John Barber is the Managing Partner of Cohesive Capital, a $1 billion private equity firm founded in 2010 to focus exclusively on private and growth equity co-investments. Cohesive executes its strategy without investing in funds and without paying a carry to sponsors. Our conversation covers John’s early career in investment banking, the evolution of the industry, and the launch of Cohesive Capital. We dive into Cohesive’s investment philosophy, deal structure, sourcing, and team. We then discuss his advice for other co-investors, and opportunities and risks in today’s market.