David Enriquez, head of private equity at the $208bn New York City Retirement Systems, talks co-investments, GP-LP best practices and the ‘white space’ it wants to fill in its portfolio.

Private equity relies on metrics to make some of its most crucial decisions, but do they tell the whole story? In the first of four articles, we take a closer look at the "shapeshifting" EBITDA.

Behind the colossally popular fund of firms business Dyal is a suite of products the investments giant uses to fill the holes traditional markets can’t address.

The strategy has evolved from focusing on diversification and J-curve mitigation to one making concentrated bets on often highly complex deals. Investors unaware of the potential risks face hidden dangers.

These eight limited partners are willing to take a chance on fund terms, strategies and co-investments most won’t give a second glance – and their private equity programmes are reaping the benefits.