I am in the process of launching a new fund. Since the beginning of the process my partner and I have leaned heavily on a business school professor with impeccable credentials and a large array of contacts. We would like to bring him on as an advisor/consultant, but to keep start-up costs low, have him take his payout from the back end. My problem is i do not know how to go about giving him a piece of the carry. Is 5% fair or too much? He will not be real involved in the day to day, rather more for investor pitches and investor relations. Any thought would be great, thx.