MM PE Offer in SF Bay Area- is compensation market or should I negotiate up?

Currently working as a 2nd-year analyst at a boutique IB in NY and just received an offer for a MM buyout fund in the SF bay area that focuses on software (~1.5bn AUM, most recent fund 500mm). Offer is ~220k all in split $120k base, $60k discretionary performance bonus, and $40k deal bonus (based on the # of deals the fund does in a year- both platform and add-on).

The base seems fine but the bonus seems a bit low to me for SF bay area, and the split of the bonus between discretionary performance and deal bonus also makes me think that total comp may be closer to $200k.

Any advice the community has on if / how to negotiate this up would be greatly appreciated. As I said, the base seems fine so I'm hesitant to push on that lever but I'm unsure how to negotiate a bonus that will be given to me a year from now.

Thanks in advance.

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