Deal-by-dealand co-investment
Equity for a single transaction, from family offices, funds and capital partners who have co-invested in the sector this cycle.
- 01Issuers
- Independent sponsors · GPs syndicating · Real-estate sponsors
- 02Allocators
- Family offices · Co-investment funds · Sponsor-equity providers
- 03Evidence
- Co-investments in the sector this cycle
- 04Delivery
- Booked capital-partner meetings
When fund raising is hard, capital moves deal by deal.
General partners are expected to lean on deal-by-deal co-investment and club deals while core fundraising stays difficult, and managers are offering more co-investment to win commitments.
Of family offices invest directly
Of independent-sponsor deals were led by a family office, the most common lead
Of sponsors cite SBIC funds as a capital source, up from 34% in 2023
Raised by dedicated co-investment funds in H1 2026, across 55 funds
Who leads a single deal
For independent sponsors, the lead equity cheque most often comes from a family office, followed closely by mezzanine and equity funds and by PE funds.
Each lead has a different process, speed and set of terms. The list for a single deal is short, and its order matters.
Who backs a single deal
Deal-by-deal capital comes from investors set up to underwrite one company at a time: family offices, dedicated independent-sponsor equity funds, fund co-investment programmes and structured-capital providers.
| Capital partner | Appetite | Typical cheque | Decision cycle | Where deployment shows first |
|---|---|---|---|---|
| Family officesSingle and multi | High | $2–25m | Weeks | Co-investment announcements, deal press |
| Independent-sponsor equity fundsDedicated capital partners | High | $5–50m | 4–10 weeks | Sponsor announcements naming the partner |
| Fund co-investment programmesPE funds and funds of funds | Selective | $5–50m | 2–6 weeks, fast | Co-investment fund filings, announcements |
| Mezzanine and structured capitalPreferred and junior capital | Active | $5–40m | 4–8 weeks | Financing announcements |
| Investor clubs and individualsAccredited syndicates | Selective | $250k–2m | Weeks | Syndicate activity |
Capital partners who have done this deal before
For a single transaction the best evidence is a recent co-investment in the same sector and size band. We read sponsor announcements, financing press and filings for those, then confirm the partner's current appetite and process before the introduction.
The public record of allocation
- Sponsor and deal announcements naming equity partners
- Co-investment vehicle filings (Form D)
- Fund co-investment programme disclosures
- Financing press for comparable transactions
Fit to the mandate
- Sector and size band of the deal
- Control, minority or structured equity
- Sponsor economics they accept
- Timing against your exclusivity
Dated, per allocator
- Most recent comparable commitment
- Managers or companies backed this cycle
- Named decision-maker and route in
- The source, cited on the row
Booked, not broadcast
- Approach framed to the allocator's thesis
- Consent obtained before your calendar
- Materials sequenced to their process
- Follow-through into diligence
Co-invested in an industrial services acquisition led by an independent sponsorSponsor announcement
Co-investment vehicle formed for a second dealForm D
Principal described sponsor-partnership criteria publiclyIndustry panel
Illustrative record. Details are composite and do not describe a real allocator.
Inside your exclusivity
Deal-by-deal raises run against an LOI clock. Partners are sequenced by how fast they have closed before.
Terms on the record
Where public, the sponsor economics a partner has accepted are noted so you are not surprised in negotiation.
What a sponsor raising one deal is choosing between
Independent sponsors usually rely on the capital partners they already know. On a new sector or a larger deal, that list runs out.
| QuantiverseEvidence-led, booked | Placement agentsFull-service fundraising | LP databasesAllocator data platforms | Fundraising agenciesOutreach as a service | Own networkThe GP's relationships | |
|---|---|---|---|---|---|
| Available to first-time and emerging raises | Yes | Above a size floor | Yes | Yes | Yes |
| Allocators deploying now, not historically | Dated in the last cycle | Partly | Periodic refresh | No | Partly |
| Evidence attached to every allocator | Source and date cited | Held privately | Profile fields | No | No |
| List built for this sector and this raise | Yes | Yes | Filters | Partly | No |
| Conversations booked | Yes | Yes | Self-serve | Partly | Yes |
From sponsors and GPs
Specific to this raise. General questions are answered on the practice page.
01We have a signed LOI and six weeks. Is that enough?
Often, if the deal fits a capital partner who has done the same kind of deal recently. We start with the fastest decision-makers.
02Can you help find the deal as well?
Yes. The deal-origination practice works for independent sponsors; the two are run separately.
Equity for the deal, inside the exclusivity window
- 01The dealSector, size, structure and the LOI timetable.
- 02The sponsorTrack record and the economics you propose.
- 03The partnersWho you have worked with, and who passed.