Vc carry? Have an interview at a relatively new/small vc (few hundred million aum). They’re offering what sounds like a small base, no bonus, but carried interest (associate position, 3 yoe). Per my understanding this could be either great or awful. What are some questions I should ask to evaluate? Eg around hurdle rate, floor, etc? How long would I have to work there to realize the carry normally?

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You should figure out (i) if the carry is on the entire fund or specific investments completed during your tenure, (ii) what that equates to if the investment / fund returns 2.0x invested capital, and (iii) what the vesting schedule looks like

VC carry can take extremely long to payout, so I’d discount it at a pretty high rate

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Yeah exactly what I was thinking about. Given that 60%+ barely return initial capital or take a loss, plus the time commitment, it just feels like a tickle to make you overlook the crappy cash comp.

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