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New Mountain Closes Buyout Fund

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New Mountain Closes Buyout Fund PRIVATE EQUITY W New Mountain closes buyout fund by David Carey Wrapping up a wildly popular Institute of Technology's endowment. Another of the firm's hallmarks, Hirsch fundraising, New Mountain Capital LLC, One investor grateful to have been in- said, is to build a small, concentrated port- a 5-year-old middle-market private eq- vited into the fold is Erik Hirsch, chief folio of holdings and "really work them." uity firm led by ex-Forstmann Little & investment officer at Hamilton Lane Ad- Early on, New Mountain scored big Co. partner Steven Klinsky, capped out visors, a pension fund consultant and on a $115 million private investment in its second investment fund at $1.55 bil- fund manager. public equity in Strayer Education Inc., a lion, Klinsky told The Daily Deal. "We put New Mountain in what we Washington-based operator of post-sec- But the fund could have been 3 times call the large buyout market," Hirsch ondary schools for adults. New Moun- that size if institutional investors had said. "That's above the traditional mid- tain's investment, which Strayer used to had their way, according to John dle-market firms [in size] and comfort- add campuses and boost enrollment, pro- Robertshaw, a Credit Suisse First ably below the megafunds. There is a duced a roughly fivefold return. Boston managing director who helped small group of elite fund managers in Another huge winner has been National raise New Mountain Partners II LP. that space, and Klinsky and New Moun- Medical Health Card Systems Inc. New "It was unbelievable. We're talking tain are one of them. They're at the top of Mountain injected $80 million of about $4 billion-plus in demand," said their game." growth capital in the publicly traded, Robertshaw, explaining that marketing To maintain its track record, New prescription drug benefits manager in was easy given the Midas-like reputation Mountain cut off fundraising at $1.5 bil- March. Its stake has more than doubled New Mountain has developed. lion, Klinsky said. "We're able to invest in value in the nine months since. Indeed, New Mountain's first, $770 comfortably and in a high-quality way at New Mountain owns controlling million fund, raised in 2000 and 2001, this size. We didn't want to get bigger for stakes in three other companies: Apptis sports an annual compound internal rate the sake of getting bigger." Inc., a provider of information technol- of return of 28.2% through June 30, ac- In its short life, New Mountain has ogy services to the federal government; cording to the California Public Employ- proved adept at choosing top-grade Overland Solutions Inc., which performs ees' Retirement System, the country's companies in high-growth sectors. Of- audits and property surveys for insur- biggest public pension fund. ten, it eschews layering debt into its deal ance companies; and Surgis Inc., which That ranked first among the 17 private structures if that would stunt a com- operates surgery centers. equity funds raised in 2000 to which pany's growth, Klinsky said. According to Klinsky, New Mountain CalPERS pledged at least $100 million. New Mountain has had no losing in- seeks promising sectors in which to in- The IRR outshines those of larger pools vestments. vest, but he declined to say which indus- raised by such mainstays of the buyout "We don't think private equity means tries he and his eight partners are scop- world as Texas Pacific Group (18%), Car- you buy a tin can company, put nine parts ing out. lyle Group (18%), Hellman & Friedman debt to one part equity on it and try to The new fund will charge investors an LLC (9.9%) and Welsh, Carson, Ander- squeeze out a return from financial en- annual management fee equal to 2% of son & Stowe (4.6%). gineering," he said. Instead, New Moun- committed capital. New Mountain will In addition to CalPERS, the second tain seeks out what he calls low-risk, "de- earn a 20% carried interest, if, that is, it fund's investors include the General Elec- fensive growth" situations with a wealth succeeds in delivering an 8% preferred tric Pension Trust and the Massachusetts of upside potential. return to its limited partners. I DECEMBER 16, 2004 TUESDAY WEB PUBLISHED The AS FEATURED IN ... com com © 2004 THE DEAL LLC..
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