What are typical GP economics for syndication/fund?

[John Quan]

I understand that GP economics will vary from deal to deal and they can always be negotiated. But does anyone have any resources I can review to better understand how things are typically split between the GPs?

For example, if I'm able to raise $1,000,000 of the $10,000,000 total raise -- what type of % of the GP should I expect to have? Assuming the other GPs will have a much more active role in managing the assets after acquisition? Would I be entitled to the acquisition fee, asset management, and disposition?

Would the economics change if the capital raised went towards a syndication vs fund? I could see the splits being worse of someone who is not actively managing for a fund given the likely longer duration of asset management and hold time.

[Spencer Gray]

@John Quan There is no standard or market for compensation as a co-gp. It's relative to what you can bring to a deal and what a sponsor needs at that moment. For a $10,000,000 equity raise, bringing 10% is nice but honestly isn't a game changer assuming the sponsor has the ability to raise the other $9M, one more million isn't much of a stretch. If you were to bring $5M, then that could be very attractive as it might allow a sponsor to keep some of his investors powder dry for another deal. 

As @Larry Lemer said I would speak with an SEC attorney to make sure you have a good understanding of the rules of the road, although there is some gray area when it comes to co-gps. 

You cannot receive a % based compensation or fee based on what you raise. However, if you are a principal of the company, or a member of the GP entity, and have some role in the company in addition to raising capital, then that can work. 

*Not legal advice*