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Matthias Knab, Opalesque for New Managers:

Stifel Financial and Eaton Partners, one of the world's largest capital placement agents and fund advisory firms and a wholly owned subsidiary of Stifel, released results from a December LP survey, which revealed continued directs/co-investments activity despite a challenging fundraising market.

Data from Stifel and Eaton's Directs/Co Investments LP Market Survey shows that co-investors are ultimately seeking GP sector expertise and deal structure alignment to mitigate downside risk. Additional key findings include the following:

• Investors are open to new sponsors, especially those with clear, strong track records
• For direct co-investments, the top industries include Business Services, Healthcare, Industrials, and Technology
• The core investment bite size for a co-investment is $5 million - $20 million; but larger bite sizes are available
• The core business EBITDA range targeted is $10 million to $30 million
• The top strategies are Buyout and Growth Equity for 1H 2024.