Gregory Hawver

yeah scott absolutely and and thanks for having me on i'm a long time listener and big fan of the podcast so uh appreciate you having me my name is greg hover um so i'm a partner in the private equity group at mcguire woods i sit in the chicago office and Within the private equity group at McGuire Woods, we really focus on the middle market to lower middle market.

yeah scott absolutely and and thanks for having me on i'm a long time listener and big fan of the podcast so uh appreciate you having me my name is greg hover um so i'm a partner in the private equity group at mcguire woods i sit in the chicago office and Within the private equity group at McGuire Woods, we really focus on the middle market to lower middle market.

Two of our strengths within our private equity group are health care and our independent sponsor practice. And I know that on this podcast, you know, health care is discussed quite a bit. And as a listener, I thought it'd be fun to double click on the independent sponsor space.

Two of our strengths within our private equity group are health care and our independent sponsor practice. And I know that on this podcast, you know, health care is discussed quite a bit. And as a listener, I thought it'd be fun to double click on the independent sponsor space.

Cause it's, uh, it's an area where McGuire woods, uh, you know, I'll, I'll humbly say that, that we are sort of the biggest, um, you know, legal practice within the independent sponsor space. We host, uh, the largest conference in the space. So in October of this year in Dallas, we will be hosting the McGuire woods independent sponsor conference, uh, We've had it annually for eight plus years.

Cause it's, uh, it's an area where McGuire woods, uh, you know, I'll, I'll humbly say that, that we are sort of the biggest, um, you know, legal practice within the independent sponsor space. We host, uh, the largest conference in the space. So in October of this year in Dallas, we will be hosting the McGuire woods independent sponsor conference, uh, We've had it annually for eight plus years.

Last year, we had 1500 attendees down in Dallas, and those attendees were strictly independent sponsors or family offices or other capital partners investing with independent sponsors. So it's a great conference for networking for panels, et cetera. So we're excited about that.

Last year, we had 1500 attendees down in Dallas, and those attendees were strictly independent sponsors or family offices or other capital partners investing with independent sponsors. So it's a great conference for networking for panels, et cetera. So we're excited about that.

And we have lots of other podcasts, regional groups, other sort of value add connectivity within our ecosystem here for for independent sponsors. So there's there's the plug. We'll start with the plug. Scott, appreciate it and would love to dove into the topic.

And we have lots of other podcasts, regional groups, other sort of value add connectivity within our ecosystem here for for independent sponsors. So there's there's the plug. We'll start with the plug. Scott, appreciate it and would love to dove into the topic.

Sure. Yeah. You know, the easiest way to think about it, Scott, is a private equity fund is a group of really smart investors that have they get together and they come up with their thesis. Maybe it's we want to be a buyout fund in the health care space in the middle market to lower middle market. They go out and gather money, a committed fund, and then they go out and find the deals.

Sure. Yeah. You know, the easiest way to think about it, Scott, is a private equity fund is a group of really smart investors that have they get together and they come up with their thesis. Maybe it's we want to be a buyout fund in the health care space in the middle market to lower middle market. They go out and gather money, a committed fund, and then they go out and find the deals.

The independent sponsor model reverses that a bit. It's smart people that go out and find a deal first. So they're out there finding, you know, owners who are looking to sell, they find the deal, they get the deal under letter of intent, and then they go out and find their investors after. And so many of those investors are family offices.

The independent sponsor model reverses that a bit. It's smart people that go out and find a deal first. So they're out there finding, you know, owners who are looking to sell, they find the deal, they get the deal under letter of intent, and then they go out and find their investors after. And so many of those investors are family offices.

Private equity funds are increasingly viewing this as an asset class. So that's the basic the basic difference.

Private equity funds are increasingly viewing this as an asset class. So that's the basic the basic difference.

Yes. So an independent sponsor is typically someone with 10 or more years of experience, either with a private equity fund, investing and thinking about it through that lens. Sometimes an independent sponsor will be a very experienced CEO or operator with 10, 20 years of experience in a specific niche area, but they're typically very experienced.

Yes. So an independent sponsor is typically someone with 10 or more years of experience, either with a private equity fund, investing and thinking about it through that lens. Sometimes an independent sponsor will be a very experienced CEO or operator with 10, 20 years of experience in a specific niche area, but they're typically very experienced.

And it sort of goes to the value add of the independent sponsor. Family offices many times view these firms as extensions of their family office and just extremely qualified private equity investors. And let me draw a quick distinction here, just so we have all the different nuances of

And it sort of goes to the value add of the independent sponsor. Family offices many times view these firms as extensions of their family office and just extremely qualified private equity investors. And let me draw a quick distinction here, just so we have all the different nuances of