b'Tranche The process of raising funds in a series of closings, versus trying to raise all of the money at once; this is typically used in a fund versus a syndicate setting. Syndicates typically need a finite amount to close on a property within a specific period of time so they raise what they need as quickly as possible; whereas funds generally raise funds as they are able to deploy it.Transaction Based Compensation Compensation to someone associated with, or employed by, an issuer that is related to the amount of capital they raised for an offering. Only licensed securities broker-dealers may earn transaction based compensation; all others may only earn compensation for their role in management other than raising money; see Chapter 26.313'