On-Demand

What was once a niche corner of private equity has become one of its most dynamic forces. The independent sponsor model—formerly dubbed “fundless”—has gone mainstream, transforming the lower middle market and redefining how capital meets opportunity.

In this forward-looking episode, industry leaders unpack the evolution of the independent sponsor ecosystem: how it’s matured, institutionalized, and scaled over the past decade. From the influx of capital and expanding roles of lenders and placement agents to shifting partner expectations, this conversation dives deep into the forces driving growth and sophistication in the space.

Armed with data, insights, and real-world perspective, our panel explores what’s fueling this transformation—and where the market is headed next.

Key Takeaways:

• The milestones that defined independent sponsors’ explosive growth over the past 10 years

• How the model is becoming increasingly institutionalized

• The expanding participation of lenders and placement agents

• Emerging trends among capital providers and evolving partnership expectations

• What the next chapter looks like for the independent sponsor community

Featuring:

• Moderator: Claudine Cohen, Managing Partner, Value360, CohnReznick

• Panelists:

  • Thomas Ince, Managing Partner, LP First Capital

  • Paul Marino, Partner, Sadis

  • Katherine Relle, U.S. Business Development Director, Headway Capital

Tune in for a deep dive into the evolution, momentum, and future of the independent sponsor ecosystem—where innovation meets opportunity.