independent sponsors

“This year, there were 430 capital providers to go along with, obviously, a growing number of sponsors as well. Interestingly, about a quarter of those capital providers Or people from other larger private equity firms who recognize that it's a sourcing apparat…”

“Demonstrating a willingness to walk away from deals, we find it correlates very strongly with long-term success of a sponsor.”

“In those cases, they do themselves a real disservice because one, it turns folks like us off who say, now I don't know how to define you. And two, it makes the job a lot harder because then you're trying to cover four or five massive markets instead of one.”

“Most of the independent sponsors we back are paired up with an operator they worked with previously.”

“That's going to be a minority of independent sponsors. The majority of independent sponsors are more transactional in nature and quasi deal finders. They've locked up a deal under LOI. They know how to get a deal closed, but they don't know how to run and oper…”

“In a few cases, it was a family office and they'd done a deal with an independent sponsor and the sponsor viewed the carry as sort of a levered option. Once it became clear that the levered option was not going to be in the money, they said, here are the keys.…”

“I would argue independent sponsors know a lot more about their companies than the traditional large sponsor does about an asset that they have to move quickly in an auction.”