11% of incumbents in our 2022 database are new hires
22% of new hires were:
In the UK, Investment Analysts can attract higher salaries due to the competitive talent market
In Benelux (Belgium, Netherlands and Luxembourg), new Investment Analyst and Junior Investment Manager hires can be paid 10% more than existing incumbents
| Location | Investment Analyst | Junior Investment Manager |
|---|---|---|
| UK | 10% | 8% |
| Benelux | 9% | 3% |
| North America | 5% | 6% |
| France | 5% | 5% |
| Germany | 2% | 3% |
| Senior Management | Investment Team | Deal Origination |
|---|---|---|
| (Chief Executive Officer / Managing Partner, Chief Financial Officer, Chief Operating Officer) | (Senior Director/Partner, Director/Partner, Senior Investment Manager) | (Director/Partner) |
United Kingdom:
| Role in investment team | Base Salary | Bonus | Carried interest (illustrative) |
|---|---|---|---|
| Analyst | 76% | 24% | 0% |
| Junior Investment Manager | 58% | 34% | 7% |
| Investment Manager | 54% | 35% | 11% |
| Senior Investment Manager | 42% | 36% | 22% |
| Director/Partner | 37% | 37% | 26% |
| Senior Director/Partner | 32% | 30% | 38% |
Benelux:
| Role in investment team | Base Salary | Bonus | Carried interest (illustrative) |
|---|---|---|---|
| Analyst | 85% | 15% | 0% |
| Junior Investment Manager | 73% | 13% | 14% |
| Investment Manager | 65% | 14% | 21% |
| Senior Investment Manager | 49% | 9% | 42% |
| Director/Partner | 39% | 14% | 47% |
| Senior Director/Partner | 34% | 16% | 50% |
North America:
| Role in investment team | Base Salary | Bonus | Carried interest (illustrative) |
|---|---|---|---|
| Analyst | 76% | 24% | 0% |
| Junior Investment Manager | 59% | 33% | 8% |
| Investment Manager | 50% | 40% | 11% |
| Senior Investment Manager | 42% | 39% | 20% |
| Director/Partner | 28% | 52% | 20% |
| Senior Director/Partner | 35% | 35% | 30% |
In the UK and North America, bonuses are a significant component of the overall pay package, while bonus levels in Benelux, France and Germany are a smaller proportion of the overall pay mix.
Annual bonus as a percentage of base salary for Investment Analyst:
| Year | Benelux | France | Germany | North America | United Kingdom |
|---|---|---|---|---|---|
| 2021 | 5% | 20% | 5% | 30% | 39% |
| 2022 | 17% | 21% | 14% | 32% | 31% |
Annual bonus as a percentage of base salary for Junior Investment Manager:
| Year | Benelux | France | Germany | North America | United Kingdom |
|---|---|---|---|---|---|
| 2021 | 13% | 21% | 12% | 47% | 64% |
| 2022 | 17% | 31% | 15% | 51% | 55% |
| Annual bonus movement across all roles | Increased | No change | Decreased |
|---|---|---|---|
| Benelux | All roles | ||
| France | Most roles | Director/Partner | |
| Germany | Most roles | Investment Manager | |
| North America | Junior and Mid-level Investment roles | Director/Partner and Senior Director/Partner | |
| United Kingdom | Senior Director/Partner | Up to Director/Partner |
Source: 2022 WTW Private Equity Compensation Surveys
| Title | File Type | File Size |
|---|---|---|
| Pay trends in Private Equity - Infographic | .1 MB |
