VC associate compensation by region varies widely across the U.S., but the biggest driver of total cash might not be what you’d expect. While associates in Tier 1 regions do earn more, the most significant step-up in total cash occurs once firms cross the $1 billion AUM threshold. Using the interactive compensation maps from the Thelander platform, here’s what the data shows.
Under $1 Billion AUM: Geography Leads
- At smaller funds, region is a major factor in associate pay.
- Tier 1 regions: New York and Northern California lead the market, offering the highest median and 75th percentile total cash for associates.
- Tier 2 regions: The Southeast, Southern California, and Boston make up the middle tier, with the Southeast trending toward the higher end of the group and Boston showing a more compressed range—a solid median but a lower 75th percentile.
- Tier 3 regions: The Northwest, Midwest, Mid-Atlantic, and Southwest trail the Tier 1 hubs, with meaningfully lower total cash for associates.
The spread here is wide—median associate total cash ranges from roughly $110,000 in the lowest region to nearly $180,000 in the highest.
$1 Billion+ AUM: Geography Compresses
- Once firms cross the $1 billion mark, the regional picture changes.
- Tier 1 regions: Associate total cash converges across Northern California, Southern California, Boston, and New York, clustering tightly at both the median and 75th percentile.
- Tier 2 region: The Midwest appears among large funds but sits materially below the tightly grouped Tier 1 levels.
- At this level, the gap between the highest and lowest regions narrows considerably—geography still matters, but far less than it does at smaller funds.
The Bottom Line: Firms pay top dollar for top talent—and as they grow in AUM, they pay regardless of geography. The real driver of associate total cash isn’t just where a firm is located, but its total AUM and firm type. Crossing the $1 billion threshold produces a bigger step-up in compensation than region.
To see how your current mix of cash and carry compares to market at no cost, fill out the no-cost Thelander x PitchBook Investment Firm Compensation Survey today. The more data you contribute, the more insights you receive. Survey link.