Overview
New Mountain Capital, L.L.C. (“NMC”), a Delaware limited liability company, provides
investment advisory services on a discretionary basis to several private equity funds that are exempt
from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and
whose securities are not registered under the Securities Act of 1933, as amended (the “Securities
Act”) (each a “Fund” or “Client,” and collectively, the “Funds” or “Clients”). Affiliates of NMC
serve as the general partners of the Funds (each a “PE GP” and collectively, the “PE GPs”).
The sole member of NMC is New Mountain Capital Group, L.P. (together with its affiliates, “New
Mountain” or the “Firm”), whose ultimate owners include Steven B. Klinsky, a minority investor,
all of New Mountain’s Managing Directors (currently, forty-three individuals) and related and other
vehicles. Separately, the PE GPs are controlled by Steven B. Klinsky and are ultimately owned by
Steven B. Klinsky, other current and former New Mountain professionals and related vehicles and
a minority investor. Despite Mr. Klinsky’s controlling and ownership positions, all of New
Mountain’s team members broadly share in the economics
of the Firm through the receipt of “carry”
or “phantom carry” in every New Mountain transaction. Mr. Klinsky founded the Firm in 1999.
In providing advisory services to the Funds, NMC manages the portfolio of companies and other
investments belonging to the Funds, including the purchase and disposition thereof, in accordance
with each Fund’s investment objective and policies as stated in the Fund’s offering documents and
the investment and other restrictions set forth in the Fund’s governing documents (“Governing
Documents”). Investment management services are provided directly to Clients and not individually
to investors in Clients.
Each Fund’s portfolios include predominately direct private equity and equity-related investments,
including investments in publicly traded companies, leveraged acquisitions, build-ups,
recapitalizations, control restructurings, management buyouts, pre-public offering opportunities and
growth equity transactions. In addition, certain Funds focus on minority and other non-control
investments.
As of December 31, 2023, NMC managed $27,293,331,127 of client regulatory assets under
management on a discretionary basis.