Each year, Citrin Cooperman’s Transaction Advisory Services practice publishes its Independent Sponsor Survey to capture how this evolving model is taking shape across the market. The 2025 edition, which was released in September, highlights how independent sponsors are moving from niche players to mainstream competitors. In this Q&A, we asked Sylvie Gadant, the firm’s transaction advisory practice leader, to share her perspective on some of the most notable themes from this year’s findings, offering a closer look at the trends shaping the next chapter of private market investing.

Read the full report: here.

Q: What did your 2025 Independent Sponsor Survey demonstrate, that you had not seen in prior years?

Over the past ten years, independent sponsors have undergone a significant transformation within the private equity landscape. Once viewed as a niche strategy, this model has steadily gained traction and acceptance among market participants. Today, independent sponsors are recognized as a legitimate and respected asset class, integrated into mainstream private equity practices. Their growing credibility is evident in the wider adoption of the model, reflecting a shift to broader market integration and acceptance.

Q: Why are we seeing independent sponsors focus on larger deals, compared to past years?

Over the past five years, the independent sponsor market has experienced a notable shift in the profile of its participants. Many talented professionals who previously held positions at major private equity firms and investment banks have transitioned into the independent sponsor community. These individuals bring significant experience from closing much larger transactions in their prior roles. As a result, there has been a clear trend toward independent sponsors engaging in larger deals than in the past. This influx of seasoned professionals has elevated the scale and complexity of transactions within the independent sponsor space, reflecting the market’s maturation and increasing competitiveness.

Q: Why do you expect partnerships among independent sponsors to increase, and how might that reshape deal flow?

A fascinating aspect of the independent sponsor community is the way members consistently support one another’s growth and achievements. This stems from the challenges inherent in being an independent sponsor, including a high rate of attrition, especially in the early years. As a result, competition over deals is rare, while partnership opportunities are abundant.

Partnerships typically fall into two categories: experienced sponsors collaborate to capitalize on industry expertise or geographic closeness to the target, and veteran sponsors team up with newer sponsors to assist them in closing transactions, often aiding in sourcing capital. These collaborations enhance deal flow and enable participants to tackle projects that might otherwise be unattainable, transforming the market into one that values cooperation.

Q: What advice would you give to new entrants considering the independent sponsor model today?

Our reports show that initial success as an independent sponsor depends more on closing your first deal than on getting perfect terms. Completing this milestone proves your execution skills and sets you up for future opportunities.

Deal sourcing stands out as a critical component of this process. By identifying and securing high-quality deals, independent sponsors not only increase their chances of success but also naturally attract capital providers interested in compelling investment opportunities.

Early development of a strong ecosystem is also crucial. Building solid networks is essential for long-term success, as sponsors who invest in trust with capital providers before transactions are better prepared to act quickly when opportunities arise.