For emerging managers, generally - no, the carry structure should be as follows:
First, return 100% to each Partner until the amount distributed equals the Capital Contribution Value for each Partner for the exited investment, Fund Expenses, and Realized Investments. Then, Carried Interest % to GP and LP % to LPs for the exited investment.
This is used as it can be unfair for smaller funds to wait until the entire fund is returned before they are in the carry, and the existing carry structure creates maximum alignment around the Fund providing top decile performance.
A hurdle rate is uncommon in VC in the US, especially at smaller funds, as the main form of compensation is carry and it doesn’t significantly de-risk the fund.