For investors · Investing basics

Investing basics

How syndications work, who can invest, and how fees and waterfalls decide what you take home.

Guides

Read these first

GPs and LPs, the capital stack, hold periods, returns and the questions that matter, explained plainly.

Acquisition fees, asset management fees, preferred returns and promotes: what's typical and how they change what you take home.

Why some deals are advertised and others aren't, what accreditation verification involves, and what changed in 2025.

The latest SEC estimates, how the pool has grown since 1983, and what it means for sponsors raising capital.

Free tools

Model preferred return, profit split and fees to see LP vs sponsor payouts.

10 charts on rates, credit, capital flows and energy, with LP takeaways.