Limited partnerships (LPs) continue to seek ways to minimize the costs of their alternative programs. Anecdotal evidence suggests that some are exploring direct investments as a potential solution. Can the direct investment model work for investors in the US and Europe? The last decade has seen tremendous growth in private equity (PE). Once a niche asset class, the importance of PE and other private market investments in institutional portfolios has grown dramatically in recent years. And with cost pressures rising, the direct investment model is surely tempting.