Screenshot of the 2025 breakdown of deal flow by industry at Minds Capital.
Everyone knows valuations, revenue quality, capex intensity, etc. differ across industries.
But how about investment returns?
There's neither empirical evidence nor consensus that investment returns differ meaningfully across time. If this wasn't the case, then everyone would naturally flock to the industry with the best returns.
A 3-5x MOIC for a lower-middle market independent sponsor deal is feasible in every sector. How to achieve it will depend entirely on the case and vintage, but good deals and strong outcomes occur in every industry.
