We recommend that you use a single-Manager entity to manage a syndicate.
The individual entities owned by members of the management team can be members of the Manager entity, but you do not want them to be direct “co-managers” of a syndicate. That is because if something happens between the members of the management team (which is where things usually go wrong), you would have to involve investors to remove a co-manager, which will cause your investors concern about your ability to manage their investment.
To prevent this, you should use a single-Manager entity to manage the syndicate. It will have its own operating agreement that serves as the “joint venture agreement” between the members of the management team. This “Manager’s Operating Agreement” describes how you will split money and duties among the members of the management team, make decisions regarding the investment, resolve disputes, and disassociate members who don’t perform.