Depressed PE Principal
-35 years old. Came from an off-target university without the right concentration.
-7 years of PE work experience, 4 years prior in Corp dev.
-Joined a start up Fund as the first employee 5 years ago. Myself and the founder took it from 0 to 1bn in AUM during this time. My pay over the years was very poor and I was continually promised carry but it never materialized. My base started off as 60k (associate) and went as high as 200k by the time I left. In my final year I earned 700k all-in but it was an anomaly, most years I earned around 100-120k all-in and would routinely work 70-80 hour weeks.
-Got fired from my job about 6 months ago as I was pressuring the founder to finally give me carry (as he promised multiple times in writing). He found it cheaper to just get rid of me. At the same time, my wife got really sick and I could barely afford to pay our mortgage as well as our medical bills.
-Out of desperation I took a job at another PE Fund that is super small. They're paying me 125k base with only a 30% bonus and 7% carry out of our 100m fund.
-i just feel really depressed with where I'm at. I've raised considerable money and have a great track record (around 60 deals lead and executed), I just feel the current pay is way too low and my employer doesn't want to raise more money for like 2 years. Feel lost.
-I have decent relationships and could probably break out on my own to launch a small 30m fund, but I just don't have the savings to last without a paycheque. All those years working at low wages and then the mortgage and medical bills hasn't left me with much working capital.