The Minds Capital Podcast
Your connection to the growing world of independent sponsors and deal-by-deal private equity.
815 Independent Sponsor Deals Analyzed
Greg Brown is a Professor of Finance at UNC Kenan-Flagler and Founder of the Institute for Private Capital. On July 15, 2026, he published the first large-scale study of independent sponsor performance, covering 815 deals. Investor-reported transactions generated a 2.86x average gross TVPI and 29.3% gross IRR, outperforming matched non-IS PE deals by 0.73x TVPI and 11.4% IRR on average, with no statistically significant increase in downside risk.
When Equity Oversubscribes 2-3x
Sequoya Borgman is the first repeat guest on the Minds Capital Podcast. Since his last appearance, Borgman Capital has exited 1 company (4x+ net MOIC) and acquired 2 more (Minds Capital invested in the latest one, PCCD)
Funding Deal #2 From Exit #1
Ben Tiggelaar acquired Enable Dental in 2017, ran it for five years and exited in 2022. He later bought Datatel with his own capital, growing it from a $6m revenue MSP with 55–60% recurring revenue to ~$8m with ~90% recurring revenue.
Rolling Up Tiny $400k EBITDA Targets
Ziv Bendor co-founded Pinewell Capital in Scottsdale in 2016. Pinewell is now on its 5th platform and 10th acquisition across B2B and B2C businesses, including one strategy that combined four sub-$500k EBITDA companies into a ~$7m EBITDA platform.
Over $60m of Second Bite Liquidity
Chad Scripps started Black Lake Capital in 2013 after stints at McKinsey, HIG, and several hedge funds. Based in Denver, Black Lake closes just 1-2 acquisitions per year despite reviewing thousands of opportunities. The firm calls itself tech-enabled, but Chad admits that’s a loose moniker: “If you’ve got email, we’ll call you tech enabled.”