The head of private equity firm Blackstone Inc. ranked as the highest-paid CEO among listed US private equity and venture capital firms in 2022, thanks largely to the firm's performance plan that included carried interest and/or incentive fee allocations.
Blackstone CEO Stephen Schwarzman received a total adjusted compensation package of $253.1 million in 2022. The executive's full-year salary amounted to $350,000 with an additional $987,782 in restricted shares of Blackstone Mortgage Trust Inc. to be vested over three years and $57.8 million in Blackstone Real Estate Income Trust Inc. stock.
The bulk of the executive's compensation, about $190.5 million, came in respect of carried interest or incentive fee allocations. Schwarzman's compensation included a perquisite of $3.5 million in expenses related to security services for him and his family in 2022.
KKR & Co. Inc. co-chief Joseph Bae was the second-highest paid CEO among listed US private equity and venture capital firms, with total adjusted compensation of $80 million, boosted by $60.2 million in cash payments of carried interest. Bae's pay package declined 85.7% year over year.
KKR's other co-CEO, Scott Nuttall, ranked as the third-highest paid CEO. Nuttall received total adjusted compensation of $78.3 million. Cash payments of carried interest in 2022 amounted to $58.5 million.
Both co-CEOs received matching annual salaries of $300,000 and bonuses of about $19.4 million based on 2022 performance, contributions, accomplishments and certain other measures.
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Highest rising compensation
StepStone Group Inc. CEO Scott Hart received $6.2 million in total adjusted compensation in fiscal 2022, a 278.5% annual growth from $1.6 million in fiscal 2021.
The highest-paid CEO, Blackstone's Schwarzman, saw annual compensation grow 57.9% year over year from $160.3 million in total adjusted compensation for 2021.
