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New Evolution Ventures
New Evolution Ventures (NeV) was founded in 2008 by Mark Mastrov, Jim Rowley, and Mike Feeney. The firm specializes in acquiring, developing, and managing...
New Evolution Ventures
New Evolution Ventures (NeV) was founded in 2008 by Mark Mastrov, Jim Rowley, and Mike Feeney. The firm specializes in acquiring, developing, and managing domestic and international fitness businesses. NeV has a 20-year track record of delivering returns on investment, with operations spanning over 20 countries and hundreds of facilities.
General information
Firm type
Venture Capital
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Lafayette
Corporate office
Lafayette, CA, United States
Principals
Mark Mastrov
Co-Founder
Jim Rowley
Co-Founder & CEO
Sector focus
Frequently asked questions
Who runs investment decisions at New Evolution Ventures?
Co-founders Mark Mastrov and Jim Rowley lead investment decisions. Mastrov brings the founder-operator perspective from building 24 Hour Fitness into a global chain; Rowley, the CEO, handles the firm's financial structuring and portfolio management. The two have worked together since their 24 Hour Fitness days.
What is NeV's relationship to 24 Hour Fitness?
NeV is a separate entity founded by 24 Hour Fitness founder Mark Mastrov after he sold the company. There is no ongoing corporate relationship between NeV and 24 Hour Fitness. Mastrov's operational experience from scaling 24 Hour Fitness informs NeV's investment thesis but the firms are legally and financially distinct.
Does New Evolution Ventures accept outside limited partners?
NeV does not publicly solicit outside capital. The firm appears to invest primarily on behalf of its founders and a close network of fitness industry executives and family offices. This structure allows NeV to avoid the fundraising cycle pressures of traditional institutional private equity firms.
Which geographies does NeV target?
NeV invests across North America, Europe, and the Middle East. Past investments include US-based chains like Crunch Fitness and UFC Gym, as well as international operators such as Calypso Fitness in Poland. The firm has also explored partnerships in the Gulf region.
What types of fitness concepts does NeV back?
NeV backs a broad spectrum: big-box gyms (Crunch Fitness), branded fitness extensions (UFC Gym), celebrity-partnered boutique studios (Hard Candy Fitness with Madonna), and regional chains. The firm typically targets expansion-stage buyouts where Mastrov's operational and real estate expertise can accelerate growth.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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