What New Mountain Capital does

New Mountain Capital is a New York-based alternative investment firm founded in 1999 by Steven Klinsky, managing approximately $60 billion in assets across private equity, strategic equity, credit, and net lease real estate strategies. The firm invests in more than 80 portfolio companies across carefully selected "defensive growth" industries — economically acyclical sectors such as healthcare/health tech, specialized software, business services, information and data, logistics, infrastructure services, financial services, and specialty chemicals. Its investment approach centers on intensive fundamental research, business building through organic growth and add-on acquisitions, moderate use of acquisition debt, and proactive top-down sector identification before auction processes begin, formalized through a proprietary framework of 24 Key Sustainability Metrics used in all due diligence.

The firm's revenue model is built on management fees and carried interest on a series of institutional fund vehicles, complemented by net lease rental income, BDC investment income (via majority-owned Nasdaq-listed NMFC), and reinsurance premium income through the newly launched VictoryRe platform. Distribution occurs through direct institutional fundraising to pension funds, insurance companies, endowments, family offices, RIAs, and HNW individuals, with a new Wealth Solutions team extending access to wealth management channels. The platform operates across the Americas, Europe, and Asia Pacific through offices in New York (global HQ), Tokyo, Seoul, and Mexico City, supported by approximately 300 investment professionals and staff including a 22-member Senior Advisor network.

New Mountain has built a vertically integrated multi-strategy platform: the flagship control-oriented New Mountain Partners funds (I–VII), the Strategic Equity non-control funds (SEF I, SEF II), the Credit platform spanning private credit, CLOs, and the NMFC BDC, a ~$4B Net Lease real estate portfolio, and two 2026-era expansions — Atlas (GP-led secondaries) and VictoryRe (reinsurance). Notable portfolio platforms include Smarter Technologies (AI-enabled healthcare RCM), Grant Thornton Advisors (multinational professional services), Azuria Water Solutions (water/wastewater infrastructure), and a growing cluster of power and grid engineering firms. Track record includes zero private equity portfolio company bankrupthips, a 0.2% annualized realized/unrealized loss ratio, and major realizations including Avantor ($3.8B IPO, 2019), Cumming Group ($3B sale to Leonard Green, 2026), Pearce Services ($1.2B+ to CBRE, 2025), and Citrin Cooperman (~$2B to Blackstone, 2025).

Name

New Mountain Capital

Legal name

New Mountain Capital, LLC

Website

http://www.newmountaincapital.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

New Mountain Capital is a New York-based alternative investment firm managing approximately $60 billion in private equity, strategic equity, credit, and net lease strategies across more than 80 portfolio companies in defensive growth industries, serving institutional LPs and HNW investors globally.

Ownership category

akta.pro rank

Product category

Private Equity / Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Lessors of Other Real Estate Property (53119), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investors, Nec (6799), Finance Lessors (6172)

akta.pro primary industry

Middle-Market Lending (FSANADAI)

akta.pro secondary industries

Private Credit / Direct Lending (FSAAAHAG), Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI), Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

Keywords

• Private equity investments
• Private credit lending
• Alternative asset management
• Net lease real estate
• Institutional fund management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Equity Management Fees & Carried Interest: Management fees and performance-based carried interest on flagship control private equity funds (e.g., New Mountain Partners VII at $15.4B), strategic equity non-control funds (SEF II at $1.2B), and the Atlas GP-led single-asset secondaries strategy. Capital deployed of approximately $3.7B in NMP VII portfolio companies and ~$6.0B of add-on capital in 2025.
2. Credit Strategy Management & Performance Fees: Management and performance fees from private credit funds, the BDC (New Mountain Finance Corp - Nasdaq: NMFC), Senior Loan Products (SLPs), Collateralized Loan Obligations (CLOs), and structured credit vehicles (Guardian II/IV/NEWCRED/SLF I). Approximately $14B in AUM across credit strategies, ~$33B invested across credit since inception in 2008.
3. Net Lease Real Estate Income: Rental income and capital appreciation from a ~$4B AUM net lease portfolio spanning 378 properties, 79 tenants, 48 states/provinces, with 100% occupancy and 37M+ square feet. Strategy encompasses sale-leasebacks, build-to-suits, and existing net lease acquisitions.
4. Reinsurance Premium Income: Premium income and investment returns from the VictoryRe reinsurance platform and NovaRe collateralized reinsurance sidecar providing capacity to specialty insurance MGA Novacore across diversified property and casualty portfolios.
5. GP-led Secondaries (Atlas Strategy): Fee and carry revenue from New Mountain Atlas I, a GP-led secondaries strategy seeking to raise up to $2 billion to sponsor continuation vehicles, leveraging the firm's track record with deals including the $3.1B Real Chemistry CV and the Azuria/Inframark combination.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

New Mountain Capital is a private investment firm managing approximately $60 billion in assets under management across private equity, strategic equity, credit, and net lease real estate strategies. The firm acquires controlling or minority stakes in middle market companies in defensive growth industries, provides primary and secondary private credit, and originates sale-leaseback and build-to-suit real estate financings. Capital is sourced from institutional limited partners (pension funds, insurance companies, endowments) and increasingly from family offices, RIAs, and high-net-worth individuals via private placement fund commitments.

Product overview

New Mountain Capital is a New York-based growth-oriented alternative investment firm managing approximately $60 billion in assets across private equity, strategic equity, credit, and net lease strategies. The firm operates a platform-plus-modules architecture where its core Private Equity strategy is complemented by the Strategic Equity strategy (minority, non-control investments), Credit strategy (lending and CLOs), and Net Lease strategy (real estate financing). Its flagship offering, the Private Equity strategy, has invested in more than 80 businesses since 2000 across defensive growth industries such as healthcare, software, business services, and infrastructure services. Notable portfolio platforms include Smarter Technologies (an AI-enabled healthcare RCM platform combining Access Healthcare, SmarterDx, and Thoughtful.ai), Grant Thornton Advisors (a multinational professional services platform), Azuria Water Solutions (a tech-enabled water and wastewater infrastructure platform), VictoryRe (a reinsurance platform), and Atlas (a GP-led secondaries strategy). The firm also operates New Mountain Finance Corporation (Nasdaq: NMFC), a publicly traded business development company. As an investment firm, New Mountain Capital does not offer unified software products; instead, its offerings are investment strategies and the portfolio companies built under those strategies.

Differentiator

Problem solved

Functional benefit

Brands

• New Mountain Partners: Flagship control-oriented private equity fund series (NMP I through NMP VII).
• New Mountain Strategic Equity
• New Mountain Credit
• New Mountain Net Lease
• Atlas (New Mountain Atlas)
• VictoryRe
• Guardian

Products and services

• Private Equity Strategy Acquires controlling stakes in defensive growth industries, typically investing $100M–$500M per transaction in companies with $100M–$1B enterprise value. Latest flagship fund NMP VII closed at $15.4B in July 2024.
• Strategic Equity Strategy Minority, non-control equity investments following the same defensive growth philosophy as the firm's control private equity funds. SEF II closed at $1.2B in December 2025, exceeding its $1B hard cap.
• Credit Strategy Applies the firm's defensive growth investment philosophy to corporate lending across private credit, broadly syndicated loans, CLOs, and Senior Loan Products. Approximately $14B in credit AUM with ~$33B invested since 2008.
• New Mountain Finance Corporation (NMFC) Business development company (Nasdaq: NMFC) primarily focused on lending to middle market companies in defensive growth industries, generating current income and capital appreciation through debt securities.
• Net Lease Real Estate Strategy Acquires operationally critical real estate from sponsor-backed companies via sale-leasebacks, build-to-suits, and existing net lease acquisitions ($10M–$500M transactions, 15–20 year lease terms). Approximately $4B AUM, 378 properties, 79 tenants, 48 states/provinces, 37M+ square feet.
• Atlas GP-Led Secondaries Strategy GP-led secondaries strategy sponsoring continuation vehicles for quality companies not otherwise for sale, leveraging New Mountain's track record including the $3.1B Real Chemistry CV and the Azuria/Inframark combination.
• VictoryRe Reinsurance Platform Reinsurance platform providing multi-year premium capacity to specialty insurance programs; includes NovaRe sidecar vehicle for Novacore's diversified P&C portfolio across 15+ segments.
• Wealth Solutions Platform Dedicated Wealth Solutions team and platform expanding HNW channel access via family offices, RIAs, and high-net-worth individuals, with emphasis on CLO issuances and customized mandates.

Named customers13 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

25 partnerships are on record, tiered flagship, minor and core.

• Neal Costello (Atlas Strategy)flagshipOthers · 18 June 2026New Mountain Capital launched Atlas, a new GP-led secondaries strategy co-led by Neal Costello (secondaries veteran from AlpInvest Partners with 20+ years of experience) and Peter Masucci, filing Form D with the SEC in May 2026 seeking to raise up to $2 billion for New Mountain Atlas I. The strategy sponsors continuation vehicles for quality companies not otherwise for sale.
• Leonard Green & PartnersflagshipStrategic or Co-development Partner · 16 June 2026Leonard Green & Partners completed acquisition of Cumming Group from New Mountain Capital in a deal valued at $3B (including debt). Cumming Group is a global pure-play provider of project management and cost management services with 2,900+ professionals across 60+ offices serving 4,000+ clients including 41 Fortune 100 companies across North America and Western Europe.
• New Mountain Finance Corp. (BDC)flagshipStrategic or Co-development Partner · 5 May 2026New Mountain Finance Corp. (Nasdaq: NMFC) is New Mountain's BDC primarily focused on lending to middle market companies in defensive growth industries. In Q1 2026, the private credit fund sold ~$500M in assets at a discount and deployed proceeds to purchase distressed loans at depressed valuations; a loan purchased at ~65 cents on the dollar appreciated ~10 cents.
• Clearlake Capital GroupflagshipStrategic or Co-development Partner · 1 May 2026Clearlake Capital Group completed its acquisition of Qualus Corporation from New Mountain Capital on April 30, 2026. Qualus is a pure-play, end-to-end electric power solutions platform providing grid modernization, engineering, and digital services to utilities and industrial clients across the U.S. and Canada. Financial terms were not disclosed.
• WIN Sports Group (Patrick Whitesell)minorStrategic or Co-development Partner · 30 April 2026WIN Sports Group backed by New Mountain Capital is one of two key contenders in the active sale of Casey Wasserman's talent management company. Providence Equity Partners holds 60% with Wasserman at 25% and management at 15% ownership.
• Behrman Capital (Waterline Renewal Technologies)coreStrategic or Co-development Partner · 29 April 2026Behrman Capital sold its portfolio company Waterline Renewal Technologies to Azuria Water Solutions, a portfolio company of New Mountain Capital. Waterline provides engineered products and services for trenchless rehabilitation of wastewater and stormwater infrastructure under brands including Perma-Liner, APM, LMK Technologies, and LightRay.
• Azuria Water Solutions and InframarkflagshipStrategic or Co-development Partner · 23 April 2026New Mountain Capital completed the combination of Azuria Water Solutions and Inframark, creating a leading end-to-end provider of tech-enabled water and wastewater solutions for municipal utilities. The combined platform will generate more than $2.5B in revenue and was financed through a newly raised $2.4B single-asset continuation vehicle alongside New Mountain Partners VII. The company rehabilitates over 1,000 linear miles of pipeline annually and treats more than 13B gallons of water.
• Blackstone Inc. and KKR & Co.minorStrategic or Co-development Partner · 22 April 2026Blackstone Inc. and KKR & Co. are leading a debt restructuring for Affordable Care with a $1.4B private credit loan, alongside Antares Capital and New Mountain Capital, with Blackstone holding the largest portion of senior debt.
• NovacoreflagshipStrategic or Co-development Partner · 15 April 2026Novacore, a specialty insurance managing general agent, launched NovaRe, a collateralised reinsurance sidecar backed by New Mountain Capital through VictoryRe. The vehicle provides incremental, multi-year premium capacity across Novacore's diversified property and casualty portfolio spanning 15+ segments including coastal condominiums, trucking, professional liability, and workers' compensation.
• Francisco Partners (Office Ally)coreStrategic or Co-development Partner · 7 April 2026Office Ally embarks on next phase of growth and innovation with New Mountain Capital and Francisco Partners as investors in the healthcare clearinghouse/electronic claims processing platform.
• Simpson Thacher & Bartlett LLPcoreImplementation/ SI/ Consulting Partner · 15 January 2026Simpson Thacher & Bartlett LLP serves as legal advisor for the New Mountain Strategic Equity Fund II (SEF II). The firm also serves as legal counsel to New Mountain in major transactions including Qualus and Commonwealth Associates.
• CBRE Group, Inc.coreStrategic or Co-development Partner · 4 November 2025CBRE Group acquired Pearce Services from New Mountain Capital for ~$1.2 billion in cash plus potential earn-out of up to $115 million (for ~$1.3B total). Pearce provides technical services for digital and power infrastructure with projected 2026 revenue exceeding $660M and EBITDA above $90M, operating across Critical Power & Cooling, Renewable Energy, Wireless & Fiber Networks, and EV Charging markets with over 4,000 employees.
• Blue Point Capital PartnerscoreStrategic or Co-development Partner · 25 September 2025Blue Point Capital sold Stax, a commercial due diligence and consulting firm previously backed by New Mountain Capital, which serves private equity firms and investment banks. The transaction marks a realization event for New Mountain Capital's investment.
• Drive CapitalcoreStrategic or Co-development Partner · 5 July 2025Drive Capital returned $500M to investors including proceeds from its exit of Austin-based Thoughtful Automation (an AI healthcare automation company) to New Mountain Capital. New Mountain combined Thoughtful Automation with two other companies to form Smarter Technologies.
• Truelink CapitalcoreStrategic or Co-development Partner · 1 July 2025Truelink Capital closed the acquisition of Zep, Inc., a manufacturer of maintenance, cleaning, and sanitation solutions with 1,400+ employees across 23 facilities worldwide, from affiliates of New Mountain Capital.
• The Rawlings GroupflagshipStrategic or Co-development Partner · 5 September 2024The Rawlings Group, Apixio's Payment Integrity business, and VARIS merged to form a new healthcare technology platform focusing on reducing healthcare costs and improving payment accuracy. The combined company serves over 60 health plans in the US, impacting over 160 million lives and generating over $3 billion in annual savings.
• Blackstone and Eir Partners (HealthComp/Personify Health)flagshipStrategic or Co-development Partner · 1 November 2023The $3B leveraged buyout of Personify Health (formerly HealthComp) was sponsored by Blackstone, Eir Partners, and New Mountain Capital in November 2023; the largest completed transaction in B2B sales solutions sector.
• SASB Standards (IFRS Foundation)minorOthersNew Mountain partners with SASB Standards (now a resource of the IFRS Foundation as of August 2022), which guide the disclosure of financially material sustainability information across 77 industries.
• United Nations Principles for Responsible Investment (UN PRI)minorOthersNew Mountain is a signatory of the UN PRI, which supports international network of investor signatories in incorporating ESG factors into investment and ownership decisions.
• ESG Data Convergence Initiative (EDCI)minorOthersNew Mountain has been a member of the ESG Data Convergence Initiative (EDCI) since 2022, a global partnership of private markets stakeholders committed to streamlining sustainability data collection and reporting.
• RepRiskcoreTechnology or IntegrationRepRisk is used by New Mountain to systematically analyze public information and identify material ESG risks on all prospective investments during due diligence and throughout the life of investment.
• American Investment Council (AIC)minorOthersNew Mountain is a member firm of the American Investment Council, an advocacy and resource organization for the private investment industry.
• ILPA Diversity in Action InitiativeminorOthersNew Mountain participates in the ILPA Diversity in Action initiative which brings together LPs and GPs committed to advancing equity and inclusion in the private equity industry.
• Phelps ForwardminorOthersPhelps Forward provides career counseling, networking and job placement to first generation college students and graduates from low-income backgrounds; New Mountain partners with Phelps for talent identification at financial services companies.
• INROADSminorOthersINROADS provides pathways from high school to college and career for diverse underrepresented youth; New Mountain partners with INROADS for talent development.

Scale indicators1 record

Recent moves9 records

Expansion highlights7 records

Direct peers

• TPG Inc. Public alternative asset manager (Nasdaq: TPG) with Capital, Growth, Impact, Real Estate, and Market Solutions platforms. Closely comparable to New Mountain's multi-strategy structure and middle-market defensive growth PE focus.
• Hellman & Friedman: Private global PE firm focused on large-cap, high-quality businesses in defensive sectors. Closely aligned with New Mountain's defensive growth philosophy and operates at similar investment size ($100M-$1B+ EV deals).
• Bain Capital: Private global alternative asset manager with comparable middle-market PE, credit, and special situations strategies. Bain Capital competes directly for the same defensive growth investment opportunities and LP relationships.
• The Carlyle Group: Public alternative asset manager with global PE, credit, and real estate platforms. Direct competitor for institutional LP capital and middle-market defensive growth deals, particularly in healthcare and business services.
• Apollo Global Management: Public alternative asset manager with major PE and credit platforms including Athene insurance. Overlap with New Mountain's middle-market credit and PE strategies, though Apollo operates at materially larger scale.
• Advent International: Private global PE firm focused on mid- and large-cap buyouts in business and financial services, healthcare, retail, and TMT. Direct competitor for defensive growth companies in the $100M-$1B EV range that are New Mountain's sweet spot.
• CVC Capital Partners: Global private equity and credit firm with comparable strategy mix including middle-market buyouts and direct lending. Recently went public (Euronext: CVC), expanding institutional LP reach similarly to New Mountain's Wealth Solutions initiative.
• Warburg Pincus: Private global growth equity investor with a defensive growth-oriented investment approach similar to New Mountain's. Both firms focus on business building in healthcare, technology, and business services.
• Blackstone Inc. Largest global alternative asset manager with PE, credit, and real estate platforms. Blackstone made a strategic investment in New Mountain in 2018, demonstrating strategic adjacency; the two firms also transact with each other (e.g., Blackstone acquired Citrin Cooperman from NMC for ~$2B).
• KKR & Co. Inc. Global alternative asset manager with parallel PE, credit, and real estate strategies operating at far larger scale (>$600B AUM). Highly comparable to New Mountain in middle-market PE and direct lending focus, and increasingly competing for the same defensive growth sectors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/new-mountain-capital

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A66 records

Investments68 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Mountain Capital