Co-invest sleeves managed like the main fund, not like a side project
Allocation, syndication, sub-docs, and reporting for co-invest LPs
Co-invest is increasingly the lever that wins LP commitments to the main fund. But most funds run co-invest as a side project: a few emails, a quick pro-rata math, sub-docs collected by hand. By the third co-invest, the operational debt is significant.
Reuben AI runs co-invest as a first-class workflow. Allocation logic is explicit. Syndication is structured. Sub-docs are collected systematically. Reporting matches the rigour of the main fund.
Why co-invest creates operational debt
Co-invest looks simple from the outside: 'we offered LPs the chance to invest alongside.' Inside, it is allocation math, side letter MFNs, KYC for new participants, sub-doc collection on a deal-deal timeline, and bespoke reporting forever.
Reuben AI absorbs that operational load so the GP can offer co-invest without dreading the next deal.
How it works
Allocation logic
Configure pro-rata, tiered, or bespoke allocation rules per fund. Apply automatically when a co-invest opportunity is created.
Structured syndication
Issue the opportunity to qualified LPs with deadlines, response tracking, and automated reminders. No more chasing.
Sub-doc and KYC
Standardised sub-doc templates per vehicle. KYC routing for new LPs. Same-day collection where regulation allows.
Co-invest reporting
Bespoke reporting per co-invest LP, including capital account, valuation marks, and governance updates.
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What proper co-invest infrastructure enables
Funds that run co-invest cleanly can offer it as a real LP-relationship tool rather than a reluctant favour. They can scale co-invest activity without burning out the operations team.
And they can show LPs the same operational discipline on the sleeve as on the main fund, which is increasingly a differentiator.
Frequently asked questions
How does this relate to the SPV vehicle pages?
The vehicle pages cover the legal structure of co-invest SPVs. This page covers the workflow that runs across whatever structure you use.
Can different LPs get different terms?
Yes. Side letter MFNs are encoded once and applied per LP per deal automatically.
Does it handle closed-fund co-invest from prior funds?
Yes. Co-invest can be linked to any fund, including ones already in harvest mode.
How does co-investment matching protect deal confidentiality?
Co-investment opportunities are shared only with co-invest partners pre-approved by the lead GP, under permissioned access controls. Document and pipeline visibility is enforced per partner, with full access logging.
Can co-investors and the lead GP work from the same evidence pack?
Yes. The co-investment workflow reuses the same diligence evidence, citations and reviewer attestations the lead built, so co-investors do not duplicate work and the lead does not lose audit-trail integrity.