Equity syndication is the joint investment of multiple equity investors in the same firm and it can be considered as a core mechanism of entrepreneurial finance. Venture capitalists, business angels, corporate investors, and private equity funds frequently decide to co-invest with the aim of diversifying risk, enhancing screening quality, pooling complementary expertise, and strengthening governance mechanisms. The empirical evidence on the performance consequences of syndication is dispersed and inconclusive, even though the concept of equity syndication is largely employed. While several studies associate co-investment with improved exit outcomes, growth, and innovation, others emphasize coordination frictions, incentive dilution, and intra-syndicate conflicts that may limit value creation.