Negotiating GP Economics
I have an offer to lead a new fund vehicle underneath a broader VC umbrella in a niche asset class I am an expert in (and there aren't many with my skillset). The broader manager has four other funds with ~$1bn of capital raised with around $400mm that has been deployed and is currently up about 3x (so ~$1.8bn of aum). My fund will be a few hundred million. I've spent most of my career in crossover funds where the comp is very tied to PnL and there is relatively high cash comp.
With that said, I'm unclear on exactly what I should be asking for as a package. I'm young for this role but my expertise makes me a good fit. I've made between $1mm-$1.5mm all cash at my cross over fund, but like the idea of having ownership that I don't have at my current fund (plus more autonomy) even if I take a cash pay cut.
Any thoughts on things I should be focused on and types of partnership economics / carry / cash I should be negotiating towards?
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