SBIA and the Independent Sponsor Forum, in partnership with the Institute for Private Capital at UNC’s Kenan-Flagler Business School, have completed the first comprehensive performance study of independent sponsor transactions.

The research covers 846 deals, with data collected directly from both independent sponsors and their capital providers. This unique dual-source approach provides the clearest view yet of how independent sponsor investments are structured, who leads them, and how they perform.

The study measures median equity IRR, TVPI, cash distributions, and downside risk across a meaningful market sample. Preliminary findings show independent sponsor investments deliver competitive returns without materially greater downside risk than other private equity strategies.
Until now, this segment operated without reliable institutional-grade performance benchmarks. This report establishes that baseline.

Download the study now.