This is pretty much the same across the industry in many companies, and many have this investment team structure built with entrepreneurial incentives. As far as I know, 60% of the carried interest goes to the team and 40% to CapMan (this is mostly from memory, though, so please correct me if someone knows more precisely). It is clear, however, that AUM growth flows directly into the “EBITDA” of that specific investment area, from which the investment teams’ share has already been deducted. It is worth looking at these peers that have grown larger, as they can give you an idea of what these CapMan investment areas might look like as they grow.
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