LP First Capital: Behind the Impressive Rise of a Top-Tier Independent Sponsor

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Nov 25, 2025

In this engaging discussion, Thomas Ince and Logan Lowery, Managing Partners of LP First Capital, delve into the intricacies of independent sponsorship. They share the fascinating story behind their firm's name, emphasizing its dual significance in fostering investor trust. The duo discusses why they often initiate transactions as all-equity, then leverage later, and the importance of aligning with a diverse mix of LPs. They also explore the significance of cultural fit in partnerships and the firm's commitment to speed and responsiveness in sourcing deals.

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ANECDOTE

Name Born From Early Sponsor Challenges

Thomas Ince named LP First to signal prioritizing investors and aligning economics with LPs.
He started under a holding company name, rebranded, and closed nearly 70 deals since 2018 to build credibility.

INSIGHT

Prioritize LP Mix To Avoid Misalignment

LP composition matters and should be chosen to match deal goals, timelines, and capital needs.
Misaligned LP mixes cause friction, so think through investor objectives before closing.

ADVICE

Raise From LPs Who Can Write The Checks

Start by determining how much equity you must deploy and then target LPs who can write those check sizes.
Also match LP experience to strategy, e.g., choose LPs used to buy-and-build for acquisitive platforms.

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Today’s guests are Thomas Ince and Logan Lowery, Managing Partners of LP First Capital, a top-rated independent sponsor that has closed 70 deals in just six years. Ince and Lowery share the origin of the firm’s name and dive into how LP First approaches investor alignment, capital structuring, and platform building. They discuss the nuances of working with a diverse mix of LPs, co-GP partnerships with private equity firms, and the firm’s emphasis on speed, sourcing discipline, and founder alignment. The conversation closes with reflections on hold vs. exit decisions, the firm's evolution, and what lies ahead.

Discussion Points:

The story behind the name “LP First” and its layered meaning
Structuring investor alignment through incentive design
Evolving LP mix and the importance of thoughtful capital composition
Why LP First often starts transactions all-equity and leverages up later
Getting comfortable with private equity funds as LPs
Co-GP partnerships with private equity firms and how LP First approaches governance
Criteria for selecting GP partners and building trust
LP First’s value prop: speed, responsiveness, and sourcing systems
Building and executing within a focused buy box
Prioritizing founder energy and cultural fit in platform investments
Thoughts on hold duration, liquidity timing, and compounding value
Scaling thoughtfully while building long-term firm credibility

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