Employees of private equity firms are getting more perks as their employers seek to retain talent.
Among those perks are travel insurance, more time off, and gym discounts, Bloomberg reported Wednesday, citing data from analytics firm Preqin.
Preqin’s 2024 Private Capital Compensation and Employment Review shows that private equity hiked salaries, but other forms of compensation such as performance shares are also increased.
The number of firms offering those shares jumped to 50% in 2023 from 24% in 2022.
Mid-level professionals working in private equity saw a pay boost of around 10% in 2023, while senior employees saw a 9% increase, Bloomberg reported, citing Preqin’s figures.
But the analytics firm found that professionals who work in private equity are also more likely to receive compensation outside of their salaries.
Other perks include student loan repayments, help with car insurance and more personal days.
It’s a difficult time for private equity, as the value of global deals has dropped by about a third this year among stubbornly persistent inflation and economic headwinds, according to Bloomberg.
Staring into the face of uncertainty, private equity firms are looking to retain talent rather than bring new talent on, the business news outlet reported.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.