What is compensation looking like for infrastructure roles this year? How much does it vary in good years versus bad years?

A: Infrastructure (all non-investment roles) compensation is generally less volatile than compensation for investment professionals.  In general, we expect compensation to be down at least 10% across the board, but there will be a lot of variability due to high water mark issues  (firms have different methods to approach compensation when in this situation), larger funds’ ability to use management fees for compensation, and other factors.