What portion of junior hedge fund employees are compensated primarily as a function of PnL instead of as a function of age?

My general impression is that many large hedge funds (employees > 5) actually compensate junior employees on the basis of age and not really on performance. My impression is that this applies to hedge fund employees with less than 3-5 years of hedge fund experience, unless the team is small (e.g., < 5 person pod) or the person has unusual bargaining power. By "compensate based on age" I mean basically that you get paid in a way similar to how you are paid in private equity. Is this a fair impression? If so, what portion of junior hedge fund employees are compensated primarily as a function of PnL instead of as a function of age and/or experience?

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Jan 9, 2019