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I will be surprised if you are able to draft the waterfall, even the simple 2/20 one.
I will be surprised if you will know what you can or cannot sell to LPs.
I will be surprised if you will understand the tax implications in this structure.
I will be surprised if you will know what your managing partner will be able to sell during fund raising.
It looks like they haven't hired you for transactions work and, by that I don't mean that you won't be involved in the deals, but rather that the decision makers in the fund will look to external advisors rather than to you when they take a decision. At your work experience, that is to be expected - most law firms won't let junior associates write emails of any significance at this stage of their career.
My advice remains the same - don't negotiate for an increase within a few months of joining a new work place - you will appear greedy and you don't have any skills to really be able to negotiate a great deal. Work for a year or two, gain some experience, then either ask for more money, or better, ask for a part of the carry. The best will be to work in a law firm, get fucked for a few years, but learn a ton in a relatively short period of time at the expense of pretty much everything in your life.
So, you need to figure which role your fund has hired you for and, if it is for a compliance role, then maybe give it a little time and don't start-off negotiating after 2 months of joining since you will likely come across as greedy. I would work hard and gain some relevant work experience and then negotiate next year.
Ideally, try transitioning to a law firm after you've spent a year or so. You will learn a lot more in a law firm during the early part of your career, although the hours will be a lot worse.
So to summarise:
1. What would be the average salary for this position.
2. Any tips on how to negotiate my salary.
3. I have been doing my work very dilligently and have received praise from others as well.
Any tips and pointers would help. Thanks :)