PE Compensation 2026
Real compensation data for private equity in 2025-2026. Base, bonus, co-invest, and carried interest by level and fund type—from Associate to Partner.
$400K+
Top Associate comp
$10M+
Partner carry potential
5-10%
Make Partner
All-In Compensation by Level (2025-2026)
Total compensation including base, bonus, and expected co-invest returns.
| Level | Megafund | Upper-MM | Middle-Market | Lower-MM |
|---|---|---|---|---|
| Associate 1 | $325-400K | $275-350K | $225-300K | $175-250K |
| Associate 2 | $375-450K | $325-400K | $275-350K | $225-300K |
| Senior Associate | $425-525K | $375-475K | $325-425K | $275-375K |
| Vice President | $500-700K | $450-600K | $400-550K | $350-475K |
| Principal | $700K-1.2M | $600K-1M | $500-850K | $400-700K |
| Partner | $1.5M-5M+ | $1M-3M+ | $800K-2M+ | $600K-1.5M+ |
Note: Partner compensation can reach $10M+ at top-performing megafunds due to carried interest realizations.
When Carried Interest Matters
The real wealth in PE comes from carry—not salary. Here's when it starts to matter.
| Level | Typical Carry Points | Example Value* |
|---|---|---|
| Associate | 0 (rare exceptions) | $0 |
| Senior Associate | 0-0.1% | $0-$200K per fund |
| Vice President | 0.1-0.5% | $200K-$1M per fund |
| Principal | 0.5-1.5% | $1M-$3M per fund |
| Partner | 2-10%+ | $4M-$20M+ per fund |
*Assuming $2B fund with 2.0x gross MOIC over fund life
Carry Economics Example
Fund: $2B
Performance: 2.5x gross MOIC = $5B exit value
Gross Profit: $3B
Carry Pool (20%): $600M
Partner with 5 points: $30M over fund life
Principal with 1 point: $6M over fund life
VP with 0.25 points: $1.5M over fund life
Top-Paying Megafunds (2026)
These firms consistently lead on Associate compensation.
Industry-leading. Intense culture but top-of-market pay.
Strong ops focus through Capstone consulting team.
Lean teams, concentrated portfolios, SF-based.
Largest brand, most institutionalized experience.
West Coast roots, strong tech/healthcare exposure.
Geographic Compensation Arbitrage
A $350K package in Miami has higher purchasing power than $400K in NYC. No state income tax matters.
| Market | Comp vs. NYC | State Tax |
|---|---|---|
| NYC/SF | Baseline (+20-25%) | High state tax |
| Boston | 90-95% of NYC | Medium |
| Chicago | ~Baseline | Medium |
| Dallas/Houston | 85-95% of NYC | No state tax |
| Miami | ~Baseline | No state tax |
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