# Independent Sponsors 2026: 38 Capital Partners and Typical Deal Terms > Private Equity List lists 38 capital partners for independent sponsors, 7 of which name them in their profiles. Who funds these deals, and the fees and carry sponsors earn in the US and Europe. Guides · 31 October 2026 · by Giorgio Fenancio · https://privateequitylist.com/intelligence/independent-sponsors **Key takeaways** - **The short answer:** independent sponsors raise equity one deal at a time, mostly from family offices, private equity funds and mezzanine funds, and borrow from lower middle-market lenders. Private Equity List lists 38 capital partners for them. - **Firms that name them:** 7 of the 38 name independent sponsors in their profiles, among them Monroe Capital, Apogem Capital and Tail End Capital Partners. - **Where they are:** 18 of the 38 are in the US and 12 in Europe, 2 of them in the UK. - **Fees in the US:** the closing fee is most often 2% of enterprise value, the management fee 5% of EBITDA a year, and fixed carry 20%. - **Fees in Europe:** closing fees are lower, most often 1–1.5%. In over 40% of deals the sponsor puts in more than 5% of the equity. - **Deal size:** over 75% of US independent sponsor deals buy companies worth $10–75M. - **38**: capital partners (in Private Equity List) - **7**: name independent sponsors (in their profiles) - **12**: in Europe (18 in the US) - **22**: family offices (that invest directly in companies) **Independent sponsor capital partners by headquarters** | | Value | |---|---:| | United States | 18 | | France | 3 | | Germany | 3 | | United Kingdom | 2 | | Brazil | 2 | | Singapore | 2 | Source: Private Equity List database **Independent sponsor capital partners by type** | | Value | |---|---:| | Family offices that invest directly | 22 | | Firms that name independent sponsors | 7 | | Search funds and their investors | 5 | | Lenders to sponsor-backed companies | 4 | Source: Private Equity List database **One partner each:** Netherlands, Belgium, Switzerland, Italy, Canada, Mexico, India and Australia. ## What is an independent sponsor: a dealmaker without a committed fund **Independent sponsor:** an investor who buys companies one deal at a time, without a pool of committed capital. It is also called a fundless sponsor.\ **How it differs from a fund:** a private equity fund raises money first and buys later. An independent sponsor finds the company first, then raises equity and debt for that one deal.\ **Who they are:** often former private equity professionals. London law firm Addleshaw Goddard [cites estimates of well over 500 independent sponsors in Europe](https://www.addleshawgoddard.com/globalassets/insights/corporate/independent-sponsor-deal-terms-survey/2120836010----independent-sponsor-deal-terms-survey-2025.pdf), many of them from mid-market and large-cap funds.\ **What they buy:** mostly smaller companies. In the [McGuireWoods survey of nearly 300 US deals](https://media.mcguirewoods.com/publications/2022/Independent-Sponsor-Survey-May2022.pdf), over 75% of targets were worth $10–75M, and about two-thirds were bought for less than 6x EBITDA. ## How independent sponsors get paid: closing fee, management fee and carry - **2%**: closing fee (of enterprise value, most common in the US) - **5%**: management fee (of EBITDA a year, 60% of US deals) - **20%**: fixed carry (most common rate in the US) - **5%+**: sponsor's own equity (in over 40% of European deals) **Closing fee:** paid when the deal closes, for finding and running it. Investors often ask the sponsor to roll part or all of it back into the deal.\ **Management fee:** a yearly fee for overseeing the company, usually paid by the company itself.\ **Carried interest:** a share of the profit, paid after investors get their money back and often a preferred return. It is either a fixed rate or rises in tiers as returns pass set hurdles.\ **Broken deals:** in most US deals the equity providers paid some or all of the costs of deals that did not close. In Europe, investors covered them in 24% of deals.
TermUnited StatesEurope
Company valueOver 75% of targets worth $10–75M38% worth €10–75M, 41% above €100M
PriceAbout two-thirds below 6x EBITDA58% at 4–8x EBITDA
Closing fee1.5–2.49% of enterprise value in nearly two-thirds of deals; 2% most common1–1.5% in half the deals, on invested capital or on enterprise value
Management fee5% of trailing EBITDA in 60% of deals3–5% of EBITDA in 83% of EBITDA-based deals
Carried interest61% tiered with hurdles, first tier mostly 10–15%; fixed rate mostly 20%50% tiered, 42% fixed; tiers often start at 10% and 15% and rise to 20% or more
Sponsor's own moneyOften the rolled closing feeOver 5% of the equity in more than 40% of deals
**Sources:** United States, [McGuireWoods Independent Sponsor Deal Survey](https://media.mcguirewoods.com/publications/2022/Independent-Sponsor-Survey-May2022.pdf), nearly 300 deals closed in 2018–2021. Europe, [Addleshaw Goddard Independent Sponsor Deal Terms Survey 2025](https://www.addleshawgoddard.com/globalassets/insights/corporate/independent-sponsor-deal-terms-survey/2120836010----independent-sponsor-deal-terms-survey-2025.pdf), deals completed in 2023 and 2024. ## Who funds independent sponsors: family offices, private equity and mezzanine funds **Equity:** in the McGuireWoods survey the cheques came from control private equity funds, mezzanine debt funds, family offices and high-net-worth individuals. Deals with many small investors were more often funded by family offices and wealthy individuals.\ **Debt:** senior and unitranche lenders lend against the company's cash flow, and [mezzanine lenders](https://privateequitylist.com/intelligence/mezzanine-lenders-and-funds) fill the gap between the loan and the equity.\ **Firms that say so:** seven firms in Private Equity List name independent sponsors as partners. Tail End Capital Partners is built around them: it writes deal-by-deal equity cheques of $10–50M for companies with $5–50M of EBITDA.
FirmHeadquartersCheque sizeWhat it provides
Monroe CapitalChicago$50–100MPrivate credit to private equity and independent sponsors in the US and Canada
Apogem CapitalNew York$10–50MPrivate equity, direct lending and GP stakes; part of New York Life
Tail End Capital PartnersPittsburgh$10–50MDeal-by-deal equity structured around independent sponsors
Source CapitalAtlanta$10–50MEquity and debt for lower middle-market companies
Prospect Capital ManagementNew York$100M+Listed business development company lending to middle-market companies
Charter Capital PartnersGrand Rapids$100M+Junior capital for lower middle-market companies in the Great Lakes region
Avante Capital PartnersLos Angeles$10–50MPrivate credit and equity for companies with at least $3M of cash flow
Golub CapitalNew York$100M+Unitranche loans to sponsor-backed middle-market companies
Deerpath CapitalNew York$50–100MSenior debt of $25–150M per lower middle-market borrower
Gladstone CapitalMcLean$50–100MUnitranche facilities for lower middle-market companies
Breakaway CapitalLos Angeles$5–10MDebt and equity for companies with up to $5M of EBITDA, sponsored or not
## New funds from independent sponsor capital partners, 2024–2026 **Funds raised by these capital partners in 2024–2026, size in $M** | | Value | |---|---:| | Monroe Capital Private Credit Fund V | $2,800M | | Deerpath Fund VII | $2,000M | | Golub Capital GEMS Fund 6 | $2,000M | | Apogem Secondary Fund VII | $776M | | Apogem Private Equity Fund XI | $597M | | Avante SBIC Fund IV | $400M | | Pritzker PAS Fund | $385M | | Source Capital SBIC Fund V | $315M | | Peterson Partners Fund X | $265M | | Charter Growth Capital Fund II | $111M | | Tail End Strategic Equity II | $60M | Source: Private Equity List fund data - **[Monroe Capital](https://privateequitylist.com/investors/monroe-capital)** recorded Private Credit Fund V at $2.8B in January 2026. It lends across direct lending, technology finance and structured credit. - **[Apogem Capital](https://privateequitylist.com/investors/apogem-capital)** [closed its eleventh private equity fund at $597M](https://pulse2.com/apogem-capital-closes-eleventh-private-equity-fund-at-597-million/) in September 2026. Its targets include emerging fund managers and independent sponsors. - **[Deerpath Capital](https://privateequitylist.com/investors/deerpath-capital)** recorded Fund VII at $2B in December 2025 for senior loans to lower middle-market companies. - **[Avante Capital Partners](https://privateequitylist.com/investors/avante-capital-partners)** recorded SBIC Fund IV at $400M in May 2026, a fund licensed by the US Small Business Administration. - **[Pritzker Alternative Strategies](https://privateequitylist.com/investors/pritzker-alternative-strategies)** [raised nearly $385M for its first fund](https://vcwire.tech/2026/03/26/pritzker-alternative-strategies-raises-nearly-385m-inaugural-fund/) in March 2026. The money goes to lower and middle-market private equity funds and co-investments, backed by the Pritzker family. - **[Tail End Capital Partners](https://privateequitylist.com/investors/tail-end-capital-partners)** recorded Strategic Equity II at $60M in March 2025 for its deal-by-deal cheques. ## All 38 independent sponsor capital partners by region ### United States: 18 capital partners The US is where the model is most developed. In the McGuireWoods survey about 75% of the equity cheques were $5–50M, before debt and seller rollover.
FirmCityCheque sizeWhat it does
Monroe CapitalChicago$50–100MPrivate credit; names independent sponsors
Apogem CapitalNew York$10–50MPrivate equity and direct lending; names independent sponsors
Tail End Capital PartnersPittsburgh$10–50MDeal-by-deal equity for independent sponsors
Source CapitalAtlanta$10–50MEquity and debt; names independent sponsors
Prospect Capital ManagementNew York$100M+Listed lender; names independent sponsors
Charter Capital PartnersGrand Rapids$100M+Junior capital; names independent sponsors
Avante Capital PartnersLos Angeles$10–50MPrivate credit and equity; names independent sponsors
Golub CapitalNew York$100M+Unitranche loans to sponsor-backed companies
Deerpath CapitalNew York$50–100MSenior debt to lower middle-market companies
Gladstone CapitalMcLean$50–100MUnitranche loans, works with private equity sponsors
Breakaway CapitalLos Angeles$5–10MDebt and equity for sponsored and non-sponsored deals
Pritzker Alternative StrategiesChicago$10–50MFamily capital for smaller private equity funds and co-investments
Blue 9 CapitalNew York$1–5MFamily office: buyouts, growth and venture
RLG CapitalPark City$10–50MControlling stakes in privately held companies
True Blue PartnersCampbell$10–50MBuyouts and growth equity in enterprise software
Lakeside CompaniesCoeur d'Alene$10–50MFamily firm with direct private equity, industrials and agriculture
Peterson PartnersSalt Lake City$10–50MPrivate equity, venture and search fund investing
Jamestown CapitalAustinUnder $1MMinority stakes in search fund acquisitions
### Europe and the UK: 12 capital partners Addleshaw Goddard cites estimates of well over 500 independent sponsors in Europe, and their deals run larger than in the US: 41% of those it surveyed were above €100M. In the UK, West Coast Capital and LSG Holdings invest directly in companies.
FirmCityCheque sizeWhat it does
West Coast CapitalMansfield, UK$100M+Family office: buyouts, debt and growth capital
LSG HoldingsLondon$10–50MFamily office: direct private equity, venture and real estate
FloracParis$100M+Family office: control and minority stakes in mid-market companies
Paluel-Marmont CapitalParis$5–10MManagement buyouts and buy-ins of €5–15M per deal
Platina PartnersParis$10–50MBuyout and growth equity, including quasi-equity
Forum Family OfficeMunich$1–5MHolds private companies long term; a $114M buyout fund
VM CapitalDüsseldorf$10–50MMid-cap buyouts with €5–50M of equity
Schneider Family OfficeAlfter$1–5MReal assets and selective private equity co-investments
Nedvest CapitalAmsterdam$10–50MFamily office with a software buyout fund
De EikDilbeek$10–50MDirect stakes in medium-sized unlisted companies
Winterberg GroupZugUnder $1MMature-stage buyouts and early growth capital
H14Milan$10–50MFamily office: direct growth and permanent capital
### Canada, Latin America, Asia and Australia: 8 capital partners Outside the US and Europe the closest model is often the search fund. Belth Capital Partners runs one in north-east Mexico, and Spectra Investments in São Paulo describes itself as a fundless sponsor.
FirmCityCheque sizeWhat it does
SouthPac PartnersVancouver$10–50MPrivate operating businesses with real estate assets
Belth Capital PartnersSan Pedro Garza García$10–50MSearch fund buying family businesses without a successor
Spectra InvestmentsSão Paulo$10–50MFund of funds and fundless sponsor, including search funds
Paraty CapitalSão Paulo$1–5MPrivate equity, venture and search funds
Premji InvestBengaluru$100M+Family office: growth equity and buyouts
LionRock CapitalSingapore$10–50MFamily office with direct stakes in over 25 private businesses
August OneSingapore$10–50MFamily office: private equity, buyouts and venture
Light Warrior GroupMelbourne$10–50MFamily office with direct stakes in operating businesses
## Independent sponsor vs private equity fund vs search fund
Independent sponsorPrivate equity fundSearch fund
MoneyRaised for each deal after the company is foundCommitted by investors before any dealRaised first to search, then again to buy one company
DealsOne company at a timeA portfolio of companiesOne company
Who runs the companyManagement, with the sponsor on the boardManagement, with the fund on the boardThe searcher, usually as chief executive
Sponsor's own moneyOver 5% of the equity in more than 40% of European dealsAbout 1–2% of the fund in the mid-marketLittle; the searcher earns equity in stages
How the sponsor earnsClosing fee, management fee and carry on each dealManagement fee on the fund and carryA growing equity stake as the company performs
**Sources:** sponsor commitment figures from the [Addleshaw Goddard survey](https://www.addleshawgoddard.com/globalassets/insights/corporate/independent-sponsor-deal-terms-survey/2120836010----independent-sponsor-deal-terms-survey-2025.pdf). ## How an independent sponsor deal works, step by step **Find the company:** the sponsor sources a target and signs a letter of intent before any money is committed.\ **Raise the equity:** the sponsor takes that one deal to equity partners, such as the family offices and private equity firms listed above.\ **Add the debt:** senior or unitranche lenders such as Golub Capital, Deerpath Capital and Gladstone Capital lend against cash flow; mezzanine funds can add junior debt.\ **Close:** the sponsor takes a closing fee, often rolls part of it into the deal, and signs a management agreement with the company.\ **Own and exit:** the sponsor sits on the board and earns carry at exit, once investors have their money back. ## How to find capital partners for an independent sponsor deal **Start with the firms that name independent sponsors:** the seven in the first table, from Monroe Capital to Avante Capital Partners.\ **Add family offices:** the [family office list](https://privateequitylist.com/investors/family-office) can be filtered by country and cheque size. Look for those that invest directly in companies, like the 22 above. The biggest names are in our guide to [top family offices](https://privateequitylist.com/intelligence/top-family-offices).\ **Add private equity co-investors:** the [private equity list](https://privateequitylist.com/investors/private-equity) holds firms that take part in deals they do not lead.\ **Line up the debt:** see [private equity lenders](https://privateequitylist.com/intelligence/private-equity-lenders) and [private credit funds and firms](https://privateequitylist.com/intelligence/private-credit-funds-and-firms) for senior and unitranche lenders and [mezzanine lenders](https://privateequitylist.com/intelligence/mezzanine-lenders-and-funds) for junior debt.\ **Check who just raised:** a partner with a new fund has money to put to work. The [new funds tracker](https://privateequitylist.com/new-vc-funds) lists each fund as it is announced.\ **Reach the team:** in [search](https://privateequitylist.com/search), filter by type, country, cheque size and sector. Profiles list partners and investment staff; CSV export comes with the Pro+ plan.\ **Selling instead of buying:** owners looking for a buyer rather than a partner can start with [private equity buyers](https://privateequitylist.com/intelligence/private-equity-buyers), the firms with new buyout funds in 2026. ## Data and methodology **Firms:** 38 independent sponsor capital partners from Private Equity List profiles, as of 31 October 2026. Every profile was searched for independent sponsors, fundless sponsors and search funds, and each match was checked by hand.\ **Groups:** 7 firms name independent sponsors in their own profiles. The other 31 are grouped by what their profiles say they do: lend to sponsor-backed companies, invest family money directly, or run and back search funds.\ **Sizes and funds:** headquarters, cheque sizes and fund sizes come from the profiles and fund records. Two funds link to their announcements.\ **Deal terms:** fees, carry and deal sizes come from the McGuireWoods survey of US deals and the Addleshaw Goddard survey of European deals, both linked above. ## FAQ ### Who funds independent sponsors? Equity comes deal by deal from family offices, high-net-worth individuals, private equity funds and mezzanine debt funds, according to the McGuireWoods deal survey. Private Equity List lists 38 capital partners for independent sponsors; 7 of them, including Monroe Capital, Apogem Capital and Tail End Capital Partners, name independent sponsors in their profiles. ### How do independent sponsors get paid? In three ways: a closing fee, most often 2% of enterprise value in the US; a yearly management fee, most often 5% of EBITDA; and carried interest, most often 20% under a fixed model or rising in tiers as returns pass hurdles. In Europe closing fees are lower, most often 1–1.5%. ### What is an independent sponsor? An investor who buys companies one deal at a time, without a committed fund. The sponsor finds the company first, then raises equity and debt for that deal. Independent sponsors are also called fundless sponsors. ### What is the difference between an independent sponsor and a search fund? A search fund raises money to look for one company, and the searcher then runs it, usually as chief executive. An independent sponsor usually keeps management in place, sits on the board and earns a closing fee, a management fee and carry on each deal. ### How big are independent sponsor deals? In the McGuireWoods survey of US deals, over 75% of targets were worth –75M and about 75% of equity cheques were –50M. Deals in Europe run larger: Addleshaw Goddard found 41% of the deals it surveyed above €100M.