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No answer but just want to pick your brain on why? If you're at an MF you probably have the optionality to lateral to any other size of PE shop (MF/UMM/MM/LMM).
I get the whole new fund/entrepreneur but I just find that to be so much risk. I also feel that if the founders were very reputable (i.e., ex-MF/UMM partners) they would be raising $500m+ debut funds... $100m feels quite small.
Haven’t decided what to do yet. Doing my due diligence hence why I am asking this on WSO
$100M fund, 2% management fee is $2M a year. So total expenses for the fund (including your salary) can't top that, unless the Founders are willing to operate at a loss, and that depends on their situation.
Comp is likely to be lower that larger/established funds, obviously, and the trade off is that you can negotiate for carry, co-invest, hell really anything else - vacation days, etc. And that ideally you'll have a faster path to promotion if you perform.
If you want others to give more specifics, then you'd likely have to provide more specific details about the fund as well.
Dunno cash but carry / etc should be based on your ability to negotiate.
... should aim high.
Speaking from experience, would expect ~$200k-$250k all-in cash (assuming you are coming in at Associate level). Think $1 million of carry dollars at work would be reasonable as well assuming it's a small team
Lets assume I am coming in as VP. My title at the current fund is senior associate
Even as a vp I would not expect any higher than $300k cash, and even that may be a significant stretch. This is a first time fund with minuscule fee revenue, you are playing the long game here. Hustle and you could be partner by fund 2. Just have a lot of conviction in the founders… I know it's a tough fundraising market but it doesn't seem like they're coming from a similar background with that level of aum, even for a first fund.
I was quoted $300k cash for a new $300mm Fund II at VP level with $3-4mm equity. Cash is tight and there’s a lot of building to do.
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