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  "documentTitle": "Global Private Equity Report 2015",
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  "notes": "Source: Preqin, 'The State of Co-Investments,' Private Equity Spotlight, March 2014",
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      "text": "87% of LPs plan to maintain or increase co-investments.",
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      "text": "As for LPs, many that are drawn to the idea of co-investing as a good way to proceed lack capabilities needed to process what GPs are offering and end up taking a pass. Sometimes the pro rata allocation in the co-investment opportunity may simply be too small to warrant their participation. Other times, LPs need to be able to react to an offer more quickly than their investment committee cycles permit. Still, co-investment seems to be here to stay, because it is yet another way to align the interests of GPs and LPs, even though this application of shadow capital, too, lowers prices and dilutes GPs' economics.",
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      "text": "Recent co-sponsored transactions illustrate the range and breadth of this trend. In May 2014, for example, Ontario Teachers' Pension Plan, the large Canadian pension fund, teamed up with PE firms AEA Investors and Fitness Capital Partners to acquire 24 Hour Fitness, a US-based chain of health clubs, from Forstmann Little. Last June, Temasek, also a Singapore-based investment fund, co-sponsored a Warburg Pincus-led acquisition of 50% of Santander Group's custody business in Spain, Brazil and Mexico.",
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      "text": "may not be practical for some deals. Co-investing today is full of gray areas in terms of the promises GPs are prepared to make to LPs. Many are willing to offer it, but the specifics for how or under what circumstances they will be able to follow through are not fully fleshed out.",
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      "text": "Co-sponsorships. A transition to more active investing, co-sponsorships enable institutional investors to put capital to work directly in businesses as equal partners with PE firms. In much the same way that PE firms joined forces in club deals prior to the 2008 financial crisis, large, independent-minded institutional investors with an appetite for more direct participation in PE deal making are partnering with GPs to co-sponsor deals of all types and sizes.",
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      "text": "Figure 2.10: LPs' search for better net returns has buoyed their interest in co-investing",
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