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Data room for raising co-investment from LPs

A co-investment raise offers LPs a direct share of one deal next to the fund, usually on a tight timetable set by the deal itself. The data room needs a concise deal pack, the SPV terms, the allocation policy and fast Q&A, with each LP able to see only its own allocation and documents.

Fund raises

How this raise works

GPs offer co-investment when a deal needs more equity than the fund should hold, or to reward LPs who value lower-fee exposure. Co-investors are typically existing LPs with in-house teams able to decide in days or weeks, plus some family offices and co-investment funds. The co-investment usually goes through a special purpose vehicle with its own terms.

Co-investors review the investment memo, the model, key diligence reports (commercial, financial, legal) commissioned by the GP, the purchase agreement summary and the SPV terms: fees, carry, governance, transfer rights and how expenses are split. Many ask how broken deal costs are shared if the deal fails, a topic the SEC has also examined.

Allocation is sensitive. LPs want to know how co-investment is offered and to whom, and LPAs or side letters may grant priority rights to some LPs. A written allocation policy in the room, and a record of which LPs were offered what, protect the GP from fairness complaints.

Best data rooms for this raise

The 16 rooms re-ranked with this raise's weights. Raise workflow carries the most weight here.

  • Investor tracking 24%
  • Permission control 20%
  • Raise workflow 25%
  • Investor onboarding 18%
  • Cost of a raise 13%
  1. 1

    Ellty

    Founded 2020, Australia

    8.7Top choice

    Full deal room with AI, a listed price and a 14-day free trial.

    Price $149 a month Trial 14-day free trial Features 8 of 12 listed
  2. 2

    iDeals

    Founded 2008, United Kingdom

    7.9Solid choice

    Long-running M&A platform with layered permissions and fast support.

    Price Priced on request Trial Free trial available Features 9 of 12 listed
  3. 3

    Datasite

    Founded 1999, United States

    7.7Solid choice

    Bank-grade platform for large processes, with AI and a mobile app.

    Price Priced on request Trial Demo on request Features 10 of 12 listed
  4. 4

    Ansarada

    Founded 2005, Australia

    7.6Solid choice

    Deal room with AI and readiness tools for preparing a process.

    Price Priced on request Trial Free trial available Features 8 of 12 listed
  5. 6

    SecureDocs

    Founded 2012, United States

    7.3Worth a look

    Simple flat-rate deal room with signing and Q&A.

    Price $250 a month Trial Free trial available Features 8 of 12 listed
  6. 7

    Firmex

    Founded 2006, Canada

    7.3Worth a look

    Easy, reliable deal room favored by mid-market advisers.

    Price Priced on request Trial Free trial available Features 7 of 12 listed
  7. 8

    Box

    Founded 2005, United States

    7.3Worth a look

    Content cloud with watermarks and signing, priced per user.

    Price $15 a user a month Trial Free trial available Features 9 of 12 listed
  8. 9

    CapLinked

    Founded 2010, United States

    7.2Worth a look

    Deal room with a listed monthly price and an open API.

    Price $299 a month Trial Free trial available Features 7 of 12 listed
  9. 10

    Drooms

    Founded 2001, Germany

    7.2Worth a look

    European deal room strong in real estate, with AI features.

    Price Priced on request Trial Demo on request Features 8 of 12 listed

Places 11 to 16: DealRoom (7.1), SmartRoom (7.0), ShareVault (6.8), Venue by DFIN (6.3), Digify (6.0), DocSend (5.8)

Folder index for the room

A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.

  1. 01 Deal summaryCompany, thesis, size, co-investment amount available, deadline.
  2. 02 Investment memoIC memo version prepared for co-investors.
  3. 03 ModelOperating and returns model with cases.
  4. 04 Diligence reportsCommercial, financial, legal and other reports, with reliance letter status.
  5. 05 Transaction documentsPurchase agreement summary, financing terms.
  6. 06 SPV termsSPV LPA or operating agreement, fees, carry, governance, transfer rules.
  7. 07 Allocation and expensesCo-investment allocation policy, broken deal expense terms.
  8. 08 SubscriptionSPV subscription documents and eligibility forms.
  9. 09 Q&ACo-investor questions with answers visible to all offerees.

Features this raise needs

FeatureWhyElltyiDealsDatasiteAnsaradaIntralinksSecureDocs
Q&A moduleLPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it.
NDA e-sign stepConfidentiality terms an investor must accept in the room before folder one appears.
Dynamic watermarksStamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it.
Investor activity logA per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled.

Setting up the room

  1. 01

    Prepare a co-investor pack in advance

    Have the memo and model ready in a version for co-investors before the fund's IC, so LPs get the most time.

  2. 02

    Publish the allocation policy

    Put the written policy in the room and record every offer made, to whom and when.

  3. 03

    Check report reliance

    Confirm whether co-investors can rely on third-party diligence reports, and note it beside each report.

  4. 04

    Run one Q&A for all offerees

    Answers that matter to the deal go to every co-investor so no one decides on better information.

  5. 05

    Sign SPV documents in the room

    Collect subscriptions with e-signature to meet the signing date.

Common mistakes

  • Offering co-investment informally by email with no record of who was offered what.
  • Broken deal expenses charged to the fund only when co-investors were in the deal.
  • Diligence reports shared without checking reliance terms.
  • Giving co-investors too little time and then reallocating to the same few LPs.

Questions and answers

What is a co-investment?

A direct investment in a single deal made by an LP alongside the GP's fund, usually through an SPV with lower or no management fee and carry.

How long do LPs have to decide on a co-investment?

Often a few days to a few weeks, set by the deal timetable. LPs with in-house teams and pre-agreed terms decide fastest.

Who pays broken deal costs for a co-investment?

It depends on the fund and SPV documents. Regulators and LPs expect the allocation to be disclosed and fair between the fund and co-investors.

Related raises

Which data room fits your raise?

Four questions. About thirty seconds.

Step 1 of 4What are you raising?