“Even as deal flow has slowed amid rising debt costs, total compensation has been rising, according to a report from Odyssey Search Partners.
Odyssey’s 2023 private-equity compensation report, a copy of which was obtained by Business Insider, surveyed employees across 17 mega and upper-middle market firms, including Apollo, Bain, Blackstone, Carlyle, KKR, and TPG. The survey was conducted from May through July of 2023, and thus includes data for 2022 total compensation — base and bonus figures — as well as salaries and expected bonuses for 2023. The numbers do not include carried interest.

The data reflects pay for what the private-equity industry refers to as “deal team” employees, or “investment professionals across private equity strategies including LBO, growth equity, infrastructure, ESG/impact investing, capital solutions, and special situations at mega-fund/ upper middle market firms,” the report says. About 65% of them are based in New York City, with 15% in Boston, 13% in San Francisco, and 7% in other major US cities.”