Club Deal 101: The Manual.

Stop guessing. Start executing.
Whether you are a Family Office allocating direct capital or a Sponsor structuring your next raise, this is your operating system. No theory—just the practical mechanics, structures, 101 manual and economics you need to get deals done.

The Club Deal 101 Manual serves as the definitive intelligence layer for institutional investors, Family Offices, and HNWIs navigating the complexities of deal-by-deal co-investing. Moving beyond traditional blind-pool fund structures, this manual provides a technical deep dive into the legal mechanics of Special Purpose Vehicles (SPVs), independent sponsor roles, and tactical fee alignment. It is designed to transform the club deal process from an ad-hoc adventure into a repeatable, professional pillar of a private markets toolkit.

By clarifying the “machinery” before investors turn the key, the guide ensures transparency and operational excellence across asset classes like Private Equity, Real Assets, and Infrastructure.

1. Structures & Mechanics

Understand how the machine works before you turn the key.

• Fund vs. Club Deal vs. Co-Invest: A clear breakdown of pros, cons, and when to use which.

• The Independent Sponsor Model: How to operate (or evaluate) deal-by-deal sponsors without a committed fund.

• SPV Flowcharts: Visual maps of money and legal flows for single-asset vehicles.

• Pledge Funds: The hybrid middle ground between committed capital and deal-by-deal.

2. Economics & Fees

Align incentives and avoid hidden drags on returns.

• “2 & 20” vs. Deal-by-Deal: How fee structures shift when capital isn’t committed blind.

• The “Carry”, “Hurdle” & Catch-Up: How performance fees actually work in the waterfall.

• Dead Deal Costs: Who pays the bill when a deal falls through? Market standards for broken deal expenses.

• Fee Drag Visualizer: See the impact of fees on net multiples over time.