How to structure carried interest as an independent sponsor:
Standard PE is 20% after a pref (8-10%).
Most sponsors include an upside kicker (if 5x, then...).
Keep all LPs pari passu. Two possible exceptions:
(i) Anchor investor (if 70%+ of your equity is from one capital provider, then they will likely negotiate your terms. You can choose whether to extend these negotiated terms to all LPs).
(ii) Friends & Family. You can have a sidecar SPV that is exempted for fees since this bucket also shows skin-in-the-game.
