In an increasingly competitive industry context, it is no surprise that this dynamic is shaping the situation of professionals in the alternatives industry. That is the conclusion of the sixth edition of the North American Alternative Asset Management Marketing and Investor Relations Professional Compensation Survey by executive search firm Heidrick & Struggles. The 2025 survey shows a landscape in which professionals are increasingly senior, move less between firms, and have seen rising salaries in recent years.
Based on an online survey of 186 industry professionals, who reported their compensation, bonuses, and characteristics for 2023, 2024, and 2025, with the measurement conducted in the spring of last year, the firm highlighted the value of experience in the industry. Two-thirds of respondents have more than a decade of experience raising capital in alternatives.
Specifically, 48% of respondents reported having more than 20 years of experience last year, while 30% have between 16 and 20 years, and an additional 19% have between 11 and 15 years. Only 3% reported less than a decade of experience. By contrast, the 2024 survey had 38% of participants with more than 20 years of experience, and the 2023 survey showed 37%.
In terms of roles, the most common title is Managing Director. A total of 54% of respondents hold this role, a notable increase from 44% in 2024 and 41% in 2023. Within this segment, Heidrick & Struggles highlighted that the most common responsibilities include sales and investor relations, individual sales production, and head of sales.
In addition, there is lower mobility between firms, limited by the development of non-compete and non-solicitation clauses, with agreements becoming longer and more restrictive. Against this backdrop, 40% of respondents do not see a possibility of changing companies in the next 12 months. This represents a slight increase compared to 37% the previous year.
Higher Average Salaries
The firm’s survey revealed a range of average salaries that reflect a more competitive industry placing greater emphasis on its sales strength.
The largest growth in average base compensation, excluding bonuses and similar components, has been seen in private equity and private credit firms. The average salary in these areas rose from $322,000 in 2023 to $341,000 in 2024 and to $377,000 last year. This represents a 17% increase in just two years.
Meanwhile, the real assets segment experienced more modest growth. Over the same period, it rose by 5%, reaching an average of $331,000 in 2025, compared with $328,000 the previous year and $315,000 in 2023.
Finally, the segment that has seen the lowest growth in North America is hedge funds. In this area, base compensation increased by only 2.5% over the past two years, from $318,000 in 2023 to $326,000 in 2025. Moreover, this latest figure shows no growth compared to 2024.
Beyond base compensation, expectations pointed to higher bonuses last year (although not yet reflected in the data). Three-quarters of respondents, Heidrick & Struggles noted, receive compensation on a discretionary basis, and around half indicated that a portion of their 2023 and 2024 bonuses were deferred. In that regard, two-thirds expect their bonuses to have increased last year.
The Value of Commercial Strength
In terms of roles, the highest salaries reflect an industry trend, according to Heidrick & Struggles. “Given the difficulty in raising assets, firms are placing increasing emphasis on sales capabilities and data-driven performance metrics,” the firm stated in its report. While hedge funds have operated this way for some time, “the private equity world is catching up,” and private credit activity is “driving sustained demand for professionals in that area.”
In the private equity and private credit segment, the best-paid role is sales management and strategy, with an average base compensation of $463,000 per year. This is followed by product specialists ($419,000) and sales and investor relations ($416,000).
In real assets, the top earners, based on average salaries, are Heads of Sales, with average compensation of $373,000 per year, followed by product specialists ($350,000) and sales and investor relations ($336,000).
Heads of Sales are also the highest-paid role in the hedge fund space, with an average base compensation of $346,000 per year. Meanwhile, individual sales producers earn an average of $287,000, and those in sales and investor relations earn $272,000.
By Funds Society