MM&K publishes its 2025 European Private Equity and Venture Capital Compensation Report – 30th Anniversary Edition

MM&K, the leading independent executive remuneration consultancy, has published its 2025 European Private Equity and Venture Capital Compensation Report, marking the 30th year of this annual study.

Over the past three decades, the report has become an essential reference point for private equity and venture capital firms across Europe, providing comprehensive insights into pay structures, compensation trends and employment practices within the industry.

Market context
This year’s report is published against a backdrop of continuing macroeconomic headwinds. In the UK, the private equity landscape remains shaped by subdued fundraising conditions and a recalibration of deal activity. Interest rate pressures, valuation uncertainty and a more selective investment climate continue to weigh on activity levels.

Despite these challenges, the industry has demonstrated resilience. Competition for talent is intensifying, fuelling upward pressure on compensation as firms focus on retaining high-performing professionals.

Key findings
Data from the 2025 Report reveal:

• Investment Partners’ total cash compensation (base salary for 2025 plus the most recent cash bonus) increased on average by 6%, compared with a 2% rise in 2024.
• Non-Partner investment roles saw an average increase of 8% in total cash compensation. While this represents slower growth compared to the 13% rise recorded last year, the upward trend underlines continued competition for talent at all levels.
• Looking ahead, around 35% of firms plan to increase the number of investment professionals in 2026, with c.25% of firms intending to expand their support functions.

An evolving industry
MM&K’s 2025 Report highlights how, even in more challenging market conditions, firms are taking a long-term view by investing in talent. Sustained upward pressure on pay underscores the importance of retaining and motivating key individuals, as the industry adapts to a new investment climate.

Download a preview of the European report here

About the Report
The 2025 MM&K Private Equity and Venture Capital European Compensation Report offers a comprehensive analysis of compensation and staffing levels across more than 50 investment and non-investment roles.

Drawing on data from leading private equity, venture capital, infrastructure and real asset firms across Europe, the survey examines both short- and long-term pay and incentive practices. This year’s dataset includes compensation information for just under 3,000 incumbents, spanning a broad mix of investment and support function roles.

The survey report is available to participants only. To find out how you could become a participant or for further information, please contact Margarita Skripina.

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