# New Heritage Capital

New Heritage Capital is a Private Equity based in Boston, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** 800 Boylston Street, Suite 2200, Boston, MA 02199, United States
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** www.newheritagecapital.com
- **LinkedIn:** https://www.linkedin.com/company/new-heritage-capital-llc

## Regulatory record

- **CRD number:** 160083
- **SEC file number:** 801-74243
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/160083

## About

New Heritage Capital is a Boston-based private equity firm with a twenty-year track record of partnering with growing, middle-market, founder-owned businesses. Through innovative investment structures like the Private IPO®, Heritage provides founders with liquidity and growth capital while preserving operational control. The firm's strategic, operational, and financial guidance helps portfolio companies achieve their growth objectives.

## Sectors

- Healthcare Services
- Manufacturing
- Business Services
- Aerospace & Defense
- Education
- Food & Beverage
- Human Capital Management
- Industrial Services
- IT Services
- Marketing & Media Services

## People

- Mark Jrolf — Co-Founder and Managing Senior Partner
- Charlie Gifford — Managing Director
- Nickie Norris — Partner
- Melissa Barry — Partner
- Judson Samuels — Partner
- Bret Kuchenbecker — Partner
- Tristan Velez — Principal
- William Nemeth — Principal
- Greg Katz — Principal
- Cole Helvey — Vice President
- Ben Verdi — Vice President
- Scott MacPhee — Vice President
- Sarah Kalousdian — Senior Associate
- Tina O'Brien — Senior Associate

## Questions

### What is the Private IPO® and how does it work?

The Private IPO® is New Heritage Capital's proprietary minority-recapitalization structure. It provides founder-owners 80% of the purchase price in cash while allowing them to retain the majority of board seats and an outsized incentive equity plan — up to 25% — designed to let founders capture more future upside than in a traditional control-buyout. Heritage markets it as a transaction that replicates much of the liquidity of a full sale without requiring founders to relinquish control.

### Does New Heritage Capital do control buyouts or only minority deals?

Yes, the firm does both. Its stated transaction types include the Private IPO® (minority recapitalization), management buyouts, and growth equity. The Private IPO® is its signature framework, but Heritage also executes traditional majority-buyout and growth-capital deals.

### Who runs investment decisions at New Heritage Capital?

Managing Directors Mark Jrolf and Charlie Gifford are the firm's most senior leaders, and they appeared alongside a public-facing investment team of partners, principals, and vice presidents on the firm's website. Heritage has not publicly disclosed a formal investment committee structure, but the Managing Directors are the named decision-makers.

### Which sectors does New Heritage Capital focus on?

Its portfolio and investment criteria show a concentration in healthcare services (behavioral health, air medical transport, ambulance logistics), manufacturing (aerospace components, medical devices, food ingredients), and business services (IT staffing, accounting & finance staffing, corporate food service, marketing and enrollment services for higher education). The firm also lists industrials, value-added distribution, and education as target areas.

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

The firm's public materials describe only direct deal-making — minority recapitalizations, management buyouts, and growth equity — in founder-owned businesses. There is no mention of fund-of-funds commitments or LP investing in its published strategy.

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Last updated: 2026-08-11T15:07:34.613Z

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