On a $500 million fund that doubles, the carry pool is about $100 million. A principal holding one point of that fund's carry is looking at $1 million — paid over eight years, if the fund performs.
The salary is not the story. A private equity associate might earn $150,000 base with a bonus of similar size, which is good but not life-changing. The number that separates this industry from every other finance job shows up years later, on funds that have already been raised, and it is called carried interest.
— Educational, not financial advice.