How should this carried interest agreement by understood?
A friend of mine have been offered an Associate position in London at a smaller fund. As a part of his compensation package, he will be offered the following package:
Carried interest 3% corresponding to GBP 500k 'at work'.
Anyone who knows how this should be understood?
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Essentially, he will be getting the carry on 500K of investment so if carry is still 20% with a catch-up and the fund is fully invested and returns 2x, he'll get 100K in carry, if the fund returns 3x, he'll get 200K, etc.
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