LMM Co-Investment PE Fund Comp

Hey,

Just had my performance review and did not negotiate salary as I was given carry and a 10% increase, I feel I’m being low balled and wanted your thoughts around whether I should negotiate my comp package or not? Considering my performance review had already happened (went absolutely great btw) but I was caught off guard as I didn’t have clear numbers on the offer - I was expecting only comp increase and ready to negotiate around this but was offered increase in carry pool instead.

I work at an LMM co-investment fund based in TX as an Associate. Total comp is 110k (incl. bonus and 10% inc. from prior year). Hours are great (~50 hour weeks usually, but can come to 100 during IC prep but only for 1-2 weeks, 4-5 times per year). I know comp is way off (according to Heidrick & Struggles survey) but I’m here on a working visa, so switching jobs is complicated and they know it. Just had my performance review and absolutely crushed it this year + one of the associates is leaving so more responsibilities this coming year. I was offered 1.75% of the fund’s carry pool (last year I had 1.5%). Based on my model this represents ~350-400k total with the fund already being 60-70% invested, so probably will be receiving this in 4-6 years.

I would greatly appreciate if anyone has any thoughts or recommendations!

Thanks.