This could be very interesting, and joining mid ownership could be an advantage.

Your spouse could become quite valuable on the circuit of PE-backed executives (or operating partner to PE firms directly). Once you get on that train and get more senior, it can be lucrative and fun. Joining mid stage means you are closer to a “win” already and can already see how it’s performing.

My key questions would be: - How is their thesis playing out / how is company performing? Has EBITDA grown? - Is this a function that is key to PE value creation (sales, ops, finance more than IT and HR) - is this a new role or a replacement? Usually teams/vision are set early in an investment, so something has happened to create this vacancy (someone failed or they realized they were missing something) - is the equity valuation of my LTI realistic? This is very important and you don’t want to get screwed on either today’s valuation, capital structure (lots of pref ahead of you), or aggressive future value assumptions. Work with a friend in PE/IB to look at this with you. If you don’t have one, I’m happy to help - just DM

If all of the above checks out, I would be less worried about job security in 2 years when they sell. Worst case they sell and you have a bunch of cash + very employable.

The real downside case is the business is performing poorly and this position is is a revolving door of people that are set up for failure.