Unique situation, advice needed
So I am in a bit of a unique situation. I am the most junior person at a start-up fund. We are still fundraising and the partners are funding all expenses. Myself and all the other employees (under 10) have agreed to take salaries below market and probably no bonuses year one, but will be getting some owners equity in the form of carry in the fund(s) to make up for the obvious risk we are taking (fund could never get off the ground).
Normally a person at my level would not be getting ANY carry in the fund. However, since we are all taking risk, and taking well below market comp with no bonus, they need to provide some incentive.
My question is this. With really nothing to benchmark against, how do I try and negotiate carry? I will be living like a bum in the city with the salary I am accepting, so I would like something that provides some serious upside down the road, but I have NO idea what that number is.
Anyone care to share some insight? No offense, but preferably not someone who is still in school...