Minds Capital Podcast $233m For and By Independent Sponsors
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Nov 26, 2025 Michael Kornman, co-founder of NCK Capital and Align Collaborate, shares his journey from independent sponsor to capital provider. He discusses the evolution of the independent sponsor model, highlighting how it supports lower-middle-market buyouts. Kornman explains Align's unique approach to fundraising, emphasizing sponsor relationships and collaboration. He offers insights on evaluating deal pipelines, credible sponsors, and the importance of operational expertise. Listeners hear about a successful turnaround case study and the lucrative opportunities within the independent sponsor landscape.
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Relative Value Over Absolute Multiples
- Look at relative value (delta between entry and exit multiples) not just absolute entry multiple when assessing deals.
- High entry multiples can work if exit multiple expansion and value creation justify the spread.
Prep For Speed Networking Strategically
- Prepare a tight talk track and prioritize relationship-building in speed-networking sessions like McGuireWoods.
- Research attendees and target capital providers that overlap your sector to make meetings efficient.
The Independent Sponsor Spectrum
- Independent sponsor is a broad label covering many backgrounds from fund vets to first-time searchers.
- That diversity raises demand for varied conference content and tailored capital partner approaches.