A Private Equity or Venture Capital Syndicate – or simply ‘syndicate’ – is a group of investment firms investing in an investee firm, through a process referred to as ‘syndication’. The Syndicate is led by a Lead Investor, who is responsible for sourcing and negotiating deals, as well as administering ongoing investments throughout the investment cycle.

A syndicate enables investors to leverage collective expertise and experience to support the investee company. Moreover, by sharing the investment, the syndicate members can diversify their portfolios, gain access to larger deals, and benefit from the due diligence and leadership of the Lead Investor.

This collaborative approach is particularly beneficial in the high-risk, high-reward environments of private equity and venture capital, as the success of investments heavily relies on strategic oversight and active management.

Note: In private equity, this model is sometimes referred to as a "club deal," especially in large transactions involving multiple PE firms.