Independent sponsors used to be backed by small family offices and high net worth individuals. Now regional banks, money center banks and fund-of-funds are looking to do deals on a one-off basis, says John Fruehwirth, a managing director with Rotunda Capital. Additionally, independent sponsors need to demonstrate industry knowledge above and beyond what a private equity firm brings, capital availability and the ability to close deals in a rapid time frame to be considered a viable source of capital, says Fruehwirth.