# Underwriters Given the complexities involved with private securitization, there is nearly always an underwriter involved. All underwriters source new borrower clients, conduct due diligence and structure transactions by working with all the 3rd parties involved. Underwriters then fall into one of two categories: * **Buy-side Underwriter** - Typically an institutional investor that underwrites the transaction in a principal capacity with the intent of being the investor * **Sell-side Underwriter** - Typically a broker-dealer that underwriters the transaction in an agent capacity with the intent of selling the transaction to investors that it sources In either scenario, underwriters play a crucial role in ensuring the transaction is well structured by conducting due diligence on the originator, the prospective distinct asset pool and all the associated historical performance data to determine the optimal deal structure that minimizes risk and maximizes return while still being competitive to the originator's alternative sources of funding. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.anzen.finance/private-credit/private-securitizations/transaction-parties/underwriters.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.