Private Deals
A private deal gives an investor direct or SPV-pooled exposure to a single company or borrower, an equity deal or a credit deal, rather than a diversified, manager-run fund. Here is how the two deal types compare, and how a deal differs from a fund.
Compare
Equity Deals vs Credit Deals
Equity Deals
Direct ownership exposure to a single company through a primary early-stage round, pre-IPO allocation or late-stage entry.
Best suited for: Investors with high conviction in a specific company or theme, comfortable with concentrated, illiquid exposure.
See Equity DealsCredit Deals
Exposure to a specific borrower or instrument through senior secured lending, structured credit or a special-situations position.
Best suited for: Income-oriented investors who want structured yield with collateral and downside clarity, rather than equity upside.
See Credit DealsFund vs deal
A deal is not a fund
A fund gives you a pooled slice of many companies or borrowers, picked and managed by a fund manager over several years. A deal gives you exposure to one specific company or borrower, on terms you can see upfront before committing. Deals suit strong conviction in a single opportunity; funds suit broader, manager-led diversification.
Some deals give a direct holding in the underlying company or loan; others are pooled through a special purpose vehicle (SPV) or AIF wrapper to allow smaller ticket sizes or cleaner cap-table management. Which structure applies, and what rights come with it, should be clear before any commitment is made.
Ticket sizes for deals are generally smaller and more flexible than a full fund commitment, since the investor is taking a position in one opportunity rather than a multi-year pooled vehicle. Deals also don't usually carry a fixed multi-year lock-in the way funds do: liquidity depends on company-specific events (a later round, IPO or acquisition) for equity deals, or the repayment schedule for credit deals.
FAQs
Common questions
What is a private deal?
A private deal gives an investor direct or SPV-pooled exposure to a single company or borrower, through an equity deal (a primary, pre-IPO or late-stage round) or a credit deal (senior secured, structured credit or special-situations lending), rather than a diversified, manager-run fund.
What's the difference between investing in a fund and investing in a deal?
A fund gives you a pooled slice of many companies picked and managed by a fund manager over several years. A deal gives you exposure to one specific company or borrower, on terms you can see upfront. Deals suit strong conviction in a single opportunity; funds suit broader, manager-led diversification.
What is the minimum ticket size for a private deal?
It depends on the specific deal, but tickets are generally smaller and more flexible than a full fund commitment, since the investor is taking a position in one company or borrower rather than committing to a multi-year pooled vehicle.
Am I investing directly, or through a pooling structure like an SPV or AIF?
This varies by deal. Some equity and credit deals give a direct holding, others are pooled through a special purpose vehicle or AIF for smaller ticket sizes or cleaner cap-table management. The structure and the rights that come with it should be confirmed before any commitment.
How do I exit a deal, and is there a fixed lock-in like a fund?
Deals don't usually carry a fixed multi-year lock-in the way funds do. Liquidity instead depends on company-specific events for equity deals (a later round, IPO or acquisition) or the loan's repayment schedule for credit deals.
If a deal gets oversubscribed, how is allocation decided?
Allocation is set by the terms of that specific deal, not on a first-come basis alone. Whether existing investors or larger commitments get priority should be reviewed and made clear before committing.
Can family offices, corporate VCs and individual HNIs access the same deals?
Often yes, though minimum ticket sizes, allocation priority and reporting expectations can differ by investor type.