Is it rare for Associates to be Allowed to Co-Invest?
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My firm encourages it.
MF, UMM, MM-LMM?
My firm also encourages it, MF
My firm also allows / encourages it - mega fund
How is it structured? Deal by deal basis? Fixed amount per deal? Or have to sign up for every deal in a fund?
Bump, interested in this at any firm that allows
I've only ever seen it at the fund level. The logic I always heard is that deal-by-deal can lead to misalignment with LPs -- e.g. if you put 5% of the fund's capital into a deal but 50% of your personal net worth, you may be incentivized to favor that portco at the expense of others. Fund level is also just easier to administer.
That said there are firms where carry is heavily weighted toward "your" deals (e.g. CVC) where I wouldn't be surprised if they encourage deal-by-deal for the same reason.
Cheers, helpful.
For what it’s worth, KKR has deal by deal coinvest and it’s a soft expectation that you invest in your own deals.
Curious for places like Blackstone and Bain how it works
At a MM firm and associates can do GP coinvest.
My firm (middle market) encourages it. Committed at a fund level.
Associate at a MM. we get a certain amount towards each individual deal taken out of our bonus. It’s encouraged
No
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