Definition:

An individual or firm in charge of finding, acquiring, and managing a piece of real estate.

These are typically entities with real estate experience who are able to underwrite and value a property while working with investors to secure the necessary funding.

Sponsors will usually themselves make some investment in the property (in addition to the other investors that make up the investing syndicate), but will also make some money from a “promote” interest in a portion of any improved cash flow enjoyed by the property under their oversight.