Since 2017, our firm has issued an annual report on the independent sponsor sector. This year, we decided to devote our entire report on the impact of the pandemic not just on independent sponsors, but also on their portfolio companies, investment strategies, deal structures and valuation. The survey was conducted in May 2020 and reflected the views of 112 independent sponsors. We presented key findings of this survey during a live webcast on July 1, 2020, featuring a panel of independent sponsors and industry deal makers.