PE Comp and Carry - Heidrick & Struggles 2021

4-6 years vesting is standard, often with some portion that’s held back until exit (in other words, if you’re there for 10 years but leave in Year 10 and they sell in Year 11 you might only get 90%). Even after vesting, it doesn’t get paid out until there’s a sufficient liquidity event, so you might be fully vested in Year 5 but not paid until Year 10

Big funds with $100B+ AUM typically have many different strategies, each with many different fund vehicles. You usually only get carry in the fund you specifically invest for, and even then sometimes only in the deals you personally work on. For example, it might be a $150B AUM asset manager, you work for a $20B fund of theirs, and you get 10 bps carry in that fund ($4M DAW).
 

Or, they might have 5 VPs in that fund and plan to do 20 deals with $1B equity checks each, so each VP is expected to do +/- 4 deals over a fund ($4B of equity each) and gets 50 bps in their specific deals ($4M expected DAW). Less common to do VPs like this since they have less control over finding and closing deals, but much more common for principals and partners