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This should be well-known, but I can't find a reference.
Given a functor , if has a terminal object , coincides with the evaluation of at .
What about weighted colimits? Let's say is a -functor and a weight. If it's easy to see that the following conditions are equivalent:
Thus, .
But what if there is no category of elements construction for ?
The fact about terminal objects corresponds to the inclusion of the terminal object into being a final functor. I think Kelly discussess final functors in passing (and has some results about weighted colimits too) in section 4.5. in the enriched cats book - perhaps this will satisfy your needs.
Ah, yes, it is a good idea to rephrase the property into a finality request. Thank you!