Co-Investment: From Excel to Real-Time Allocation
Co-investment is now a core part of deal execution — but the syndication process is still run in spreadsheets. As sponsors use co-investment to fund larger deals and manage concentration, execution complexity has increased — but the tools haven’t kept up.
The Challenge
LP appetite was tracked manually in Excel, making it impossible to see how books were building across live deals.
With an ever-increasing number of LPs per deal, managing allocations across spreadsheet versions introduced audit and consistency challenges.
Manual NDA handling and data room access created delays at critical points in the deal process, slowing the entire workflow.
The Solution
The firm implemented Termgrid to replace Excel across its co-investment workflows.
Demand is now tracked in real time, with a live “book-build” view of LP appetite replacing static spreadsheets — live data feeds allocation decisions, removing the need to reconcile multiple spreadsheet versions.
Execution workflows — including NDA management and data room access — are handled in one place, reducing delays during live transactions.
DealCloud integration ensures relationship data and execution activity remain fully aligned across systems.
The Outcome
The firm achieved measurable improvements across its co-investment operations.
Real-time visibility into LP demand across live deals
Faster, more consistent allocation decisions
Reduced execution risk in time-sensitive transactions
Eliminated manual spreadsheet tracking and reconciliation
Ability to scale co-investment without additional overhead
Termgrid gave us real-time visibility into demand and a much more structured allocation process.
