- Approximately 101,100 Cumulative Jobs Added or Created, Net of Job Losses[i]
- Approximately $10.4 Billion of R&D, Software Spending and Capital Expenditures
- Approximately $111.9 Billion of Enterprise Value Gains for All Shareholders
- Over $1.8 Billion of Gains for Company Workforces since 2018
New York, New York – April 23, 2026 – New Mountain issued its eighteenth annual “Social Dashboard” today, reporting on key job growth and investment metrics at its private equity portfolio companies through December 31, 2025.
New Mountain is a New York based investment firm founded in 1999, with approximately $60 billion[ii] in Assets Under Management across its private equity, credit and net lease efforts. The firm describes itself as “a business that builds businesses,” and it owns and operates entire companies for periods of years. The firm’s private equity strategy has consistently emphasized growth and business building in non-cyclical economic sectors, rather than excessive debt, as the best path to high and steady returns. New Mountain has had only a 0.2% realized and unrealized annualized loss ratio[iii] versus ~$111.9 billion of enterprise value gains since inception. New Mountain’s investor base includes premier institutions in the U.S. and around the world.
A study of New Mountain and all of its past and present private equity portfolio companies shows that employment increased from approximately 125,000 jobs to approximately 226,100 jobs during the period of New Mountain’s ownership.[iv] This is a gain of approximately 101,100 jobs, or approximately a 81% increase in jobs, net of any job losses. Approximately 27,000 net new jobs were created through organic growth at the companies, and approximately 74,100 jobs were added through acquisitions. Of the approximately 101,100 jobs gained, around 52,900 were in the United States.
At the end of 2025, approximately 133,000 people were employed by the portfolio companies that New Mountain owned at that time,[v] including approximately 67,600 people in the United States. Median income for New Mountain portfolio companies’ U.S. employees (collectively) was $82,469 in 2025, or approximately 83% above the $45,140 national individual median income. Average income was $104,462 in 2025, which is approximately 56% above the U.S. average individual income of $67,080.[vi]
Taken together, the approximately 133,000 current jobs at New Mountain’s majority-controlled portfolio companies would have ranked the firm between the 51st and 52nd largest employer in the Fortune 500 at the end of 2025.[vii]
New Mountain’s past or present portfolio companies have invested a total of approximately $10.4 billion in Research & Development (“R&D”), software development and capital expenditures during the years of the firm’s ownership, including approximately $6.2 billion spent on R&D and software development. Over $1.1 billion was invested in 2025 alone, including approximately $461 million of R&D spending, approximately $312 million of software development and approximately $362 million of capital expenditures.[viii]
New Mountain has created approximately $111.9 billion of enterprise value gains from inception through December 31, 2025, across its Flagship Funds. This includes approximately $87.1 billion increase from its realized portfolio companies, and approximately $24.8 billion from its unrealized portfolio companies, still held.
New Mountain estimates that it has created over $1.8 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.
“New Mountain is dedicated to building great businesses,” said Steven B. Klinsky, New Mountain’s Founder and CEO. “As the nation seeks economic growth and the creation of high-quality jobs, we think private equity (properly executed) can be a very socially positive pursuit.”
“We believe the consistency and growth of these metrics reflects the strength of our disciplined, growth-oriented investment approach,” said Adam Weinstein, New Mountain’s President and COO. “By focusing on non-cyclical sectors and long-term business building, we have been able to drive meaningful positive outcomes for employees, customers and investors over time.”
Note
All amounts are based on 2025 unaudited results. This analysis includes companies in our Flagship Funds (which are typically majority controlled) and does not include those in our Strategic Equity or Atlas strategies (which take minority positions). In our Flagship Funds, Avantor and Beeline were held static after majority control was sold in 2019 and 2022 respectively. However, Circana has been updated and is included in the 2025 job metrics despite selling majority control in November 2018 because New Mountain remains actively involved.
Important Notice
This document is intended for informational purposes only and has been prepared with the sole objective of demonstrating New Mountain’s commitment to business-building. It is not to be construed as an offer or a solicitation for the sale of a security, or as an offer to provide any investment advice. An investment with the Partnership or any of its affiliates involves significant potential risks and conflicts of interest and may only be made pursuant to the Partnership’s offering documents, which qualify this letter in its entirety, and which should be read carefully.
New Mountain Contact
Adam Weinstein
212-720-0300
[i] Includes job growth through organic growth and acquisitions during the time of New Mountain’s ownership.
[ii] Includes amounts committed, not all of which have been drawn down and invested to date.
[iii] Loss ratio defined as amount of value decline below cost on any transaction (no positive offset from profitable investments) divided by total invested capital. Includes all realized and unrealized investments in the private equity strategy.
[iv] A company is included in the data set in the year in which New Mountain makes its initial investment. This analysis includes companies in our Flagship Funds (which are typically majority controlled) and does not include those in our Strategic Equity or Atlas strategies (which take minority positions). Holding periods for specific portfolio companies are available upon request. After New Mountain exits its investment in a given portfolio company, the job creation figures for that company are held constant across future years. New Mountain does not monitor whether those figures increase or decrease after exit. Please note that, when relevant, certain seasonality adjustments may have been made to normalize employee levels.
[v] Excludes Avantor, which completed an IPO in 2019, and New Mountain currently owns less than 3% of the business. It also excludes Beeline which was partially sold in May 2022, and New Mountain became a minority investor. Circana is included in the 2025 job metrics despite selling majority control in November 2018 because New Mountain remains actively involved.
[vi] The New Mountain median is the weighted average of the median compensation of U.S. employees at each current New Mountain portfolio company as of 12/31/2025. U.S. median and average are from the Census Bureau survey based on 2024 data issued in August 2025 (the most recent data currently available), found at https://www.census.gov/data/tables/time-series/demo/income-poverty/cps-pinc/pinc-01.2024.html#list-tab-2012835591
[vii] Based on Fortune 500 data obtained from the Fortune Datastore found at: https://www.50pros.com/fortune500
[viii] A company is included in the data set for any years in which New Mountain has an investment. After New Mountain exits its investment in each portfolio company, that company’s financial performance is no longer included in current figures.