Question on carry
I'm breaking into PE at the senior associate level and will be joining a firm that just closed their 3rd fund (~$1bn commitments). I've been told that at the VP level (~2 years from now) that I'll be offered carry. Should I expect to be offered carry in the current fund, which I will have a part in deploying but not in raising, or are you only offered carry in new fundraisings (ie contingent on raising / deploying fund 4)? Probably a dumb question, but curious what is standard (as an industry outsider) and how to think about the carry "offer" in the context of this opportunity.
Edit - Follow up question: Is there any way to bracket the $ range for carry expected at a VP level for, say, a $1bn fund at a relatively small firm (~10 investment professionals; 3 VPs / 3 MDs).
Thanks!
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