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Alternative Market Briefing

LPs find new ways to create value in co-investments

Tuesday, September 11, 2018

Bailey McCann, Opalesque New York:

Investment managers have discovered a surprising benefit to co-investments - certain investors can add significant value to transactions. Delegates at the recent Opalesque New York Roundtable say that family offices and investors with niche expertise are helping take co-investments to the next level.

"We've found that an engaged co-investor can be a value-add to us," says David Dunn, Co-Managing Partner and Co-CIO, at Cross Sound Management. "I can think of one particular institution that we do business with that does add value to a lot of our trades and we actually derive benefit from having their team join us at a meeting or on a conference call because they have differentiated ideas. This is an unexpected, but certainly welcomed benefit of the co-investment construct that we are seeing."

Family offices that have prior experience running a company can also be helpful when it comes to due diligence, advising management teams or building partnerships. "For family offices, it can be completely value-add to have them on the board of a company because they can share expertise with other private companies," said Pierre duPont, Partner at HPM Partners, an investment and wealth management firm that works with family offices.

"A family office's ability to find a peer, someone a bit like them or maybe a bit different from them but in either case someone who can speak and think wisely regarding busi......................

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