The Data Behind Independent Sponsor Outperformance and Its Hidden Risks

According to a recent study from UNC’s Institute for Private Capital, independent sponsor deals delivered a 23.8% median equity IRR net of sponsor economics compared with an 18.5% benchmark for other private equity deals. Peter Jasaitis, principal at RCP Advisors, joins host Greg Hawver to unpack those numbers alongside RCP’s own proprietary data. As he explains, rising sponsor quality has eroded the old “fundless” stigma, with two in three independent sponsors now having two-plus partners. Yet RCP’s numbers tell a more cautious story: deals under $50 million in enterprise value have historically generated the highest returns, but 30% ended in impairment. Tune in to learn where outperformance lives in the lower middle market.

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