Co‑investments continue to attract strong interest and demand from both LPs and GPs after becoming a fixture in the PE landscape. To maximize the utility of their co‑investment programs, GPs should carefully consider certain issues before setting up their main commingled funds. That can include, among other things, whether to grant priority rights to co‑investments to certain LPs, how to structure the co‑investment program and what the offer process should be. This first article in a two-part series examines practical questions about co‑investment programs that a GP should consider prior to and while forming its main fund, including how many co‑investments it expects to offer and how it should deliver its co‑investment policy to potential investors. The second article will discuss conflicts of interest that can arise in the co‑investment context and how sponsors mitigate them. See our two-part series on co‑investments: “Structures That Give GPs More Control and Discretion” (Apr. 21, 2020); and “Direct and Indirect Structures That Empower LPs” (Apr. 28, 2020).