There is growing interest in how compensation is evolving within the venture capital sector. As firms operate in a more selective fundraising environment, attracting and retaining high-calibre professionals has become a business-critical priority. Fram Search’s newly released UK Venture Capital Salary Survey provides detailed insight into pay trends across investment and capital raising roles, particularly where reliable market data has been historically limited.

The report reflects Fram’s long experience in the venture capital hiring landscape. Since 2010, we have worked with institutional venture capital funds, EIS and VCT managers, family offices, early-stage investors, and government-backed organisations. This breadth has given us a practical understanding of how teams are built, how roles evolve as firms grow, and how compensation is shaped to attract and retain key people.

This report is based on anonymised and aggregated data from candidate interviews, client briefs, and market insight. It is intended as a general guide only and does not represent formal benchmarking, legal, or financial advice. Salary levels will vary depending on role, firm size, location, and market conditions. For tailored guidance, we welcome direct conversations.

Many firms are finding it harder to recycle capital. Exit activity is subdued and deployment strategies are being reviewed. Hiring demand remains, but it is focused. Only the most commercially relevant and credible professionals are attracting strong interest. The market has become more discerning, with emphasis placed on quality over volume.

This survey focuses on roles where market data remains limited. These include Investment Analyst, Associate, Investment Director, and Partner positions, as well as capital raising roles such as Business Development Manager. The data is presented as indicative salary ranges. These are not fixed levels but are intended to support internal discussions and forward planning.

Carry remains the most important long-term incentive across investment roles. Structures vary considerably depending on the maturity of the fund, whether a new vehicle is being raised, and how closely aligned the individual is with future performance. While salary provides stability, it is carried interest that typically drives long-term retention and reward. This continues to be a decisive factor in candidate decisions, particularly at more senior levels.

In capital raising roles, expectations are equally high. Firms are seeking individuals who can represent the business confidently, deepen investor relationships, and broaden the firm’s institutional reach. These roles are now widely seen as strategic. They are no longer confined to execution or reporting. Compensation reflects this, although structures differ across firms and fund types.

Fram’s role in the market is both advisory and delivery-focused. We work on retained and contingent mandates across investment, commercial, and operational leadership roles. Our team brings real-time insight to each conversation. The salary survey is one way we share that knowledge morebroadly, with the aim of supporting long-term success across the sector.

The full report is now available. For any firm reviewing compensation or planning ahead, we believe it offers valuable support at a time when capital is harder to raise, and talent matters more than ever.