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Investors expect that PE direct investments and co-investments will overtake traditional fund investing as the largest capital source within five years, according to a survey that exposes the shifting dynamics in LP-GP relations.
Investment bank Houlihan Lokey's LP Compass, its first survey of the combined co-investment and directs market, polled 56 of the market's most active buyers. Some 78% expect combined volumes to set a record in 2026, beating the $215 billion the bank estimates the market reached last year: a record $161 billion in directs and $54 billion in co-investment.
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#investment #capital #directs
Investors expect that PE direct investments and co-investments will overtake traditional fund investing as the largest capital source within five years, according to a survey that exposes the shifting dynamics in LP-GP relations.
Investment bank Houlihan Lokey's LP Compass, its first survey of the combined co-investment and directs market, polled 56 of the market's most active buyers. Some 78% expect combined volumes to set a record in 2026, beating the $215 billion the bank estimates the market reached last year: a record $161 billion in directs and $54 billion in co-investment.
Sign up for The Europe Pitch
Get our daily digest of private capital markets in the EMEA region.
#investment #capital #directs
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