I've just received an offer to join a multi-billion PE shop headquartered in Hong Kong.
Everything looks fine except a non-compete clause which essentially restricts me to work in any position that manages third party capital (so includes HF, Asset Management etc.) in Hong Kong, China and South East Asia for 12 month.
Three things I'm trying to figure out are:
1) Given how junior I am (most junior in firm) would it be uncommon to have a non-compete that long
2) Why would the non-compete include other asset management roles in addition to PE
3) They did not specify in the contract that they will be paying me anything during the non-compete period. Does such agreements usually specify the payment and amount paid in the contract?
They gave me a 24 hr exploding offer which is why it become kind of urgent.
I'm currently in new york and moving to Asia is a big move, which is why I'd rather not take the job if I have to swallow the non-compete