# New Harbor Capital

New Harbor Capital is a Private Equity based in Chicago, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** 500 W Madison, Suite 2830, Chicago, IL 60661, United States
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** www.newharborcap.com
- **LinkedIn:** https://www.linkedin.com/company/new-harbor-capital-llc

## Regulatory record

- **CRD number:** 283319
- **SEC file number:** 801-107549
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/283319

## About

New Harbor Capital is an SEC-registered investment adviser in Chicago, IL, registered since 2016. The firm manages approximately $1.1 billion in regulatory assets. It has 18 employees and 15 investment advisers.

## Sectors

- Healthcare Services
- Education
- Enterprise Software
- Digital Health
- AgriTech & FoodTech

## People

- Tom Formolo — Partner
- Ed Lhee — Partner
- John Pircon — Partner
- Justin Marquardt — Partner
- Bo Mlnarik — Partner
- Drew Nicholson — Partner
- Mark Morgan — Chief Financial Officer & Chief Compliance Officer

## Questions

### Who leads the investment team at New Harbor Capital?

The firm lists six partners: Tom Formolo, Ed Lhee, John Pircon, Justin Marquardt, Bo Mlnarik, and Drew Nicholson. It is an unusually distributed partnership structure for a lower middle-market shop, with no identified single founder or CEO. The partners are supported by a vice president, associates, and a dedicated portfolio operations group led by Operating Partner Mike Martin.

### How does New Harbor Capital typically source its deals?

The firm operates a thesis-driven, research-based origination model, focusing on industries where it claims deep connectivity. Public endorsements from founders of Community Psychiatry, Blueprint Prep, and LGM Pharma suggest repeat referrals and relationship-based sourcing play a material role. No external deal-sourcing partnerships or banker-driven model are disclosed.

### Does New Harbor participate in fund commitments or only direct deals?

The available record shows only direct control-equity investments — the firm buys founder-owned companies and executes add-on acquisitions. New Harbor has not publicly disclosed any fund-of-funds activity, LP commitments to external vehicles, or co-investment programs alongside other sponsors.

### What investment stages does New Harbor target?

The firm targets lower middle-market companies with a growth- or buyout-orientation. Its publicly named portfolio positions, such as Blueprint Prep, PT Solutions, and FYZICAL, are established operating businesses, not early-stage startups. The firm frames its mandate around scaling existing platforms rather than venture or distressed-turnaround situations.

### Which sectors does New Harbor Capital emphasize?

The website highlights three verticals: Healthcare Education, Healthcare Technology, and Education Technology. In practice, the portfolio also extends into direct care delivery — behavioral health (Community Psychiatry), physical therapy (PT Solutions, FYZICAL), and pain management (KureSmart). The unifying theme is regulated services and training businesses with recurring demand drivers.

### Does New Harbor Capital maintain a dedicated operations or value-creation team?

Yes. The firm publicly lists an Operating Partner, a Director of Portfolio Operations Group, and a bench of Executive Advisors composed of former PE-backed CEOs. It installs three-member independent boards at portfolio companies and allocates resources toward management-team recruitment, technology upgrades, and M&A integration.

### Where is the underlying investment capital sourced from?

New Harbor Capital's funding base, fund vehicles, and AUM have not been publicly disclosed. The firm markets itself to founder-owners as a growth partner and does not surface its limited partner composition or institutional-backer profile in publicly accessible materials.

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Last updated: 2026-06-03T20:00:00.000Z

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