The Deal Totem Pole: More Good Deals Means Pickier Choices

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

I picture deal flow as a totem pole, with the strongest deals at the peak. You work down from there. The more quality deals you see, the higher the bar at the peak.

The math

Say an endowment sees 50 co-investment offers a year. If it seriously considers the strongest 10%, that is five deals.

Now say it sees 300. It can focus on the strongest 2% and still diligence six deals. Same workload, much pickier selection.

That only works if quality stays high as volume grows. More junk doesn't help.

The endowment version

Some families I work with tell me they have seen 40 deals in three years. Others get several a day. The second group has a large edge. Endowments are similar. An institution with many strong fund relationships sees far more co-investments than one with a handful.

Most of what comes in is what I call normal. Deals that look fine but not exceptional. If you want to find the rare ones that are well above normal more than once every few years, you need to see a lot.

How to raise your volume of good deals

  1. Tell your managers you want co-investments. Many offer them to the LPs who ask and who respond quickly.
  2. Share your strike zone. Managers send more of what fits.
  3. Be fast and clear. A quick, clear no is valued. A slow maybe gets you dropped from the list.
  4. Build peer relationships. Other endowments and family offices share deals they can't fill.

Rank, then work down

Score each offer on fit, team, price and terms. Work through the highest-scoring deals first. Only move down the pole if capacity remains.

Frequently asked questions

How many co-investments can a small team handle?

Fewer than most expect. Real diligence takes time. Plan for a handful a year per dedicated person.

Do co-investments add risk?

They concentrate exposure in single companies. Size each one so a single loss stays small.

Is speed more important than diligence?

No. Be fast at saying no to poor fits so you have time for real diligence on good ones.

Sources

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

More on co-investment and direct deals

The Deal Totem Pole: More Good Deals Means Pickier Choices
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