McGuireWoods partner Jon Finger provided insights on the evolution and future of the independent sponsor market in a discussion published by Evercore Private Funds Group in its “State of the Market” report.
The report included perspectives from Sanjay Gupta, senior principal at Forge Select; David Simon, founder of independent sponsor Hudson Glade LLC; and Amanda Merit, a managing director at Evercore Private Funds Group. Moderator Hilary LaBrash, a managing director at Evercore Private Funds Group, acknowledged Finger for being “instrumental in both advising and spotlighting this ecosystem.”
Finger said the market’s explosive growth is reflected in the attendance at the annual McGuireWoods Independent Sponsor Conference in Dallas.
“The market’s growth has been extraordinary: when we started our independent sponsor conference eight years ago, we had a couple hundred people in the room; our most recent event [in October 2025] drew roughly 1,600 participants – about half sponsors and half capital providers. That continued balance shows how much the opportunity set has expanded,” he said.
The market has matured to the point where investment bankers now bring opportunities to independent sponsors, Finger said. Some independent sponsor teams “look and operate like mid-market committed private equity firms, with full infrastructure and repeat investors,” he explained.
Competition will be a “defining factor” for independent sponsors and capital providers in the future, Finger said.
“I think you’ll see more funds raising capital to back independent sponsors because of that desire across the industry for access to these deals – but it will take time for those firms to build presence in the independent sponsor market,” Finger said. “On the independent sponsor side, the continued growth and heightened pedigree and sophistication of the groups being formed will raise the bar and create more competition.”
McGuireWoods represents independent sponsors and their capital partners in majority and minority equity investments. In addition to hosting a leading national conference, the firm’s lawyers lead independent sponsor networking groups around the country to facilitate the sharing of best practices, connections, ideas, deal leads and experiences in a trusted environment.