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Promote may or may not materialize.
Thanks for the comment. Can you please expand more on this? Is it solely a function of fund or investment performance?
A promote is essentially just paper money until it actually hits your bank account. Your fund might perform well for several years, but a sudden interest rate spike or an unexpected black swan event can erase all your gains leaving you with nothing. For junior professionals, I would recommend prioritising a higher base and bonus over the promise of a future promote. That said, megafunds often have global promote pools which offer more stability making them a more sensible option for those looking to stay long term.
At the junior level, if you're receiving promote it's likely because they're trying to entice you out of better base pay. I have not heard of many, if any, stories of junior employees receiving promote and coming out better than if they just took a higher paying position.
Promote at an operator doing one-off deals or promote in a fund are very different.
Which is it?
Typically more visibility into promote at operators doing one-off deals.
Longer time horizon at funds.
One isn't necessarily better than the other but there is a difference to be considered.
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