Syndication is the combination of efforts by a group of different financial entities (private equity firms, venture capital firms, or even investment banks) that come together temporarily for the purpose of handling a large transaction that the entities would not handle individually. For example, when the underwriting of an IPO is handled by various different investment banks working together or when a round of financing involves multiple different venture capital firms. Or, in the startup context, a group of angel investors can get together to close a particular seed round of financing.