First Republic Bank is pleased to partner with J.Thelander Consulting, Inc., to provide compensation data and analysis for women in U.S. venture capital (VC) firms.

This year, we took a deeper look at how investment professional compensation has changed year over year by total assets under management (AUM) and how women’s representation at each position has changed. We also examined how the introduction and existence of diversity and inclusion (D&I) recruiting practices and committees are influenced by total AUM.

Our objective is to provide visibility into compensation and gender representation of women in VC — across all positions and firm sizes. We aim to increase visibility into compensation, foster diversity and support women in all roles in the VC ecosystem.

Among the insights, the survey found that:

• Particularly at the managing general partner level, women at smaller AUM firms received significantly less total cash compensation than men. This disparity at the general partner level has widened slightly compared to the previous year but lessened for women at the director level.

• At larger AUM firms, women at all levels received pay more in line with what men received, with the median total cash for women managing general partners above that of the men.

• Women at larger AUM firms also earn a higher median-level percentage of carry but significantly less at the maximum level, while women directors/principals earned slightly more carry than their male counterparts.

• Over half of survey participants said their firms have policies and programs in place to promote diversity in recruiting and career development.

The views and opinions of the third-party panelists are not necessarily those of First Republic Bank and should not be relied upon as such. The content of this publication is for information purposes only and should not be considered as legal, financial, accounting or tax advice, nor as an investment recommendation or an endorsement of any investment fund. First Republic Bank makes no representations, warranties or other guarantees of any kind as to the accuracy, completeness or timeliness of the information provided in this publication. You should consult with your own professional advisors to fully understand and evaluate the information provided in this publication before making any decision that could affect the legal or financial health of you or your business.