A Wall Street Journal article examining investors who pursue acquisitions on a “deal-by-deal basis” cited data from McGuireWoods partner Jon Finger to illustrate the trend.
The July 17, 2026, article reported, “Some 77 search funds—money from specialized investors to back individuals looking to buy a business—were raised in 2025, according to an annual study conducted by researchers at Stanford. … Meanwhile, the number of firms doing deals as ‘independent sponsors,’ without a fund, has roughly doubled since 2019 to about 1,400, according to Jon Finger, a partner at law firm McGuireWoods, which hosts an annual industry conference.”
McGuireWoods represents independent sponsors and their capital partners in majority and minority equity investments. In addition to hosting the leading international conference for independent sponsor transactions, 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.
The firm’s 9th Annual Independent Sponsor Conference is scheduled for Oct. 27-28 in Dallas. Participants will include independent sponsors, family offices, private equity funds, other alternative investors, senior, unitranche and mezzanine lenders and pensions and endowments. More than 1,600 attended the conference in 2025.