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1、PRIVATE EQUITY PRACTICE2024 North American Private Equity Operating Professional Compensation SurveyContentsA message from the authors 3Executive summary 4The growing importance of the PE operating professional 7Operating executives backgrounds and role structure 8State of operating executive compen

2、sation 12Non-cash compensation 322024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY2 Welcome to our 2024 North American Private Equity Operating Professional Compensation Survey.Together with our survey of private equity investment professionals,this report provides a comp

3、rehensive picture of the compensation that North American private equity(PE)executives are currently receiving.For this report,Heidrick&Struggles compiled compensation and organization data from a survey of 251 private equity operating professionals in the United States.We hope you enjoy reading the

4、 survey.As always,suggestions are welcome,so please feel free to contact usor your Heidrick&Struggles representativewith questions and comments.With warmest regards,A message from the authorsOn confidentiality The North American private equity operating professional compensation survey,2024,was cond

5、ucted on an anonymous basis;no data relating to the identity of individual respondents or their employers is included in the following report.Acknowledgments The authors wish to thank Mohd Arsalan for his contributions to this report.MethodologyIn an online survey conducted in the spring of 2024,we

6、asked participants to provide compensation data for 2022,2023,and 2024.All data collected is self-reported by private equity operating professionals and has been aggregated to evaluate trends in compensation packages,including base salary,bonus,and carried interest plans(carry).Responses from 251 pa

7、rticipants are included in the survey results.In each compensation table,we report mean base,bonus,and carry for each of five levels of private equity operating professionals.Please note that the mean can be influenced by particularly high or low data points,especially when the number of respondents

8、 in a given group is small.Carried interest is calculated using“carry dollars at work,”which is the expected return on total carry participation across all vehicles,based on achieving a net 2x return(above hurdle and after fees)in a vehicle charging a 20%performance fee.For example,7 points(700 bps)

9、of carry(out of a possible 100)in a$500 million fund with 20%carry would result in$7 million of carry dollars at work(500 X 0.2 X 0.07=7).A note on titlesWhile title structures vary according to firm,we have divided respondents into six groups based on level and responsibility:Firm leader(e.g.,manag

10、ing partner,head of portfolio operations,etc.):Most senior level at the firm.Typically,although not always,one of the founders.General partnership level(e.g.,operating partner,general partner,managing director,etc.):Proven operational track record.Experienced board member.Sometimes on the investment

11、 committee.One step below general partnership level(e.g.,operating principal,operating executive,director of portfolio operations,operations director,etc.)Vice president:Works closely with the portfolio and might have board exposure or a seat.Associate:Most junior,entry level.Most of the work is res

12、earch and analysis.Senior/executive advisor:Typically,a part-time role that can consume 550%of the individuals time.Frequently exclusive to one PE firm,although the individual might have other non-PE board relationships and responsibilities.Jonathan Goldstein Regional Managing Partner,Americas Priva

13、te Equity Practice John Rubinetti Partner Private Equity Practice Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES3 Executive summaryThis years survey includes a review of 2023 and early 2024 activity in North American private equity,o

14、ur thoughts on the major hiring trends for operating professionals,and a deep dive into current compensation packages for operating professionals.Expertise trends (page 8)Twenty percent of the respondents considered themselves to be industry generalists;the most common specialist categories were tec

15、hnology/software(19%)and industrial(16%).Generalists were most common in the breakdown of functional expertise as well,at 23%,followed by focus areas in sales(15%),marketing(14%),and finance(14%).Twenty-seven percent of respondents had been management consultants in their immediate prior role,and on

16、ly 17%had been a CEOa significant drop from the 26%who reported they had been a CEO in our 2022 survey.1 Twenty-one percent had been PE operating executives,a significant increase from the 2022 respondents 7%.2 Only 12%had been previously employed by a portfolio company of their current GP or invest

17、ment advisora drop from 27%in 2022.31.2022 North American Private Equity Operating Professional Compensation Survey,Heidrick&Struggles,p.5.2.2022 North American Private Equity Operating Professional Compensation Survey,Heidrick&Struggles,p.5.3.2022 North American Private Equity Operating Professiona

18、l Compensation Survey,Heidrick&Struggles,p.5.2024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY4 Cash compensation trends (page 12)Between 2022 and 2023,base salary increased modestly,with nearly 60%of respondents who reported an increase seeing$50,000 or less.A notable 7.

19、8%of respondents said that their bonus decreased between 2022 and 2023.Between 2023 and 2024,respondents more often saw no change in their compensation;of those that did report an increase(45%),the majority,79%,saw an increase of$50,000 or less.Diverse region,inclusive workforces:Diversity and inclu

20、sion policy and practice in Asia PacificHEIDRICK&STRUGGLES5 General observations on compensation trends(%)Base 2024 vs.2023Breakdown of respondents reporting an increase in 2024 base salaryBreakdown of respondents reporting an increase in 2023 bonus salaryAmount of base salary increase(USD,thousands

21、)Amount of bonus salary increase(USD,thousands)Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=251IncreaseNo changeDecreaseBonus 2023 vs.2022Base 2023 vs.202245.454.262.451.844.229.82.81.67.8$50 or below$51$100$101$150$151$200More than$200$50

22、 or below$51$100$101$150$151$200More than$20078.958.814.025.00.95.11.83.74.47.4Non-cash compensation trends (page 32)The vast majority of respondentseligible for carried interest see itvest on a straight-line schedule.Solid majorities of respondents at allprofessional levels reported that theyhave c

23、o-investment rights.Whetherco-investment rights are based on theperformance of funds or individualdeals varies by seniority,with thehighest fund-based participationreported by firm leaders(73%).2024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY6 4.PitchBook,2023 Annual US

24、PE Breakdown,January 2024,p.4.5.PitchBook,2023 Annual US PE Breakdown,January 2024,p.4.The growing importance of the PE operating professional2023 was the worst year for combined PE deal activity in the United States since 2016.4 According to PitchBook,“Selling activity fell to its lowest point in o

25、ver a decade,and PE capital deployed in the United States declined by a sobering 29.5%on the year while value derived from US exits fell by 26.4%.A snapback in exit activity is whats needed to spark a broad-based recovery in PE dealmaking,which is now entering its third year of decline.”5 As private

26、 equity has become a more significant part of the economy,and particularly as exit activity has dropped off,demand for operating executives in North America continues to increase as more and more firms are seeking to drive value creation over longer time periods.Firms methods for deploying these exe

27、cutives,however,vary widely and are evolving the roles,responsibilities,and compensation for the operating professionals.Our survey found that 21%of respondents had been PE operating executives prior to their current role,a significant increase from only 7%of respondents in 2022.Firms are,however,in

28、creasing their flexibility about the backgrounds of their operating executives.As noted previously,our survey found that only 12%had been previously employed by a portfolio company of their current GP or investment advisora drop from 27%in 2022and only 17%had been a CEO,a significant drop from the 2

29、6%in 2022.And,as operating teams are being formed or strengthened,we are seeing more of an interest in functional specialties:finance,particularly,as well as human capital,technology,and go-to-market professionals.Whats most important is that we have seen many different models of success.We have fou

30、nd that the most crucial element determining success of the team is buy-in from the investment professionals.Looking ahead,based on our ongoing discussions with leaders in the sector,we expect to see demand for operators continue to grow and as well as increasing professionalization for the PE indus

31、try as a whole.As private equity has become a more significant part of the economy,and particularly as exit activity has dropped off,demand for operating executives in North America continues to increase as more and more firms are seeking to drive value creation over longer time periods.Diverse regi

32、on,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES7 Operating executives backgrounds and role structureThis report includes the views of private equity operating professionals across all levels of seniority and with a wide range of industry focus,fu

33、nctional expertise,prior roles,employers,responsibilities,experience,and education.Over the years,this report has allowed us to track notable changes in the role of operating professionals.The percentage of respondents previously employed by portfolio company of current GP fell once again,to 12%;it

34、had reached a high of 60%in 2014.There was a rollback of those who are self-employed,to 19%from 25%in our 2022 survey.The emphasis on creating value remains significant,but the scope of the operating partner is increasing in other areas:In 2022,following value creation were due diligence(79%),board

35、representation(69%),and managing external consultant engagements(57%).While due diligence remained high(71%)and managing external consultant engagements rose to 74%,respectively,board representation fell to 51%,and fell behind hiring/firing management teams(56%in 2024,up from 47%in 2022).Sixty-seven

36、 percent of respondents said their firms offered a clear path to becoming a partner or managing director,up from 56%in 2022.In terms of experience,this years survey respondents skewed much greener,with strong majorities across role levels having 10 or fewer years of experience.Profile of respondents

37、(%)GeneralistTechnology/softwareIndustrialHealthcare and life sciencesConsumer marketsFinancial servicesEducation and social enterpriseEnergyOtherGeneralistSalesFinanceMarketingLean/SCM/operationsTechnologyHROtherCEOCFOCOOPresidentDivisional CEOManagement consultantPE operating executiveOtherSource:

38、Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=251Industry expertiseFunctional expertiseImmediate prior rolePreviously employed by portfolio company of current GP/investment advisor16419142023171521441441231027921322213932024 NORTH AMERICAN

39、PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY8 YesNo12%88%Average number of operating executives,by fund AUMAverage number of operating executives,by firm AUMLocals muters Full-time vs.part-time employment At your company,is there a clear path to becoming partner or managing director?Dis

40、tribution of employer type1486215712981622162824Less than$500.0m$500m$1.0bn$1.1bn$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bnMore than$10.0bnLess than$500.0m$500.0m$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bn$10.1bn$20.0bnMore than$20.0bnSource:Source:Heidrick&Struggles North American private equity o

41、perating professional compensation survey,2024,n=251Profile of respondents(%)Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES9 Live where the PE firm is locatedPart timeSeparate legal entity/operating companySelf-employedYesCommute to

42、officeFull timeGeneral partnerNo60%12%18%19%67%40%88%63%33%20242022Board representation(%)Scope of operating executive role(%)Driving value-creation initiativesValue-creation planManaging external consultant engagementsDue diligenceHiring/firing management teamsBoard representationInterim management

43、Post-deal M&A activityDeal executionDeal sourcingOtherValue-creation planDriving value-creation initiativesDue diligenceBoard representationManaging external consultant engagementsPost-deal M&A activityInterim managementHiring/firing management teamsDeal executionDeal sourcingOtherFirm leaderOne ste

44、p below general partnership levelGeneral partnership levelSenior advisor/executive advisor92.093.678.757.447.389.468.655.947.373.756.247.890.870.951.045.4Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=250Source:Heidrick&Struggles North Ameri

45、can private equity operating professional compensation survey,2024,n=250Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=18116.312.74.43.74.82.06.76.01.53.09.05.023.923.9123456 or moreNone123456 or moreNone123456 or moreNone123456 or moreNone1

46、1.911.046.766.740.337.013.39.520.019.014.915.022.421.013.3Average number of portfolio company board seats,by level2024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY10 20222024Years of experience,by level(%)Firm leaderGeneral partnership levelOne step below general partners

47、hip levelVice presidentAssociateSenior/executive advisor15 years610 years1115 years1620 years2125 yearsMore than 25 yearsNote:Numbers may not total 100%due to rounding.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=239Note:Numbers may not su

48、m to 100%,because of rounding.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=186Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES11 402530100545502820232855351039111495331964297

49、9195711432267671514586Based on individual performanceBased on firm performanceBased on fund/team performanceEntirely discretionaryFunding cash compensationThere are three primary revenue streams funding compensation:fund management fees,portfolio company oversight fees,and time billed directly to po

50、rtfolio companies.The patterns of funding cash compensation in 2024 remain relatively unchanged from our 2018 and 2021 surveys.In terms of bonuses,executives most often reported a blending of criteria:Formulaic bonuses can be based on the performance of the firm,a specific fund or team,or the indivi

51、dual professional.Thirty-six percent of respondents said their formulaic bonus is based on firm performance,and 37%said it is based on individual performance.Looking at the results for discretionary bonuses,52%said that their bonuses are entirely discretionarydown from 67%in 2022and 31%said that the

52、ir own performance is the sole criterion,an increase from 19%in 2022.Funding cash compensation(%)Basis of bonus plan(%)State of operating executive compensation Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=246Source:Heidrick&Struggles Nort

53、h American private equity operating professional compensation survey,2024,n=225DiscretionaryFormulaicOnly fund management feesOnly portfolio company oversight feesOnly time billed directly to portfolio companiesFund management fees and time billed directly to portfolio companiesPortfolio company ove

54、rsight fees and time billed directly to portfolio companiesFund management fees and portfolio company oversight feesFund management fee and portfolio company oversight fees and time billed directly to portfolio companies9368273137522024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATI

55、ON SURVEY12 4991474143Firm leader At the firm leader level,both average base compensation and average carry did not necessarily positively correlate with rising firm or fund assets under management(AUM).In general,rising compensation(cash and carry)tends to correlate with rising fund size and AUM.Ou

56、r data for this section seems to imply that managing partners are compensated better at smaller firms,rather than at larger firms.This is generally not the case.Unfortunately,we have so few data points at the most senior level and even one data point can dramatically skew the results.In addition,the

57、re are firms that have been founded by operating partners.Anecdotally,we have seen compensation for founders be much higher than other managing partners,regardless of whether they are investment partners or operating partners.Average base,bonus,and carry:Managing partner,head of portfolio operations

58、,etc.By firm AUM(USD thousands)By fund AUM(USD thousands)Average base 2023Average base 2023Average bonus 2023Average bonus 20237,0002,72517,23343,66713,80025,1735,99824,0008,30011,4807,12520,0008636751,2381,750575300488700Less than$500.0m$500.0m$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bn$10.1bn$20.0

59、bnMore than$20.0bnLess than$500.0m$500.0m$1.0bn$1.1bn$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bnMore than$10.0bnNumber of respondentsSalary123334Carry224544Number of respondentsSalary421522Carry1432722Note:Only includes compensation of full-time operating executives.Source:Heidrick&Struggles North A

60、merican private equity operating professional compensation survey,2024,n=21Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES13 Average carryAverage carry3554505987352553602,4432636212,4321,079255295420413360180185General partnership lev

61、el At the general partnership level those in roles including operating partner,general partner,and managing directorcash compensation rose,on the whole,as AUM increased.In 2024,there was notably higher than expected partner turnover at technology and IT consulting firms.Average base,bonus,and carry:

62、Operating partner,general partner,managing director,etc.By firm AUM(USD thousands)By fund AUM(USD thousands)Average base 2023Average base 2023Average bonus 2023Average bonus 20233,0005,9603,0535,2145,40714,12310,1881,9723,0334,3754,09710,8176,9755,797443422575646632755655569Less than$500.0m$500.0m$1

63、.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bn$10.1bn$20.0bnMore than$20.0bnLess than$500.0m$500.0m$1.0bn$1.1bn$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bnMore than$10.0bnNumber of respondentsSalary36126181222Carry361514231327Number of respondentsSalary6713167614Carry67172110617Average carryAverage carry3

64、19325457478331384434462329475471730338441360323Note:Only includes compensation of full-time operating executives.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=852024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY14

65、 22027274One step below general partnership level Cash compensation rose notably at this level from our 2018 survey,assessed by both AUM and most recent fund,at firms with less than$10.1 billion under management.Average base,bonus,and carry:Operating principal,operating executive,director of portfol

66、io operations,operations director,etc.By firm AUM(USD thousands)By fund AUM(USD thousands)Average base 2023Average base 2023Average bonus 2023Average bonus 20232,4811,0004,9132,1943,4334,8702,4761,1782,0251,3002,7552,0863,272286343387369529376343349Less than$500.0m$500.0m$1.5bn$1.6bn$3.0bn$3.1bn$5.0

67、bn$5.1bn$10.0bn$10.1bn$20.0bnMore than$20.0bnLess than$500.0m$500.0m$1.0bn$1.1bn$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bnMore than$10.0bnNumber of respondentsSalary7348322Carry85710729Number of respondentsSalary55658712Carry7610711719Average carryAverage carry245328413400278318319283407260263270No

68、te:Only includes compensation of full-time operating executives.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=67Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES15 110175621481

69、84196Vice president Average base,bonus,and carry:Vice presidentBy firm AUM(USD thousands)By fund AUM(USD thousands)Average base 2023Average base 2023Average bonus 2023Average bonus 20231,2501,9255551,5301,9282,0351,3336701,4531,5061,6201,050305Less than$500.0m$500.0m$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.

70、1bn$10.0bn$10.1bn$20.0bnMore than$20.0bnLess than$500.0m$500.0m$1.0bn$1.1bn$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bnMore than$10.0bnNumber of respondentsSalary223559Carry2237516Number of respondentsSalary336752Carry349793Average carryAverage carry702451482552012672804724716430790240100210139201139

71、134223183240297Note:Only includes compensation of full-time operating executives.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=352024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY16 Associate At this level,we do n

72、ot break out compensation by fund size,given the relatively low number of respondents.We do see notable variation in base,bonus,and carry.Note:Only includes compensation of full-time operating executives.Source:Heidrick&Struggles North American private equity operating professional compensation surv

73、ey,2024,n=10Average base,bonus,and carry:Associate(USD thousands)ResponsesLowAverageHighBaseAssociate10$100$151$240BonusAssociate9$30$84$160Carry(all funds)Associate2$100$175$250Carry(most recent fund)Associate2$100$125$150Diverse region,inclusive workforces:Diversity and inclusion policy and practi

74、ce in Asia PacificHEIDRICK&STRUGGLES17 Senior/executive advisor Average base,bonus,and carry:Senior advisor,executive advisor(refers to a part-time role)By firm AUM(USD thousands)By fund AUM(USD thousands)Average base 2023Average base 2023Average bonus 2023Average bonus 20231,4001001,0006,00016,0004

75、503,0001,25016,000Less than$500.0m$500.0m$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bn$10.1bn$20.0bnMore than$20.0bnLess than$500.0m$500.0m$1.0bn$1.1bn$1.5bn$1.6bn$3.0bn$3.1bn$5.0bn$5.1bn$10.0bnMore than$10.0bnNumber of respondentsSalary12336Carry12131Number of respondentsSalary1313115Carry12131Averag

76、e carryAverage carry50140200100207400267100400328314400500Note:For senior/executive advisor level,only part-time executives were considered.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=152024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESS

77、IONAL COMPENSATION SURVEY18 Quartile tables for base,bonus,and carry,by most recent fund Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=14202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower qu

78、artileMeanUpper quartile HighBaseAssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice presidentN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AOperating principal120223232273290160230270300400200240284320400Operating partner170233292320430200243323380430200253340418440Managing partner340340340340

79、340360360360360360410410410410410BonusAssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice presidentN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AOperating principal3053688510040557893130Operating partner70931551883007085123150200Managing partner150150150150150180180180180180Total salary(base+bonus)AssociateN/AN/AN/AN/AN/AN

80、/AN/AN/AN/AN/AVice presidentN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AOperating principal150235277310390200260314365430Operating partner300313395455620310350385395500Managing partner490490490490490540540540540540Base,bonus,and carry,by most recent fund:Less than$500.00m(USD,thousands)Number of responsesAssociat

81、e0Vice president0Operating principal7Operating partner6Managing partner1LowLower quartileMeanUpper quartile HighCarry(most recent fund)AssociateN/AN/AN/AN/AN/AVice presidentN/AN/AN/AN/AN/AOperating principal6601,3002,4764,0004,800Operating partner2001,9101,9722,5633,000Managing partnerN/AN/AN/AN/AN/

82、ADiverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES19 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=21202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUp

83、per quartile HighLowLower quartileMeanUpper quartile HighBaseAssociate180180180180180190190190190190200200200200200Vice president220225230235240240245247250250250250250250250Operating principal200230250280300220235263295300250270283298320Operating partner250320399500500300370441500600320410484525700

84、Managing partner290335368408430300390413458480350448470513550BonusAssociate70707070708080808080Vice president5070809510030507090110Operating principal7010015018828070113175200330Operating partner100100180200300100150272310500Managing partner150150200225300200238295348400Total salary(base+bonus)Assoc

85、iate250250250250250270270270270270Vice president270300310330330250265293315350Operating principal270335400485510290370438488610Operating partner340475527600700340525636775900Managing partner440485568633730550603708820850Base,bonus,and carry,by most recent fund:$500.00m$1.0bn(USD,thousands)Number of

86、responsesAssociate1Vice president3Operating principal6Operating partner7Managing partner4LowLower quartileMeanUpper quartile HighCarry(most recent fund)AssociateN/AN/AN/AN/AN/AVice president5001,0001,3331,7502,000Operating principal5005001,1781,2502,440Operating partner1,3001,6903,0333,6507,000Manag

87、ing partner6501,9185,9988,75014,0002024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY20 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=35202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUppe

88、r quartile HighLowLower quartileMeanUpper quartile HighBaseAssociate100100100100100110110110110110130130130130130Vice president170193238260350180203255273400200215270295400Operating principal200235302343500230255318370500240273350395500Operating partner180348445500800180360462500800180360445500800Ma

89、naging partner2003258531,1801,9102503602,4433,5406,6102703702,8004,0657,660BonusAssociate20202020203030303030Vice president70851231581808095148178260Operating principal80115180210380100115184220410Operating partner1002884135001,000100253384500900Managing partner120145170195220120153185218250Total sa

90、lary(base+bonus)Associate120120120120120140140140140140Vice president240300360395530260313403435660Operating principal250348428493700330400465500750Operating partner5006958581,0001,4005007008241,0001,300Managing partner4204959671,2401,9105005452,5673,6006,610Base,bonus,and carry,by most recent fund:

91、$1.1bn$1.5bn(USD,thousands)Number of responsesAssociate1Vice president4Operating principal10Operating partner17Managing partner3LowLower quartileMeanUpper quartile HighCarry(most recent fund)AssociateN/AN/AN/AN/AN/AVice president450555670780900Operating principal5507502,0251,8257,000Operating partne

92、r1,0002,5004,3755,0709,000Managing partner8,00016,00024,00032,00040,000Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES21 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=4220222

93、0232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociateN/AN/AN/AN/AN/A110115120125130130133135138140Vice president160180210235280180198226245300190200239300300Operating principal1802403744507002302504004608002402554

94、20470900Operating partner2003004735501,1002403084975881,1002603355236881,100Managing partner4706037358681,0004706037358681,0004806107408701,000BonusAssociateN/AN/AN/AN/AN/A4048556370Vice president508013916527080100139180280Operating principal3010528843873080113328463790Operating partner1001652954107

95、30120200349430800Managing partner500543585628670200325450575700Total salary(base+bonus)AssociateN/AN/AN/AN/AN/A150163175188200Vice president260310349375450100290340400480Operating principal2104406218901,0003104606819501,040Operating partner3005407408001,7003606138309001,900Managing partner1,1401,230

96、1,3201,4101,5001,1701,1781,1851,1931,200Base,bonus,and carry,by most recent fund:$1.6bn$3.0bn(USD,thousands)Number of responsesAssociate2Vice president9Operating principal7Operating partner22Managing partner2LowLower quartileMeanUpper quartile HighCarry(most recent fund)AssociateN/AN/AN/AN/AN/AVice

97、president4007751,4532,1402,500Operating principal502001,3001,0005,000Operating partner1,0002,7634,0974,00010,000Managing partner8,3008,3008,3008,3008,3002024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY22 Source:Heidrick&Struggles North American private equity operating p

98、rofessional compensation survey,2024,n=38202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociate9098105113120100115120130130120130137145150Vice president160210279350450200215307400500200220329435550Operating pr

99、incipal1902434013151,2002002654073251,2002002804213501,200Operating partner3003786217451,5003504137308551,5004004638159302,000Managing partner2503758577503,0003003751,0791,0004,0003004001,0861,0004,000BonusAssociate404563751005053555860Vice president307012716030080110164175350Operating principal8022

100、5371488700100150354450950Operating partner1001805095002,0001502004756381,000Managing partner3205007129381,2003504637259631,200Total salary(base+bonus)Associate100115133150170130145157170180Vice president220290406525550300365471600650Operating principal2003906989251,4003904206978001,250Operating part

101、ner5106001,0791,0483,0006007051,1101,0952,500Managing partner6201,1251,4671,5753,0006501,3251,7001,5754,000Base,bonus,and carry,by most recent fund:$3.1bn$5.0bn(USD,thousands)Number of responsesAssociate3Vice president7Operating principal11Operating partner10Managing partner7LowLower quartileMeanUpp

102、er quartile HighCarry(most recent fund)Associate100113125138150Vice president1106251,5061,6904,800Operating principal401,1752,7554,5006,100Operating partner5001,90023,55728,500100,000Managing partner4,5006,40011,48015,50021,000Diverse region,inclusive workforces:Diversity and inclusion policy and pr

103、actice in Asia PacificHEIDRICK&STRUGGLES23 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=25202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociate1501

104、50150150150200200200200200200200200200200Vice president180210247250330200250267290350210250284340370Operating principal200260337410470250305376460500250335391485500Operating partner3003138004633,0003503637554932,5003103506554902,000Managing partner230260290320350250275300325350270290310330350BonusAs

105、sociate120120120120120120120120120120Vice president120128183205290120150201250310Operating principal100160280385500190260343425530Operating partner100320384500650100390422520670Managing partner400525650775900450563675788900Total salary(base+bonus)Associate270270270270270320320320320320Vice president

106、210360409450620320400468520660Operating principal300520617795850540610719840950Operating partner4006931,1209633,0005108401,1079932,500Managing partner6307859401,0951,2507008389751,1131,250Base,bonus,and carry,by most recent fund:$5.1bn$10.0bn(USD,thousands)Number of responsesAssociate1Vice president

107、9Operating principal7Operating partner6Managing partner2LowLower quartileMeanUpper quartile HighCarry(most recent fund)AssociateN/AN/AN/AN/AN/AVice president5501,2501,6202,0002,800Operating principal5005502,0863,5004,000Operating partner1,3502,3756,97512,00015,000Managing partner5,2506,1887,1258,063

108、9,0002024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY24 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=43202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quarti

109、leMeanUpper quartile HighBaseAssociate170185200215230170188205223240190213235258280Vice president170225247285290220260280310320220265293330350Operating principal170250326385500210265349405500240290374425530Operating partner2303705707501,2503003705697501,2503003705917501,250Managing partner5006007008

110、009005006007008009005006257508751,000BonusAssociate120123125128130150153155158160Vice president200200260290380200225297345440Operating principal60225318380800902503694401,100Operating partner2304085945831,7002504456466651,900Managing partner1,1001,3251,5501,7752,0001,0001,3751,7502,1252,500Total sal

111、ary(base+bonus)Associate290308325343360320340360380400Vice president370430507575660470495577630740Operating principal2305056447901,0303005657188451,350Operating partner4808001,0591,2502,2006109001,1391,2502,400Managing partner2,0002,1252,2502,3752,5001,9002,1752,4502,7253,000Base,bonus,and carry,by

112、most recent fund:More than$10.0bn(USD,thousands)Number of responsesAssociate2Vice president3Operating principal19Operating partner17Managing partner2LowLower quartileMeanUpper quartile HighCarry(most recent fund)AssociateN/AN/AN/AN/AN/AVice president3006751,0501,4251,800Operating principalN/A2,4153,

113、2724,8156,120Operating partner1602,2505,7975,75030,000Managing partner20,00020,00020,00020,00020,000Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES25 Quartile tables for base,bonus,and carry,by AUMSource:Heidrick&Struggles North Ameri

114、can private equity operating professional compensation survey,2024,n=18202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice president2202252302352402402432452

115、48250250250250250250Operating principal200228244258290220235260285300220258275298320Operating partner170233307335500200243338395500200243363470550Managing partner340363385408430360390420450480410428445463480BonusAssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice president506070809030507090110Operating prin

116、cipal60731151002806073128123330Operating partner100138188225300100175275350500Managing partner150188225263300180218255293330Total salary(base+bonus)AssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice president270285300315330280298315333350Operating principal220278330360510220298356370610Operating partner310

117、320432535700310350522700900Managing partner490550610670730540608675743810Base,bonus,and carry,by AUM:$500.00m$1.5bn(USD,thousands)Number of responsesAssociate0Vice president2Operating principal8Operating partner6Managing partner2LowLower quartileMeanUpper quartile HighCarry(all funds)AssociateN/AN/A

118、N/AN/AN/AVice president5008751,2501,6252,000Operating principal7001,1752,4813,8505,000Operating partner2001,6755,4674,87520,000Managing partner7,0007,0007,0007,0007,0002024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY26 Source:Heidrick&Struggles North American private equ

119、ity operating professional compensation survey,2024,n=19202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociate180180180180180190190190190190200200200200200Vice president2202232252282302302352402452502402432452

120、48250Operating principal120203235293300160230278300400200270298320400Operating partner180300428600720180300434600720180320427600720Managing partner290318345373400300330360390420350388425463500BonusAssociate70707070708080808080Vice president100118135153170180180180180180Operating principal30831201632

121、0040123148200200Operating partner7018831647055070263373550600Managing partner150163175188200200213225238250Total salary(base+bonus)Associate250250250250250270270270270270Vice president330345360375390250290330370410Operating principal150285355455500200400396450500Operating partner4506007098301,000500

122、6307669001,000Managing partner440480520560600550568585603620Base,bonus,and carry,by AUM:$1.6bn$3.0bn(USD,thousands)Number of responsesAssociate1Vice president2Operating principal5Operating partner9Managing partner2LowLower quartileMeanUpper quartile HighCarry(all funds)AssociateN/AN/AN/AN/AN/AVice p

123、resident1,8501,8881,9251,9632,000Operating principal5008501,0001,2501,300Operating partner1,0002,8354,7034,00014,600Managing partner1,2001,9632,7253,4884,250Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES27 Source:Heidrick&Struggles N

124、orth American private equity operating professional compensation survey,2024,n=25202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice president160165187200230

125、180200210225230200210227240260Operating principal250275389450700270280413460800280330469500900Operating partner200355379400500240400457500720260400459500720Managing partner3504255686031,0004504655986031,0004704786256631,000BonusAssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice president7080107125160809010

126、0110120Operating principal100130260380500100123245360500Operating partner100100259325800100120319400900Managing partner120143360543670120180355475700Total salary(base+bonus)AssociateN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AVice president240280293320320260295310335340Operating principal2504005747501,00040041062

127、38251,000Operating partner3005006386951,3003605357188001,200Managing partner5005539281,2301,5005907859531,1781,200Base,bonus,and carry,by AUM:$3.1bn$5.0bn(USD,thousands)Number of responsesAssociate0Vice president3Operating principal7Operating partner11Managing partner4LowLower quartileMeanUpper quar

128、tile HighCarry(all funds)AssociateN/AN/AN/AN/AN/AVice president450555670780900Operating principal7501,6134,9137,75010,000Operating partner2,1004,2504,6955,0537,000Managing partner10,00015,00017,23320,85021,7002024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY28 Source:Heid

129、rick&Struggles North American private equity operating professional compensation survey,2024,n=44202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociateN/AN/AN/AN/AN/A130130130130130140140140140140Vice presiden

130、t160180194200250180193213208300190195230260300Operating principal180200264335400200240289350400200245300360400Operating partner2503154545001,1002703304715001,1003003504965251,100Managing partner2003001,1821,9103,0002503002,4324,0006,6102703502,6564,0007,660BonusAssociateN/AN/AN/AN/AN/A7070707070Vice

131、 president506012416027090100139150280Operating principal308017423045080100191238450Operating partner1001953284151,000150210329400800Managing partner220270347410500250300350400450Total salary(base+bonus)AssociateN/AN/AN/AN/AN/A200200200200200Vice president220260318360450100280321400480Operating princ

132、ipal200285406490700310370463515700Operating partner3805457658001,7004506007848251,900Managing partner4206201,3901,9103,0005006502,6424,0006,610Base,bonus,and carry,by AUM:$5.1bn$10.0bn(USD,thousands)Number of responsesAssociate1Vice president7Operating principal11Operating partner20Managing partner5

133、LowLower quartileMeanUpper quartile HighCarry(all funds)AssociateN/AN/AN/AN/AN/AVice president4001,0001,8243,0003,220Operating principal405501,8293,0206,300Operating partner1,0003,5005,6946,12518,000Managing partner30,00033,00043,66750,50065,000Diverse region,inclusive workforces:Diversity and inclu

134、sion policy and practice in Asia PacificHEIDRICK&STRUGGLES29 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=32202220232024LowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile HighLowLower quartileMeanUpper quartile Hig

135、hBaseAssociate9098105113120100108118130130120128135143150Vice president200220228250250210220240250300220220256260340Operating principal2603135687251,2002702905296501,2002803105366501,200Operating partner3003585758251,0003504086549001,5002503507089102,000Managing partner3504255756251,0003504255756251

136、,0003504255756251,000BonusAssociate404563751004045505560Vice president308012015022080120134150200Operating principal90158393625700140148358380950Operating partner1001885536132,0001001504485951,000Managing partner5006888389751,2005007638639751,200Total salary(base+bonus)Associate100115133150170130145

137、155165180Vice president250330348370440300360374420420Operating principal3505088301,1501,4004104657331,0001,250Operating partner4006751,0361,0583,0005107881,0651,1482,500Managing partner1,2501,2501,4131,5381,6501,2501,3251,4381,5381,650Base,bonus,and carry,by AUM:$10.1bn$20.0bn(USD,thousands)Number o

138、f responsesAssociate4Vice president5Operating principal7Operating partner12Managing partner4LowLower quartileMeanUpper quartile HighCarry(all funds)Associate100138175213250Vice president2404001,9282,0006,000Operating principal1,3002,1503,4334,5006,000Operating partner3,0004,80014,12316,50050,000Mana

139、ging partner12,40013,20013,80014,50015,0002024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY30 Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=78202220232024LowLower quartileMeanUpper quartile HighLowLower quartileM

140、eanUpper quartile HighLowLower quartileMeanUpper quartile HighBaseAssociate100138163185230110155180210240130175200220280Vice president170208278308450200243305328500200245323355550Operating principal170250317380500210260343410500240280365430530Operating partner2303706677503,0003004006557502,500300400

141、6537502,000Managing partner2302454706009002502884886009002702935186251,000BonusAssociate2095981231303098115153160Vice president8012519221038080150223253440Operating principal60240328430800902703874801,100Operating partner1003505205301,7001004055756001,900Managing partner4008501,1251,3252,0004508631,

142、2381,3752,500Total salary(base+bonus)Associate120233260308360140275295340400Vice president210368458535660320458528650740Operating principal2305106458001,0303006107308601,350Operating partner4808001,1041,2503,0005508501,1611,2502,500Managing partner6301,0951,5952,1252,5007001,1501,7252,1753,000Base,b

143、onus,and carry,by AUM:More than$20.0bn(USD,thousands)Number of responsesAssociate4Vice president16Operating principal29Operating partner25Managing partner4LowLower quartileMeanUpper quartile HighCarry(all funds)AssociateN/AN/AN/AN/AN/AVice president5001,1001,8642,2803,600Operating principal1203,0004

144、,8706,87510,000Operating partner1602,80014,46512,000100,000Managing partner7,6907,92325,17333,75060,000Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES31 Non-cash compensationThis survey covers four forms of non-cash compensation:carri

145、ed interest,warrants/options,direct equity participation,and co-investment rights.Carried interestVesting takes place on a straight-line schedule for the majority of respondents eligible for carried interest.Basis of carried interest allocationVesting schedule structureCarried interest plans(%)Based

146、 on formulaCliffBased on grade levelDiscretionary based on grade levelStraight lineEntirely discretionaryOtherOtherNote:Numbers may not sum to 100%,because of rounding.For senior/executive advisor levels,only part-time executives were considered,and for other levels only full-time executives were co

147、nsidered.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=17950.050.025.062.512.542.014.520.320.36.419.138.321.314.930.838.511.519.237.537.525.06.375.018.813.264.722.110.674.514.97.784.67.750.050.012.575.012.52.9Firm leaderGeneral partnership

148、levelOne step below general partnership levelVice presidentAssociateSenior/executive advisor2024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY32 Warrants/optionsMost respondents are not eligible to participate in deals via warrants or options.The largest proportions of tho

149、se who can get warrants or options are 33%of senior/executive advisors(nearly halved from 60%in 2022),26%of general partners(down from 35%in 2022),and 25%of associates(down from 100%in 2022).Warrants/optionsFirm leaderGeneral partnership levelOne step below general partnership levelVice presidentAss

150、ociateSenior/executive advisorResponses2108N/A14Average warrant participation based on the company achieving its base-case targetsValue(USD,thousands)12,8002,617798N/A2003,150Warrants/options participation(%)NoYesNote:For senior/executive advisor level,only part-time executives were considered,and f

151、or other levels,only full-time executives were considered.Source:Heidrick&Struggles North American private equity operating professional compensation survey,2024,n=22615.884.218.082.025.075.025.574.575.0100.033.366.7Diverse region,inclusive workforces:Diversity and inclusion policy and practice in A

152、sia PacificHEIDRICK&STRUGGLES33 Direct equity participationDirect equity participationMost respondents are also not eligible for direct equity participation.Average cumulative direct equity participation(based on the firm achieving its base-case targets)is highest at the firm leader level:$5.0 milli

153、on,far down from$28 million in our 2022 report but on par with$5.7 million in our 2018 survey.Firm leaderGeneral partnership levelOne step below general partnership levelVice presidentAssociateSenior/executive advisorResponses62718747Average cumulative equity participation based on the company achie

154、ving its base-case targetsValue(USD,thousands)5,0353,7632,7076414251,786Direct equity participation(%)NoYesNote:For senior/executive advisor level,only part-time executives were considered,and for other levels,only full-time executives were considered.Source:Heidrick&Struggles North American private

155、 equity operating professional compensation survey,2024,n=22542.157.946.853.250.050.046.853.240.060.066.733.32024 NORTH AMERICAN PRIVATE EQUITY OPERATING PROFESSIONAL COMPENSATION SURVEY34 Co-investment rightsNearly 70%of firm leaders and general partners have co-investment rights.At the highest lev

156、els of leadership,investment rights are based on the performance of funds.Associates and senior/executive advisors can more often co-invest based on individual deals.Co-investment rightsFirm leaderGeneral partnership levelOne step below general partnership levelVice presidentAssociateSenior/executiv

157、e advisorResponses19786131813Co-investment rights(%)Basis of co-investment(%)NoFund basedYesDeal basedNote:For senior/executive advisor level,only part-time executives were considered,and for other levels,only full-time executives were considered.Source:Heidrick&Struggles North American private equi

158、ty operating professional compensation survey,2024,n=22468.426.731.673.362.331.037.769.062.5100.037.570.542.129.557.971.035.329.064.776.952.023.148.0Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES35 Private Equity PracticeHeidrick&Str

159、uggles global Private Equity Practice combines a deep understanding of private equity markets with world-class expertise across all major industries and functions to provide a broad range of value-adding services.With more than 80 consultants in 50 offices around the world,our expertise shadows the

160、private equity life cycle from pre-deal due-diligence support to pre-and post-acquisition executive search,leadership assessment,proactive introductions,and the construction of advisory boards for both private equity firms and their portfolio companies.We pride ourselves on our work with private equ

161、itybacked portfolio companies to secure the leadership needed to deliver on tomorrows strategies.Our consulting services enable us to develop long-term strategic partnerships that build winning leadership teams and create substantial value.In addition,we are the leader in finding top private equity

162、management talent by recruiting investment professionals,operating partners,and other essential senior managers who support financial growth.Leaders of Heidrick&Struggles Private Equity PracticeJonathan Goldstein New York AmericasWill Moynahan London Europe and AfricaCopyright 2024 Heidrick&Struggles International,Inc.All rights reserved.Reproduction without permission is prohibited.Trademarks and logos are copyrights of their respective owners.GlobalStephen Schwanhausser New York