Insights 2026 | View on Co-Investments

In Insights 2026, we highlight how co-investments have become an increasingly important tool for accessing high-conviction private equity opportunities with lower fees and greater control. As fundraising becomes more polarised and many lower and middle market managers face capital constraints, skilled co-investors are being called on earlier and more frequently to help complete transactions. This shift is expanding the opportunity set for investors who can deploy capital quickly, underwrite efficiently and act as true strategic partners to private equity managers.

Key Takeaways

• Co-investments offer lower fees, reduced J-curve impact and concentrated exposure to a manager’s highest-conviction deals.
• Capital constraints among lower and middle market managers are creating more demand for large, reliable co-investment partners.
• Scale, speed, and certainty increasingly allow the largest co-investors to secure enhanced terms and stronger investor protections.
• Our priorities include increasing discretionary ticket size, deepening partnerships with high-conviction managers, and expanding access to middle-market opportunities.