Clifford Chance

Co-Investments – Structural Considerations (Part 1 of 2)

15 September 2025

Persisting macroeconomic challenges, lengthier fundraising periods and investors' desire to deploy capital to pre-identified assets have fueled the popularity of co-investments in recent years. Given this increased attention, we have prepared this two-part refresher on co-investments. The first part will provide an overview of the main structural factors to be taken into account by both sponsors and investors, including examining the differences between direct and indirect co-investments and whether investors should participate at the bidding or syndication stage. The second part will explore some of the more heavily negotiated terms with indirect co-investment transactions.

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