Co-investment opportunities are generally limited to large institutional investors who already have a relationship with the private equity fund manager and are often not available to smaller investors or private investors. In 2018, consulting firm McKinsey said the value of co-investment deals had more than doubled since 2012 to $104 billion. The number of LDCs making co-investments in EDCs has increased from 42 per cent to 55 per cent over the past five years. But direct investment LPs increased by only one percent over the same period, from 30 percent to 31 percent. Co-investments can be a useful and important instrument for EUROPEAN funds and PE fund investors. While often nuanced and sometimes inadequate, the flexibility offered by co-investments and co-investment vehicles can, under the right circumstances, offer upward potential for funds and SPs. .