Hey guys, I have the option to join a start up hedge fund after I leave b-school. It hasn't launched yet, and has raised almost $200MM in assets right now. The team is very strong, and the PM has had a great track record at the blue chip fund he left to start this one. We have not discussed comp figures yet.
My concerns are that they have been trying to fund raise for over a year now, and have only taken on $200MM. I don't know what their pipeline looks like. It's a pretty low AUM base given the team size (I would be 4th investment guy, and with back office, it adds up to 8 people), which makes comp very tight. I expect no bonus until assets increase, but do need a solid base to pay off student loans/to survive. For those of you that are more knowledgeable in startup funds, do you have any insight into other things I should consider, questions I should ask the team, etc, as I make my decision? Is this an overly risky proposition?