News & Analysis

Either you do or you don’t

Private debt has less ambivalence than in other asset classes about the desirability of co-investment.

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It seems that, when it comes to co-investing in private debt, LPs are either fully committed to doing it or fully committed to not doing it.

The 19 percent of LPs having a defined allocation to private debt co-investment is a higher figure than for infrastructure and private real estate (14 and 13 percent).

Meanwhile, the 36 percent saying they do not invest in private debt co-investment is again significantly higher than for private real estate and private equity (32 percent and 25 percent).

Fewer LPs than in any of the other asset classes will do private debt co-investments on an opportunistic basis.