Co-investments can offer investors additional exposure to a specific investment and flexibility in regard to fees and liquidity; they provide additional capital to managers and allow them to make larger investments without running afoul of fund concentration limits. See “Co-Investments Enable Hedge Fund Managers to Pursue Illiquid Opportunities While Avoiding Style Drift (Part One of Three)” (Feb. 21, 2014). A recent program sponsored by Katten Muchin Rosenman offered a look at co-investing from the perspectives of advisers participating frequently in co-investments. Katten partner Noah J. Leichtling moderated the discussion, which featured David McCoy, a managing director and portfolio manager at fund-of-funds manager RCP Advisors (RCP); Christopher S. McCrory, a vice president at 50 South Capital (50 South), the alternative investment arm of Northern Trust Corporation; and Andy Unanue, a managing partner of AUA Private Equity Partners (AUA). The panelists focused on the sourcing and allocation of co-investment opportunities; fees, expenses and other deal terms; characteristics co-investors desire when seeking out investment opportunities; and the outlook for the co-investment market. This article summarizes their insights on these and other topics. For more on co-investments, see “ How and Why Hedge Fund Managers Are Capitalizing on Co-Investment Opportunities” (Dec. 11, 2014); and “Co-Investments in the Hedge Fund Context: Fiduciary Duty Concerns, Conflicts and Regulatory Risks (Part Three of Three)” (Mar. 7, 2014).