LP First Capital: Behind the Impressive Rise of a Top-Tier Independent Sponsor

Описание: Today’s guests are Thomas Ince and Logan Lowery, Managing Partners of LP First Capital, a top-rated independent sponsor that has closed 70 deals in just six years. Ince and Lowery share the origin of the firm’s name and dive into how LP First approaches investor alignment, capital structuring, and platform building.

They discuss the nuances of working with a diverse mix of LPs, co-GP partnerships with private equity firms, and the firm’s emphasis on speed, sourcing discipline, and founder alignment. The conversation closes with reflections on hold vs. exit decisions, the firm’s evolution, and what lies ahead.

Discussion Points:

• The story behind the name “LP First” and its layered meaning
• Structuring investor alignment through incentive design
• Evolving LP mix and the importance of thoughtful capital composition
• Why LP First often starts transactions all-equity and leverages up later
• Getting comfortable with private equity funds as LPs
• Criteria for selecting GP partners and building trust
• LP First’s value prop: speed, responsiveness, and sourcing systems
• Building and executing within a focused buy box
• Prioritizing founder energy and cultural fit in platform investments
• Thoughts on hold duration, liquidity timing, and compounding value
• Scaling thoughtfully while building long-term firm credibility