An interim consortium agreement used in connection with a consortium or club deal in which a private equity fund teams up with one or more other private equity funds, fund co-investors, or strategic investors to acquire an operating company. The interim consortium agreement sets out the terms and conditions of the consortium under which the investors agree to work together to acquire the target. This Standard Document assumes that the investor group consists of private equity funds, but it can be adapted to be used with co-investors, strategic investors, or transactions without guarantors. This Standard Document includes integrated notes with important explanations and drafting and negotiating tips.