Radnor, PA-based private equity firm NewSpring Capital closed its third growth equity fund, at $250m.
NewSpring Growth Capital III received support from asset management firms, endowments, entrepreneurs, family offices, foundations, fund-of-funds, insurance companies and public pension plans.
Led by Michael DiPiano, co-founder and Managing General Partner of NewSpring Capital, Glenn Rieger, General Partner of NSG III, and Marc Lederman, co-founder of NSC and General Partner of NSG III, the fund will invest $5m to $25m in equity capital, typically with minority ownership, in growth stage businesses in the information technology, enabling technology and business services sectors, with a specific focus on the Mid-Atlantic region.
NSG III’s first portfolio company was eXelate, Inc., a provider of offline and online data sets for digital advertisers, which received an $8.2m investment in the fourth quarter of 2012 (read here the piece).
Incepted in 1999, NewSpring Capital has raised seven funds across its growth, healthcare and mezzanine platforms, with combined assets under management of over $950m.
Past partnerships include: eCount, Inc., sold to Citigroup (NYSE: C), NitroSecurity, Inc., sold to Intel Corporation (NASDAQ: INTC), Nutrisystem, Inc. (NASDAQ: NTRI), and TMG Health, Inc. (sold to Health Care Service Corporation).
FinSMEs
06/05/2013