<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002128299</cik>
        <entityName>Islands Co-Investment LP</entityName>
        <issuerAddress>
            <street1>2100 Ponce De Leon Boulevard</street1>
            <street2>Suite 750</street2>
            <city>Coral Gables</city>
            <stateOrCountry>FL</stateOrCountry>
            <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
            <zipCode>33134</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(917) 822-7817</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2026</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Bowline Capital Fund I GP LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2100 Ponce De Leon Boulevard</street1>
                <street2>Suite 750</street2>
                <city>Coral Gables</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33134</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Bowline Capital, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2100 Ponce De Leon Boulevard</street1>
                <street2>Suite 750</street2>
                <city>Coral Gables</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33134</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ethan</firstName>
                <lastName>King</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2100 Ponce De Leon Boulevard</street1>
                <street2>Suite 750</street2>
                <city>Coral Gables</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33134</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Riley</firstName>
                <lastName>Edsall</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2100 Ponce De Leon Boulevard</street1>
                <street2>Suite 750</street2>
                <city>Coral Gables</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33134</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.5</item>
            <item>3C.6</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>16780000</totalOfferingAmount>
            <totalAmountSold>16780000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>10</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The Issuer charges management fees, and provides for carried interest and expense allocations paid or made in favor of Bowline Capital, LLC, or its affiliates, as disclosed in the Issuer's confidential offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Islands Co-Investment LP</issuerName>
                <signatureName>/s/ Ethan King</signatureName>
                <nameOfSigner>Ethan King</nameOfSigner>
                <signatureTitle>Managing Partner of Managing Member of GP of Issuer</signatureTitle>
                <signatureDate>2026-04-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
