A few months ago, I joined (have no ownership) an exiting first time mid market buyout fund in Europe. The PE firm is still aiming to raise €200m from investors. Thus the PE firm is not making money yet so none of us get any salary.
The idea was to help the team make some direct deals at first in order to get some track record before going to LPs. We have not closed the deals yet but the fund raising process is going well. Although I did not agree/secure any future compensation for the time I will officially join the PE firm as an employee.
What do you think is the best way to secure a future compensation package for the time we will raise the fund and get management fees to pay us? I am not sure they can make an employment contract without paying me. How about a formal commitment from the managing directors by email ?
Should you have experienced a similar situation, I would love to read your views.
Thank you!
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