An investment fund dedicated to the provision of equity finance to SMEs in which business angels have committed to invest provided that they are able to source a co-investor. The co-investment fund invests under the same terms and conditions as the angels, on a pari-passu basis. The fund is run by an independent fund manager who uses to a large extent the due diligence work carried out by the business angels in order to reduce costs. Funds can be managed by business angels, public authorities, venture capitalists, private equity groups, or any combination of the above. In some cases (side-car funds), angels that are already part of an investment structure (BAN) pool resources into a fund for specific investments, in parallel to the activities operated at the BAN level.