Yes, it's a general construction which is related to so-called Isbell conjugation. 

Let $C$ be a small category. It is well-known that the free colimit cocompletion is given by the Yoneda embedding into presheaves on $C$, $y: C \to Set^{C^{op}}$. The presheaf category is also complete. Dually, the free limit-completion is given by the dual Yoneda embedding $y^{op}: C \to (Set^C)^{op}$. The co-presheaf category is also cocomplete. 

Therefore there is a cocontinuous functor $L: Set^{C^{op}} \to (Set^C)^{op}$ which extends $y^{op}$ along $y$. This is a left adjoint; its right adjoint is the (unique up to isomorphism) functor $R: (Set^C)^{op} \to Set^{C^{op}}$ which extends $y$ continuously along $y^{op}$. This adjoint pair is called <b>Isbell conjugation</b>. 

As is the case for any adjoint pair, this restricts to an adjoint equivalence between the full subcategories consisting, on one side, of objects $F$ of $Set^{C^{op}}$ such that the unit component $F \to R L F$ is an iso, and on the other side of objects $G$ of $(Set^C)^{op}$ such that the counit $L R G \to G$ is an iso. Either side of this equivalence gives the Dedekind-MacNeille completion of $C$. By the Yoneda lemma, $y: C \to Set^{C^{op}}$ factors through the full subcategory of DM objects as a functor $C \to DM(C)$ which preserves any limits that exist in $C$, and dually $y^{op}: C \to (Set^C)^{op}$ factors as the same functor $C \to DM(C)$ which preserves any colimits that exist in $C$.