Carry mechanics

How does carry get measured for seniors in PE? Let’s say someone gets 2% / 200 bps of carry.

This is 2% of what?

For example if we have a $1B fund that we turn into $2B, carry pool is $200m. Is the % as a percentage of that carry pool or something else?

What is standard % of carry for each level of partner track?

 

Edited: thanks to response below.

200 bps of carry would usually be considered as a pool of 100% (generated by the usually 20% carry rate fund). In your example, 2x on a $1bn fund with a $200m carry would mean $4m to the individual. 

Most funds would allocate the majority of the carry allocation to the partner and principal layers. As there are fewer individuals at those layers, the per person carry allocation is higher. 

This article explains this in more detail: Private Equity Salary and Bonuses – From Analyst to Partner - Buyside Hustle

 

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