Asking for equity/carry in structured credit vehicle

This really belongs in the AM forum but the PE forum is more lively and I suspect I will get better advice here.
PM at my shop is keen to launch a structured credit product, and he needs my experience and contacts in order to build it. He has experience in the space from some time ago, but since his absence, the structure of these vehicles has changed. I have extensive experience from my previous shop, and have the contacts to create it.
The COO already pushed back on the idea because of operational constraints before I joined. Now that I've come in with niche knowledge, it looks like it's a goer. Having me on board with the idea will allow the PM to execute a deal much, much easier. 
Question is, I have an informal chat with the head PM and the head of research in a couple days to talk about it, and I presume to ease the COO's concerns. I am going to be cheeky and ask for equity in the deal, before anything gets put in motion, what's the best way to put a proposition across? 
Vehicle size ~$400m, Life: ~6-7 years, Return: ~12% on equity
Should I ask for 50bps equity or will he tell me to fuck off? 
Best regards