Consider the following well-known statement:
Let $C$ be a small category, $E$ a cocomplete category, and $F\colon C\to E$ a functor. Then there is a (up to isomorphism) unique cocontinuous functor $F'\colon \mathbf{Set}^{C^\mathrm{op}}\to E$ such that $F'\circ y \cong F$, where $y\colon C\to \mathbf{Set}^{C^\mathrm{op}}$ is the Yoneda embedding.
Question: Is there a way to phrase this as an adjunction (between bicategories, of course)?
Idea: Consider the bicategory $\mathbf{SmallCat}$ of small categories and functors and the bicategory $\mathbf{CocompCat}$ of cocomplete categories and cocontinuous functors. Then the above statement almost states that $C\mapsto \mathbf{Set}^{C^\mathrm{op}}$ is a left adjoint to the forgetful functor $\mathbf{CocompCat}\to \mathbf{SmallCat}$, except that this forgetful functor isn't well-defined: the underlying category of a cocomplete category isn't small.
How can one fix this size issue?