An individual or firm in charge of finding, acquiring, and managing a piece of real estate, usually referred as the first ingredient for a real estate syndication. Sponsors usually have a history of real estate experience and the ability to underwrite and do due diligence on the real estate. The Sponsor raises money from investors to acquire or develop real estate and he will typically hold a participation in the real estate asset alongside the investors. Investors derive the benefits of property ownership without having to be involved in administrative the work of acquiring the property, arranging financing (where applicable) as well as overseeing the day-to-day management.