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
Borgman: 500 LPs Across 10 Platforms
Sequoya Borgman of Borgman Capital shares how retail fundraising, second-tier cities, and disciplined execution drove 10 platforms and 500+ LPs since 2017.
From Minority Stake to Double EBITDA in 2 Years
Neel Bhargava shares how a minority stake in a Crunch franchise grew from 10 to 74 gyms, driven by thematic focus, recapitalizations, and strong management.
Why Committed LPs Beat Committed Capital
Ramiro Alfaro of Paltus Capital shares how deal-by-deal PE in Guatemala thrives with loyal LPs, long-term trust building, and first-mover market advantages.