How much Associate carry to expect for new vertical (first-time fund) within an established platform?
Curious what people see in terms of carry for PE associates (if any) joining a new vertical within an established UMM firm, rather than a brand new firm?
Context is roughly a $2-4B target fund size – already seeded but majority to be raised – across a 5-person team (partner, two VPs, two associates). All team members have been external hires, given that the new vertical has been historically non-core to the firm. Confirmed that the carry will draw solely from the vertical’s dedicated fund, rather than the existing firm’s broader pool.
Given very established firm (not first time fund), none. Career/brand risk is low, so they don’t need carry to attract talent.
Yeah… expect 0 lol
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