Stupid question. In the H&S salary report, are the splits by size of the fund based on the fund itself or the PE firm? For example, Blackstone has 800b+ aum but any specific fund within Blackstone manages something less like let’s say it’s a $30b fund or a new fund that’s only raised $2b so far? Would the salary report be based on the company level aum or the specific fund (even if it’s a brand new fund that hasn’t raised much within a larger firm)? My guess is the latter or somewhere between.

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They have splits by both most recent fund and by total AUM. I'd assume most recent fund is the mandate the individual works under

I guess to be more clear, I’m not talking about the generations of funds. Like PE fund I, II, etc within a specific vertical. For example, if the firm has a PE arm and also a VC arm, each of those will have generations of funds. Then they might start up a brand new crypto fund that is raising capital for its very first generation of funds ever.

Is the salary info for h&s by firm level, or by fund/arm (which has the total aum vs generation splits to consider recent raise)? For example, continuing with the Blackstone example - is the salary quoted at the firm level or for each of the underlying arms of their business (which each have generations of funds)?

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