Carried Away Series — Trickle-Down Carry

In the third installment of our "Carried Away" series, Private Equity Partner Jeremy Levy is joined by fellow Private Equity Partner Chris Rossi and Employee Benefits + Executive Compensation Partner Josh Gelfand to explore how carried interest flows beyond a fund's founding partners to junior and mid-level team members. The conversation covers how PE firms structure and size carry pools for broader investment teams, the mechanics of vesting and forfeiture provisions designed to align incentives and retain talent, and the tax considerations that shape how those interests are granted — including the profits interest safe harbor, protective Section 83(b) elections, and the phantom income challenges that can catch recipients off guard. The episode also examines synthetic carry as an alternative tool, why it may be used for certain employees or non-U.S. team members, and whether carry alone remains a sufficient draw in today's competitive talent market. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.