PE Portfolio Company Executive Compensation › CFO
PE-Backed CFO Compensation: 2025 Benchmarks
What CFOs of private equity portfolio companies earn in base, bonus, and equity - plus the move premium and hiring criteria - from Vardis's 2025 survey of PE-backed CFOs.
By the Vardis team (John Hoagland, Josh King, Mark Mullen, and Christiane Doerner) · Updated June 2026
In short: A CFO at a private equity-backed company earns a base salary from roughly $286,000 at companies under $100M in revenue to about $471,000 above $1B, with a target bonus of about 40% to 70% of base. CFOs typically hold around 1.2% of the management equity pool, and those who change roles capture an average 10% cash compensation increase.
- Base by company size: mean of $286k (under $100M) rising to $471k (over $1B).
- Target bonus: about 40% to 70% of base, scaling with company size.
- The move premium: changing roles is worth an average +10% in cash.
- Equity: about 1.2% of the management pool, worth a mean of $2M to $5.85M at a base-case exit.
- Experience: 71% arrived with prior CFO experience, but first-time CFOs are now 24% of hires (up from 15%).
Vardis surveys CFOs of private equity-owned companies each year on compensation, governance, mobility, and the working relationship with their sponsors. The 2025 edition was surveyed in August and September. The headline: target compensation held steady while actual pay slipped 4% - driven by an 11% decline in bonuses paid - even as the market continued to pay a premium to executives willing to move.
Base salary by company revenue
As with CEOs, company size drives CFO cash compensation more than any other factor.
| Company revenue | Mean base | Median base |
|---|---|---|
| < $100M | $286k | $277k |
| $100M-$250M | $324k | $347k |
| $250M-$500M | $396k | $387k |
| $500M-$1B | $419k | $435k |
| > $1B | $471k | $475k |
Target bonus
Target annual bonus, as a percentage of base, scales with company size from about 40% to 70%.
| Company revenue | Mean target | Median target |
|---|---|---|
| < $100M | 40% | 35% |
| $100M-$250M | 45% | 45% |
| $250M-$500M | 53% | 50% |
| $500M-$1B | 60% | 50% |
| > $1B | 70% | 65% |
The move premium
CFOs who take on a new role report an average increase in cash compensation (base and target bonus) of 10%. The premium is consistent regardless of prior role or whether the candidate is an experienced PE CFO or a step-up first-timer. In a market where pay is otherwise flat, moving is the clearest path to a raise.
Equity
CFOs are named among the five largest equity holders in roughly 93% of companies, typically holding around 1.2% of fully diluted equity. Expected gross proceeds at a base-case exit range from a mean near $2.0M at the smallest companies to $5.85M above $1B in revenue (median $6.5M). Equity structures mirror the broader market: phantom equity (31%), stock options (25%), and profits interests (25%) lead, with sweet equity at 10%.
Who gets hired
The premium on battle-tested leadership is clear: 71% of CFOs arrived with prior CFO experience, and 51% came directly from another PE-backed company. But the talent pool is widening - breaking a decade-long trend, first-time CFOs now represent 24% of appointments, up from 15% in 2024, as a 60% expansion in PE portfolio companies since 2022 creates openings for Controllers and VPs of Finance. Beyond finance, the CFO commonly owns IT (61%) and Legal (61%), with HR (40%) frequently in the remit at smaller companies.
Frequently asked questions
How much does a PE portfolio company CFO make?
PE-backed CFO base salaries range from a mean near $286,000 at companies under $100M in revenue to about $471,000 above $1B, with target bonuses of roughly 40% to 70% of base. CFOs typically also hold about 1.2% of the management equity pool, worth a mean of $2-5.85 million at a base-case exit depending on company size.
What is the base salary of a PE-backed CFO by revenue?
Mean CFO base salary is about $286,000 under $100M revenue, $324,000 at $100M-$250M, $396,000 at $250M-$500M, $419,000 at $500M-$1B, and $471,000 above $1B.
How much equity does a PE-backed CFO receive?
CFOs are named among the five largest equity holders in roughly 93% of companies and typically hold about 1.2% of fully diluted equity. At a base-case exit, that equity is worth a mean of about $2.0 million at smaller companies, rising to about $5.85 million above $1B in revenue (median $6.5 million).
What is the "move premium" for CFOs changing roles?
CFOs who move into a new role report an average 10% increase in cash compensation (base plus target bonus). The premium holds whether the executive is an experienced PE CFO or a first-timer.
Do most PE-backed CFOs have prior PE experience?
Yes. 71% of PE-backed CFOs arrived with prior CFO experience and 51% came directly from another PE-backed company. However, first-time CFOs now make up 24% of appointments, up from 15% in 2024.
Download the full 2025 PE CFO Report (PDF)
Everything on this page is free to read. The complete report - with full distributions, year-over-year trends, and charts - is a quick form away.
Recruiting or benchmarking a CFO?
Vardis is a retained executive search firm focused exclusively on portfolio company recruitment for private equity investors: CFOs, CEOs, COOs, and boards, plus pre-deal advisor and operating-executive introductions.
For PE investors
Hiring a portfolio company CFO or benchmarking a finance package? We recruit and benchmark PE-backed finance leadership worldwide.
Explore pre-deal & searchRelated: PE executive compensation overview · PE-backed CEO compensation · Equity participation plans · Selected placements
Source: Vardis 2025 PE CFO Report. PE-backed CFOs surveyed August-September 2025. Pool-allocation figure from the Vardis Equity Participation Plans Report.