Co-Investments

Alongside the manager, at lower cost.

Direct investment in a single company beside a manager we already back, typically with reduced fees, clearer visibility and a more concentrated position.

Strategy

A manager's best idea, owned directly.

When a private-markets manager finds an especially attractive company, the opportunity is sometimes larger than their fund can take alone. They offer the balance to trusted investors as a co-investment: a direct stake in that single company, made alongside the fund.

For the investor, the appeal is threefold. Co-investments usually carry lower fees than a fund commitment, they offer a clear view of exactly what is owned, and they allow greater concentration in a specific, high-conviction opportunity. The trade is less diversification and a reliance on getting each individual decision right.

See the full platform

Lower cost

Typically reduced fees versus a fund commitment

Transparent

You see exactly the company you own

Concentrated

A direct stake in a single opportunity

Selective

Offered only on a manager's strongest ideas

The manager's conviction, owned directly.

Why clients use them

Concentration, on favourable terms.

Reduced fees

Co-investments generally carry lower management and performance fees than fund commitments, improving the net return on a successful deal.

Transparency

Unlike a blind-pool fund, you know precisely which company you are investing in and can assess it directly.

Conviction sizing

For investors with a strong view, co-investments allow a larger, more deliberate position in a specific opportunity.

How a co-investment works

From offer to ownership.

The offer

A manager we back invites participation in a company alongside their fund.

Diligence

We assess the company, the terms and the manager's rationale before committing any capital.

Investment

Where it is suitable, we invest directly alongside the fund on the agreed terms.

Monitoring

We track the position through to exit, coordinated with the rest of your portfolio.

Suitability & risk

What to weigh before allocating.

Concentration risk

A co-investment is a single company. Without the diversification of a fund, one outcome matters greatly.

Speed and selection

Opportunities can move quickly and must be judged individually. Discipline is essential.

Alignment

The best co-investments sit beside managers whose own capital is committed to the same deal.

Illiquidity

Like the fund beside it, a co-investment is held until the company is sold or lists.

Questions

What clients ask us first.

Why are co-investments offered at lower fees?

Managers offer co-investments partly to invest more in a company than their fund alone can support, and partly to reward and deepen relationships with valued investors. To make participation attractive, they typically charge reduced or no additional fees on the co-invested amount, which improves the net return if the deal succeeds.

What is the main risk?

Concentration. A co-investment is exposure to one company rather than a diversified portfolio, so a single disappointing outcome has a much larger effect than it would within a fund. This is why we assess each opportunity carefully and size positions deliberately.

Who can access co-investments?

They are generally suited to experienced private-market investors who already have fund relationships, understand the concentration involved, and can act on individual opportunities within the required timeframe.

Continue

Related capabilities.

Begin the relationship

Explore co-investment opportunities.

Speak with a specialist about investing directly alongside the managers we trust.

Arrange a consultation Find your nearest office