Blackstone Carry Structure

Based on the most helpful WSO content, carry structures can vary significantly across different private equity firms, including Blackstone. Here are some general insights on how carry might work for principals at a large PE firm like Blackstone:

1. Firm-Wide Carry Pool:

   • Some firms operate with a global carry pool where carry is distributed across all funds deployed during the vintages that the principal is present. This means that principals would receive a share of the carry from all deals done within the fund during their tenure.

2. Separate Carry Pools by Strategy:

   • Other firms might have separate carry pools based on different strategies or funds. In this case, the carry would be allocated specifically to the strategy or fund the principal is working on, rather than being spread across all funds.

3. Individual Deal Carry:

   • There are also models where carry is tied to individual deals sourced by the principal, often referred to as the "eat what you kill" model. This can be less common in larger firms but is a possibility.

4. Vesting and Allocation:

   • Vesting schedules and allocation percentages can vary. Some firms might have a back-end loaded vesting schedule, while others might distribute carry more evenly over time.

For specific details about Blackstone's carry structure, it would be best to refer to internal resources or speak directly with someone at the firm, as these structures can be complex and tailored to the firm's specific policies and strategies.

Sources: Confused about carry at PE Fund, Is PE worth it? Can someone explain how carry works (BPS, etc), How does MF Carry work?