Carry paying out

Ignore my title 

would be grateful if someone could explain carry mechanics. I was looking at funds raised in 2016/2017 and many of them are at 0.2-0.4x DPI 7 years later - this included most of the big funds in Europe.

am I right in thinking that carry only kicks in at 1x dpi which could be another 3-4 years and then to realise anywhere close to your full carry it’ll be around 15+ years in total 

if your DAW is like $1.5 - 2m at optimistic 2x assumptions let’s discount to $1m

so your annualised carry is like 70k 

why is this worth it ?  Or am I being pessimistic ? 

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