Venture capital salary, by level
A venture capital associate in London earns roughly £110k in cash, and the top of the ladder reaches about £395k. Cash is the small half of venture compensation: carry is long-dated, and fund size drives pay more than seniority does.
Seed funds run small management fees and pay accordingly. Growth funds pay closer to private equity. The same job title means very different money at the two ends.
Every level
European funds, seed through growth. Cash is lower than every other track here; the fund size drives it more than the level does.
| Level | Base | Bonus | Total (mid) | Reached at |
|---|---|---|---|---|
| Analyst | £55k to £70k | 10% to 30% | £75k | On joining |
| Associate | £75k to £95k | 15% to 40% | £110k | 2y |
| Senior Associate | £95k to £120k | 20% to 50% | £145k | 4y |
| Principal | £120k to £160k | 25% to 60% | £200k | 6y |
| Partner | £180k to £300k | 30% to 100% | £395k | 9y |
Figures describe 2021. Bonus as a multiple of base, rounded to five percentage points.
What the cash figures leave out
Cash is the small half. Carry is long-dated and highly uncertain, a fund can take a decade to return capital, and most junior hires leave before any of theirs vests. Seed funds run small management fees and pay accordingly; growth funds pay closer to private equity.
US funds across stages. Fund size drives these more than the title does: a seed fund and a growth fund pay the same job title very differently.
| Level | Base | Bonus | Total | Reached at |
|---|---|---|---|---|
| Analyst | Not published | Not published | $60k to $100k | On joining |
| Associate (pre-MBA) | Not published | Not published | $150k to $200k | 2y 6m |
| Senior associate | Not published | Not published | $200k to $250k | 5y |
| Principal | Not published | Not published | $250k to $400k | 7y 6m |
| Partner | Not published | Not published | $400k to $600k | 11y 6m |
| General partner | Not published | Not published | $500k to $2m | 15y 6m |
Figures describe 2025. These guides publish total cash by level only, so no rung here claims a base or a bonus.
What the cash figures leave out
Carry is missing and is most of the money at partner level, but it is also the least likely component to arrive: a fund takes the better part of a decade to return capital and most junior hires have left by then. The associate rung is a job people mostly do for two years before an MBA or an operating role, which is why it has no promotion path attached to it in the source.
Where these numbers come from
Published buy-side career-path guides, aggregatedRead September 2026; most carry no revision date
North American total compensation by level in private equity, hedge funds and venture capital, and time spent at each level. Rounded across guides rather than reproduced from any single one.
Ranges, not offers. Compare every track.
Weighing it against something else
Other tracks
For what these jobs involve day to day and how people get into them, see the career path map. For open roles and deadlines, the opportunity tracker.
Getting to the next rung
Analyst to associate
Most people arrive here from a banking analyst job. This is that decision, including when to stay and when to move across.
Buyside Recruitment Bootcamp
The headhunter playbook, the modelling test and the case, for anyone crossing into private equity, hedge funds or asset management.