In 1996, at the request of some of its PE clients, MM&K produced the first ever survey dedicated to carried interest plans and co-investment plans within the UK and European private equity/venture capital industry.
The survey, which is produced annually, now covers the whole ambit of compensation and benefits data whilst maintaining the detailed analysis and commentary on incentive plan practice and design.
The survey has developed over the years and is now open to the whole of the alternative investment management sector including large and smaller mid-market buy-out, infrastructure, real estate, mezzanine, growth/development, venture and technology as well as fund of funds and secondaries.
In 2010 MM&K formed a partnership with US based private equity consultants HOLT. The combined survey team includes over 65 years of consulting and survey expertise in this area. In 2019 the combined number of participants in our Europe and North America Surveys exceeded 140 firms.
MM&K has produced this survey for over 24 years and as a result has gained unparalleled knowledge and insights into the design and makeup of PE and VC remuneration structures in the UK and Europe. This knowledge coupled with our in-depth experience gained from PE focused consulting assignments over the years uniquely positions us to help clients improve the effectiveness of their remuneration arrangements.
Typical projects include:
- Tailored remuneration benchmarking projects
- Design of Investment Team remuneration policy
- Advice on succession planning – the deal for exiting partners
- Bonus scheme design – for investment team and back office
- Carried interest plan design – typically in captive or partly captive entities
- Advice on design of co-investment plans for the investment team
Examples of recent client consulting projects include:
- Providing advice to the Remuneration Committee of a listed private equity investment company on the deal for the investment professionals and the design of the variable pay structures (including carry and LTIPs) therefore
- Providing pay and carry benchmark advice to a successful independent mid-market buyout fund manager looking to raise its third fund
- Providing market benchmark advice on pay and carried interest participation levels to a major UK based Buy Out Fund
- Providing pay and carry benchmark advice to a new independent UK based private equity team raising their first fund
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