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.

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.