"We review nearly 1,000 companies a year, and then select just 8-10," explains Steve Klinsky, founder and CEO of New Mountain Capital. "Our criteria have become increasingly stringent over time. Each investment must first answer a key question: is it secure enough for us to double our stake, even if the economic environment deteriorates?"
A network of global investors
New Mountain Capital 's investor profile has broadened considerably over the past two decades. Initially, the firm's main investors were US pension funds, such as the California Public Employees' Retirement System (CalPERS) and the Pennsylvania State Pension Fund, which continue to be among its long-term partners**.
Today, the fund manager, present in the Vintage FPCI Altaroc Odyssey 2023 and in the selection universe of the Vintage FPCI Altaroc Odyssey 2025, brings together over 350 investors from a wide range of backgrounds: European institutions, Canadian sovereign wealth funds, family offices and institutional investors from Asia and the Middle East**. "We have strengthened our international presence by launching successive new funds," says Klinsky. "More and more family offices, now operating with the rigor of institutions, are joining our investors."
This geographic and typological diversification provides New Mountain with a high degree of stability and an enhanced ability to raise funds rapidly, while meeting the specific expectations of its various financial partners.
* Source: Pitchbook - Global LBO & Growth Equity - 12/31/2023. ForAltaroc Odyssey's 2021, 2022 and 2023 Vintage , the mature funds of the 15 selected managers generated an average net performance of 2.26x and 21.8% IRR (arithmetic average of the net performances of the 1999-2018 Vintage funds), which is higher than the performance limit required to rank 1st quartile (2.06x / 21.7%) for the 1999 to 2018 Vintage . A fund is ranked 1st quartile when its net performance is higher than that of 75% of the funds in its Vintage.
** It is not specified whether these investors support New Mountain or its products.