I've been moonlighting with a micro VC fund last 2 yrs (sub $10M rolling fund). Got offer to join as first full time non-founder hire this fall. They're closing ~$30M for this first traditional fund.
It's in a smaller market (Utah, Denver, Seattle). GPs have been getting great deal flow-they've been able to get in every deal they've pursued so far. But they're also unproven VC investors. One is a serial entrepreneur with an exit to F100. Below average angel investing track record. The other is a serial community builder. Knows everyone in the ecosystem, but has neither operating or investing experience.
2 questions.
If I'm coming in as associate/senior associate, what would you come in asking for? Assuming we're all taking a comp discount for this first small fund, I've been thinking $125 (base and bonus), and 200 bps to 300 bps carry. And use this first fund as a "paying my dues" for getting more competitive comp fund 2 (assuming we're able to raise again).
What other factors should I weigh with this decision? / suggestions you'd have for joining first time fund.
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