Let’s talk about carry. When are folks at your firm granted carry? How much and what are the vesting terms? How do you consider carry in terms of your total comp?
I’ll start. At my MM firm, carry is granted based on fundraising and can be granted as early as associate for the right person, though usually senior associate and up. Vesting is immediate and paid out as fund investments are exited.

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How is an associate deemed to be the ‘right person’?

Carry starts at VP at my MM firm. 5 year straight line vest. I don’t have carry yet but market approach for valuing carry is to assume the fund hits a 2.0x MOIC, and derive a valuation from that

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Depends on past performance and trajectory at the firm

Started to collect carry as associate. Now first year VP and total carry across vehicles is c.$5mm based on conservative multiples vs historical performance.
Also now have a few hundred Ks of GP commitments (money paid in for me I can invest in deals I want and I get at exit + the perf).

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Sorry can’t say - this becomes too precise

Starts at my firm as an associate for high potential employees and is usually worth about $150-200k …cliff vests after 3 years or at fund realization.

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You answered all points except the “how much” 😄

Very cool and very good for you ! One thing to take into account is how often do you raise funds ?

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