hit with an 11 percent discount to the national median, while Florida and Chicago round out the bottom three geographies with 8 percent discounts.