carried interest

10 statements across 10 episodes · 4 bullish · 4 bearish · 10 people on the record · first statement Jul 3, 2017 by Chris Douvos · across every show →

Everything said about carried interest, oldest first

Jul 3, 2017 neutral
Assertion Supported
30% Carried Interest Above a 3x Hurdle Has Become Standard in VC
“In fact, what you're seeing is a lot of people are now kind of going to higher carries after hurdles. So there'll be a 20 carry up to a two and a half or three X, and then it'll kick up to a 30 carry. And I fought that for a while, and it, you know, it's sort …”
Chris Douvos Jul 3, 2017 ▶ 1:02:06 Chris Douvos – Venture Capital's Super LP (Capital Allocators, EP.14)
Oct 14, 2019 positive
Disclosure
Farmland Opportunity takes no carry on land appreciation or farm sales
“There is no carry on the actual sale of the farm, and there's no carry at some artificial Based on a third party mark to market that no one can believe, right? We do a mark to market on a yearly basis. Every three to four years, there's an external third party…”
Jay Girotto Oct 14, 2019 ▶ 17:59 Jay Girotto – Farmland Opportunity (First Meeting, EP.10)
Oct 12, 2020 bearish
Opinion
Chabran: Carried interest is a cheap alignment option versus real sweat equity
“We all know that the alternative markets have generated this optionality, which will be by way of carried interest, incentive fees, that people would put as a The alignment of interest, I actually think, you know, it's a fairly cheap option compared to any oth…”
Mathieu Chabran Oct 12, 2020 ▶ 17:40 Mathieu Chabran – Good Deals Have No Wheels at Tikehau Capital (First Meeting, EP.23)
Jul 5, 2021 positive
Disclosure
Vista shares pooled carried interest down to junior associates and analysts
“We start off with our investment teams, for instance they're in a pool AXO structure, and we get wonderful incentives for them, which include ability to participate in the sale, carried interest with our associates and analysts, which I think is somewhat uniqu…”
Robert F. Smith Jul 5, 2021 ▶ 39:03 Private Equity Masters 3: Robert F. Smith – Vista Equity Partners (Capital Allocators, EP.202)
Aug 13, 2021 positive
Insight
GP stakes investors recoup capital if the manager raises one subsequent fund
“But if you're able to at least get that second fund in after buying a stake, you're pretty much guaranteed to get your money back just off management fees and some of the maybe in ground carry.”
Wylie Fernyhough Aug 13, 2021 ▶ 14:42 Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208)
Sep 2, 2021 positive
Disclosure
Garfinkel: Arboretum Returns All LP Capital Before Taking Any Carry
“We return all the capital first to our investors, and then we get into the carry.”
Jan Garfinkel Sep 2, 2021 ▶ 46:24 Jan Garfinkle – Arboretum Ventures (Manager Meetings, EP.09)
Feb 14, 2022 negative
Assertion Contradicted
Kayden: Venture carry is rising while management fees remain flat
“Carry is going up. Fees are staying the same regardless of fund size.”
Joelle Kayden Feb 14, 2022 ▶ 39:37 Joelle Kayden – Canvassing the Landscape at Accolade Partners, Venture is Eating the Investment World 7 (Capital Allocators, EP.235)
Oct 23, 2023 negative
Insight
Mercer's Sebusch: Short 2-to-5-year carry vesting destroys venture fund alignment
“I've seen An explosion of short vesting schedules of two to four to five years, and it's just not great alignment. I don't want a GP to be able to leave after two years, get a hundred percent of their carry, sit on the beach, and now the team or the LP base ha…”
Eric Seabush Oct 23, 2023 ▶ 49:08 Raelan Lambert, John Jackson, and Erik Sebusch – Inside Mercer Consulting (EP.345)
Jul 14, 2025 neutral
Insight
Sullivan: A $5B fund at 15% pays far more carry than $500M at 30%
“The carried interest on a five billion dollar fund compounding at 15% return is a lot more than the carried interest on a five hundred million dollar fund compounding at a 30% rate return. Plus, obviously, the fees are 10 X.”
Tim Sullivan Jul 14, 2025 ▶ 40:29 Tim Sullivan – Yale's Private Portfolio (EP.456)
Dec 4, 2025 negative
Opinion
Boucai: Traditional Real Estate GPs Are Structurally Misaligned with Investors
“They are generally using short-term floating rate financing And they have shorter term hold because they're trying to generate carried interest income to pay themselves. And then lastly, I would say they don't have as much personal capital invested. So the ali…”
Robert Bukai Dec 4, 2025 ▶ 9:29 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
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