Compensation at Start-Up Hedge Fund with $100mm AUM

What is reasonable compensation (Base & Bonus as % of Base) for someone with 1 year of IB experience as the first hire for a hedge fund launching with $100mm AUM? Would this change much after 2 years of IB? When should junior analysts expect to get carry/equity in the fund? What are the kinds of questions to ask the PM when doing the due diligence in order to best understand this kind of opportunity?

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