Assertion Supported AI assessment confidence: 85% certainty 4/5 debate potential 2/5

MacArthur: Co-investments now account for 30% to 40% of all PE capital

Hugh MacArthur · Hugh MacArthur – Private Equity's Challenges and Opportunities (EP.453) · Jun 23, 2025 · at 35:03

Hugh MacArthur discusses fee compression and structural shifts across private equity investing.

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“Now, co-investment is about 30 to 40 cents of every dollar that's invested in the industry.”

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The claim, plainly

Co-investment currently accounts for roughly 30% to 40% of all capital invested in private equity.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

In a June 2025 podcast appearance, Hugh MacArthur (then-Chairman of Bain & Company's Global Private Equity practice) estimated that co-investment accounted for roughly 30% to 40% of capital invested in private equity. Industry benchmark estimates corroborate this range: industry data (compiled by Mergers & Inquisitions) estimates co-investment accounts for 20% to 40% of equity deployed in private equity transactions, while Cambridge Associates benchmarks put co-investment activity at 20% to approximately 33% of overall private equity market activity. Because the vast majority of co-investments occur through deal-by-deal syndication and unlisted shadow capital rather than commingled funds, precise tracking varies, but MacArthur's approximate range of 30% to 40% is well-supported by industry research.

Industry analyses compiled by Mergers & Inquisitions indicate that 20% to 40% of equity deployed in private equity transactions is funded by co-investors.
Cambridge Associates' benchmark report ('Ready, Steady, Co-Invest') estimated co-investment activity represents between 20% and roughly one-third (33%) of overall private equity market activity.
Institutional LP allocations and large public pension targets for co-investment directly reflect this range, typically standing between 15% and 35% of total private equity exposure.

Checked against

[1] mergersandinquisitions.com [2] cambridgeassociates.com [3] financierworldwide.com [4] ncpers.org [5] ropesgray.com [6] uspec.org [7] privateequityinternational.com [8] ca.gov

"co-investment" "percent" OR "percentage" "private equity" "Bain" "Global Private Equity Report" "co-investment" "accounts for" "private equity" "co-investments" "30%" OR "40%" "private equity" capital invested co-investment share of private equity capital deployed 2024 OR 2025 "co-investment" "Bain" "shadow capital" OR "co-invest" OR "30%" OR "40%" "co-investment" "total capital" "private equity" Preqin OR PitchBook OR Bain "Bain" "Global Private Equity Report" "co-investment" OR "co-investments"

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

co-investment private equity industry

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