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GPs are increasingly using co-investments to strengthen relationships with LPs, tapping investors’ industry expertise and networks.

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Meanwhile at NEPC, while demand for co-investments has remained relatively consistent, the Hightower-owned advisory firm’s head of private equity investments Josh Beers sees increased interest in large private technology companies thanks to artificial intelligence, though he dismissed a lot of that as headline chasing and FOMO.

“Overall demand for co-investing has largely centered on fee-free exposure and, in some cases, shorter hold periods,” Beers told II in an email. “The increased curiosity around technology names has been driven primarily by headlines and a broader fear of missing out.”

Beers added that allocators can also use co-investments to help diversify their portfolios beyond listed and private companies in tech and AI.”

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