The prevalence and size of independent sponsor transactions (i.e., PE transactions led by sponsors without a committed fund on a deal-by-deal basis) have increased in recent years and caused those transactions to constitute a separate PE asset class with its own market terms. The structure has become appealing as a way for emerging managers to develop their track record in difficult fundraising environments when it may be prohibitive to raise traditional committed funds. To benchmark and understand the current terms, McGuireWoods conducted a written survey of independent sponsor-led transactions (Survey), presenting its findings and analysis in a report (Report). With nearly 300 detailed responses from clients and non-clients, the Survey is the largest of its kind. In addition to divulging the Survey results, the Report provides McGuireWoods’ comprehensive analysis of current market terms for independent sponsor transactions. The article reviews the key takeaways from the Report and includes insights from McGuireWoods partner Jeffrey D. Brooker. See our three-part primer on deal-by-deal funds: “Structural Overview and Investor Perceptions Affecting Adoption” (Feb. 18, 2020); “Key Fundraising and Structural Considerations” (Feb. 25, 2020); and “Balancing Deal Uncertainty Against Attractive Carry Opportunities” (Mar. 3, 2020).