Serve pursues co-investments opportunistically.  Serve expects most co-investment opportunities to originate from existing managers but could come from other sources including other private equity firms or independent sponsors.  Co-investments within the lower middle-market are typically offered with advantaged economics (often no-fee, no-carry) from the underlying managers, which should help to reduce the overall fee burden for investors.  Serve believes a well-constructed portfolio of co-investment opportunities should be accretive to its overall investment program.