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Debt & Equity

New Mountain Capital targets net lease sector

New Mountain Capital, an alternative investment firm headquartered in New York, has closed its first net lease real estate fund with $533 million of equity capital commitments.

The haul includes $447 million of third-party limited partner commitments and approximately $86 million from the General Partner.

The investors include pension funds, insurance companies, asset managers, family offices, high net worth individuals and endowments. Limited Partners include new investors as well as existing investors.

New Mountain currently manages private equity, public equity, credit and real estate funds with over $20 billion. The firm believes that well executed net leases can provide a path to non-cyclical and consistent cash yield, generally in industries and companies that New Mountain already researches.

Net lease investments may also benefit from rising rents over time, long durations with no prepayment risk and the safety and collateral of the physical property itself.

“We believe the net lease business is very complementary to our private equity and credit businesses, and can provide a strong risk and reward proposition for our investors,” said Steve Klinsky, New Mountain’s Founder and CEO.

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