Compensation for C-suite leaders in private equity-backed tech companies rose 2.1%, according to a survey released Oct. 24 by executive search firm Christian and Timbers.

“This year’s findings highlight how C-suite compensation is adapting amid economic fluctuations,” Jeff Christian, CEO of Christian and Timbers, said in a press release. “We’ve observed increases in both cash and equity compensation, with cash increases slightly lagging behind equity gains, indicative of a market that values long-term investment in leadership.”

The study also highlighted notable variances in CEO compensation based on company size of PE-backed firms. In the lower-middle market, CEOs receive base salaries ranging from $275,000 to $400,000, with potential equity-based exit payouts between $2 million and $5 million. In upper-middle market companies, CEOs’ base salaries range from $540,000 to $1 million, with bonuses between 50% and 120%.

CFO compensation similarly varies by company size. CFOs in smaller lower-middle-market firms often see base salaries ranging from $185,000 to $350,000, with equity payouts of up to $2.2 million, while those in larger middle-upper market companies earn up to $660,000 and bonuses ranging from 35% to 70%.

Other findings in the report include:

• Higher equity stakes. Companies nearing an exit are trending toward offering higher equity stakes, particularly among tech firms in the mid-and upper-middle market.
• Shift toward internal recruiting. The study noted a significant shift toward minimizing external recruiting costs, with many companies opting to enhance internal recruiting capabilities.
• Gender representation. Women hold only 21.6% of C-suite positions, with 4.2% in CEO roles. The highest representation is among women chief people officers and chief marketing officers, at 76% and 32%, respectively.

The survey includes responses from 100 private equity-backed companies and more than 400 executives. It is based on proprietary compensation data from the third quarter.