A peek at VC payslips in Germany: positive for women, less so for climate funds

Women investment managers at venture capital funds in Germany are earning more on average than their male peers in the same roles. This is one of the findings from an anonymous salary survey of more than 170 employees in Germany carried out by venture capital firm XAnge.

Another noteworthy discovery is that climate-tech-focused VCs offer lower salary packages across all positions than others. Investment managers at climate VCs receive on average €100,000 a year, compared to an average salary of between €134,000 and €163,000 at other types of funds.

Analysts at climate funds earn on average €51,000, versus €65-70k at other VCs. 

“I was really surprised to see that climate funds pay the lowest salaries across all experience levels compared to all other funds,” Astrid Moullé-Berteaux from XAnge said. “In order to attract the best talents, this has to change.”

She found that female investment managers make 12 percent more on average than men in the same role: €134,000 compared to €120,000 per year. Their salary range is €96,000 to €260,000, while bandwidth for men was found to be €70,000 to €160,000.

In terms of overall average packages, investment managers earn on average €133,000, made up of a fixed salary of €99,000€ and a variable package of €33,000.

Women in analyst roles also slightly out-earn their male peers on average, making €66,000 versus €63,000 per year. However, the annual salary range for women analysts is €45,000 to €90,000, while for men it is €46,000 to €95,000.

Only at the associate level are men making more money on average and have a higher top-end salary: an average of €89,000 versus €80.000 for women, with a top salary of €130,000 compared to €110,000 for women,

Carried interest (the share of profits paid out as incentive, usually if the fund hits a certain minimum return), is dramatically different across VCs in Germany. The survey found that 13 percent of investment managers don’t get any, while 50 percent of them get a carry of between zero to two percent, and the top tier, some 12 percent, receive between two and four percent carry.