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The State of Compensation for Women in Venture 2021: Survey Results

First Republic Bank presents the findings of its third annual survey of compensation for women in venture. This report was created in partnership with All Raise, a nonprofit on a mission to accelerate the success of female founders and funders to build a more prosperous and equitable future.

Our mission is also to foster diversity and support women across all titles in the venture capital (VC) ecosystem. By providing more visibility into the total compensation and carry participation of women in VC — across positions and firm sizes — we aim to increase transparency and provide women with better information to make their career decisions.

Among the insights, the survey found:

  • The surveyed women general partners (GPs) and partners were predominantly in VC firms with smaller assets under management (AUM), with 58% of GP and 40% of partner respondents at firms with <$100M in AUM.
  • Viewing average total cash compensation for GPs, partners, principals and associates across time (2018-2020) and AUM firm size does not show particularly strong discernable patterns.
    • For example, generally, GP and partner average total cash compensation has steadily risen over time for every AUM segment except at AUM >$1B.
    • Similarly, average total cash compensation for principals at firms with AUM >$300M has steadily risen over time while compensation at smaller-size firms has held relatively steady.
  • Generally, women with advanced degrees are associated with higher average total compensation levels than those without these degrees.
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