Direct deals exposure: this refers to the deals made by a limited partner, not through a fund. For example, an investor buying an office property themselves, rather than committing capital to a fund that bought the property.
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Co-Investment: direct investment made by a limited partner in a company/asset backed by a fund. The limited partner therefore acquires two separate stakes in the company/asset: one indirectly through the fund and one directly in the company/asset.
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Indirect Deals Exposure: deals made by a limited partner via a fund, i.e. investor committed capital to a fund that invests in a real estate asset, the investor therefore has exposure to the asset through its fund investment.