What are they key pros and cons of joining a startup LMM fund? Let's say <15 employees and <350M AUM

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Things that come to mind right away - More responsibility, greater exposure to opps, could be slightly better hours (varies), greater chance for carry earlier, possibly more room at the top to advance if AUM is growing

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300M fund at 2x is a bit safer - gets you 300M of gain and 60M carry dollars over the life of the fund (20%). Each point is thus worth $600k - but keep in mind this doesn’t get paid out until the deals in which you have carry are sold, so unless you stay for 4-5+ years you will likely see $0

Less exit optionality in case it doesn’t work out

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Does this hold true if we’re comparing Capstone vs a very small fund? Everyone ex MBB assumed

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I remember when I first started working on my thesis project. My adviser asked me to get some funding for it, but he didn't give me any advice about how to do that. He just told me that if I wanted money for my project, I'd have to go through some kind of committee process and submit an application for funding from them. Sure enough, after weeks of writing applications and waiting around for responses from the committee members (who were always too busy), I eventually got approved for funding!

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Interviewing at a couple of mega funds at the Sr. associate level and at GSAM/JPMAM at the VP level for product/client facing/distribution roles. Does anyone have any data points for what I should target comp look like? At a buy-side shop rn that notoriously underpays and don’t want to sell myself short . Tia

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Do most PE associates get carry? At firms like Permira, advent, H&F?

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