Global Digital Solutions Inc (GDSI)

[PJC1]

Just found this on Joe Dagrosa, I bet this tells the story. He probably couldn't get investors lined up, he never had the money in his fund. This is talking about fundless sponsors.

PEI discovered another this month: General American Capital Partners.

The firm was founded by 20-year veteran Joe DaGrosa who told PEI: “Our model is pretty straightforward. Since we’re doing deal-by-deal, the advantage to the investors is they’re not paying management fees on undeployed capital.”

Unlike a blind pool, the fundless sponsor lays out each separate investment case to its limited partners, which DaGrosa argued paves way for greater transparency and discipline in finding and making good deals.