NewSpring Capital, a family of private equity funds providing growth and expansion capital, today announced the final close of NewSpring Growth Capital IV, L.P. The Fund successfully raised $280 million, making it the largest growth fund to date and bringing NewSpring’s total assets under management to $1.7 billion.
NSG IV received strong support from existing and new investors, including a diverse group of family offices, insurance companies, public pension plans, fund of funds, financial institutions, and university endowments. Consistent with the investment strategy of its predecessor funds, NSG IV will maintain its unique approach of partnering with leading growth-stage businesses in the information technology, enabling technology, and business services sectors, with an emphasis on the Mid-Atlantic region.
NewSpring’s growth and expansion stage strategy has invested in over 60 deals since inception. NSG IV continues to execute on a strong deal pipeline as the team is focused on building out the Fund’s portfolio and to date has committed capital to four portfolio companies: Circonus, Inc., Interactions Corporation, ReviMedia Group, B.V., and Snagajob.com, Inc.
Led by General Partners, Michael DiPiano, Marc Lederman, and Glenn Rieger, who have been deploying capital together since 2000, the investment team continues to grow and expand through both internal talent development and new additions. In the first quarter of 2017, NewSpring promoted three growth-dedicated investment professionals, including Brian Kim, who was promoted to Principal and now serves on the Boards of NewSpring Growth Capital portfolio companies, CallMiner, Inc. and Relay Network, Inc. In addition, Justin Nadile was promoted to Vice President and Hart Callahan was promoted to Senior Associate. These individuals exhibit the qualities and attributes that NewSpring values most and reinforce the strong future of NewSpring’s growth strategy.
In addition, the team is pleased to welcome Prashanth (PV) Boccasam, an entrepreneur and investment professional with over 25 years of executive management experience, as an Operating Partner dedicated to the growth strategy. Most recently, PV served as a General Partner for a DC-area private equity firm and has served on several growth-stage company Boards of Directors, including Appian Corporation, a market leader in modern business process management software, and WealthEngine, a leading provider of predictive marketing analytics. With his extensive entrepreneurial background, PV further strengthens NewSpring’s dedication to collaborating with the region’s top entrepreneurs to provide strong operational insights.
“This is a very exciting and dynamic time for NewSpring Growth Capital. This team is dedicated to providing superior returns for our investors and the continued success of our portfolio companies,” said Marc Lederman, NewSpring General Partner and co-founder of the Firm. “In addition to PV’s operating acumen, he will be based in metro-Washington, DC, which strengthens the Fund’s presence in the southern end of the Mid-Atlantic region and enables us to further reinforce NewSpring’s brand in the DC/NoVA/Maryland market.”
Lastly, NewSpring Growth Capital will welcome Jason Dresner this summer. Jason will join the Firm upon his graduation from the Masters of Business Administration program at the Wharton School of the University of Pennsylvania.
NewSpring is extremely excited about the future of NSG IV and the growth strategy.
About NewSpring Capital
NewSpring Capital is a leading provider of private equity capital focused in the Mid-Atlantic region. The Firm manages over $1.7 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to equity and mezzanine debt. NewSpring Capital combines deep operating knowledge with financial and investing expertise to provide growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to develop their businesses into market leaders. This philosophy has been a key tenet of NewSpring Capital’s approach and the success of its current and former portfolio companies demonstrates the Firm’s commitment. To learn more about NewSpring Capital, please visit www.newspringcapital.com.
