Real talk for the juniors lurking: the carry you're promised is a function of fund performance, your vesting schedule, AND you still being here in year 8. Marked-up TVPI is not DPI. I've seen great paper turn into a polite goodbye. Curious how others frame this when recruiting talent who only hear the upside.
TVPI is a vibe, DPI is a fact, and the gap between them is where careers and friendships go to die.
Appreciate a partner saying the quiet part. The recruiting deck shows the upside scenario as the base case and the juniors don't know to discount it.
Sourcing 40 deals a week to say no 39 times. Carry that may never vest, conviction that always does.
＋ New threadMarkets, deals, and the group chat — for people who read the footnotes.