NewSpring

NewSpring operates as one firm with five distinct strategies: Growth (technology and tech-enabled services), Healthcare (services buyouts and growth), Mezzanine (flexible non-control capital), Holdings (dedicated control buyouts), and Franchise (multi-unit operators). Each strategy has its own investment team and sector general partners, but they share centralized finance, compliance, marketing, and a value-creation team that embeds operating partners into portfolio companies. Managing General Partner Michael DiPiano and President Jon Schwartz oversee the integrated platform.

The healthcare strategy is chaired by Brian G. Murphy, while the Growth strategy's general partners include Marc Lederman and Glenn Rieger, per the firm's team disclosures. Each strategy operates with its own investment committee staffed by that unit's general partners. Ultimate firm-wide oversight rests with Managing General Partner Michael DiPiano.

NewSpring is a direct investor, not a fund-of-funds. The firm's five strategies all take direct positions in portfolio companies — whether via control buyouts (Holdings, Healthcare), minority growth equity (Growth), structured mezzanine (Mezzanine), or franchisee operating-company investments (Franchise). It has not publicly disclosed making LP commitments to external funds as a line of business.

NewSpring's Mezzanine strategy is explicitly built to partner with sponsors and companies, providing flexible capital that fuels growth, supports acquisitions, or provides shareholder liquidity. This makes co-investing alongside other general partners a core part of that strategy's mandate. The buyout and growth strategies are more likely to lead or sole-source deals, per the firm's operating model description.

The NewSpring Foundation was formed to complement the firm's business-building focus in the Philadelphia region. It operates as a separate philanthropic vehicle with a mission to support education and arts programs that alleviate cycles of poverty. The firm does not publicly disclose AUM or detailed grantmaking data for the foundation, but its existence is a formal part of NewSpring's community identity rather than a programmatic investment activity.

NewSpring invests exclusively in the lower-middle market, a band it has stayed within for its entire 25-year history. Exact check-size ranges are not publicly itemized on its site, but the firm's strategy descriptions consistently reference providing guidance and capital to founder-led, high-potential companies at a scale consistent with lower-mid-market buyouts, growth equity rounds, and structured mezzanine placements.

Many of NewSpring's investment professionals have operating backgrounds as former founders and operators, and the firm maintains a dedicated value-creation team that includes Operating Partners — such as Kamal Advani, Larry Berran, and Jeff Fialko — and vice presidents of portfolio company operations. They work directly with management teams on back-office functions, technology advancement, talent acquisition, and go-to-market strategy, per the firm's description and team roster.