How private syndications actually work
Reference material for investors and first-time sponsors. General information only — not investment, legal, or tax advice.
What a syndication actually is
A plain description of pooled private investment vehicles, the parties involved, and where the money and the paperwork move.
Reading a distribution waterfall
Return of capital, preferred return, catch-up, hurdles, and promote — what each tier does and the order they apply in.
Capital calls explained
How committed capital becomes funded capital, how pro-rata amounts are computed, and what happens on a missed call.
Accreditation and eligibility
Why offerings ask for verification, what a sponsor must record, and why a status should never display before a review completes.
Capital accounts and what your statement should show
The line items behind a capital account balance and how to check that a statement reconciles to the underlying records.
Evaluating a sponsor
Practical questions on track record, alignment, reporting discipline, and what happens when a deal underperforms.