Retention · Vesting
Vesting Schedule & Retention
5-year ratable vesting · 1-year cliff · 30% escrow holdback
Investment Thesis
Retention Architecture: Time-Based Alignment
The vesting schedule is designed to lock in key talent through the critical value creation period. Accelerated vesting triggers on fund liquidation, change of control, or death/disability protect team interests while maintaining retention incentives.
Implication 1
Total unvested carry across the team creates significant departure cost — each year of additional tenure unlocks meaningful incremental value.
Implication 2
The 30% escrow holdback extends economic alignment beyond the vesting period, protecting LPs against potential clawback scenarios.
Standard Vesting Schedule (5-Year, 1-Year Cliff)
20%
Yr 1
40%
Yr 2
60%
Yr 3
80%
Yr 4
100%
Yr 5
20% vests annually over 5 years with a 1-year cliff. Unvested carry forfeited on voluntary departure. Accelerated vesting on fund liquidation, change of control, or death/disability.
Team Vesting Status
7 professionalsJames Hartwell
Partner
Vested: 80%Unvested: 20%
Vested Carry
$80.3M
At Risk
$20.1M
Victoria Chen
Partner
Vested: 80%Unvested: 20%
Vested Carry
$66.9M
At Risk
$16.7M
Marcus Webb
Partner
Vested: 72%Unvested: 28%
Vested Carry
$48.2M
At Risk
$18.7M
Sarah Kim
Managing Director
Vested: 60%Unvested: 40%
Vested Carry
$24.1M
At Risk
$16.1M
Robert Alvarez
Principal
Vested: 52%Unvested: 48%
Vested Carry
$12.2M
At Risk
$11.2M
Emily Zhang
Vice President
Vested: 40%Unvested: 60%
Vested Carry
$5.4M
At Risk
$8.0M
Daniel Torres
Associate
Vested: 32%Unvested: 68%
Vested Carry
$2.1M
At Risk
$4.6M
RETENTION INSIGHT
Total unvested carry across the team: $95M. This represents significant “golden handcuffs” — the cost of departure increases each year as carry vests. The 30% escrow holdback further extends retention incentives past the vesting period.