Free for qualifying allocators
Access exceptional co-investments from a trusted network of fund managers, on the same terms they offer their own LPs.
Series A pro rata · $200M post
Why it's available
GP is at his fund's concentration cap and cannot take his full pro rata.
Who's investing
GP entered at $15M post in December and still holds. Existing LPs took 24%.
The GP's view
Knows the founders from a prior company. Thinks data access, not model quality, decides this market.
01 · The opportunity
Fund mandates or capital constraints can leave GPs with compelling allocations in exceptional companies their funds cannot fully act on. While existing LPs get first look, managers will reserve some of the allocation to build relationships with new allocators. We launched the Co-Invest Network to make those connections easier.
02 · Why GPs participate
Managers share co-investments to earn the trust of future LPs. You hear the GP's investment case and ask questions directly, getting to know their judgment and how they work. That relationship can grow through fund commitments and future co-investments.
03 · Deal selection
Quality starts with the source. Shared deals come directly from a small group of fund managers we know intimately. Their reputations and longstanding LP relationships are at stake with each opportunity.
We share fewer than 5% of the opportunities we see. Deals are selected based on provenance, opportunity quality, existing LP and sponsor participation, and fit across our LP network.
Two requirements guide our selection:
The manager's own LPs are investing in the same co-investment.
The same entry price, security, fees and carry as those participating LPs.
Note: LPs deal directly with the sponsoring GP. TSL only makes the connection.
Access
Network membership is free for qualifying allocators. We send new co-investment opportunities as they become available, provided they meet our strict requirements. Once you express interest, we'll introduce you directly to the sponsoring fund.
The Side Letter does not act as a broker or dealer. Nothing on this page is an offer to sell or a solicitation to buy securities.