Below is link to data for comp across fund sizes and experience levels.
Before everyone gets a boner from seeing the high $’s, I personally always discount the carry numbers quoted since there is meaningful variability of vesting schedules, differences of DAW calculations across each respondent and, more importantly, actual fund performance (which can take 7+ years to fully payout assuming performance/MOIC hurdles).
Thanks for sharing, looks interesting
bump
Totally agree with you, those carry numbers can look amazing, but, they’re not as simple as they’re made out to be. The payout really can change based on vesting schedules, DAW differences and actual fund performance and that, in turn, can take years to see anything significant. We get excited by the headline figures, but in reality it’s much more complex. Instead, I’d pull back, looking at the whole picture before I got too excited.
Are carry figs in here DAW at 2x or is it FMV based on firm marks or just self reported and no way to know?
2x methodology. Detail below from the footnotes:
Carried interest is calculated using “carry dollars at work”—the expected return on total carry participation across all vehicles, based on achieving a net 2x return (above hurdle and after fees) in a vehicle charging a 20% performance fee. For example, 7 points (700 bps) of carry (out of a possible 100) in a $500 million fund with 20% carry would result in $7 million of carry dollars at work (500 X 0.2 X 0.07 = 7).
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