How have salaries changed for non-investment roles in Private Equity firms?

April 24, 2023

MM&K has now released the 2022 edition of its Private Equity and Venture Capital report. In this article, we take a look at how salaries for non-investment roles have changed each year since 2019 and how this compares with inflation and average increases across the UK job market.

The graph below shows the average base salary changes across non-investment roles from companies in our survey, compared to UK Inflation and Job Market data. Interestingly, there seems to be an inverse pattern for changes in salaries compared to inflation and the UK job market. Where inflation rises, the job market follows in an almost identical pattern.  However, non-investment salaries rise when inflation slumps and fall when it rises.

UK Job Market data collected from Earnings and employment from Pay As You Earn Real Time Information, seasonally adjusted – Office for National Statistics (

These results are interesting because they suggest that there may be other considerations that come into play when considering salary increases for these roles; company performance and growth for example. As we can see, in 2020, salaries increased by over 7.5% when inflation was just under 1% and the overall job market increases were under 3%.

This was the year in which the COVID pandemic began to take hold and so there may have been extraordinary factors behind decisions on salary increases for non-investment roles in 2020. The rise in remote, home working gave people an opportunity to consider what they valued in their careers and many chose to leave more stressful work environments that demanded long hours. This could be one reason for the huge increase in 2020, as Private Equity firms worked to provide incentives to retain a settled non-investment workforce.

MM&K has recently concluded the 2023 Private Equity / Venture Capital Pulse Survey. This Pulse Survey is a short survey that focuses on the most recent compensation developments in the Private Equity / Venture Capital industry, results of which will soon become available.

We, at MM&K, are now about to launch our detailed 2023 Private Equity / Venture Capital European Compensation Survey. If you are working in a Private Equity / Infrastructure / Venture Capital firm and you believe that it would be helpful and that your firm might like to participate this year, please contact Margarita Skripina.

For more information about the 2023 Survey or to download a preview of the 2022 Report, please click here.

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