UK Infrastructure Compensation in 2026: Where Funds Are Competing for Talent
Compensation in infrastructure investment is becoming harder to compare on salary alone. Bonus potential still matters, but carry structures and the timing of long-term rewards can make two offers with similar headline figures feel very different.
For the past two years, Pearse has produced compensation intelligence across financial services, with our research recently featured in the Financial Times. Our newly completed 2026 UK Infrastructure Compensation Report focuses on investment professionals from Analyst to Director level, benchmarking base salaries, bonuses and carry across more than 25 large-cap, sovereign wealth and pension-backed, and mid-market infrastructure platforms.
Carry is becoming more common in the mid-market
92% of mid-market funds in our research now offer carry or equivalent long-term participation. That narrows the gap with large-cap funds, but access to carry tells only part of the story. Pool size, vesting schedules, return hurdles and leaver terms all affect what an award could be worth to a candidate. For funds reviewing their packages, the question is increasingly whether their long-term incentives are competitive in practice, not simply whether they offer them.
Cash and long-term incentives tell different stories
At top-performing large-cap funds, bonuses for junior professionals can exceed 200% of base salary. Sovereign wealth and pension-backed platforms often offer greater stability in total cash compensation, with deferred incentives taking the place of carry in some packages. These differences matter when hiring. A candidate comparing offers needs to understand both the likely annual cash outcome and the potential value of incentives that may pay out years later.
Senior Associate and VP is the turning point
Our data suggests that Senior Associate and VP level is where compensation priorities begin to shift. Candidates increasingly weigh long-term wealth creation alongside annual pay. At this stage, funds with less competitive incentive structures may find it harder to attract and retain talent, even when their base salary and bonus are strong.
The full report sets out anonymised, fund-by-fund base salary, bonus and carry ranges by title and seniority. If you are reviewing your compensation structure or hiring into an infrastructure investment or finance team this year, get in touch below and we can walk you through the relevant benchmarks.
