Moved 22 LP-side closings onto one coordinator. Sixty hours back.
The paperwork I own as a passive investor isn't the same as an agent's. Subscription docs, entity formation confirmations, insurance certs, lender condition lists that the sponsor sends over late, and the wire callback that I insist on doing by voice. Last year I put money into 22 deals across six sponsors and I was doing all of that tracking myself in a spreadsheet with 40 columns.
What I hired: a coordinator who normally works agent files, at $285 per file, plus an hour of setup per new sponsor relationship at $60. Total for the year came to about $6,600. She doesn't touch anything that requires a license and she doesn't give an opinion on the documents. Her job is the calendar and the chase.
What it bought. I tracked my own hours before and after on the same style of deal. I was averaging 4.5 hours per closing on pure admin. It went to about 1.7, and most of what's left is me reading the operating agreement, which I would never hand off. Call it 60 hours back. Two of those hours saved were on one sponsor who sends the funding instruction 36 hours before close every single time, and she started asking for it on day 10 instead.
The part that nearly broke it: sponsor-side people did not want to talk to her. Three of them ignored her emails for two weeks because she wasn't on the distribution list and had no title anyone recognized. I fixed it by sending one email per sponsor from my address saying she has authority to request documents on my behalf, and by giving her an email at my entity's domain instead of her own business domain. Response rates changed within a week.
What I'd keep: the per-sponsor setup hour. That's where she builds the checklist of who actually sends what, and that checklist is the whole product. What I'd change: I should have written down that she never touches wires, in the engagement letter, on day one. We agreed verbally and I hated that for about a month.