Top-level partners in REPE

You have to understand that once you get to more senior levels, incentive-based compensation (e.g. carried interest, co-investments, etc.) becomes a larger part of your income. At the partner level, it can be the majority of your income depending on the performance of the vehicles that you oversee, along with the size of the funds and how many partners and other employees are splitting the carried interest pool. This is the same in both general private equity and real estate private equity; a partner in either field will make millions if the funds are successful. How many millions will depend on the aforementioned factors: as one of a handful of partners at a small but growing firm, you could make the same as the dozens of partners at a large firm. Sure, there are some things working against real estate private equity (e.g. there are fewer "mega" funds in the space, real estate as an asset class must, in theory, return less than general private equity, etc.) but your aim should be to position yourself to maximize your chances to be a leader regardless of what sector you're in, because there are many paths to riches once you get to the top.