Welcome to Learning VC💡! I’m Luis and I write monthly about VC and fundraising.

This report analyzes 233 survey responses across 24 countries.

Together with EU.VC, we’ve gathered valuable insights into total compensation packages across various VC roles.

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For the 2026 edition, we report VC and CVC as separate cohorts, reflecting the distinct compensation philosophies that underpin each.

The survey received 233 responses, primarily from Spain, the UK, France, and Germany. If you haven't replied yet, do it now to unlock country-by-country analysis in Part 2 - https://tally.so/r/wbo6WE

These results summarize the overall data, drawn mainly from European respondents.

Age

It’s a sector led by young professionals, though it’s not easy to break in as a fresh graduate. Interns and analysts typically come in with some prior experience.

Gender

Male-dominated. 75% of respondents are male, while only 22% female.

Key results in compensation data

Remuneration packages for Intern, Analyst, Associate, Principal, and General Partner roles show a clear trend of increasing rewards with seniority. Base salaries grow substantially from entry to senior levels, with major jumps between Associate and Principal (base climbs 73%) and Principal and General Partner (adding another ~46% to base).

Carry is reported as a percentage of the total carry structure (0-100%).

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GP bonuses look modest because only 44% of GPs receive any bonus at all, which makes sense, since at the GP level, carry is the bonus.

From Associate onwards, most professionals receive carry in their respective VC funds. By Principal and GP level, nearly everyone is locked in with carry.

The primary compensation in VC is carry, which can contribute substantially to total compensation. Out of the 100% distributed within the team (normally 20% of the upside), it breaks down as follows:

Fund size (AUM), the biggest swing factor

Assets Under Management is the single biggest variable in the dataset. An Analyst at a €500M fund can out-earn an Associate at a €20M fund. AUM beats title.

“—” Indicates insufficient data to report a reliable average.

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Key Takeaways:

✅ Fund size matters more than anything. AUM is the single biggest swing factor. Moving from a €20–100M fund to a €100–250M fund does more for your salary than changing your title or relocating to another country.
✅ Smaller funds lean on carry as a retention tool. Carry adoption is highest in small funds, where GPs can’t match the cash packages of mega-funds.
✅ Carry is the real ladder. Title progression matters less than the carry it unlocks.
✅ Bonus structure is consistent below GP level. Bonuses sit at 13–17% of base for juniors and Associates.
✅ Gender mix mirrors 2024, the sector remains male-dominated.
✅ VC remains a young industry. The average GP is in their early 40s.

What’s next

If you haven’t already filled out the survey, please do, it's 100% anonymous and will help us provide deeper insights in future posts.

Stay tuned for the next post, where we’ll continue exploring these benchmarks in greater detail, with country-by-country data and breakdowns by fund size.

That’s all folks👋 — thank you for taking a look! If you liked this post, don’t forget to follow me on LinkedIn & Subscribe for free below🔔