LPs and family offices co-investing with sponsors
Data rooms for co-investments
A co-investment comes with a deadline. The sponsor shares its diligence, and the co-investor has days, not weeks, to decide.
The sponsor has done the diligence; the co-investor reviews the investment memo, the main advisers' reports and the model, often under reliance letters. Speed matters because allocations are first come, first served or tied to a signing date.
For sponsors, the challenge is to give several co-investors access to a curated view of a live deal room while keeping the full room for the deal team.
What matters most: A curated view with view-only rights lets many co-investors decide quickly without leaking a live deal.
Best data rooms for co-investments
Checked October 2026. Scores re-weighted for this use case.
Investor access control 26% / Diligence workflow 20% / Security and compliance 20% / Speed to launch 18% / Cost clarity 16%
- 1
Best for: Fundraising, M&A and investor reporting
A full virtual data room with Q&A, watermarks, view and download rights, an activity log, e-signature and AI help, on a published monthly price with a 14-day free trial.
- Price$149/mo
- Trial14-day free trial
- SecuritySOC 2 (hosting)
- Investor controls5 of 6
- 2
Best for: Sell-side M&A and PE buyouts
A long-established M&A data room with ISO 27001 and SOC 2, redaction, SSO and a public API. Quote-based pricing with a free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
9.0/10 Read review - 3
Best for: Bank-led auctions and large M&A
The large-deal incumbent used by many investment banks, with AI tools, SSO, redaction and a mobile app. Quote only, no free trial.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
9.0/10 Read review - 4
Best for: Deal preparation and M&A
An Australian deal platform with AI tools, Q&A, SSO and ISO 27001, plus deal-readiness features. Quote based, free trial available.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls5 of 6
8.7/10 Read review - 5
Best for: Regulated and capital-markets deals
A capital-markets and M&A veteran with ISO 27001, SOC 2, SSO and redaction. Quote only, demo on request.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.6/10 Read review - 6
Best for: Mid-market M&A and legal teams
A mid-market favourite from Canada with Q&A, redaction, ISO 27001 and an easy interface. Quote based, free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.6/10 Read review - 7
Best for: Real estate portfolios and European deals
A German data room with deep roots in European real estate, AI tools, redaction and ISO 27001. Quote only.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
8.5/10 Read review - 8
Best for: Permission-heavy processes
A security-focused room with Q&A, redaction and fine-grained permissions, ISO 27001 and SOC 2. Quote only.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.2/10 Read review - 9
Best for: Corporate development pipelines
A data room plus M&A project management for corporate development teams. Q&A, ISO 27001, quote based with a free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls5 of 6
8.1/10 Read review - 10
Best for: Smaller asset sales and raises
A published-price room from $299 a month with Q&A, a public API and file-level rights. SOC 2.
- Price$299/mo
- TrialFree trial
- SecuritySOC 2
- Investor controls5 of 6
7.9/10 Read review
Ranks 11 to 16: Citrix ShareFile (7.9), SecureDocs (7.7), ShareVault (7.7), Venue by DFIN (7.4), Digify (6.7), DocSend (6.3).
- 01Investment case
IC memo, model, returns analysis - 02Adviser reports
Financial, legal, commercial diligence reports - 03Terms
Co-investment terms, vehicle documents - 04Reliance
Reliance and non-reliance letters - 05Timetable
Signing and funding dates
Must-have features
View and download rights
Per-file rules for view, print and download, including view-only access that can be withdrawn.
Viewer watermarks
Each page shows the viewer's name or email and the time, so a leaked copy traces back to one person.
Activity log
A log of which investor opened, downloaded or printed each file and for how long, ready to export.
Q&A module
Investors ask questions inside the room; your team assigns, answers and publishes them, with a record of every reply.
2-step login
A second login step (a code or an app) for admins and investors.
| Data room | View and download rights | Viewer watermarks | Activity log | Q&A module | 2-step login | Price |
|---|---|---|---|---|---|---|
 Ellty | $149/mo | |||||
 iDeals | Quote | |||||
 Datasite | Quote | |||||
 Ansarada | Quote | |||||
 Intralinks | Quote | |||||
 Firmex | Quote | |||||
 Drooms | Quote | |||||
 SmartRoom | Quote | |||||
 DealRoom | Quote | |||||
 CapLinked | $299/mo | |||||
 Citrix ShareFile | $55/mo | |||||
 SecureDocs | $250/mo | |||||
 ShareVault | Quote | |||||
 Venue by DFIN | Quote | |||||
 Digify | $120/mo | |||||
 DocSend | $45/user/mo |
Step by step
How to run the room
- Curate the viewCo-investors see the memo, reports and terms, not the working files.
- Use view-onlyReports carry reliance limits; no downloads.
- Run one Q&AAnswer co-investor questions once for all.
- Close access after fundingMove co-investors to a reporting folder.
Avoid
Common mistakes
- Opening the full deal room to co-investors.
- Downloadable adviser reports without reliance letters.
- Separate email threads with each co-investor.
Co-investments data room FAQ
What is a co-investment?
A direct investment alongside a sponsor's fund in a single deal, usually with lower fees.
What should a co-investor review?
The sponsor's IC memo, the diligence reports, the model and the co-investment terms.
How fast do co-investors decide?
Often within one to three weeks.