Independent Sponsors and SP... | Lippes Mathias LLP

Independent Sponsors and SPV Deals: Why Investors Are Backing Deal-by-Deal Structures

April 12, 2026 | Corporate Blog

Insightful WSJ article on the surge in independent sponsor / direct deals:

A growing number of PE firms / SBICs, family offices, and wealthy individuals are backing deals outside of commingled fund structures.
The number of independent sponsors that invest deal by deal has surged over the past decade (especially as more investment professionals set up their own shops).
Massive transfer of generational wealth provides a growing pipeline of capital.
“It’s led to the perfect storm for direct [deals] … appeal on all sides of the investor spectrum.”
The caliber and experience of firms turning to SPV deals has broadened.
Investors love the asset-specific visibility, flexibility, and enhanced governance.
“You are bringing in investors who have bought into this specific thesis of a specific asset. Therefore, you can be a lot more creative with the duration of the deal and how you manage it.”
Direct deals tend to be concentrated among middle-market and lower middle-market companies.

John J. Koeppel's commentary on "Going Direct: Private-Equity Dealmakers Step Outside Commingled Pools," The Wall Street Journal

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Related Team

John J. Koeppel
Partner | Executive Committee | Team Leader - Private Equity | Team Leader - Independent Sponsor