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2024 Year in Review

$55bn+

In AUM1 Across:

  • private equity
  • strategic equity
  • credit
  • net lease
Triangle-3

Continued growth and investment in the team

~270 Investment professionals and staff across the firm

37

New Hires

13

Transaction Team Members

4

Operating Executives

7

Business Development & Wealth Solutions professionals

13

Non-Investment Professionals

47

Promotions2

4

Managing Directors

2

Directors

7

Vice Presidents

12

Senior Associates

4

Associates

18

Non-investment team professionals

(including 3 managing directors)

Private Equity

A control-oriented strategy focused on business building and value creation for middle-market companies in defensive growth industries

New Mountain Partners VII – Closed June 2024

  • Raised New Mountain Partners VII, which held its final closing in June with $15.4bn of committed capital
  • Investor demand for NMP VII substantially exceeded the Fund’s supply; closed at $14bn “hard cap” of LP commitments, plus ~$1.4bn of General Partner commitment, the Firm’s largest GP commitment to date

Capital Deployed

~$3.8bn3 deployed in NMP VI and NMP VII portfolio companies

Data, payments, and information services provider to the global songwriting and music publishing community.

Provider of coverage analytics solutions, driving hard dollar ROI by finding liable third parties responsible for paying claims on behalf of its health plan clients across subrogation, coordination of benefits, and drug claim payment integrity offerings.

A US accounting, tax and advisory services firm serving a diverse set of 9,800+ clients including middle market and large enterprise companies.

Provider of transportation and water / wastewater engineering and consulting services including planning & design, engineering & construction inspection and structural assessment services.

Provider of data & analytics, sales intelligence, and trend forecasts for the Food & Beverage (F&B) industry.

A pure-play independent services provider to the data center industry.

A fleet maintenance provider focused on preventative maintenance, DOT inspections, and repairs for blue-chip commercial vehicle fleets.

Realization Events

A leader in employer health, wealth and HR administration which was carved-out of Aon’s technology-enabled benefits and human resources platform. Over the course of New Mountain’s investment, Alight modernized and launched a new, integrated technology platform, enabling customer delivery efficiencies and enhanced product innovation.

Cloudmed (formed by merging Revint + IMA Consulting), is a technology-driven provider transforming patient experience and financial performance for healthcare systems through a platform leveraging data, AI, and ML for revenue intelligence. In addition to completing strategic M&A, New Mountain facilitated leadership development, customer growth, and technology advancements with key hires and capabilities.

A leading provider of biopharma single-use containment solutions, medtech outsourced manufacturing services, and space and engineered products. Under New Mountain’s ownership, ILC Dover’s biopharma salesforce tripled, introduced multiple new products, completed two footprint cost-savings optimization projects, and closed significant add-on acquisitions, including Flexan.

A leading multi-site operator (“MSO”) of collision repair centers across the U.S. with an organically developed glass and calibration business that New Mountain helped grow over the ~3.5 year investment life from 34 sites across 2 states to over 265 sites nationwide. New Mountain also built a best-in-class team with key hired, enhanced CSI and insurer relationships, launched new services, optimized operations with a data warehouse, and expanded nationally through transformative strategic acquisitions.

Strategic Equity

A “value-added” non-control capital strategy with structural security and attractive valuations

  • Utilizes the same unified team, investment process, “defensive growth” sector focus, and value-add approach as Private Equity
  • Partnering with founders, existing management teams, and current financial sponsors to support companies in various ways, such as:

Growth Capital

Recapitalization

Strategic M&A

Capital Deployed

A technology-enabled traffic control provider with manufacturing and servicing hardware and software solutions for the traffic control and road construction industries.

A blue-chip advisory, interim management and investment banking firm focused on the middle market, with a focus on performance improvement and interim management services as well as turnaround & restructuring, investment banking, and transaction advisory services.

Realization Events

A national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services. With New Mountain’s partnership since 2021, the team supported Homrich Berg’s business building initiatives to help drive significant growth, including building out a fully professionalized, best-in-class team through key hires, executed 4 advisor team lift-outs and 2 RIA acquistions in Georgia and Florida, and completed a founder transition.

Credit

Direct lending and CLO strategies leveraging New Mountain’s defensive growth sector expertise

Strategy Headlines

$12bn10 in AUM across private credit and broadly syndicated loan strategies

Defensive Growth Focus

Sponsor-backed Direct Lending

Flexible Mandate

Strong Research / Underwriting Model

Credit Since Inception

~$33bn Invested across
credit strategy11

16-year Track record

430 Unique borrowers12

2024 Highlights

14% YOY AUM Growth

14% YOY Credit Team Growth

Representative Direct Lending Transactions13

Associations, Inc. is a leading provider of outsourced residential property management services for community associations throughout North America.

Sector: Business Services

Model N provides purpose-built revenue management software helping life sciences and technology customers drive mission critical revenue processes, such as pricing, quoting, contracting, regulatory compliance, rebates, and incentive management.

Sector: Governance, Risk, & Compliance

OEConnection is a leading provider of SaaS solutions that help drive genuine original equipment (“OE”) parts sales and services across the entire automotive system.

Sector: Logistics

Recorded Future is a leading provider of SaaS-based cyber threat intelligence (“CTI”) solutions and services to over 450 enterprise (including 91 of the Fortune 100) and public sector customers.

Sector: IT Infrastructure & Security

Net Lease

A leading investment platform in the industrial net lease space that is tightly integrated with the underwriting engine of New Mountain Capital’s PE and Credit platforms

NMC Network of sponsor relationships bolsters transaction identification, sourcing, and execution with a focus on:

Tenant Credit

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Real Estate Attributes

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Location Criticality to operations

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Net Lease Strategy Highlights

~$1.6bn

AUM14

$2.7bn

Invested since inception15

24 mm

square feet16

254

Properties

53

Tenants

55

States /
Provinces

100%

Occupancy17

Net Lease Portfolio Footprint

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[1] Includes asset valuations, remaining commitments, and undrawn capital (if applicable) as of September 30, 2024. Pro forma for capital commitments as of January 1, 2025.

[2] Includes promotions and title changes made in August 2024 and January 2025.

[3] Inclusive of LP co-investment closed. Note that BMI was signed in November 2023 and closed in February 2024. Amerit Fleet Solutions was signed in December 2024 and is subject to close in January 2025.

[4] Inclusive of add-ons funded by balance sheet capital, debt, and fund equity.

[5] As of 12/31/2023.

[6] Includes jobs through organic growth and acquisitions under New Mountain’s ownership.

[7] NMC median is the weighted average of the median compensation at each New Mountain portfolio company. U.S. median and average are from the Census Bureau survey based on 2022 data (the latest data available as of our report date).

[8] Enterprise value gains is calculated based on change in enterprise value and is adjusted for acquisitions where additional fund equity was used and other transformative transactions; as of 12/31/2023.

[9] New Mountain estimates that it has created over $1.3 billion of value for employees at portfolio companies sold since 2018 (not including value for board of directors and C-suite executives of those companies). The total value would be significantly larger if we included companies sold by New Mountain prior to 2018 (before the statistic was tracked) and companies that we still hold.

[10] Includes asset valuations and remaining commitments (if applicable) for NMFC, the SLPs, Guardian II, Guardian III, Guardian IV, Guardian IV Income, H-1 Credit Fund, SLF I and the CLOs as of September 30, 2024. Pro forma for commitments from October 1, 2024 to December 31, 2024, which includes commitments to New Mountain Guardian IV Income Fund, L.L.C. (“Guardian IV Income”).

[11] $ invested across New Mountain’s credit platform from inception in October 2008 to September 30, 2024.

[12] Represents unique assets across the New Mountain Direct Lending Platform as of September 30, 2024.

[13] The select investments presented on this page represent the largest investments (by dollars invested) in 2024 made across New Mountain’s Direct Lending Strategy.

[14] Includes asset valuations and remaining commitments (if applicable) for New Mountain Net Lease Partners, L.P. and New Mountain Net Lease Partners II, L.P. as of September 30, 2024.

[15] Based on asset acquisition values from inception to December 31, 2024.

[16] Managed to December 31, 2024.

[17] “Occupancy” represents the quotient of (1) the total square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties as of December 31, 2024.