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Private equity co-investments

A co-investment represents a direct noncontrolling ownership stake in a company—made alongside a private equity firm or sponsor. Co-investments can be an efficient way for investors to gain exposure to selective buyout deals at a compelling economic advantage.

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Why co-investments?

 

Co-investment opportunities surface when an acquisition target requires more capital than a sponsor chooses to provide from its primary fund alone. By inviting co-investors to participate, sponsors can execute larger transactions while maintaining appropriate fund sizing and diversification, as well as operating control. 

Compelling economic advantage associated with the lower cost of direct investing

Access to high-conviction managers and their investments in prized portfolio companies

Diversification achieved by building balanced sector exposure on a deal-by-deal basis

Muted J-curve effect that accompanies a quicker pace of capital deployment compared with primary fund commitments  

Information edge attained by working alongside a sponsor on a live transaction 

Strengthened sponsor relationships developed through connection, trust, and collaboration

An LP’s guide to a reckoning in private equity

In a transforming market landscape, sector specialization and mastery of generative AI are emerging as key differentiators for private equity

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Webinar

Co-investment funds—opportunities, challenges, and drivers of successful portfolio construction

Join our private equity co-investment experts Rajiv Bakshi and Brian Albert as they discuss where co-investments fit into LPs’ portfolios and what their benefits are.

Register now
Important disclosures

The opinions expressed above are those of Manulife Investment Management and are subject to change based on market and other conditions. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation does not guarantee a profit or protect against the risk of a loss in any market. 

Past performance does not guarantee future results.

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What sets us apart

Discerning value

We review a significant number of co-investment opportunities and selectively invest in market-leading companies alongside our sponsors, leveraging our primary funds relationships to provide investors access to a diversified portfolio of high-quality, mostly middle market companies at attractive fees.

Curating our portfolio to precision

When considering investments, we begin with two key objectives in mind: appropriate portfolio construction and the fit between the sponsor’s demonstrated area of expertise and the investment opportunity.

Leveraging our sponsor network

As multidecade investors in private equity and credit, we put our general partner (GP)-intensive network of relationships to work each day—deep connections across the sponsor community that have flourished, resulting in an information advantage.

Differentiating our sourcing

Our presence in primary funds investing opens doors to co-investment deal flow. A comprehensive lineup of private equity and credit capabilities—including secondaries, junior capital, and senior credit—further extends and differentiates our deal sourcing.

Co-investing experience facilitates efficient execution

With extensive shared direct deal experience consistent with our strategy since its inception in 1998, members of our team have worked closely together for years, enabling us to evaluate and execute co-investment opportunities efficiently and effectively—an essential element of a successful co-investment program. 

Our strategy is purpose-built for private equity co-investment opportunities, leveraging the advantages of Manulife Investment Management’s history, reputation, and unique combination of capabilities.

17 years of co-investing in North American buyouts


For illustrative purposes only. There can be no assurance that any such trend will continue. Equity co-investment strategies do not include deals executed by the Asia team.

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Our portfolio 

We execute alongside proven sponsors in opportunities aligned with their areas of expertise to produce private equity co-investments that are an attractive source of expected investment returns and a highly efficient way for investors to gain targeted exposure to leveraged buyouts.

Read about our latest co-investment fund

We look for businesses with

Strong value propositions

Differentiated product and service offerings

Durable market positions

Leading in industries with limited potential for new entrants or substitute offerings

Consistent free cash flow

Value creation through debt reduction even if growth or cost reduction strategies don’t materialize immediately

Multiple value creation levers

More than one path to generating a strong investment outcome

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Our team

Our co-investment leadership team members average over two decades of direct investing experience, including an average of 17 years at Manulife Investment Management.

Vipon Ghai, CPA, CMA, CFA

Global Head of Private Equity and Credit, Global Wealth and Asset Management

Vipon is responsible for the team that oversees global private equity, junior credit, secondaries, and private credit investments. ​He joined the firm in 2002 and has more than two decades of experience in private equity, four years in corporate and investment banking, and three years of operational experience. Vipon has served as a board director on several public and private companies in the United States and Canada, and he holds the Chartered Financial Analyst, Certified Management Accountant, and Certified Public Accountant designations. 

  • Education: B.B.A., Wilfrid Laurier University 
  • Joined the company: 2002
  • Began career: 1991
Vipon Ghai, CPA, CMA, CFA

Scott Garfield

Senior Managing Director, Private Equity and Credit

Scott has overall responsibility for the firm’s North American junior credit, private equity funds, and equity co-investment programs. Prior to joining the firm, he was a partner at FinanStar Group, a boutique investment bank. Scott’s background also includes numerous merger-and-acquisition assignments and corporate finance transactions while serving in Wachovia’s capital markets group.

  • Education: B.A., Economics, Williams College; M.B.A., Duke University’s Fuqua School of Business
  • Joined the company: 2002
  • Began career: 1988
Scott Garfield

Rajiv Bakshi, CBV, CFA, CPA, CA

Managing Director, Private Equity and Junior Credit

Rajiv is responsible for sourcing, evaluating, negotiating, and monitoring junior credit and private equity investments. Prior to joining Manulife Capital—now operating as Manulife Investment Management—in 2002, he was with KPMG, where he provided valuation and transaction advisory services primarily to private equity investors. Additionally, Rajiv has served as a director on the boards of several companies and on advisory boards of investment funds in Canada and the United States. Rajiv holds the Chartered Business Valuator, Chartered Financial Analyst, and Chartered Professional Accountant designations.

  • Education: B.Com., University of Toronto
  • Joined the company: 2002
  • Began career: 1998
Rajiv Bakshi, CBV, CFA, CPA, CA

Brian Albert, CFA

Managing Director, Co-investments and Junior Credit

Brian is responsible for sourcing, evaluating, negotiating, and monitoring junior credit and private equity investments. Prior to joining Hancock Capital Management—now operating as Manulife Investment Management—in 2011, he was with Bain as a member of the private equity group, where he worked with clients to evaluate investment opportunities and drive strategic and operational changes at portfolio companies. Prior to that, he was a senior analyst in the transaction advisory services practice at Ernst & Young. Brian holds the Chartered Financial Analyst designation.

  • Education: B.A., Economics, Bucknell University; M.B.A., The University of Chicago Booth School of Business
  • Joined the company: 2011
  • Began career: 2003
Brian Albert, CFA

Related viewpoints

October 2, 2023

An LP’s guide to a reckoning in private equity

Scott Garfield

Scott Garfield,  Senior Managing Director, Private Equity and Credit Manulife Investment Management

A reckoning is coming amid a market sea change. Some private equity firms will adapt and flourish—others won’t. Two trends may help alert LPs discern the difference.
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Related strategies

Primary private equity funds

As the backbone of our private equity and credit platform, our predominantly middle market buyout fund investments have generated attractive risk-adjusted returns, strengthened our sponsor relationships, and created new opportunities for clients invested in strategies across the capital spectrum.

Learn more

Senior credit

We focus on directly originated senior secured loans in middle market companies backed by skilled sponsors. Through our broad sourcing capabilities and proprietary underwriting approach, we seek to build diversified portfolios designed to deliver downside protection and premium yields.

Learn more

Junior credit

We allocate junior credit capital to middle market companies, combining robust contractual cash flows and capital appreciation potential. Our strategy leverages long-standing relationships with private equity sponsors and nonsponsor deal sources seeking to generate strong risk-adjusted returns for investors.

Learn more

Secondaries

We believe GP-led transactions in the secondaries market have created compelling opportunities for investors with the flexibility to commit creative, solutions-oriented capital that participates in extending the holding period of sponsors’ most prized portfolio companies. We invest in GP-led deals involving mature assets that are often unavailable elsewhere.

Learn more
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Contact us

John (Jay) D. Jarrett Jr.

Managing Director, Business Development and Investor Relations, Private Equity and Credit

617-572-4594 | jdjarrett@jhancock.com

Leigha Haynes

Director, Business Development and Investor Relations, Private Equity and Credit

857-205-9422 | lhaynes@jhancock.com

Elizabeth Mingle

Director, Business Development and Investor Relations, Private Equity and Credit

617-459-2937 | emingle@jhancock.com

Sean C. Gannon

Managing Director, Business Development, Private Equity and Credit

310-801-3433 | sgannon@manulife.com

Richard Shusman, CFA, CAIA

Managing Director, Business Development, Private Equity and Credit

617-816-2491 | rshusman@manulife.com

Partners and borrowers

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