“Others have less optimism on pay. Anthony Keizner, co-founder of recruiting firm Odyssey Search Partners, says pay this year is flat compared with last year, based on a forthcoming compensation survey his firm did with data from more than 1,000 private-equity professionals.

A similar survey last year by his firm showed a 13% bump in compensation. Individual private-equity employees will likely receive higher pay this year as they become more senior or get promoted, Keizner said. But firms aren’t increasing the compensation allotted to each role, and feel they can recruit attractive candidates without having to pay up.

“The growth in comp has slowed to a stop,” he said.

Private-equity salaries and bonuses typically rise year to year, “so seeing compensation numbers no
longer increasing this year reflects a significant change in the dynamics of the industry,” Keizner said.

In the forthcoming Odyssey Search Partners report, respondents ranked pay satisfaction at an average
of 48 out of 100, down from 50 last year, Keizner said. Forty percent said they were likely or very
likely to seek a new role in private equity in the next 12 months, up from 35% last year.”