Carry at smaller VC funds - help me do the math / how to price risk

Hey guys,

My first job during studies was at a start up, which I left shortly after graduation. Still a sore point for me as most of the guys are now loaded.

Me on the other hand, I am now at a BB and getting chewed out 24/7. As I am looking for other opportunities there are a few leads with VC funds. The funds however are rather small (<1bn) and don’t have the most established track record. When it comes to negotiations, carry is often brought up, but I am struggling a bit how to assess the risk reward here.

Any precedents or experience from people in the PE/VC space?

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