The New Rules of Co-Investing

Matt Swain, Managing Director and Global Co-Head of Equity Capital Solutions at Houlihan Lokey, sits down with Adam Spence, Partner and Head of Co-Investments at Partners Capital, to discuss what it takes to build an effective co-investment program. Adam shares how Partners Capital evaluates opportunities, why speed and transparency are critical in the co-investment market, and what sponsors can do to build stronger relationships before a live deal. The conversation also covers fee and carry expectations, governance rights, follow-on capital, and the growing role of co-investments in private equity.Key Insights:● Transparency builds trust. Adam emphasizes that sponsors should share the full storyearly, including the risks, rather than presenting an overly polished version of a deal.● Speed can be a major differentiator. Partners Capital is structured to move quicklywhile still maintaining a rigorous diligence and approval process.● Relationships matter before the deal. Sponsors who invest time in building trustbefore a live opportunity are better positioned when timelines are tight.