Recently got the promotion to Sr. Associate (at my 2-year mark) at tech-focused growth equity shop with less than 5 investment team members, and we are about to start raising a new ~$125mm fund (meaningfully larger than our first fund). The raise they gave me was only modest as we are capital constrained at the moment (paid below market), and I was not get offered carry in the new fund. That said, I asked the partners and they were open to allocating some carry further down the road and would adjust my cash comp to "market" rates once we close on the new fund.
I generally feel good about our odds of raising the fund, but obviously there are no guarantees and it could be many months or over a year till we start deploying the capital. As such, I am considering making a lateral move (ideally within growth equity or LMM PE), but also think that staying where I am could be a great opportunity to advance quickly and learn a ton as an original member of the team for our first true institutional fund.
Am I crazy if I stay at my current firm / grind it out to get the fund closed? Or should I start looking for lateral opportunities now? Would appreciate any thoughts from other monkeys out here who may (or may not) have gone through something similar! Thanks!
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