Need help comparing offers (both PE ops, based in LA)
Offer 1: $4B fund, up to 550k all in with no carry. Does offer co invest though
Offer 2: $500m fund, up to 325k all in, offering 1.5m carry DAW (assuming 2x exit). No co invest offered in current fund
Both funds are based on the west coast, similar WLB im assuming. Thoughts?

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Yeah carry takes a while to kick in, and not all funds give the same units to ops as deal team (could be preferences etc to look into). If option 2 is more of a stepping stone, then you might not be there long enough to see the carry.

I just went through a process where everyone (large fund I was interviewing with included) discouraged me from relying too much on carry in decision making.

Offer 1 sets you up better for a future role where you’d see larger carry. Again if option 2 is a long term bet then it makes more sense

And congrats on the two offers!

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Dang how many YOE do you have? These are pretty solid.

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How many years of consulting vs industry? Industry?

Which did you take

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Why no carry for Offer 1? A fund that size would typically have it. Will you be able to get carry with the next fund?
Offer 1 is much more solid - there are a lot of PE firms which have not had successful exits in years. Best case, you have to wait 3 years for the first exit. You would make an incremental $225k actual $ per year, vs. a hopeful carry amount.

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That’s just their policy. Kind of a red flag I guess, but they make up for it in higher cash

What's the base vs bonus breakdown for offer 1?

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50/50 split

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Similar industry/role? Offer 1, all else equal, unless option 2 is the place you want to spend next ten years of career

Yup similar industry / role. Hmm interesting, you think the cash outweighs carry long term?

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