Associate asking for carry
I'm an associate at a non-coastal growth equity firm. Recently sourced a major deal for our fund, will be investing $20M+ into a growth-stage tech company. I already have carry in the fund (instead of annual cash bonus), but am curious how to go about asking for a carry grant in this specific deal, perhaps through an SPV, which we typically put together for LPs and other co-investors. Does anyone have advice on this? I understand many firms don't give associates fund-level carry until they hit VP level (we're unique in this aspect), but in those cases an associate may be in position to ask for deal-level carry if they source and execute an important investment for the fund. Any tips?
This needs to get recognized at your annual comp/review meeting, but I would probably think of the long-term play here and ask for an accelerated promotion rather than additional one-off carry grant.
Wait, you have carry in lieu of an annual cash bonus? Super rare and potentially terrible. What is the vesting term of your carry? Sounds like a broke ass shop.
I don’t hate the idea of carry instead of a cash bonus, in theory, as long as the partnership is giving up enough to OP and the other associates. I wonder if working in an investment team where everyone has very aligned incentives might be exciting.
What? This is terrible. See the thread about carry basically being vapor-bucks.
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