The traditional model, where a GP does a deal and offers a slice to LPs, is taking a smaller slice of the co-investment pie. Advanced co-investors are looking at equity infusions, minority stake purchases, call-on-rights or data-driven deal selection to drive outperformance. Continuation vehicles blur the lines even further. Meanwhile, co-investment fundraising has decoupled from primary fundraising trends, as GP capital constraints drive more co-investment supply. What new opportunities do co-investors see in the space? What advantages do LPs gain by building in-house capability? Where does the science of co-investing go next?
