News
Newspring Mezzanine Capital, L.P. Announces Its Second Close At $60 Million And Approval Of Its SBIC License By The United States Small Business Administration.
King of Prussia, PA – May 3, 2005 – NewSpring Mezzanine Capital, L.P. (“NewSpring Mezzanine Capital” or the “Fund”) today announced its second closing of capital, bringing total capital under management to $60 million. The Fund held its first close in October 2004 and is targeted to be a $100 million fund upon completion of fundraising later in 2005. In addition, NewSpring Mezzanine Capital received notification that it received unanimous approval of the Agency Committee of the United States Small Business Administration (“SBA”) for its application to become a licensed Debenture Small Business Investment Company (“SBIC”). The Fund received its license on April 25, 2005.
“We are extremely pleased that the SBA has approved NewSpring Mezzanine Capital, L.P. to be a licensee in the SBIC program,” said Steven D. Hobman. “The SBA conducts a thorough due diligence process, and we are very proud to have been selected to be in the program as a debenture licensed fund. This approval reflects the track record of our team and the strong relationship that we developed with the SBA over the past five years through our sister fund, NewSpring Ventures, L.P., a participating securities licensee. ”
NewSpring Mezzanine Capital, L.P. is the third fund launched by NewSpring Capital, joining sister funds: NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services and enabling technologies; and NewSpring Healthcare, L.P. a healthcare venture fund focused on biopharmaceuticals, medical devices, and healthcare service companies. NewSpring Capital now manages more than $200 million of private equity capital.
NewSpring Mezzanine Capital is led by partners Michael A. DiPiano, Steven D. Hobman, Marc R. Lederman, Brian G. Murphy and Andrew P. Panzo.
NewSpring Mezzanine Capital is a mezzanine private equity fund focused on late stage and buy-out opportunities in information technology, healthcare, business services and specialty manufacturing. The Fund will focus on investment opportunities in the Mid-Atlantic region which comprises the states from Massachusetts to North Carolina, with a concentration on New York, New Jersey, Pennsylvania, and Delaware. The Fund will lead or co-invest with syndicates in both equity-sponsored and non-sponsored deals. The Fund’s investment target size is $2-5 million per transaction.
ABOUT NEWSPRING MEZZANINE CAPITAL
NewSpring Mezzanine Capital, L.P. is a regionally focused mezzanine debt fund that invests in information technology, business services, healthcare and specialty manufacturing and is part of the NewSpring Capital family of funds. NewSpring Capital, based in King of Prussia, PA, is a family of specific purpose private equity funds; which in addition to NewSpring Mezzanine Capital, includes NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services and enabling technologies; and NewSpring Healthcare, L.P., a venture capital fund focused on intermediate- and late-stage life sciences and healthcare companies. For additional information, please visit www.newspringcapital.com.
