Syndicators: would you co-sponsor a deal with a newbie?

[Kyle Bryant]

Experienced syndicators please weigh in for me. Have any of you co-sponsored a deal with a new investor? Under what conditions would you consider doing this? Are you looking for a certain percentage of the GP equity? (i.e., you want 50/50 of a 70/30 split). What characteristics would you look for in the newbie you are co-sponsoring with? If they are sourcing the deal, doing the dirty work, and trying to learn on the fly, what makes a co-sponsoring deal attractive, if anything?