Opportunity to join 2 other people planning to raise a $50M fund. They have a track record of 10+ years and I’d be joining as a a partner overseeing investments, operations, reporting etc. Goal is to invest fund in 2 years and then raise $200M fund.

What comp do you think is appropriate? And what % of carry?

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Basically next to nothing for cash comp until you get that second fund raised with an outsized portion of equity/carry (basically only enough to cover living expenses). Unsure the financial details of the strategy (mgmt fee, overhead costs, etc) or if the other two partners are contributing cash equity to the business at all.

My buddy was part of something similar, and while we didn't talk numbers I got the feeling he was right around $100 all in cash comp (+/- 25)

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I’d add, if you are doing all the work, how much would you expect to be paid for that work if the carry was worth 0? Get the other partners to pay you that, and write in a smallish slice of carry on fund 1, plus a step up in carry contractually with the management entity for funds 2 and 3. And protections against them cutting you out of funds 2 and 3. The whole story is a mess. You’d be better off going to work at an established shop. It is very likely the others involved in this idea are using you as a free option.

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What asset class? A $50mm fund will have a hard time paying operating costs even ex salaries, in many cases. A fund that size is basically a hobby and/or way to buy a track record.

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I have direct personal experience of this btw.

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