At what point/level of career is obtaining carried interest normal?

I know it can vary depending on the firm, but I'm speaking more in general.

Example:

Location would be major city (think LA, SF, NYC, Boston, DC). The firm in question is 10 years in existence, owned by the three founding partners. Total firm size (inclusive of partners) is 10 (couple accountants, couple asset mgrs, and an acquisitions analyst and associate). Firm had previously raised a closed ended fund, total of $75MM equity. Fully deployed and 90% monetized. Second fund has raised $250MM in commitments with expected final closing at end of year taking total size to $300MM. Core-plus/value-add return focus. Looking to invest exclusively with local operators as the 90% LP piece, targeting returns at the LP level, net of fees, to 12-14%.

The position would effectively be the head of acquisitions/asset mgmt. Given the size of the new Fund, evidently the partners want someone 10-15 years of experience who can be the point person for investments and asset mgmt, and also potentially to help on subsequent fund raising down the road.

On first glance, I would imagine that some form of equity position in the Fund would be appropriate given the type of person they are looking to hire. As an LP fund, I am also assuming that within partnership agreement with the various investors, there is a promote structure similar to a joint venture between a GP and LP. Has anyone worked for such a fund and/or have any idea how a waterfall structure might look with the LP structure? Would it be similar to a preferred return and then splits over certain IRR hurdles?

Assuming you were sitting in a conference room with the partners with an offer presented, what type of package would you look for? Again, I understand there are many variables. For example, would acarried interest in the Fund take the place of a year-end bonus component? Would both be reasonable to ask for?

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