Start Up Hedge Fund

I have an opportunity to join a start up credit HF as the first non-founding investment professional which will make me the 4th IP (including CIO). For context, the fund is 3 years old and manages $500m - $1b AUM, but the bulk of assets are from a large strategic investor. The plan for growth is to capitalize on the 3 year track record to raise additional capital. I have 5 - 7 years experience and this would be a senior analyst position with visibility to a partner track if growth is successful over the next 3 to 5 years. Performance has been decent and I think the founders, who have good backgrounds, have been realistic and transparent about what sort of returns they can achieve. 

My question is what sort of economics should I expect / negotiate for given this position? Is it appropriate to ask for equity here given they seemingly have proven some going concern value? I'm not sure if that's necessarily true given that could change if raising funds is a bust and the current investor pulls. Would this be equity in the firm itself or simply carry in future capital raised? What would an appropriate cash base be? $125k? $150k? This is a single manager fund so I don't expect to be given a sleeve to trade, so should I think about bonus in a certain way or would pure discretionary be the norm here?