By Stephen M. Fields ( June 28, 2017, 12:49 PM EDT) -- For many years in the world of private equity, particularly in the middle and lower middle markets, cash was, and largely remains, king. Those who managed a fund had and still have a distinct advantage when competing to acquire control of an attractive target over those who did or do not have the ability to write a check directly. In those days an independent sponsor was known in the trade as a "fundless sponsor," a term used in a derogatory fashion by its competitors. Times have changed....
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