PEINVEST
Comprehensive compensation data across PE career levels and top firms. All figures represent total annual compensation including base salary, annual bonus, and signing bonuses. Carried interest is shown separately.
| Level | Experience | Base Salary | Bonus | Total Comp | Carried Interest |
|---|---|---|---|---|---|
| Analyst | 0–2 yrs | $100K–$150K | $25K–$80K | $125K–$230K | None |
| Associate | 2–4 yrs | $150K–$200K | $75K–$150K | $225K–$350K | Rare |
| Senior Associate | 4–6 yrs | $200K–$275K | $100K–$200K | $300K–$475K | Small allocation |
| Vice President | 6–9 yrs | $275K–$350K | $150K–$350K | $425K–$700K | Meaningful |
| Principal / Director | 9–12 yrs | $350K–$500K | $250K–$600K | $600K–$1M | Significant |
| Managing Director / Partner | 12+ yrs | $500K–$1000K | $500K–$5000K | $1000K–$10M | Major (10–30% of profits) |
| Firm | Analyst Total | Associate Total | VP Total | Notes |
|---|---|---|---|---|
| Blackstone | $175K–$230K | $250K–$350K | $500K–$750K | Premium compensation, structured carry program |
| KKR | $170K–$225K | $240K–$340K | $475K–$700K | Competitive base, strong co-investment opportunities |
| Apollo | $165K–$220K | $235K–$335K | $450K–$680K | Higher bonus skew, credit platform adds optionality |
| Carlyle | $160K–$215K | $230K–$325K | $440K–$650K | Strong international rotation opportunities |
| Thoma Bravo | $170K–$230K | $250K–$360K | $500K–$750K | Software-focused premium, strong deal flow |
| TPG | $160K–$215K | $230K–$330K | $450K–$675K | Diversified platform across PE, growth, impact |
| Silver Lake | $175K–$235K | $260K–$370K | $525K–$800K | Top-of-market for technology-focused PE |
| Vista Equity | $165K–$225K | $245K–$350K | $475K–$720K | Austin cost-of-living advantage, strong culture |
Premium compensation, structured carry program
Competitive base, strong co-investment opportunities
Higher bonus skew, credit platform adds optionality
Strong international rotation opportunities
Software-focused premium, strong deal flow
Diversified platform across PE, growth, impact
Top-of-market for technology-focused PE
Austin cost-of-living advantage, strong culture
Private equity compensation consists of three main components: base salary, annual cash bonus, and carried interest. At junior levels (analyst, associate), compensation is primarily cash-based. As professionals advance to VP and above, carried interest becomes an increasingly significant portion of total compensation, often exceeding cash compensation at the partner level.
Mega-fund compensation (Blackstone, KKR, Apollo, Carlyle, etc.) typically runs 10–20% above mid-market and lower mid-market firms, though smaller firms may offer more meaningful carry participation earlier in careers. Geographic location also impacts compensation, with New York, San Francisco, and London commanding the highest pay.