Don’t really have anyone to tell this to besides my wife but since y’all are in the industry too, had to share this here where people would understand. Obviously it’s meaningless today and could ultimately be worthless, but it could also change my life. $4mm DAW. Let’s go boys and girls.
| +77 | Future of PE | 18 | 1h |
| +26 | Hardest time I have ever seen to be a GP | 3 | 4d |
| +20 | How to Get on Career Track / Stay Post ASO years | 6 | 2d |
| +19 | Weighing exit from LMM PC/PE | 4 | 2d |
| +14 | KKR comp for Principal | 20 | 1d |
| +12 | MBA and Private Equity | 5 | 5h |
| +9 | LMM/MM PE London | 5 | 2d |
| +9 | 2028 Oncycle PE | 9 | 8h |
| +8 | London Exits: What's better for Top PE Exit? | 4 | 2d |
| +8 | Lindsay Goldberg FT 27 | 8 | 1d |
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Congrats dude - that’s huge!
In the words of Connor Macgregor, “Bring out the red panties baby, we made it!”
Appreciate it!
Won’t be worth much this decade :)
I wasn’t worth much the previous three decades so I’ll take this lottery ticket.
Sorry, wasn't meant to be critical. Timing is the most important part of investing and it was a great thirty year run for PE but now it's going to suck for at least a decade. Nothing you can do about it
Ignore that guy—seems like a fucking loser who loves whining about PE on an Internet forum. I seriously doubt he actually works in PE (or any remotely high performing job considering how often he has time to post on here) hence the sour grapes attitude.
Congrats on the achievement!
You’re like the grim reaper of happiness on here. What happened to you as a child?
Lol if you had a dollar every time this Pussy Galore guy preached “stay away from PE this decade”, you wouldn’t be needing any carry checks
Please get professional help. I'm serious. This seems like an intrusive thought for you.
I'm sorry that simple economic observations trigger you
I feel like getting in at a “bottom” so to speak is the best case scenario?
I'm confused as to what the issue is here? I'm just stating the obvious. Higher rate regime is a death sentence for PE. I'm sorry you all have a hard time facing reality.
What DAW stands for?
Dollars at work
What does that even mean?
Dudes and Wenches
Congrats on getting to this point - I'm sure it felt like a long grind. What size of fund did you receive carry in? 4M DAW seems pretty solid for a new VP.
Are you a direct promote? What city is your firm in as well?
This is for a ~4bn fund in NY. I joined at the beginning of this year coming from a 250mm fund, which is why I’m kind of in shock rn.
Congrats… that’s a huge move. Did you land the role through a head hunter process?
Congrats king
Huge congrats man—such a nice achievement!!
YEEEEHAWWWWWW
Congrats OP, do you know if you will also get incremental carry each year? Or this is for the duration for your VP tenure (assuming 4 years)
Interested as well
Not OP but usually you don't get more carry unless promoted or a new fund gets raised. But you usually do at those times
No it’s just for this fund but it also means I’ll have something in the next one we raise in a few years.
Sorry new to this, how does this mechanism actually work? In other words what has to occur to actually make 4mm USD?
Very interested so appreciate the insights.
Example - $2B fund with 20% carry pool. DAW assumes a 2x on the fund, so $2B x 2 less $2B invested = $2B profit x 20% = $400M pool. OP was granted $4M of $400 (so 1%), all assuming a 2x on the $2B fund. If its a 2.5x, the $4M is worth $6M, etc.
Over how many years? Or does this assume 2x return without IRR hurdle?
Congrats!
As toxic as this site can sometimes be, I'm inspired by the positive messages and geniune help that people sometimes try to give others. That and all the f**cking hilarious stories and posts.
Merry Christmas ya filthy animals.
Cheers brother. To WSO and Patrick’s genius for bringing us all here.
I made it yesterday too. Congrats man. I had hunch it was coming but hearing the words for first time in formal setting hit hard. Took me banking and 2 associate stints to find the right lane.
PS - has to be some wordplay we can do on getting in the pool at the same time ____ bros? I think a couple other guys/gals will get the news next week, happy for them too.
Great to hear my mans
Congrats, time to hit the casino
Is carry typically paid, and this might different based on seniority idk, once everything realized? once at least LPs get invested dollars + 8% back, or on a per deal basis?
depends on if American (paid deal by deal but there are nuances; may not get it all paid out on the first couple deals) or if European (paid when everything realized)
Congrats man! Big stuff happening for you, all the best
Congratulations. 🥂
I love these success stories man. Glad you took a minute to stop and celebrate king.
Congrats anonymous stranger, I hope 5 years from now your toughest decision is what color and spec combo you want for your new GT3RS!
More seriously, congrats on making it through so much BS to hitting the point where you're a "real" player making "real" money. I have no doubt it is well earned and is something to be very proud of. May the economy bless your fund and hit you with a 5.0x MOIC
Congrats bro!! That’s huge! How long did it take you to get there?
Congrats, hopefully more to come! Just remember, that 4 will get taxed to death so just assume it’s more like 2mm at the end of the day (hopefully more).
The beauty of carry is that its taxed at cap gains, not income.
And in 10 years what do you think that rate is…hint, it’s not 15%
Congratulations! A very nice step. I remember when I was first awarded carry it made me super attentive to every deal the firm was doing. I started reading up on materials for deals being pitched to IC that I wasn’t staffed on and paying a lot more attention than when I was in my previous role. The sensation fades over time (or at least it did for me), but it’s a pretty nice milestone to hit. Fingers crossed that you’re able to convert it into some real $$$!
Congrats man! This is what the site should be all about.
Whats your first meal planned? First vacay? You made it buddy.
Haha thanks man. Not planning anything too outrageous since this is just funny money for the next decade. Just looking forward to unwinding and spending some quality fam time over Christmas and New Years.
Happy for you man, glad to hear you’re doing well!
Only 7 years until you see a dollar! But a good step nevertheless!
LETS GOO
Congrats! This is awesome news to cap off the year.
You mentioned that you made VP after two associate stints. What did you do differently after your stints to make VP at your current shop?
That was a different poster so can’t help you much there. I also have a fairly circuitous / non-traditional career compared to “the path” that is the focus of most discussions here. My advice to anyone in similar situations, as generic as it may sound, is 1) there are a lot of ways to make money in PE so be open minded and keep hustling, and 2) develop a good reputation and network, and take risks when hunting for a new role. Can’t be in the right place at the right time if you just stay home (metaphorically speaking - what I mean is take a million shots at the goal because you just need one to go in).
Congrats man, remember you achieved what maybe 1% of the people working in Finance overall achieve so hope you pop a bottle or two to celebrate this!!
Congrats! This was a good reminder to celebrate the wins. Big milestone
Congrats!! How does it feel?
That’s awesome dude - great to hear!
In the words of Bernie Sanders, “I am once again asking for your financial support”
Congrats!
Congrats my man
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