Building Deal Flow Nets: A Multi-Pronged Approach for Endowments

Adapted for endowment staff from Chapter 4 of Centimillionaire Strategies by Richard C. Wilson.

Most investors get deals through relationships, peers and service providers, plus the odd company that reaches out. That is what I have seen across the tens of thousands of people who have come to our events.

In my centimillionaire book I argue for a more deliberate approach. It is the combination of several sources that creates an edge, not any single one.

The parts that bring better deals

  1. The right communities. Groups where co-investment offers and peer deals get shared.
  2. Positioning. Being known as a fast, fair, reliable co-investor.
  3. Proactive outreach. Targeted work on a niche, such as a sector your faculty knows well.
  4. Choke points. A scarce resource that brings deals to you.
  5. Operating in the niche. Being close to where the assets are.

Barrels, nets and waterfalls

I use simple pictures for this.

  • Barrels of fish. Places where deals already gather. Fund manager networks, peer endowment groups, industry events.
  • Nets. Something you set up that catches deals on its own, such as a published co-investment policy that managers can read.
  • The waterfall. Positioning yourself so that, when someone in your space needs capital, they come straight to you.

An endowment example

A university with deep strength in life sciences could make itself the natural co-investor for healthcare funds. Publish the co-investment criteria. Show up at the right events. Tell its life science managers it wants deals. Over time, those funds call first.

Mind the conflicts

Endowments have extra care points. Deals tied to faculty, donors or the institution's own research need a clear conflict process. Have counsel set the rules before the first deal.

Frequently asked questions

Is a published co-investment policy common?

Some large investors publish criteria. Many share them privately with managers.

Can a small endowment build deal flow like this?

On a smaller scale, yes. Focus on one niche and a few strong manager relationships.

Should faculty be involved in deal review?

Some institutions use faculty experts as advisers. Manage conflicts carefully.

Sources

  1. Centimillionaire Strategies, Chapter 4, Richard C. Wilson .

More on co-investment and direct deals

Building Deal Flow Nets: A Multi-Pronged Approach for Endowments
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