Got an Associate offer at a small fund ($200M under mgmt atm) but they are offering carry (1% of pool) on top of salary and cash. Is this good? Trying to get a sense of how rare carry is and how much is typically paid.

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You can do the math pretty easily - if the full fund is a 3-bagger then that is $80M in the total carry pool. This 1% is work $800k over 6-7 years. Up to you how this complements the cash comp. also be aware that you won’t get any points on capital already invested, so depending where they are in their life cycle this could shrink the pool.

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Could be but they'd have to be generating serious returns and be close to fully invested before 1% really means a lot. Not sure how kosher it is but might be worth trying to gauge what the carry hurdle is

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What’s the salary offer? The carry could be compensating for a lower offer but carry is great to get

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~225k is pretty good for a MM/LMM firm, and the carry is a great bonus on top of that and could represent effectively another $100k+ in annual comp

Assuming you’re joining as a first-year Associate that’s not an experienced hire, without knowing base + bonus the carry amount seems pretty (upper end of distribution according to H&S PE Comp report)

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