The study presents a model for the two-phase flow and heat transfer in the closed loop, two-phase thermosyphon (CLTPT) involving co-current natural circulation. Most available models deal with two-phase thermosyphons with counter-current circulation within a closed, vertical, wickless heat pipe. The present research focuses on CLTPTs for electronics cooling that face more complex two-phase flow patterns than the vertical heat pipes, due to closed loop geometry and smaller tube size. The present model is based on mass, momentum, and energy balances in the evaporator, rising tube, condenser, and the falling tube. The homogeneous two-phase flow model is used to evaluate the friction pressure drop of the two-phase flow imposed by the available gravitational head through the loop. The saturation temperature dictates both the chip temperature and the condenser heat rejection capacity. Thermodynamic constraints are applied to model the saturation temperature, which also depends upon the local heat transfer coefficient and the two-phase flow patterns inside the condenser. The boiling characteristics of the enhanced structure are used to predict the chip temperature. The model is compared with experimental data for dielectric working fluid PF-5060 and is in general agreement with the observed trends. The degradation of condensation heat transfer coefficient due to diminished vapor convective effects, and the presence of subcooled liquid in the condenser are expected to cause higher thermal resistance at low heat fluxes. The local condensation heat transfer coefficient is a major area of uncertainty.