The Private Markets Playbook

Carry sharing allows managers to allocate part of their carry to collaborators who help source, diligence, or manage deals.

Side letters allow fund managers and LPs to negotiate custom terms outside standard subscription documents.

Management fees can offer operational stability for syndicate leads, but they must be balanced with investor expectations and deal performance.

SPV leads earn money mainly through carried interest (typically 10–20% of profits) when the company exits.