Co-Investment & Partnerships
For a small group of family offices and operators who deploy alongside Kaelo on selected transactions.
What this service is
We do not raise capital from the public, and we do not run a syndication programme. We do, occasionally, take a small group of long-tenured partners into transactions we are already leading. The terms are identical to ours, the economics are pari-passu, and the relationships are personal — meaning the partner is known to us and the introduction was not initiated by either side as a sales motion.
“Co-investment is the relationship part of an investment business. The terms are easy to get right. The relationships are the part that takes decades to earn.”
— An Operating Council principal, Kaelo Investments
What we are accountable for
Where the work lands.
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01
Same terms, same risk
Co-investors come in on identical economics: same entry price, same governance, same hold period. No preferred coupon, no carry, no hidden fee.
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02
Selective deal-by-deal
There is no commitment to deploy capital. Each transaction is offered to a small group of partners by introduction; declining one does not affect access to the next.
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03
Operating-side support
Where the partner has operating relevance — channel access, regulatory standing, technical knowledge — the structure is designed to capture that, not just the capital.
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04
Long-tenured relationships
We add new co-investors rarely. The threshold is years of relationship, not a credentialled introduction. We will say no, often, and we will say so in writing.
How we engage
From first email to standing review.
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01
Long-tenured introduction
New co-investors are added rarely. The standard is years of relationship, not a credentialled referral. Most additions to the co-investor list come from existing partners introducing peers they have themselves worked with for a decade.
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Mutual diligence, in writing
Both sides do diligence before the first transaction. Kaelo on the partner; the partner on Kaelo. The conversation is documented; the expectations are set in writing before any deal is offered.
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Deal-by-deal participation
No commitment to deploy. Each transaction is offered in writing with the diligence pack and the price; the partner accepts, declines, or asks questions in writing. Declining one does not affect access to the next.
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04
Identical terms, identical timelines
Co-investors come in on pari-passu economics: same entry price, same governance, same hold period. No preferred coupon, no separate side letter, no carry to Kaelo on the co-invested portion.
Where this applies
The sectors this service is shaped for.
When to call us
The shape of the moment this work usually arrives in.
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01
You are a family office or operating principal who has known the Kaelo team for years and the operating fit is genuine.
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You hold a relevant operating relationship — channel access, regulatory standing, technical expertise — that would meaningfully strengthen a transaction Kaelo is leading.
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03
You are introduced by an existing co-investor who has worked with you in their own capacity.
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04
You are an institutional partner of Kaelo (banking, legal, regulatory) where co-investment formalises an already deep relationship.
How it works in practice
An offer to participate, never a marketing pitch.
Each co-investment opportunity goes to the relevant partners in writing, with the diligence pack and the price. Replies are accepted in writing. The conversation begins after that.
Recent co-investment, anonymised
A long-tenured family office partner participated alongside Kaelo on a significant-minority position in an industrial platform.
Identical entry price, identical governance rights, identical hold horizon. The partner’s operating relationships in the platform’s end market materially strengthened the post-close working environment.
For clarity
What we will not do here.
- We do not run a syndication programme. There is no broadcast list of opportunities and no marketing material.
- We do not offer fund-style commitments. There is no capital call, no LP agreement, no carry.
- We do not accept introductions where the proposed co-investor is unknown to the Kaelo network through years of relationship.
- We do not negotiate preferential terms for co-investors. The economics are identical to Kaelo’s, on every transaction.
Frequently asked
The questions that arrive first.
- 01 How do new co-investors get added?
- Rarely, by introduction from an existing co-investor, with bilateral diligence on both sides. There is no application form and no marketing pipeline. The standard is years of relationship.
- 02 What are typical co-investment sizes?
- Variable, deal-by-deal. Most participations are aligned to the partner’s own operating size; we do not optimise for ticket-size consistency. The smallest meaningful participation is the size at which the partner takes the position seriously.
- 03 What economics do co-investors receive?
- Identical to Kaelo’s. Same entry price, same valuation methodology, same governance, same hold horizon. No carry to Kaelo. No management fee on the co-invested portion. No preferred coupon.
- 04 How frequently are opportunities offered?
- Variable. Typically one to three opportunities per year, sometimes none. We do not manufacture transactions to meet a co-investor calendar; the work is what Kaelo is doing anyway.
- 05 Is this regulated as a fund or a partnership?
- Neither — co-investments are direct, deal-by-deal, on each side’s own balance sheet. No pooling vehicle. Where a single-transaction SPV is used for legal structuring, it does not change the bilateral economics. See Regulatory Disclosures.
- 06 Can you arrange senior debt or financing alongside?
- Where Kaelo’s long-tenured banking relationships are relevant, we will introduce them — on the partner’s own terms with the lender. We do not act as an introducer for a fee.
Begin
Send a brief about this work.
Written, considered replies within two working days. Initial conversations off-record, no fee, no commitment.
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