Both structures have a place in a private-markets portfolio. The right mix depends on your underwriting capacity, capital, and goals.
Where deal-by-deal wins
Transparency, sector selection, no blind-pool risk, no management fee drag on uncalled capital, and the ability to concentrate behind your highest-conviction theses.
Where funds win
Instant diversification, no per-deal underwriting effort, professional portfolio construction, and access to large-cap or specialized strategies that require institutional infrastructure.
How allocators combine them
Many family offices use funds as a core diversifier and deal-by-deal as a satellite for concentrated, high-conviction exposure in sectors they understand. Others reverse it: deal-by-deal as the core because they want control, with one or two funds as a complement.
If you are evaluating a transaction in this space and want a candid second look, Solender Capital is happy to compare notes. Reach out through our contact page and share what you are working on.