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NewSpring
NewSpring, led by Michael DiPiano, deploys $3.5bn across five lower-middle-market strategies including growth equity, healthcare, and mezzanine debt.
NewSpring
NewSpring launched in Philadelphia over two decades ago under Managing General Partner Michael DiPiano, eschewing the traditional path of a single-fund GP. The firm expanded laterally into five distinct strategies — growth equity, healthcare, mezzanine debt, dedicated buyout (Holdings), and franchise investing — each staffed with sector-specific operators. Its insistence on the lower-middle market remains the central organizing principle, absorbing the complexity a multi-product platform typically brings. Capital deployment spans technology companies chasing capital-efficient scale, healthcare services firms needing operational rigor, and franchise platforms reliant on unit-level economics. NewSpring Growth targets B2B SaaS and tech-enabled services; the Healthcare vertical leans on Chairman Brian G. Murphy to underwrite provider and services roll-ups; the Mezzanine practice supplies non-control junior capital for acquisitions and liquidity; and the Franchise strategy backs multi-unit owners in consumer and service brands. Portfolio activity includes positions in Bcore, Blo Blow Dry Bar, Verisma, Symphonic, and GLH Construction, per the firm's published endorsements. Geographic reach concentrates on the Eastern US, with investment teams deployed from offices in Radnor, New York, Baltimore, Reston, and Fort Lauderdale. The firm fields roughly 70 professionals, with General Partners like Marc Lederman, Steve Hobman, and Glenn Rieger leading individual strategies alongside DiPiano. A dedicated value-creation team — including Operating Partners and portfolio operations VPs — embeds directly with management teams on back-office, talent, and go-to-market initiatives. NewSpring also maintains the NewSpring Foundation in Philadelphia, channeling philanthropy toward education and arts programs aimed at breaking cycles of poverty. Separately, the firm's professionals participate in entrepreneurial networks to surface deal flow and support founder communities. NewSpring's structural distinction is its refusal to migrate upmarket. While most firms that reach $3.5bn in AUM stretch into mid- or large-cap deals, DiPiano's partnership has kept the firm's entire capital base and operational apparatus calibrated to the lower-middle market. The five-strategy, one-firm architecture allows a healthcare buyout team and a franchise team to operate under shared compliance, finance, and capital-formation infrastructure without diluting sector specialization — a governance choice that turns sprawl into a sourcing and execution edge within a band of the market most firms outgrow.
General information
Firm type
Asset Manager
Year founded
—
AUM
$3.5bn (per the firm)
Location
Region
North America
Country
United States
City
Radnor
Corporate office
Radnor Financial Center, 555 E. Lancaster Ave, 3rd Floor, Radnor, PA 19087, United States
Additional offices
Philadelphia, PA · Baltimore, MD · New York, NY · Reston, VA · Fort Lauderdale, FL
Principals
Michael DiPiano
Managing General Partner
Jon Schwartz
President & Chief Operating Officer
Mike Kubacki
CFO
Adam VeVerka
Partner, Business Development
Mike O'Neill
Managing Director, Capital Formation
Brian G. Murphy
Chairman, Healthcare Strategy
Sector focus
Frequently asked questions
How is NewSpring organized across its five investment strategies?
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.
Who leads the investment decisions for NewSpring's healthcare and technology strategies?
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.
Does NewSpring participate in fund commitments or only direct deals?
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.
What is NewSpring's known posture on co-investments alongside external GPs?
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.
How is the NewSpring Foundation structured relative to the investment firm?
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.
Which investment stages and check sizes does NewSpring typically target?
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.
How does NewSpring deliver operating support to its portfolio companies?
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.
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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