Senior Level Comp: Fundraising vs. Doing Deals

Curious to what extent different factors drive comp at the senior levels in PE. Seems pretty straightforward for IB MDs -- bring in more fees each year = get paid accordingly. However, with PE having such a longer time horizon for realizations, I wonder if fundraising duties plays a more significant role in senior comp. Understand many of these funds have separate fundraising teams, but you'd think the investment team is also very involved.