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.
More recent episodes
Behind The Scenes at Minds Capital: Building an Equity Fund for Independent Sponsors
Minds Capital founders share investment lessons from Fund 1, their bullish outlook on US private equity, and strategy for upcoming Flagship 2 fund with larger commitments.
24 Add-Ons in 24 Months
Discover how Luis Reyes built a €8M EBITDA fire safety roll-up in Spain through 24+ acquisitions, leveraging AI and operational excellence in a regulated industry.
20x MOIC After Decade-Long Hold
David Acharya shares his journey as an independent sponsor, including his 20x MOIC deal with Impact XM and insights on partner separations and capital relationships.