Co-investment and syndication.
The firm's structured vehicle for direct private investment. Investors invest deal by deal, on the same economic terms as the firm. No blind pools, no discretionary mandates, no fund-cycle constraints.
How The Model Works.
Each investment is syndicated through a single-purpose vehicle that holds the position in the underlying asset alongside the firm's own capital.
Investors subscribe to the SPV directly on a per-investment basis. Capital is called as the investment requires; distributions flow back to investors as the position realises liquidity events through its
hold period.
This is structurally different from a private equity fund. There is no blind commitment to future investments; investors see each opportunity and decide on it independently. There is no fund-cycle constraint on hold period or exit timing; each SPV runs to the
natural liquidity event of its underlying asset. There is no double layer of management fees; the firm's economics are structured into each investment's terms rather than charged across a portfolio.
The structure is also different from direct cap-table investment. Investors gain exposure to investments that would not be
accessible at smaller commitment sizes, with the firm running the diligence, structuring, governance, and ongoing administration that direct positions otherwise require.
Investor A
Investor B
Investor C
...
The firm
SPV vehicle
Underlying asset
Portfolio company
What Gets Shown.
The firm reviews a high volume of opportunities monthly across its origination channels coverage relationships, professional referrals, and direct approach by principals.
Of these, only a small portion advance through the firm's underwriting process; fewer still are committed to
as principal positions. The investments that are syndicated to investors are those that have passed every stage of the firm's bar.
Investors see only what the firm itself has decided to own. The diligence work is done in full before any investment is shown. The complete lifecycle is outlined in The Full Process.
The Diligence Bar
Reviewed monthly
~300
Past initial screen
~30
Underwritten
~10
To investment committee
~3
Syndicated
~1%
Capital Calls And Distributions.
Capital is not deployed all at once.
Investors make a commitment to the SPV at the close of syndication; the commitment is then called over time as the investment requires capital. For most growth and structured investments, the initial call is between 20% and 50% of the commitment; subsequent calls follow as follow-on activity, bolt-on acquisitions, or other capital needs of the underlying position require deployment.
Distributions flow back to investors as the position realises liquidity through dividend or distribution events at the asset level, partial liquidity through structured investments, or full exit when the position is sold. The distribution profile is investment-specific;
some positions distribute through the hold period, others crystallise at exit.
The economic structure between the firm and investors is set in the SPV documentation. Investors receive their pro-rata share of distributions on the same terms as the firm. The firm's
carry, where structured, is paid only above an agreed hurdle on investor returns.
Cash Flow Profile
20-50% called at close
Additional calls per investment needs
Distributions through hold period or crystallised at exit
Pro-rata investment alongside the firm
Minimums and access.
The minimum commitment to any SPV is $100,000.
The typical floor is $250,000.
The firm structures most investments around this size to accommodate the per-investor diligence and administration overhead.
For larger commitments, direct cap-table positions are available outside the SPV structure. Family offices committing $1M+ to a single investment may take direct positions alongside the
firm; institutional and sovereign allocators committing $10M+ are typically structured as direct co-investors with arrangements appropriate to their guidelines.
Eligibility is per jurisdiction and investor type. Accredited investor, qualified investor, professional investor, or equivalent regulatory thresholds apply depending on the investor's domicile and the structure used. Eligibility is established during platform onboarding.
The economics align over years, not quarters. The firm's reputation accrues with the businesses it builds.
Direct allocation alongside the firm, with cap-table access at scale.
Deal-by-deal access through the platform, from $100K.
Direct co-investment, structured to mandate.
Discreet deal flow alongside personal allocations.
Minimums
SPV Syndication
$100,000 floor
$250,000 typical
Direct Cap Table
$1M+ family office
$10M+ institutional / sovereign
Reporting And Administration.
Each SPV is administered by the firm through the holding period.
Investors receive periodic performance reporting (typically
quarterly), capital call and distribution notices, audited annual financials where the structure requires audit, and access to the firm's portfolio reporting through the platform.
Governance involvement at the underlying asset level is structured into each investment board observation, board directorship, voting rights, information rights and the firm represents the SPV's
interests through to the position's liquidity event. Investors do not engage directly with the underlying asset's management; the firm runs the relationship.
The administration cost is structured into the SPV economics, not charged separately. Investors see net returns from the asset, less the SPV's structured costs, less the firm's economic position where applicable.
What Investors Receive
Quarterly performance reporting
Capital call and distribution notices
Annual audited financials where required
Platform portfolio dashboard
Liquidity event notifications
The Firm's Economics.
The firm invests in every opportunity it brings.
We do not bring what we would not own.
Its position takes one of three forms. The first is cash co-
investment alongside investors on pari passu terms, with the firm's capital at risk on the same basis as the investor's. The second is equity at the cap table, directly in the underlying asset, on terms structured for the investment. The third is carried economics, a share of investor returns above an agreed hurdle, paid only when investors receive returns beyond the threshold.
The form of ownership is set per investment. Where the firm holds pari passu, the firm's outcome and the investor's outcome
are the same. Where the firm holds carry, the firm earns only above the hurdle; below the hurdle, the firm's economic outcome is zero. The firm does not earn placement fees, ongoing management fees, or other event-based fees that are structurally common in fund and agency models.
The principle is operational. The firm's economic alignment with investors is structural, not contractual; it is built into the investment's terms.
The principles behind this approach are set out in Why We Own.
How this compares.
The structural shape of the firm's per-deal syndication model is different from common alternatives in the market. The differences are summarised below.
Commitment Model
- Ladd Capital
- Per investment
- PE Fund
- Blind pool to fund
- Direct Cap-Table
- Per investment
- Third-Party SPV
- Per investment
Discretion
- Ladd Capital
- Per investment
- PE Fund
- None after subscription
- Direct Cap-Table
- Full
- Third-Party SPV
- Per investment
Fee Structure
- Ladd Capital
- Built into deal terms; firm invests pari passu or via carry above hurdle
- PE Fund
- Management fee + carry
- Direct Cap-Table
- Self-administered; investor bears all costs
- Third-Party SPV
- Placement fee + ongoing admin
Hold Period
- Ladd Capital
- Asset-specific
- PE Fund
- Fund-cycle bound
- Direct Cap-Table
- Investor's call
- Third-Party SPV
- Asset-specific
Sponsor Alignment
- Ladd Capital
- The firm invests in every opportunity it brings. We do not bring what we would not own.
- PE Fund
- Carry above preferred return
- Direct Cap-Table
- N/A
- Third-Party SPV
- Closing fee only; no continuing alignment
Diligence Access
- Ladd Capital
- Full firm file shared
- PE Fund
- Fund summary
- Direct Cap-Table
- Investor's own diligence
- Third-Party SPV
- Placement memo
Liquidity Profile
- Ladd Capital
- Through hold cycle to natural exit
- PE Fund
- At fund end
- Direct Cap-Table
- Investor's call
- Third-Party SPV
- Through hold cycle
Administration
- Ladd Capital
- Firm-administered
- PE Fund
- Fund-administered
- Direct Cap-Table
- Self-administered
- Third-Party SPV
- Agent-administered
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