NewSpring Capital Closes Fund 3 above Target
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NewSpring Capital Closes Fund 3 above Target

NewSpring Capital has closed its third growth equity fund, NewSpring Growth Capital III, L.P. (NSG III), at its hard cap of $250 million and above the target of $200 million. NewSpring’s earlier funds were NewSpring Growth Capital, L.P., a $136 million growth equity fund and NewSpring Growth Capital II, L.P., a $163 million growth equity fund.

“We are extremely pleased with the continued support we receive from our existing investor base and are excited to have attracted a well-diversified group of new highly regarded institutional investors,” said Michael DiPiano, co-founder and Managing General Partner of NewSpring Capital.

Similar to its predecessor funds, NSG III will invest from $5 million to $25 million in growth stage businesses with revenues of $5 million to $50 million. Sectors of interest include business services, enabling technologies, and information technology.

“Since our founding, we have strived to position NewSpring Capital as the preferred partner of the top management teams in the Mid-Atlantic region. We are truly excited about the opportunities that lie ahead for NSG III and its investors,” said Marc Lederman, co-founder of NewSpring.

NSG III completed its first portfolio company investment in the fourth quarter of 2012 with an $8.2 million investment in eXelate, a provider of offline and online data sets used by digital advertisers to improve customer targeting. The company is headquartered in New York (www.exelate.com).

“Through our operational backgrounds, we strive to deliver value added insights and guidance while maintaining a consistent, long term view of each investment,” added Glenn Rieger, General Partner of NSG III. “We are looking forward to building out NSG III’s portfolio and rewarding the faith our LPs placed in us by providing them with strong returns.”
NewSpring Capital has offices in Radnor, PA; Short Hills, NJ; Baltimore, MD and Washington, DC (www.newspringcapital.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 5-3-13

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