2026 Pulse Survey – Private Equity, Venture Capital and Infrastructure Fund Managers’ Compensation

MM&K is pleased to announce the launch of its 2026 Private Equity, Venture Capital and Infrastructure Pulse Survey.

MM&K has, for over three decades, supported a broad range of private equity, venture capital, infrastructure and real assets managers (both independent and captive) in designing and benchmarking their compensation frameworks. Our work spans base salaries, partner drawings, annual bonus arrangements, carried interest participation, co-investment structures and wider long-term incentive plans.

The Pulse Survey forms a complementary component to our flagship annual Compensation Survey, providing a timely and focused view on the most recent developments affecting remuneration across the industry. In an environment characterised by continued competition for talent, evolving regulatory expectations and shifting market dynamics, maintaining an up-to-date understanding of pay trends remains critical for fund managers seeking to attract, retain and motivate high-performing teams.

Scope of the 2026 Pulse Survey

The 2026 edition will examine recent changes in remuneration practices across private capital firms, including:

• Movements in base salary levels for 2026
• Developments in annual bonus outcomes for the latest performance year
• Ongoing challenges in talent retention and motivation

Consistent with prior years, the survey is designed to provide a concise yet highly relevant snapshot of market practice, enabling participants to benchmark their own approaches against those of their peers.

New Areas of Focus: Culture, Leadership and Human Capital

In addition to our continued review of remuneration trends, this year’s Pulse Survey will place greater emphasis on organisational culture, leadership and human capital management.

The survey will explore how firms view leadership and culture as drivers of value creation, both within their own organisations and across portfolio companies. It will consider key leadership attributes, cultural behaviours, organisational design and people practices that underpin performance.

A particular focus will be the extent to which remuneration and incentive structures are used to reinforce desired behaviours, differentiate performance, and support long-term strategic objectives.

Through this expanded scope, the 2026 Pulse Survey aims to provide insight not only into how firms reward their people, but also how they shape culture and leadership to drive sustained success.

Participation and Outputs

The Pulse Survey is open to private equity, venture capital and infrastructure fund management firms globally. All participants will receive a complimentary summary of the findings, offering practical insight into current market trends and emerging priorities.

We encourage firms to contribute to the survey to help build a robust and representative dataset, ensuring that the results continue to serve as a valuable benchmarking tool for the industry.

For further information or to participate, please contact Margarita Skripina margarita.skripina@mm-k.com.

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