Co-investment strategies remain popular among institutional investors, but limited partners' motivations are evolving. Traditionally driven by fee discounts, LPs now prioritize portfolio construction benefits and enhanced deal access. The strategy's appeal persists, yet the focus has moved beyond cost savings to strategic value creation. What are they looking for today?

Modern LPs seek co-investments as tools for portfolio diversification and risk management, not merely fee reductions. The shift reflects broader market dynamics and changing investor expectations in private markets.

The core question remains: how are LPs redefining co-investment value in today's competitive landscape?