Month: September 2023

Discover the potential of independent sponsors in private equity investments with our insightful white paper authored by Stephen Williams, CFA, and Brendon Parry, CFA.

Key Takeaways:

• The Hidden Gem of Lower Middle Market: Explore why the lower middle market, often overshadowed by larger firms, offers unique opportunities for private equity investors. Learn how we believe the lower middle market’s less competitive landscape, coupled with operational improvement potential, makes it an attractive space.
• Navigating Complexity: Understand TIFF’s approach to identifying, evaluating, and structuring transactions alongside independent sponsors.
• Case Study – Monogram Capital Partners: Gain valuable insights as we analyze TIFF’s long-standing partnership with Monogram Capital Partners. See how we believe investing alongside independent sponsors may lead to returns by acquiring and improving lower middle market businesses.

Download the paper now: Independent Sponsors: Rising Significance of the Lower Middle Market

TIFF has a long history of making “opportunistic” private investments. The label can easily be misunderstood. To some, “opportunistic” may sound short term and risky or imply some sort of exception to an otherwise well-founded, long-term strategy. Sometimes the difference between a single, off-the-beaten-path investment and a less traditional but long-term strategic investment approach may seem blurry, especially to our members, who aren’t with us analyzing investments every day. In the past, we at TIFF even employed a fund category labeled “opportunistic” for many of our direct investments in companies alongside our managers and investments in fund interests acquired on the secondary market. The category was more of a convenience than a statement about ranking assets or strategies. The fact is, thinking of secondaries and direct PE investments as somehow outside the bounds of a core private investment approach devalues the importance of this form of investing to our PE program.

This is an excerpt from a longer article. Please download the PDF to read more.

Note: This article was first published in March 2017; it has been updated in September 2023.