Gemspring Capital

Carry is not exactly fund wide. You get way less carry on deals that other people do versus the deals that you do. This is how they are able to hire so many people while the founder controls most of the carry since he's not giving away nearly as much to people who are not on the team that does each individual deal. So yes, you get some carry across the funds but amounts vary drastically and this is true for all levels VP and up. This creates an incredibly competitive and cutthroat culture whereby people are fighting to do deals and backstabbing each other. Ultimately there is only one decision maker at the firm so you will just be beholden to whatever deal the CEO wants to do. Also all this talk about incredible returns is way overblown. They had a couple of deals in fund 1 that had crazy high returns (think 20x MOIC) which were both done by a partner who has since sadly passed away. The rest of the fund 1 and fund 2 is pretty meh including some big zeros. It's basically a VC model where they try to hit homeruns but are okay with losses and love to take on maximum leverage to minimize their equity checks. They have very successfully leveraged their early wins into huge fundraising success but doubtful that can continue. The early employees here were the big winners and there is far less opportunity for new joiners. Definitely a place that can burn and churn through people, just look at the attrition rates.