Don’t be Swayed by the Secondary Market’s 10% Bonus Bump

As private market professionals eagerly await year-end bonuses, a top Wall Street compensation consultant warns against chasing the biggest annual payout. 

For the second consecutive year, secondaries fund managers will receive bonuses that are 10% or higher than last year, while private equity and venture capital bonuses will be mostly flat, according to new data from financial compensation consultant Johnson Associates. But the stable career choice remains in the two primary asset classes, according to the firm’s founder and managing director, Alan Johnson. 

While the promise of a lofty year-end check may entice talent to join the booming secondary market, Johnson, whom The New York Times deemed the “invisible hand” behind Wall Street bonuses, said he would still advise early-career professionals to aim for a traditional PE or VC role. The larger and more mature markets, compared to hot asset classes like secondaries and private credit, offer greater stability for professionals looking for a long-term career choice. 

“What I’ve found is that usually you want to pick the one that’s not hot at the moment. You’ll have less competition. You’ll have a chance to really be a star,” Johnson said. “It won’t be as exciting to your friends, perhaps, as some other shiny new thing, but you’ll probably do really well.” 

PitchBook / November 5, 2025