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Spring Mountain Capital
John L. Steffens founded Spring Mountain Capital in 2001 after leading Merrill Lynch's $1.6T private-client group.
Spring Mountain Capital
Spring Mountain Capital is an SEC-registered investment adviser in New York, NY, registered since 2003. The firm manages approximately $311 million in regulatory assets. It has 17 employees and 9 investment advisers.
General information
Firm type
Generalist
Year founded
2001
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
650 Madison Avenue, 20th Floor, New York, NY 10022, United States
Principals
John L. Steffens
Founder and Senior Managing Director
Gregory P. Ho
President
Jason L. Orchard
Managing Director, Head of Total Return Group
Sector focus
Frequently asked questions
Who runs investment decisions at Spring Mountain Capital?
Founder John L. Steffens and President Gregory P. Ho shape top-down strategy. Day-to-day portfolio decisions are distributed: Jason L. Orchard leads the Total Return Group, Petra Hansen co-heads Private Capital, and Steffens himself co-heads the Private Capital Funds Group alongside Hansen. Each fund maintains its own investment committee.
Does Spring Mountain Capital operate as a family office?
No. Spring Mountain Capital is a registered investment management firm that manages capital for external private clients. It does not manage a single-family fortune. The firm invests its own capital alongside clients, but its structure is that of an alternative-asset manager, not a family office.
How does the firm source its deals?
SMC relies on an 'extensive network of personal and professional relationships' built over decades by Steffens at Merrill Lynch and Ho at McKinsey. The firm targets opportunities 'in the gaps' — deals that are complex, misunderstood, or too small for the largest institutional managers, which proprietary sourcing networks are designed to uncover.
What is the Social Impact Group, and how is it separated from other strategies?
The Social Impact Group is one of five internal investment groups at SMC. It runs both a life-sciences practice, investing in companies like Allyx Therapeutics and ReNetX Bio, and an education-technology practice that holds board seats at Lessonbee. It operates with dedicated investment professionals and its own deal flow, distinct from the Total Return and Private Capital groups.
Does Spring Mountain Capital participate in fund commitments or only direct deals?
SMC engages in both. The Private Capital Funds Group makes fund commitments and structures co-investment opportunities, while the Total Return and Growth Equity teams pursue direct investments. The firm also offers customized separately managed accounts that can combine multiple strategies.
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