Seven years ago, Citrin Cooperman published our first Independent Sponsor Report, exploring what was then considered the "Wild West" of private equity. The independent sponsor sector was largely uncharted, with no established playbook. Since then, we have released five additional reports, each capturing the sector's ongoing development. Much has changed since our initial report in 2017, and this year's edition reflects on both the transformations and the enduring aspects of the industry. Most importantly, it showcases the significant progress this asset class has made.