Pay for First Time PE Fund

 1. Did you stay for fund II? If you did (or you had), would you carry % increase?

Fund III currently, carry % stayed the same 

 2. How was carry distributed (vesting schedule, tax implications etc.).

The vesting schedule is 80% over 5 years with 20% deferred till exit, for tax implications read up on Section 83(b).

 $3mm or 10% of total carry bonus to the GP seems high - is this pretty common?

Above market carry but below market cash comp so they kind of 0 each other out, I have a few friends that did the same thing (taking below market cash comp for higher carry) but I wouldn't say its common 

Was your structure unique?

I guess you could say it's uncommon but not unique  

3. How was your comp negotiated. Care to share any tips on approaching this?

 I used my cash comp and what I was told to expect as carry from my old fund as a bargaining chip