Remark 6.180.

Assume for simplicity that \(C\) is small. If \(K'\) consists of all small categories and \(K\) of none, \(\Pp^{\all}(C) = \PSh(C)\) is simply the presheaf category. For arbitrary \(K\) (but still \(K'=\mathrm{all}\)), we may identify \(\Pp^{\all}_K(C)\) with the localization of \(\PSh(C)\) at the class of maps

\[\{\alpha_X\colon \colim_{i \in I} y(X_i) \to y(\colim_{i \in I} X_i) \mid I \in K, X \colon I \to C\}:\]

for every cocomplete category \(D\), a colimit-preserving functor \(\PSh(C)\to D\) is determined by its restriction to \(C\), and it factors through the localization if and only if it inverts each \(\alpha_X\), which is exactly the condition that the restriction preserve \(K\)-indexed colimits.

It follows from Yoneda that we may identify \(\Pp^{\all}_{K}(C)\) with the full subcategory of \(\PSh(C)\) consisting of those presheaves \(F\colon C\catop \to \An\) which send \(K\)-indexed colimits in \(C\) to limits in \(\An\).