Looking into joining a small VC fund as a partner. First fund was very successful (3.5x after a couple of years). Second fund is going to be $100-150M. I’ll be the third partner and there’s a small staff of ~5-10 people right now.

How much carry should I ask for? For reference I’m currently an Associate Partner and make ~$400-500k TC (depending on the bonus).

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Posting as :
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You are currently posting as works at

If you are in operating typical carry is 1-3% more than happy to chat.

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20% was where I wanted to start negotiations with the aim of ending somewhere between 10% to 20%. I think the other partners are likely to have 30-40% and the rest will go to the small pool of staff (1 principal, 1 VP ops, and 2 associates)

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Have they asked you specifically or have you not had the carry conversation yet?

If this a typical 2/20 shop, your total comp number (as indicated) is roughly 20% of their annual operating income. My bet is their TC offer is already baking in some sort of carry contribution.

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We haven’t had the carry conversation yet. It’s a typical 2/20 shop and that’s why I realize they won’t be able to offer me my current TC with the 2% fee. I’m very interested in making this worth for me with a significant carry component. Not sure what would be significant carry though.

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