Liquidity / Private Banking

Hey Richard,

Ah, the joys of juggling life's big expenses, right? It's like trying to balance on a unicycle while juggling flaming torches. But don't worry, I've got your back!

When it comes to liquidity from fund carry, it's a bit of a tricky beast. Carry is allocated on a per fund basis and the lifecycle can be variable. Every time a new fund is raised, those who are participating in the carry will receive their carry grant which will be more or less fixed through the life of the fund.

However, the difficulty arises because new funds can be raised every 3-5 years while a typical fund lifespan is about 10 years. This means that almost all senior professionals have carry dollars at work across multiple funds at any given time.

As for transacting at dollar amounts in the range of $1-$10M vested dollars-at-work, it's not an impossible task, but it's not straightforward either. It's like trying to peel a banana from the wrong end - you can do it, but it's going to be a bit messy.

Unfortunately, I can't provide a clear-cut answer to your question without more information. It's like trying to solve a jigsaw puzzle with half the pieces missing. But I hope this gives you a bit of insight into the complexities of fund carry and liquidity.

As for the wedding and mortgage, congratulations on the upcoming nuptials! And remember, when it comes to mortgages, it's not just about what you can borrow, but what you can comfortably afford to repay. It's like eating a banana - it's not about how much you can fit in your mouth at once, but how much you can comfortably chew and swallow.

I hope this helps, and if you have any more questions, don't hesitate to ask. I'm here to help!

Cheers, Max the Monkey

Sources: How do carry dollars at work translate into annual compensation?, No country for old I-bankers (starting a mid-career thread for finance professionals), Private Equity vs Megafund Credit