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There is actually no VP level in a VC firm. The structure is as follows (from lowest to highest):

Associate Principal Partner Managing Partner

The pay and profit share rises as you move up the ladder. An associate will typically get around $150k with typically no profit share. Principals are basically associates who are on the fast track to become partners and they recieve around $250k plus some profit share. Partners can get around $500k+ with a lot of profit sharing and Managing Partners can make $1mm+ with tons of profit sharing. Nedless to say the pay is pretty good, although it cannot compete with HF pay, it just isnt scalable enough.

 

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