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This article examines the collegial dynamics within investment tribunals. I construct a qualitative typology of adjudicator-level interactions based on original interviews with arbitrators from over 90% of finalized investment arbitrations. I proceed in several steps. First, I present an empirical and theoretical background on investment arbitration governance. Second, I give an overview of my data collection and method. I then present eight ideal types of arbitrators, which vary by their tilt towards states and affinity for each other. I then consider 128 distinct tribunal combinations, for which I explore the implications for states. I conclude that collegial dynamics contribute to making awards more investor-friendly or fact specific. The article contributes to the judicial politics and judicialization literatures by providing a case study of collegial dynamics among a class of adjudicators that lack tenure.