NewSpring Closes New Fund
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NewSpring Closes New Fund

NewSpring Capital has held a final close of its third mezzanine fund, NewSpring Mezzanine Capital III, LP (NSM III), at $257.4 million. The firm’s target for this fund had been $200 million.

NSM III received support from existing and new investors, including a group of banks, insurers, public pension plans, financial institutions and individuals.  As a Small Business Investment Company under the Small Business Administration, NSM III marks the fourth SBIC license for the firm.

“Having surpassed our initial target of $200 million, NSM III will enable us to continue to execute on the success of our previous funds,” said Greg Barger, NewSpring General Partner. “We appreciate the continued support of our existing investors and are excited to work with our new limited partners.”

Similar to earlier funds, NSM III will provide investors with both current income and long-term capital appreciation through investments in mezzanine securities of mid-sized companies primarily in the business services, healthcare, information technology, and specialty manufacturing sectors.  The new fund will lead or co-lead sponsored and unsponsored transactions with investment amounts ranging from $5 million to $20 million.

To date, 12 deals have been completed totaling approximately $135.5 million in invested capital. “Our robust sourcing platform was able to yield a healthy pipeline of opportunities allowing us to close twelve new deals in the last year.  We are excited to be working with these great companies and their management teams and look forward to building upon their already strong positions to produce solid returns for our investors,” said Anne Vazquez, a NewSpring Partner.

NewSpring Capital is a provider of private equity capital through a family of funds including NewSpring Ventures, NewSpring Health, and NewSpring Mezzanine.  The firm has offices near Philadelphia in Radnor, PA; near Baltimore in Towson, MD; and in Chicago (www.newspringcapital.com).

© 2017 Private Equity Professional | March 13, 2017

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