As investors build robust back offices, many are seeking co‑investment opportunities from their PE sponsors. Although those investors may be proficient at evaluating investments, co‑investments present distinct differences from traditional PE funds. PE sponsors must also be aware of these issues and dynamics. To assist PE sponsors and investors involved in co‑investments, Strafford CLE Webinars recently hosted a program that was presented by Sadis & Goldberg partners Steven Huttler, Daniel G. Viola and Alex Gelinas. This first article in a two-part series examines trends in PE co‑investments, ways to determine the right investment vehicles and considerations when negotiating key deal terms. The second article will explore regulatory ramifications and tax considerations relating to co‑investment opportunities. For additional commentary from Huttler and Gelinas, see “Seminar Highlights the Ample Fundraising and Co‑Investment Opportunities in the Private Equity Industry, Along With Attendant Deal Flow and Fee Structure Issues” (Dec. 8, 2016); and “Tax Efficient Private Fund Structuring in Anticipation of the New 3.8% Surtax on Net Investment Income and Proposals to Limit Individuals’ Tax Deductions” (Oct, 18, 2012).