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. To benchmark and understand the current terms, McGuireWoods conducted a written survey of independent sponsor-led transactions consummated between 2018 and 2021 (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. This article reviews the key takeaways from the Report and includes insights from McGuireWoods partner Jeffrey D. Brooker. For more on independent sponsors from another McGuireWoods partner, see “Notable Trends in the Structures, Fee Arrangements, Adoption and Growth of Deal-by-Deal Structures Used by Independent Sponsors” (May 26, 2020).