NEW YORK – Apogem Capital LLC (Apogem), a leading alternatives investment firm, today announced the appointments of Josh Niedner as Chief Executive Officer and Chris Stringer as President, effective immediately.
“Apogem has a long-standing history as a leading middle market alternatives investor, given its scale, deep relationships, and established strategies,” said Naïm Abou-Jaoudé, CEO of New York Life Investment Management. “Josh and Chris have deep industry expertise and are proven leaders in the alternatives space. Together, they are uniquely positioned to lead Apogem as we continue to evolve the business to meet our clients’ needs and deliver meaningful outcomes that distinguish and differentiate Apogem in the alternatives space.”
Mr. Niedner is currently Apogem’s Head of Private Credit. In his expanded role as CEO, he will set Apogem’s vision and lead its strategic planning to drive the business forward—continuing to bring innovative solutions to clients in the alternatives industry. Mr. Niedner will also oversee the operations, finance and administrative functions of the firm, while continuing to lead the Private Credit business.
Mr. Stringer is currently Apogem’s interim CEO and Head of Private Equity. In his new capacity as President, he will collaborate closely with Mr. Niedner to lead important initiatives including, strategy, recruiting and deepening relationships with third-party clients and private equity firms. Mr. Stringer will continue to lead the Private Equity business.
“Josh’s appointment as CEO is a great opportunity for Apogem and I’m delighted to work in close partnership with him to continue to lead the firm forward,” said Mr. Stringer. “I look forward to focusing on what I consider my passion—developing and building our robust suite of investment capabilities and engaging with our clients as Head of Private Equity.”
Mr. Niedner lauded the Apogem team and the firm’s expertise as he assumes the CEO role. “I’m excited to lead our incredibly talented people as we leverage our time-tested investment capabilities along with the broad sourcing networks that have driven consistently strong performance over time. I look forward to building on that success as we work together to propel our business forward.”
About Apogem Capital
Apogem Capital, a New York Life Investments Company offers investors access to the middle market’s growth engine through investments in established private companies and funds. With more than $41 billion in assets under management as of December 31, 2023, the firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity co-investments, GP stakes, and private real assets. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company (“NYLIC”), through New York Life Investment Management Holdings, LLC (“NYLIM”). For more information about Apogem, please visit apogemcapital.com.
About New York Life Investments
With over $716 billion in Assets Under Management as of December 31, 2023, New York Life Investments, Pensions and Investments’ 25th Largest Money Manager*, is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company, and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.
NEW YORK, January 17, 2024 — Apogem Capital and OA Private Capital today announced the final closing of their RidgeLake Partners (“RidgeLake”) debut middle market focused GP stakes fund with over $1.1 billion in total commitments. RidgeLake launched its GP stakes program to provide investors access to minority equity investments in middle market GPs with approximately $1 to $10 billion of AUM. The RidgeLake program consists of both the main fund and a related co-investment vehicle.
“We are truly grateful for the support and confidence our investors have shown in us, particularly in today’s challenging fundraising environment,” said Todd Milligan, Managing Director at Apogem Capital and co-head of RidgeLake Partners. “We believe we are well positioned to take advantage of the attractive GP stakes investment opportunity given our long-tenured private markets history and more than 300 combined GP relationships within the middle market.”
RidgeLake’s investor base is composed of a diverse group of limited partners, including commitments from insurance company, wealth management, foundation, family office, and high net worth investors. The RidgeLake team has completed six investments to date in the fund and will seek to expand the portfolio by leveraging its existing GP relationships and deep connectivity within the middle market.
“We are excited about the opportunity to provide growth capital and strategic value to our GP partners while allowing their management teams to maintain their entrepreneurial spirit and incentive to deliver strong performance,” said Michael Lunt, Managing Director at OA Private Capital and co-head of RidgeLake Partners. “It’s a true partnership approach where we strive to add value long after the investment closes through our network and middle market experience.”
Capstone Partners, a Mizuho Company, served as placement agent for the fund, and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel to RidgeLake.
About RidgeLake Partners
RidgeLake Partners, a strategic partnership between OA Private Capital and Apogem Capital, a New York Life Investments affiliate, focuses on acquiring minority equity stakes in middle market private equity firms. RidgeLake seeks to partner with firms focused on buyout, growth, distressed, secondaries, real assets, or opportunistic credit strategies across the private markets. RidgeLake aims to forge long-term relationships with its general partners, bringing strategic counsel from more than 40 years of combined middle market investment experience.
Sloane & Company
Niedner brings demonstrated track record of success in the middle market
NEW YORK–Apogem Capital LLC (“Apogem”), a leading alternatives investment firm, today announced the appointment of Joshua Niedner as Head of Credit. Mr. Niedner joins Apogem as a Senior Managing Director and will oversee Apogem’s well established private credit capability, which was founded in 2001 and today manages approximately $15 billion focused on direct lending and junior credit strategies in the middle market.
“Josh is an outstanding addition to our Apogem leadership team,” said New York Life Investment Management CEO Naïm Abou-Jaoudé and Apogem Capital’s Chris Stringer. “His rejoining the firm demonstrates our ongoing commitment to investing in the business, the team, our investment capabilities, and infrastructure to drive long-term sustainable growth for our clients.”
“I’m delighted to join the Apogem team and to further establish the firm’s position as a leading middle market alternatives platform,” said Joshua Niedner. “I feel fortunate to have contributed earlier in my career to building Apogem’s strong franchise in middle market direct lending, and I’m excited for the opportunity to now lead this talented private credit organization into its next chapter of evolution and growth.”
Prior to joining Apogem, Mr. Niedner served as Managing Director at Vista Credit Partners, and before that, spent 14 years at Madison Capital Funding LLC (now part of Apogem), where he served in a range of roles and capacities including investment underwriting and structuring, portfolio management, and client relationship development. He began his career at Banc One Capital Markets, now JPMorgan. Mr. Niedner received his Bachelor of Science in Finance from Indiana University’s Kelley School of Business.
About Apogem Capital
Apogem Capital, a New York Life Investments Company offers investors access to the middle market’s growth engine through investments in leading private companies and funds. With approximately $39 billion in assets under management as of March 31, 2023, the firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity co-investments, GP stakes, and private real assets. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company (“NYLIC”), through New York Life Investment Management Holdings, LLC (“NYLIM”). For more information about Apogem, please visit apogemcapital.com.
 On June 12, 2023, New York Life Investments was ranked #25 in Pensions & Investments’ Largest Money Managers 2023 for the time period 12/31/21 – 12/31/22. (Managers are ranked by total worldwide institutional assets under management. Full list here.) No direct or indirect compensation was paid for the creation and distribution of this ranking. For more information about ranking click here – Largest Money Managers 2023 | Pensions & Investments (pionline.com).
Explore a new report from Apogem Capital and Coalition Greenwich analyzing how middle market private equity sponsors are navigating an environment characterized by volatile public markets, geopolitical uncertainty, and persistently high inflation. The report features trends and insights from more than 100 interviews with managing directors and partners at middle market private equity sponsors in the US.
The research revealed sponsors in the middle market could benefit from less competition for assets and more consistent opportunities for attractive exits relative to larger peers and sponsors operating in other segments of the market. Overall, participants articulated five strategies they are adopting to maximize the advantages in the middle market to negotiate challenging market conditions, outlined below:
- Build diversified portfolios emphasizing recession-resilient sectors
- Focus on creating value through operational improvements
- Lean into Environmental, Social and Governance (ESG) and Diversity and Inclusion (D&I) initiatives
- Capitalize on fundraising by larger private equity sponsors for attractive exit opportunities
- Cultivate relationships with reliable partners
Based on the findings, it is clear that middle market sponsors are preparing for a challenging period ahead. We believe cycle-tested managers with unique value-add should be well-positioned to navigate this complex environment, mitigate risks, and potentially produce attractive results.
View the full report here.
Coming off record-setting years in 2020 and 2021, private markets faced a starkly more challenging environment in 2022 across a range of metrics, including fundraising, deal activity, exit activity, and leverage levels. In the following short videos, Louise Woltz Smith, Managing Director, Private Equity at Apogem Capital, discusses potential risks, as well as attractive opportunities that could arise from this more challenging environment.
Deal Activity & Valuations: Louise addresses the impact of economic uncertainty, rising rates, and a sharply declining leveraged loan market on deal activity and valuations in 2022 and looks ahead to new risks and opportunities in 2023.
Due Diligence Priorities: Louise highlights key areas of focus as the team underwrites new opportunities in the current environment.
PE Performance & Resilience: Louise examines the types of PE portfolios that might perform best in a rising rate or recessionary environment.
Private Markets Risks & Opportunities: Louise discusses how private markets today compare to the Global Financial Crisis and evaluates where there are new risks and opportunities.
Apogem Capital (“Apogem”) held a final close for PA Real Assets Fund III (the “Fund” or “PARAF III”) on September 28, 2022, with approximately $265 million in total commitments. The Fund exceeded its target fund size of $200 million and increased third party capital commitments by over 80% from the predecessor fund.
“We are grateful to our limited partners who remain committed to Apogem’s private real assets total return-focused investment strategy,” said Chris Stringer, Interim CEO of Apogem Capital.
Zac McCarroll, Apogem’s Head of Real Assets, added, “The commitment of our partners has enabled Apogem to exceed our target fund size in a very challenging fundraising environment – we can now take advantage of the investment opportunity in front of us.”
Apogem’s dedicated Real Assets Team is focused on building a diversified portfolio across natural resources sectors, with an emphasis on identifying asymmetric return opportunities and generating cash yield. The Fund is expected to primarily consist of direct equity co-investments and secondaries.
Relative to other segments of capital markets, which have seen a rapid build-up in dry powder, capital has fled the real assets space, limiting investment in capex and exploration and constraining future supply. “We believe this capital constraint, coupled with the durable, growing demand for natural resources necessary to fuel economic advancement and the energy transition, has created a compelling opportunity to invest in profitable companies with long tailwinds at attractive valuations,” said Zac McCarroll.
The Fund’s limited partner base includes endowments, single and multi-family offices, and pension funds. PARAF III experienced a strong re-up rate of LPs from prior Apogem Real Assets funds, as well as several new investors, signifying growing interest in the space. Apogem employees also made meaningful commitments.
Please reach out to ApogemIR@apogemcapital.com with any questions or to learn more.
About Apogem Capital
Apogem Capital was formed in April 2022 through the combination of PA Capital, Madison Capital Funding and GoldPoint Partners to create a singular and unified, world class private markets’ investment firm. With approximately $39 billion in assets under management as of June 30, 2022, we believe Apogem has the deep relationships, data, and history in the middle market to deliver innovative solutions to both clients and sponsors. Apogem Capital offers investors access to the middle market’s growth engine through investments in leading private companies and funds. The Firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity-co-investments, GP stakes, and private real assets. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company (“NYLIC”), through New York Life Investment Management Holdings, LLC (“NYLIM”).
Apogem Capital believes that ESG considerations can help provide better risk-adjusted returns to investors over the long term, and we are committed to continually advancing and improving responsible investing practices.
View our full report here.
Fann brings a strong track record in private markets and will oversee business development and investor relations and serve on investment committees
New York – Apogem Capital LLC (“Apogem”), a leading alternatives investment firm, today announced that David Fann, former Vice Chairman and Partner of Aksia LLC, has joined Apogem as Senior Managing Director and Vice Chairman. Fann is a highly regarded veteran in the institutional private alternatives industry.
In this newly created role, Fann will serve as a Senior Managing Director and Vice Chairman, managing Business Development and Investor Relations at Apogem as well as serving on several of the firm’s investment committees.
“I’m excited to be a part of Apogem’s leadership team and to help grow the firm’s well established middle market focused investment platform. The middle market represents an important portfolio exposure for institutional investors but has been a segment that has been difficult to navigate due to the sheer number of firms and the wide dispersion of outcomes. Apogem is uniquely positioned as it applies decades of collective investment experience through multiple business cycles, key market relationships and proprietary data to its investment programs in middle market private equity and private credit,” said David Fann.
Prior to joining Apogem, Fann served as Vice Chairman and Partner of Aksia, where he was involved with the firm’s private markets offering and provided senior advisory support to Aksia’s client advisory and private market investment activities. Prior to Aksia’s acquisition of TorreyCove Capital Partners, Fann was co-founder, President and Chief Executive Officer of TorreyCove Capital Partners. Previously, Fann was the President and Chief Executive Officer of Pacific Corporate Group Asset Management.
Fann received a BAS in Industrial Engineering and Economics (dual degree) from Stanford University. He currently serves on the Honorary Advisory Board for the Association of Asian American Investment Managers and on the advisory board for the Robert H. Toigo Foundation.
About Apogem Capital
Apogem Capital was formed in April 2022 through the combination of PA Capital, Madison Capital Funding and GoldPoint Partners to create a singular and unified, world class private markets alternative investment firm. With approximately $39 billion in assets under management as of March 31, 2022, Apogem has the deep relationships, data, and history in the middle market to deliver innovative solutions to both clients and sponsors. Apogem Capital offers investors access to the middle market’s growth engine through investments in leading private companies and funds. The Firm manages a streamlined suite of capital solutions, including direct lending, junior debt, primary fund investments, secondary investments, equity-co-investments, GP stakes, private real assets and long/short equity. Apogem Capital is a wholly owned subsidiary of New York Life Insurance Company (“NYLIC”), through New York Life Investment Management Holdings, LLC (“NYLIM”).
Explore the current state of private markets and potential opportunity in the US middle market in Apogem’s inaugural mid-year outlook. Find inside: an overview of the macro environment and risks to returns, performance of private markets during prior recessionary periods, and the evolution of this segment since the Global Financial Crisis.
View Full Report Here.