Co-Investments

We partner with sponsors on minority equity in high-conviction deals where we have operational insight and clear exit math. These are typically equity minority investments into private companies alongside a sponsor in real estate, private equity, and venture capital. Co-investments lower fee drag, mitigate the J-curve, accelerate our ramp-up to private markets, and concentrate exposure where we have edge.

We invest alongside our highest conviction investment managers in what we believe will be their most successful strategies, sectors, geographies, and business models. Our team deploys a rigorous, highly selective analytical framework — we pass on approximately 90% of co-investment opportunities, focusing capital on situations where our independent underwriting confirms the sponsor's thesis.

Example: we partnered with SPX Capital to acquire a stake in Quinta do Lago, a premium gated community and golf resort in the Algarve region of southern Portugal. Each co-investment is underwritten independently with defined exit criteria, not rubber-stamped on sponsor conviction alone.