Write short notes on the following: (b) Co-investment Portfolio Manager

Co-investment Portfolio Manager: Co-investment refers to investments made by a Manager, Sponsor, or investor of Category I and II Alternative Investment Fund(s) (AIFs) in investee companies where such AIFs also make investments. To facilitate this, the concept of a 'Co-investment Portfolio Manager' was introduced under the SEBI (Portfolio Managers) Regulations, 2020. A 'Co-investment Portfolio Manager' is defined as a Portfolio Manager who is also a Manager of a Category I or Category II AIF, and who: Provides Services Exclusively: Offers services only to the investors of such Category I or Category II AIFs that they manage. Invests in Unlisted Securities: Makes investments only in unlisted securities of investee companies where the Category I or Category II AIFs also make investments. It is important to note that a Co-investment Portfolio Manager may provide services to investors from any other Category I or Category II AIFs that are managed by them and are also sponsored by the same Sponsor(s). This mechanism allows for alignment of interest between the AIF managers/sponsors/investors and the AIF itself, by enabling them to invest alongside the fund in specific opportunities, particularly in unlisted companies.