Co-Invest for Carried interest, what is reasonable?

I have been offered a job as a PM/Director of a PE Fund with 200M AUM and looking to raise new Fund of 350AUM. I have been offered significant carry in new Fund of 20%. However I will need to contribute 20% of GP commitment of 1% of total raised capital (1% * 350 * 20% = 700k) as a co-invest in order to revive this carry. In principle I have no issue with putting skin in the game for alignment however I am not a partner and not receiving any management fees etc which mainly go to one partner/founder after costs. I believe that the management fees combined with Fund I will be significantly higher than costs and therefore the partner will be receiving significant profits, whereas I will only get a salary and bonus.
Therefore I am trying to see what is reasonable in this situation and whether I should be pushing back to reduce my coinvest amount to receive the 20% carry.
Thanks.

 

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