Nearly 80% alternative investment firms have given their staff a pay rise this year as the battle for talent among the top investment firms intensifies, according to a report released by data provider Preqin.

The survey, which collected data from 173 firms globally across the private equity, private debt, real estate and infrastructure sectors, found that 78% of firms increased their base salaries last year, with nearly a fifth hiking wages by over 10%. Some 68% of fund managers expect to hike wages further next year.