Individual Carry Statements

Comprehensive view of compensation, carry, and co-investment by team member

Investment Thesis

Total Compensation Transparency

Individual carry statements provide full visibility into each professional's economic alignment with fund performance. The combination of cash compensation, carried interest, and co-investment creates a multi-layered incentive structure.

Implication 1

Senior professionals derive 60-75% of total economic value from carry and co-invest — directly tying outcomes to fund returns.

Implication 2

Co-investment profit (taxed at LTCG rates) provides meaningful tax-advantaged upside beyond carried interest.

Carry Statement — James Hartwell

Compensation Summary

TitleFounder & Managing Partner

Base Salary$750,000

Annual Bonus$1,500,000

Total Cash Comp$2,250,000

Carried Interest

Carry Points30% (3,000 bps)

Vesting Start2022-01-01

Vested80%

Vested Carry$80.3M

Unvested Carry$20.1M

Total Est. Carry$100.4M

Co-Investment

Commitment$25.0M

Deployed$17.5M

Est. Return (1.62x)$28.4M

Est. Profit$10.8M

Deals & Board Seats

Deals Led (3)

Heritage Benefits GroupPinnacle Insurance GroupClearView Wealth Mgmt

Board Seats (2)

Heritage Benefits GroupSummit Behavioral Health

TOTAL ESTIMATED VALUE (FUND IV)

$122.5M

5-yr cash + carry + co-invest profit (at current NAV)