Independent sponsors, often called fundless sponsors, are reshaping the private equity landscape. Instead of raising committed funds, they secure capital deal by deal, offering flexibility for both entrepreneurs and investors. This model is attracting growing interest from private equity professionals, family offices, and high-net-worth investors who want direct exposure to private businesses without the constraints of traditional funds. Yet raising capital as an independent sponsor remains one of the toughest hurdles. This guide breaks down who actually invests in these …