Is my offer PE or Asset allocation?

Recently joined this forum; bit of background on myself: I'm an AS03 at a MM boutique from a non-target MBA. I've been recruiting for buyside heavily the past few months and just received an offer from a "buyside" team in a bulge bracket. A key HR requirement for the role listed 3-5 years in sellside M&A and all the team members I interviewed with list PE in their LinkedIn bios, and asked in the interviews "Why do you want to go buyside?". The modeling test wasn't an LBO either.

As a VP eligible candidate I asked about carry structure and they confirmed that some of the VPs on the team get carry but hedged on sharing any further details. The more I review the job description and the offer, the less confident I am that this is a direct investing role and is instead an asset management/allocation role. 

Offer details: Base $200k with $50-60k guaranteed first year bonus with an additional sign on bonus.

Has anyone run into offers like this? How does one distinguish an allocation role from a direct investing role, especially when the job description is generic but requires M&A experience? For those that have received a direct investing buyside offer, was that distinction made explicit in your recruiting process?

This my first buyside offer, is HR usually up front about discussing carry structure or do they tend to stay vague? 

I know taking an initial hit on comp in this transition is normal but the total comp is low and the bonus doesn't really make sense for the role (based on other WSO threads). If this sounds like an allocation role, would taking it crush future PE recruiting options and limit my upside potential?