Syndication

Syndication — pooling several investors’ money to buy one specific deal (a building, a business, a loan), led by an organizer who finds it, structures it, and operates it. The organizer is the GP; the passive investors are LPs; the profit split lives in the distribution waterfall. Your Level 3–4 underwriting skills are the seed of the GP side; the LP side’s first discipline is reading the waterfall before the deck.

First used in: 5.2 · The ten breakthrough patterns