Wanted to poll some of the experienced board members. How would you think about leaving an UMM (unlikely path to principal given headcount) to join a $1.5-2B first time fund as one of the first VP hires (say you join as SVP/VP3)? Puts and takes vs. joining a vanilla fully staffed MM fund (say $5B) with a lot of headcount and stagnant growth?
What sort of economics would you ask for (NYC/SF)?
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Hi I'm about your level. Maybe slightly more principal-ish. I assume at your UMM you have the standard-ish $2.5mm+ carry package, seems like all-in a lot of firms look to be guiding at like $600 cash maybe top end depending on tenure as VP and then similar in equity. So I'd respect that your cash is going to go down to like $400s all in and you want to make up for the risk in growth. And so you have to figure what you think you can actually get and zero in numbers there. Let's say new fund $1.5bn 2x your carry pool is $300mm. So you'd probably be looking for above 1% numbers as a floor. Hope this helps.
Got it.
If you could secure 600 cash base/bonus, what DAW # would you push for? I was hoping 4-6m given career risk?
My UMM was 4 DAW for VP1 and 10 for VP3.
what are typical VP hours at your firm for VP?
Pretty tough but manageable when not live. 50-60 off deal 80+ on deal. Expecting same at this fund given they do pretty big deals for their relative size.
$5 seems fine. Max out whatever you can on cash.
Take the new fund. $1.5b first time fund in this fundraising environment is no joke
Who is raising a 1.5-2b first time fund? That’s wild
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