{"id":57675,"date":"2026-03-02T14:55:19","date_gmt":"2026-03-02T19:55:19","guid":{"rendered":"https:\/\/www.cambridgeassociates.com\/?p=57675"},"modified":"2026-03-09T10:54:24","modified_gmt":"2026-03-09T15:54:24","slug":"a-look-inside-our-co-investment-playbook","status":"publish","type":"post","link":"https:\/\/www.cambridgeassociates.com\/en-as\/insight\/a-look-inside-our-co-investment-playbook\/","title":{"rendered":"A Look Inside Our Co-Investment Playbook: Top 3 Takeaways"},"content":{"rendered":"

The co-investment<\/a> landscape has transformed significantly over the past decade. Once the domain of only the largest LPs, co-investment opportunities are now more widely available and have become a common feature in private markets portfolios.<\/p>\n

At Cambridge Associates, we\u2019ve witnessed this evolution firsthand. We\u2019re excited to share a few key insights from our own playbook to help you navigate this dynamic environment.<\/p>\n

1.\u00a0 \u00a0Access + Selection + Execution = Success<\/h2>\n

We believe success in co-investing relies equally on access to the best deals, rigorous deal selection, and effective execution. Weakness in any area can undermine portfolio outcomes. Luckily today there are multiple ways for investors to add co-investment exposure, including building a direct program, investing in a co-investment fund, or creating a bespoke single client vehicle (typically for larger investors). Adopting the optimal implementation strategy\u2014which may involve combining more than just one of these approaches\u2014is crucial to achieving strength across all three pillars.<\/p>\n

Always ask: Is my co-investment program strong across these three pillars? If not, how can I improve my implementation methodology to address any gaps?<\/strong><\/h5>\n

2.\u00a0 \u00a0<\/strong>Don\u2019t Let Fee Savings Cloud Your Judgment<\/strong><\/h2>\n

Co-investments often feature zero management fee and carried interest, making them attractive from a cost perspective. However, fee savings alone shouldn\u2019t drive your decision. As a co-investor, you should have access to detailed underwriting information. Take advantage of this (plus other data sources available to you) to fully evaluate the company alongside the sponsor\u2019s value creation plan, considering historical growth rates and margins, competitive positioning, customer concentration, sector trends, valuation, leverage, exit options and other critical factors that will actually drive returns (or mitigate downside risk).<\/p>\n

Always ask:\u00a0Do the company\u2019s fundamentals support our expected future return, regardless of the fee savings?<\/strong><\/h5>\n

3.\u00a0 \u00a0Diversification Means More Than A Handful<\/strong><\/h2>\n

We believe effective risk management in co-investing requires maintaining proper diversification, which we target at 15-18 active deals (built over three years for new portfolios). Why 15-18? Our experience has shown that this threshold tends to position portfolios well to help capture the outsized winners that have driven returns, while providing a buffer against potential losses, enabling investors to benefit from strong direct exposure with manageable downside. Whether you decide to invest directly or through a co-investment vehicle, you are making a conscience decision to invest in individual deals, partner with a co-investment partner, or construct a portfolio programmatically.<\/p>\n

Always ask: Do I have all the essential ingredients (access, selection, and execution) in place to reach optimal diversification?<\/strong><\/h5>\n

 <\/p>\n

Co-investments can offer a powerful way to enhance returns, lower costs, and gain targeted exposures for all types of investors. We believe success requires access to robust deal flow, sharp opportunity assessment, and effective execution.<\/span><\/p>\n

\n

<\/h4>\n

For more insights, listen to the full co-investment episode on our podcast, Cambridge Conversations.<\/a><\/strong><\/h4>\n

If you\u2019re interested in learning more about co-investing or want to discuss how to build the right portfolio for your needs,\u00a0contact us<\/a>\u00a0to start the conversation.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The co-investment landscape has transformed significantly over the past decade. Once the domain of only the largest LPs, co-investment opportunities are now more widely available and have become a common feature in private markets portfolios. At Cambridge Associates, we\u2019ve witnessed this evolution firsthand. We\u2019re excited to share a few key insights from our own playbook […]<\/p>\n","protected":false},"author":26,"featured_media":55932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"categories":[149],"class_list":["post-57675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-investments-en-as"],"acf":[],"yoast_head":"\nA Look Inside Our Co-Investment Playbook: Top 3 Takeaways - Cambridge Associates<\/title>\n<meta name=\"description\" content=\"Discover key co-investing strategies for institutional investors and private clients to optimize investment portfolio management with insights from Cambridge Associates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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