NewSpring Closes Fourth Growth Equity Fund
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NewSpring Closes Fourth Growth Equity Fund

NewSpring Capital has held a final close of NewSpring Growth Capital IV, LP at $280 million, the largest growth fund the firm has ever raised. The new fund was backed by existing and new investors, including family offices, insurance companies, public pension plans, fund of funds, financial institutions, and university endowments.

NewSpring Growth Capital invests in growth-stage companies across the business services, enabling technology, and information technology sectors. Typical companies will be located in the Mid-Atlantic, have revenues from $5 million to $50 million, a high growth profile, sustainable gross margins, and recurring revenue. To date, the new fund has committed capital to four companies: Circonus, a provider of IT monitoring and analytics; Interactions, a provider of speech and natural language technology; ReviMedia, a provider of lead generating marketing services; and Snagajob.com, a search engine for hourly job seekers and employers.

In tandem with the closing, NewSpring Growth has added Prashanth (PV) Boccasam, an experienced entrepreneur and investment professional as a new Operating Partner. Most recently, Mr. Boccasam was a Partner with Novak Biddle Venture Partners, a DC-area private equity firm, and has served on several growth-stage company boards of directors, including Appian Corporation, a provider of business process management software, and WealthEngine, a provider of predictive marketing analytics.

“In addition to PV’s operating acumen, he will be based in the metro-Washington, DC area which strengthens our presence in the southern end of the Mid-Atlantic region and enables us to further reinforce NewSpring’s brand in the DC, Northern Virginia and Maryland markets,” said Marc Lederman, NewSpring General Partner and a co-founder of the firm.

NewSpring Growth Capital is part of NewSpring Capital, a provider of equity and mezzanine capital across a number of private equity strategies. The firm has offices near Philadelphia in Radnor, PA; near Baltimore in Towson, MD; and in Chicago (www.newspringcapital.com).

© 2017 Private Equity Professional | May 12, 2017

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