In private equity, the smartest general partners (GPs) are realizing that co-investments aren't just a fundraising sweetener; they're a strategic lever. Yet many GPs still treat co-investing as an afterthought rather than a core element of fund strategy. According to Preqin's Global Private Equity Report, nearly 70% of LPs now expect co-investment opportunities from their fund managers. The BVCA's 2023 Private Equity Guide offers insights into how firms are adjusting their co-investment behavior during a recession. Co-investments are no longer optional; they're a defining feature of modern private equity.