The category of internal coalgebras in a cocomplete category
with respect to a variety
is equivalent to the category of left adjoint functors from
into
. This can be seen best when considering such coalgebras as finite coproduct preserving functors from
, the dual of the Lawvere theory of
,
... [Show full abstract] into : coalgebras are restrictions of left adjoints and any such left adjoint is the left Kan extension of a coalgebra along the embedding of into . Since -coalgebras in the variety for rings R and S are nothing but left S-, right R-bimodules, the equivalence above generalizes the Eilenberg-Watts Theorem and all its previous generalizations. Generalizing and strengthening Bergman's completeness result for categories of internal coalgebras in varieties we also prove that the category of coalgebras in a locally presentable category is locally presentable and comonadic over and, hence, complete in particular. We show, moreover, that Freyd's canonical constructions of internal coalgebras in a variety define left adjoint functors. Special instances of the respective right adjoints appear in various algebraic contexts and, in the case where is a commutative variety, are coreflectors from the category into .