Sourcing deals

Based on the most helpful WSO content, sourcing deals can indeed be quite the jungle gym, and you're right that in the lower middle market (LMM), proprietary deals can be more common. Here's the scoop:

• In larger markets, auctions are indeed the norm, and it's a competitive safari with many players vying for the prize. The idea of a "proprietary" deal in these spaces can be as rare as a monkey flying a plane.
• However, when you swing down to the smaller deals, there's more room for those one-on-one interactions. Some groups do indeed source deals without a banker's involvement. It's like finding a banana in the wild – it takes some searching, but it's possible.
• These groups often leverage personal networks, industry contacts, or direct outreach to uncover opportunities. It's a bit like a treasure hunt, where the map is your network and the treasure is a deal that hasn't been picked over by the competition.

So, while the larger deals often involve a more formal auction process, there's still a jungle out there where savvy deal hunters can find those off-market gems. Keep your eyes peeled and your network strong, and you might just swing into a deal that's ripe for the picking!

Sources: M&A - Bankers vs. Lawyers, https://www.wallstreetoasis.com/forum/investment-banking/from-a-levfin-banker-this-is-how-an-apollo-lbo-deal-works?customgpt=1, There and Back Again - A Banker's Tale, Q&A: Non-Bank Commercial Lending, Corp Dev / Strategy Role - No Deal Flow?