Private Equity Report North America
2010 Private Equity Report – North America
This report covers employees of Private Equity firms in the U.S. (see participant list below). Our sister firm in London (U.K.) provides a separate report covering employees of Private Equity firms in the U.K and the rest of Europe. The scope of the survey encompasses over 90 Private Equity funds (inclusive of LBO, Venture Capital, Mezzanine, Fund of Funds, Corporate Venturing and Secondary Funds). These include over both stand-alone and institutional organizations.
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More About This Report
2010 Key Findings
- Pay levels for 28 key positions from the CEO to the receptionist within hedge funds.
- Zero increase in salary for Partners, salary increases for non-Partners
The last major pay increase for Partners between 2007 and 2008, when Partners saw a jump in median salary of 11%. In 2009 and 2010, Partners saw no increase whatsoever in their salary levels. Non-partners, however, continued to see salary increases, though those pay increases became more modest during this same three year period (13% in 2008, 6% in 2009, and 5% in 2010.) This finding is consistent with the widely held belief that Partners would need to experience a drastic – if not catastrophic – decrease in their compensation to consider leaving their positions, while non-Partners can often be tempted to look elsewhere if they believe they are not being compensated appropriately.
- When it comes to salary + bonus, non-Partners are seeing increases, Partners are seeing decreases
Partner salaries remained flat in 2009 and 2010, but Partners saw decreases when salary is combined with bonus. Non-partners saw increases across the board (34% in performance year 2007, 10% in performance year 2008, and 7% in performance year 2009).
- In performance year 2007, Partners saw a 23% increase in salary + bonus + carried interest distributions, but saw no gains in the two years that followed.
- Payroll as a percent of Revenues have increased from 2007-2009
Fees overall were lower, but compensation levels remained the same or increased, making payroll a higher percentage of total revenue.
- Bonuses are now more likely to be tied to performance
41% of firms report they are using a predetermined, formulaic approach to bonuses, while 53% of firms say they are basing bonuses on a combination of performance and discretion. Bonuses can be measured by the success of the firm, team, or person.
- New funds being raised in many cases are smaller than their predecessor funds.
- Headcounts are moderately on the rise, for both Partners and non-Partners in 2010.
- Salary levels for 52% of non-partners are expected to increase in 2010.
Section I: Compensation Design (“How”)
This part of the survey is truly unique and can be completed online. This survey is the first of its kind to request information on the intended design of rewards programs and the level of success of the various types of programs from base salary, profit sharing to group health plans. This is information that establishes the intended design of the actual programs.
The survey tool employed uses employs multiple layers of security to make sure your data remains private and secure:
- A third-party firm conducts daily audits of the tool’s security, and it resides behind the latest in firewall and intrusion prevention technology.
- For additional security, we have added SSL (Secure Sockets Layer) protection, so that your data is collected in a totally encrypted environment.
We anticipate that this section will take thirty minutes to one hour to complete. You can re-enter the survey at any time to complete any missing responses or update your entries until the closing date. To do this click the ‘Next’ button at the bottom the page to save your existing answers and simply return to the questionnaire using the original link when you are ready.
The system uses a cookie to save the response by page (not by specific question). If you exit the survey early, then you must come back to the same computer and use the same browser in order to pick up and finish.
NOTE: Cookies must be enabled. The cookie placed tracks the page where you exited. If your browser is set to dump cookies each time it is closed, the cookie will be refreshed. A new or blank survey will open every time the survey is accessed.
Section II: Compensation Levels (“How Much”)
Section II of the survey collects competitive information on pay levels. This information will help you establish pay levels that retain your best executives and employees yet keep your firm within its budget.
This part of the survey is in Excel format.
Please download the “Compensation Data Collection Sheet.xls” by clicking on the following links:
Please save the completed file with your company’s name and e-mail back to email@example.com.
We thank you for your participation.
2010 Studied Position
- PE01 – Managing General Partner(s) / CEO
- PE02 – Senior Partner / Senior Managing Director(s)
- PE03 – Partner / Managing Director(s) / Portfolio Manager
- PE04 – Principal / Vice President / Director(s)
- PE05 – Senior Associate(s)
- PE06 – Associate(s)
- PE07 – Senior Analyst(s)
- PE08 – Analyst(s)
- AS01 – Chief Operating Officer (COO)
- AS02 – Administrative/ Office Manager
- AS03 – Executive Assistant
- AS04 – Secretary/ Administrator
- AS05 – Receptionist
- FN01 – Chief Financial Officer (CFO)
- FN02 – Controller
- FN03 – Assistant Controller
- FN04 – Senior Accountant
- FN05 – Junior Accountant
- FN06 – Fund Accountant
- MK01 – Chief Marketing Officer/ Head of Marketing
- MK02 – Marketing Manager
- IR01 – Investor Relations Director/ Head of Investor Relations
- IR02 – Investor Relations Manager
- LG01 – Chief Legal Counsel
- LG02 – Compliance & Risk Officer
- HR01 – Chief Human Resources/ Talent Officer
- HR02 – Human Resources Manager
- HR03 – Human Resources Executive
- IT01 – Chief Technology Officer
- IT02 – Information Technology Manager
2010 Survey Participants & Sources
- ABS Capital Partners
- Accuitive Medical Ventures
- American Infrastructure MLP
- Ampersand Ventures
- Arcano Capital
- Ascension Health Ventures
- Atlas Venture
- Bank of America Merrill Lynch
- Black River Asset Management
- Blue Point Capital Partners
- Brazos Private Equity Partners, LLC
- CapStreet Group
- Cargill Ventures
- Central Valley Fund
- Clairvest Group Inc.
- ClearLight Partners
- CMEA Capital
- Code, Hennessy, & Simmons, LLC
- Coller Capital Limited
- DeNovo Ventures
- Edgewater Funds
- EnerTech Capital LLC
- Frazier Management
- Gov’t of Singapore Investment Corp.
- Great Hill Partners, LLC
- Greenbriar Equity Group, LLC
- Grotech Ventures
- Gryphon Investors
- Hartford Ventures
- Hilco Consumer Capital
- Institutional Venture Partners
- Intermediate Capital Group
- Internet Capital Group
- Intersouth Advisors, Inc.
- JAFCO Ventures
- JMI EQUITY
- Key Principal Partners Corp
- Longworth Venture Partners
- Lovell Minnick Partners LLC
- Madrona Venture Group
- Marlin Equity Partners
- Montagu Newhall Associates, Inc.
- National City Equity Partners
- New Enterprise Associates
- New York Life
- Nexit Ventures
- Northern Light Venture Capital
- Northstar Capital, LLC
- Pappas Ventures
- Norwest Equity Partners
- Norwest Mezzanine Partners
- Norwest Venture Partners
- Palladium Equity Partners
- Panorama Capital, LLC
- Park Street Capital, LLC
- Penta Investment Limited
- Peterson Partners
- PNC (LBO)
- PNC (Mezz)
- Prospect Capital
- Prudential Financial
- QuestMark Partners
- RCP Advisors LLC
- Red Diamond Capital, Inc.
- Riverlake Partners
- Riverside Partners, LLC (RCAF)
- Riverside Partners, LLC (REF)
- Riverside Partners, LLC (RMCF)
- SAP Ventures
- Scale Venture Partners
- SSM Partners
- Steamboat Ventures
- Sterling Group, L.P.
- SV Life Sciences Advisers
- SVB Capital
- Third Rock Ventures, LLC
- Thoma Bravo LLC
- Twin Bridge Capital Partners
- Valhalla Partners
- VantagePoint Venture Partners
- Voyager Capital LLC
- Wind Point Partners
|2010 Private Equity North America Full Survey Report||$2,400|
R. Michael Holt
firstname.lastname@example.org, (239) 594-5530