Syndicating as co-GP. Am I asking too much to JV w/ my investor?

[Fabiola F.]

I have an interesting deal on the table to join a pretty significant multifamily syndication as a co-GP for 1,000+ units at a price tag of $130m+. Financing is in place as is an institutional equity partner. My position would be to raise the remaining equity of roughly $10-15m, which is about 12% of the total deal size. In exchange, I would come in as co-GP and get a small share in the sponsor promote in the equity structure in addition to a small share in the fee structure on the acquisition side.

I have a couple of investors where most, if not all, of the raise could come from. However, I'm thinking through how to position a possible JV with my investor so that I get in on his side of the LP deal and essentially get a larger share in the equity structure outside of the sponsor promote, OR is this asking for too much since the LP is bringing all of the capital to the table?

Also, in a syndication of this size, what are best practices to ensure that my small interest is not squeezed out in a capital call?

I guess my interest in a JV with the LP is to add more protection for my small share in the event of a capital call.