First Hire in New Fund Strategy?

Hey folks, was curious if anyone could share some datapoints on what one would expect if they were being brought into an existing platform, but as a first hire in a new fund strategy? Think a lower middle market buyout shop that is expanding into mezzanine or private credit and is building out a new team to lead the strategy. It would be probably a small fund, with opportunity obviously to raise successive funds if the performance is strong, and the track record of the buyout team is pretty good (I believe on Fund VII).

If this was an opportunity, what should one expect to see as a compensation package for a lower/mid-level person, but the first non-executive hire? Call it Senior Associate or Vice President and being the first person in the door other than the group head. Non-NYC. The main point here is carry expectations, but also would be curious to hear what people think would be fair for cash comp perspective.

If anyone could share thoughts on the below, it would be appreciated:

1) Comp: mix of base/bonus, and carry expectations. 

2) Assuming I buy into the strategy, what other things should I be considering here that may not stick out to me on the surface?

3) Red flags to look for?

Thank you all