Fees/carry on separately managed accounts for primary investing?

I'm looking to move into a primary fund investing role where a lot of deal flow is driven by separately managed accounts and specific client mandates. Obviously fees are charged on this but how does this compare to a FoF in terms of carry or incentive fees? Are there any beyond just earning an advisory fee?

 

For HFs, SMAs generally have the exact same fees as the master fund, the only difference is the fund that set up the SMA has no lock up and can pull their capital at any time so can be risky joining a fund with a large % of AUM being in SMAs.

Im sure PE is different tho and not sure how helpful this answer is.

 

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