New York City – The 19th Independent Sponsors Summit brought together a record number of investors, independent sponsors, capital providers, and advisors for two days of candid conversation, networking, and strategic insights. Hosted by iGlobal Forum, the event reflected just how far the independent sponsor model has evolved—from a niche corner of private equity to a dynamic, sophisticated ecosystem attracting major institutional interest.

A Growing, Maturing Community

Day one set the tone: the independent sponsor community is no longer “fundless” as it was once jokingly called. Today, it’s a respected, rapidly professionalizing sector, with experienced dealmakers, specialized advisory firms, and an ever-expanding roster of capital partners. Attendees spoke of a collaborative atmosphere, competitive, yes, but with a shared understanding that there’s enough white space for everyone.

Networking dominated the agenda, underscoring the Summit’s hallmark value: dealmaking through relationships. Sponsors compared sourcing strategies, capital providers looked for alignment, and advisors shared frameworks for structuring complex deals in today’s tighter credit markets.

Deal Origin Stories: How Opportunities Really Happen

Day two opened with energy and purpose. The morning panel on Deal Origin Stories quickly moved beyond theory into the real mechanics of sourcing. Moderator Bill Barlow of Barlow & Williams led a lively conversation.

Their message was clear: networking remains the most powerful deal engine. Many successful investments trace back not to banker-run processes, but to investor relationships built over years, former board peers, co-investors, even nonprofit connections. As Kroloff put it, “Two of our best exits started with relationships from a university fundraising board. People help people who show up and stay engaged.”

Quader detailed how his firm “manufactured a platform” in the fragmented pet boarding and daycare market, growing from a $4 million revenue base to over 40 locations and $75 million in just a year. The lesson: thesis-driven, operator-supported roll-ups can still thrive when private equity overlooks subscale assets.

Panelists also stressed intuition. “If your gut tells you to run, run,” one advised. Trust in management and character often determines outcomes more than spreadsheets. Background checks, they warned, must go deep, sponsors’ credibility with investors depends on it.

As M&A attorneys who work closely with independent sponsors at every stage of their journey, the iGlobal 19th Independent Sponsor Summit provided a valuable pulse on the evolution of this dynamic community. The themes that resonated throughout the two days in New York, such as increased sophistication, strategic alignment, and the paramount importance of trust, mirror precisely what we see in our practice.

The independent sponsor model has unequivocally matured into a mainstream force in private equity. The discussions around “Capital Raising Realities” underscored a critical point: while capital is selective, well-prepared sponsors with a clear thesis and a disciplined process are getting deals done. From our vantage point, this discipline is most critical during the post-LOI phase, where a sponsor’s credibility is built or broken. The emphasis on transparency with all stakeholders, including sellers, capital providers, and co-investors, is not just a best practice; it is the foundation for successful and repeatable dealmaking.

We were particularly encouraged by the collaborative spirit that defined the event. The exchange of strategic insights among sponsors, investors, and advisors is what forges a stronger, more resilient ecosystem. Saul Ewing is proud to support this community, and we look forward to continuing the conversation at the upcoming events.

- Brian Meltzer, Partner, Saul Ewing

Capital Raising Realities: The Market Today

The next session shifted focus to Capital Raising Realities, moderated by Ronnell Porter of Loeb & Loeb. Panelists Mike Burke (Skypeak Capital), Peter Martinson (Aviara Partners) and Matt Allard (Case Study Capital Partners) represented different stages of the sponsor journey, from self-funded searcher to professional capital raiser to newly independent fund manager.

Their verdict: capital is available, but selective. Liquidity remains tight; many family offices and funds are overextended with aging portfolios. “Good deals will get done,” Martinson said, “but it takes longer and demands a broader net.”

Independent sponsors, he noted, must now present like institutions, articulating a cohesive platform story, track record, and clear investment thesis. Aviara often helps clients craft a “claim track record,” a verifiable narrative of past accomplishments backed by references. Investors want early transparency: how was the deal sourced, what’s the angle, and what are the risks? “Put the issues front and center,” Martinson emphasized. “If you own them and explain the mitigants, investors will stay in the room.”

Allard, transitioning from a committed fund background, echoed that the process feels familiar: “Half the diligence is on the manager, not just the deal.” Burke added that differentiation and communication are key: “It’s too competitive to just say, ‘I found a good business.’ You need a thesis and a why.”

Running the Process and Building Trust

Throughout the day, the theme of process discipline kept recurring. Independent sponsors juggle multiple stakeholders—sellers, lenders, LPs, advisors, and friends-and-family investors, often while racing exclusivity deadlines. The advice: run a systematic capital process that builds momentum with constant updates and clear milestones.

Sponsors were encouraged to start fundraising pre-LOI with blinded teasers to gauge appetite and shorten the post-LOI crunch. Understanding investors’ internal IC cycles (often three to four weeks) is crucial; “time kills deals” became a refrain.

Trust and transparency emerged as the ultimate differentiators. “Say what you mean, mean what you say,” Allard told the audience. Whether with sellers, lenders, or equity partners, integrity and proactive communication smooth every friction point.

Panelists also noted a shift in the debt landscape: lenders are increasingly open to the independent sponsor model, some even writing small equity checks alongside loans, signaling belief in the deal and helping sponsors fill their cap tables faster.

Choosing the Right Capital Partners

When asked how to select capital partners, the consensus was strategic alignment over pure economics. “You’re not just closing one deal, you’re building a track record,” said Martinson. The best partners can scale through add-ons and future transactions, bringing resources like business development support and industry expertise.

Sponsors were reminded to educate founders on how the independent sponsor process works timelines, third-party diligence, and capital stack assembly, to avoid mistrust near closing. “Be upfront,” Burke said. “You don’t need a full Gantt chart, but keep them looped in.”

Independent Sponsor or Fund Manager?

In the closing discussion, the panel explored whether success as an independent sponsor naturally leads to raising a committed fund. The consensus: not necessarily. The independent model offers deal-by-deal carry, flexibility, and American-style waterfalls, while funds come with regulation, perpetual fundraising, and delayed economics.

“Be careful what you wish for,” Martinson cautioned. “Running a fund means you’re never really out of market.” Still, for those aiming to build enduring asset management platforms, the path remains viable—but demanding.

A Collaborative Future

The Summit closed on an optimistic, collegial note. With roughly 40% of attendees still pre-deal or early in their journey, seasoned sponsors encouraged collaboration over competition. “There’s enough opportunity for everyone,” said Burke. “Reach out, share lessons, and be a resource.”

That spirit of openness—along with a growing base of institutional support—signals that the independent sponsor ecosystem is both maturing and multiplying. As iGlobal Forum’s community continues to expand coast-to-coast, sponsors are poised to write the next chapter of private equity’s evolution—deal by deal.

Looking Ahead

iGlobal Forum will continue this momentum with its Flagship Summit in Miami (March 3–4) and the West Coast Independent Sponsors Retreat in December, offering fresh opportunities for learning, networking, and partnership.

For an industry built on relationships, these gatherings have become essential checkpoints, not just for sourcing deals, but for shaping the very model of modern private investing.