Last year US private equity executives recorded increases in total compensation of more than 100%, with the most senior taking home over $7m (€7.8m) on average, says a survey by William M Mercer, the human resource consultants.

The survey, of over 1000 employees at 91 firms, says it did not anticipate the same level of increase for quite some time, with no significant gains expected in base salaries in 2002. In fact the depressed nature of the market would hit the carried interest component of remuneration, ensuring a sharp downturn in overall levels of pay.