Co-Investment vs. Club Deal: What Endowment Boards Should Know

Adapted for endowment and foundation readers from Chapter 12 of The Single Family Office by Richard C. Wilson.

People use these two terms as if they mean the same thing. They don't. Knowing the difference helps a committee understand what staff are actually asking it to approve.

Co-investment

A co-investment is when a limited partner invests directly in a company alongside a fund it already backs. The endowment has exposure through the fund and a second piece directly.

Picture a private equity fund buying a company. The fund carves out a slice and offers it to a few of its LPs. They invest next to the fund, not through it.

Co-investors are usually passive. The fund sourced the deal, runs diligence and manages the company.

Club deal

A club deal is when several investors pool capital to take on a deal none of them wants to do alone. The parties are closer to equals. They agree on terms and structure in advance and usually come in under the same structure.

In the family office world, I have seen several families team up to buy a business that was too big for any one of them. Endowments do this less often, but some partner with peers or family offices on large real estate or private company deals.

Side by side

Co-investmentClub deal
Who sources itThe fund or lead investorOne or more of the partners
Your roleMostly passiveMore active
StructureVaries, often opportunisticAgreed up front, usually shared
WorkloadLowerHigher

A question I ask first

When a board member asks me which one to do, I ask back: who on your side will do the work? A co-investment can be run by one person who trusts the lead manager. A club deal needs someone at the table every week.

What this means for your policy

Your investment policy should say whether staff can do co-investments, club deals or both. And who approves each, at what size.

Frequently asked questions

Are co-investments always cheaper?

Often they carry reduced or no fees. Terms vary by manager.

Do club deals need more staff?

Usually. Partners share governance, so someone has to show up and do the work.

Can a small endowment join a club deal?

It can, but make sure you have the skills and legal support to be a real partner.

Sources

  1. The Single Family Office, Chapter 12, Richard C. Wilson .

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Co-Investment vs. Club Deal: What Endowment Boards Should Know
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