Junior LatAm VCs

Latin America Venture Capital

Pre – Partner Compensation Report
2021

0
Foreword
Latin America is experiencing unprecedented growth in the technology
startup ecosystem and subsequently in Venture Capital investing. It is
expected that $18.6 billion dollars will be invested in Latin American Tech
startups by the end of 2021*, and that number is expected to grow in the
upcoming years as entrepreneurs continue to prove that the region is ripe
for disruption.

It is still just the beginning – and we believe that the data presented in this
study will contribute to the foundations of the VC ecosystem in Spanish-
speaking Latin America.

The objectives of this report are to:

• Provide data and benchmarks about current compensation levels of

pre-partner Venture Capital investors in Latin America.
• Provide data to compare the level of compensation between LatAm
based/focused funds and US based/focused funds.

The goal is not to imply that compensation levels in LatAm should be as

high as in the U.S as there are macroeconomic, cost of living, fund size,
and other factors that need to be considered.

The answers were provided anonymously, therefore there is no way of

verifying the data; caution is recommended when interpreting results.
Data is provided for academic purposes.
* Projected assuming same number of deals as the first half of the year Junior LatAm VCs 1
Source: CB Insights State of Venture Report Global: Q2 2021
About Junior LatAm VCs

Junior LatAm VCs (JLVC) is a group of analysts and associates within the Spanish-speaking Latin American technology investing ecosystem. The
group came together to create an engaged community that encourages learning and cooperation to enable participants to better succeed at their jobs.
Members represent a diverse group of junior and mid level professionals from many of the top Venture Capital funds of the region.

Apart from actively sharing insights about the LatAm tech ecosystem, JLVC hosts a variety of events designed to contribute to the success of its
members, including regular networking sessions, Q&A calls with partners and founders, co-investment opportunities, and research efforts.

If you are interested in learning more, you can contact any of the board members listed below.

Board Members

Francisco Arocha Francisco García Daniel Porras

Junior LatAm VCs 2

Methodology
Data Gathering

A total of 55 responses were recorded for the composition of this report.

The respondents are pre-partner investors at institutional and corporate
funds investing in Spanish-speaking Latin America*.

The data presented in this study was collected over two weeks, beginning
October 29th and ending November 9th, 2021. The information was
collected via a Google Form distributed to junior investors through the
Junior LatAm VC Slack group, the LatAm VC A&As WhatsApp group, and
direct messages.

The EVCA Pre Partner Compensation Report was used for data on U.S
salaries.

Data Processing

• Positions were normalized into 3 categories - Analyst, Associate (Incl.

Senior), and Principal (Incl. VP).
• Data obtained from partners and other positions was removed from
the study.
• To maintain anonymity and incentivize participation in the survey, the
*Due to the methodology there is no way of guaranteeing that all respondents are
information was recorded in ranges, not exact values, and is from funds investing / based in Spanish-speaking Latin America, but given the
presented accordingly. distribution channels used for the survey we expect most of them, if not all, to be.
• Data in graphs was obtained by calculating the mean of each range.
Junior LatAm VCs 3
Base Salary By Position

AUM Position Count Median Monthly Salary Min Salary Max Salary
Analyst 1 < 800 - -
<10M Associate 1 800 - 1,400 - -
Principal 1 2,500 - 3,000 - -
Analyst 8 1,400 - 2,000 1,400 - 2,000 3,000 - 4,000
10M - 50M Associate 6 3,000 - 4,000 2,500 - 3,000 3,000 - 4,000
Principal 4 4,000 - 5,000 2,000 - 2,500 6,000 - 7,000
Analyst 7 800 - 1,400 800 - 1,400 2,000 - 2,500
50M - 100M Associate 6 2,500 - 3,000 2,500 - 3,000 4,000 - 5,000
Principal 0 - - -
Analyst 7 2,000 - 2,500 < 800 3,000 - 4,000
100M - 200M Associate 4 3,000 - 4,000 3,000 - 4,000 4,000 - 5,000
Principal 2 - 6,000 - 7,000 10,000 - 12,000
Analyst 1 < 800 - -
200M - 500M Associate 4 4,000 - 5,000 2,000 - 2,500 4,000 - 5,000
Principal 1 10,000 - 12,000 - -
All values in USD
Dashes (-) are used when there is one or no values

Interpret results with caution due to small sample size Junior LatAm VCs 4
Bonus By Position

All Values in USD

AUM Position Count Median Bonus Min Bonus Max Bonus
Analyst 1 < 3,000 - -
<10M Associate 1 < 3,000 - -
Principal 1 No Bonus - -
Analyst 8 < 3,000 - 12,000 - 15,000
10M - 50M Associate 6 3,000 - 5,000 - 12,000 - 15,000
Principal 4 < 3,000 - 15,000 - 20,000
Analyst 7 3,000 - 3,000 - 5,000
50M - 100M Associate 6 5,000 - 7,000 - 9,000 - 12,000
Principal 0 - - -
Analyst 7 5,000 - 7,000 < 3,000 20,000 - 25,000
100M - 200M Associate 4 7,000 - 9,000 3,000 - 5,000 7,000 - 9,000
Principal 2 - 25,000 - 35,000 > 35,000
Analyst 1 < 3,000 - -
200M - 500M Associate 4 3,000 - 5,000 3,000 - 5,000 15,000 - 20,000
Principal 1 9,000 -12,000 - -
All values in USD
Dashes (-) are used when there is one or no values

Interpret results with caution due to small sample size Junior LatAm VCs 5
Total Annual Analyst Compensation (Base + Bonus) Vs. AUM

LatAm U.S (EVCA1)

AUM
AUM

Total Compensation

Total Compensation

• Total annual compensation for VC analysts in LatAm ranges from $11k to $65k compared to $70k to $200k in the US

• The median compensation in LatAm is $18k compared to $110k in the US

1. Pre-Partner Compensation Report. EVCA. 2020

Interpret results with caution due to small sample size Junior LatAm VCs 6
Total Annual Associate Compensation (Base + Bonus) Vs. AUM

LatAm U.S (EVCA1)

AUM
AUM

Total Compensation

Total Compensation

• Total annual compensation for VC associates in LatAm ranges from $15k to $72k compared to $60k to $300k in the US

• The median compensation in LatAm is $44k compared to $160k in the US

1. Pre-Partner Compensation Report. EVCA. 2020

Interpret results with caution due to small sample size Junior LatAm VCs 7
Total Annual Principal Compensation (Base + Bonus) Vs. AUM

LatAm U.S (EVCA1)

AUM
AUM

Total Compensation

Total Compensation

• Total annual compensation for VC principals in LatAm ranges from $29k to $167k compared to $150k to $475k in the US

• The median compensation in LatAm is $96k compared to $250k in the US

1. Pre-Partner Compensation Report. EVCA. 2020

Interpret results with caution due to small sample size Junior LatAm VCs 8
Salary Vs. Experience

$12,000

$10,000

$8,000
• The median experience of respondents was 3.5 years
Monthly Salary

$6,000
• The median monthly salary is $2.8k

$4,000 • There is a positive correlation (R2 = 0.6) between salary and

experience
$2,000

$0
0 2 4 6 8 10 12

Years of Full-Time Experience

Interpret results with caution due to small sample size Junior LatAm VCs 9
Carry, Benefits, and Education

Position Count Entitled to Carry

Analyst 24 13%
• 28% of respondents were entitled to carry, ranging from <1% to
Associate 21 38% 8%
Principal 8 50%
• The more senior the position, the higher the probability of being
entitled to carry

AUM Count Private Health Insurance

$200M-$500M 6 83%
• 52% of all respondents had private health insurance
$100M-$200M 13 77%
$50M-$100M 13 54% • The possibility of having benefits increases with fund size
$10M-$50M 18 28%
<$10M 3 33%

Position Count Undergraduate Masters N/A

Analyst 24
• As seniority increases the likelihood of having a Master’s
75% 17% 8%
Associate 21 52% 43% 5%
degree increases
Principal 8 25% 75% 0%

Interpret results with caution due to small sample size Junior LatAm VCs 10
Helping shape the
future of Latin America