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.
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Alexa Foley
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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[1] 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.
[1] 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).
Media Contacts
Allison Scott
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”).
Media Contacts
Allison Scott
Zef Vataj
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”).
Media Contacts
Allison Scott
Zef Vataj
New York, NY – Apogem Capital (“Apogem”) held a final close for PA Secondary Fund VI (the “Fund” or “PASF VI”) on June 30, 2022, with approximately $614 million in total commitments. The Fund exceeded its target fund size of $500 million and more than doubled the size of its predecessor fund. Apogem’s Secondaries Team, implementing the same investment strategy, is continuing to build a diversified portfolio of complex and traditional growth, buyout and turnaround investments in the North American middle market through negotiated secondary market purchases.
PASF VI is already capitalizing on the firm’s larger market presence as Apogem, a $39 billion private markets’ investment manager, through its expansive private equity sponsor relationships and increased deal flow generated by the broader platform. The team is aiming to facilitate deals with a research advantage, or a more limited competitive dynamic achieved through existing relationships.
“We believe our leadership position in the middle market is even stronger following the closing of the merger with PA Capital, Madison Capital and GoldPoint Partners,” said Michael Zeleniuch, Managing Director at Apogem Capital. “We offer innovative and timely solutions to LPs and GPs and believe our PASF VI program1, which represents almost $900 million in committed capital, has never been more relevant. The addressable universe of middle market LP and GP secondaries that we pursue continues to grow, and we feel we are exceptionally well positioned given our multi-decade history in the space.”
The Fund’s limited partner base consists of several new investors, including single family offices and pension funds, as well as many existing investors from the firm’s prior Secondary funds.
Chris Stringer, Interim CEO of Apogem said, “We are grateful for the support of our partners in this fundraise, and we are excited to continue delivering creative secondary market solutions well into the future.”
Apogem employees and the firm’s parent, New York Life, also made meaningful commitments.
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 March 31, 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, 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”).
Media Contacts
Allison Scott
Zef Vataj
[1] Includes the PA Secondary Fund VI, LP fund vehicle as well as separate accounts invested alongside the fund.
Richmond, VA – PA Capital (“PA” or “Firm”), a leading private equity investor in the North American middle market, held final closes for two of its private equity funds earlier this year. The Firm closed its ninth flagship private equity fund, PA Small Company Private Equity Fund IX (“Fund IX”) at $473 million, above its $350 million target. The Firm also closed PA Small Company Co-investment Fund II (“Co-invest II”) at its $200 million hard cap.
Consistent with PA’s predecessor multi-manager funds, Fund IX invests with an emphasis on the lower end of the middle market, building a diversified portfolio of fund investments, co-investments, and secondary investments. Co-invest II seeks to capitalize on the firm’s co-investment deal flow generated through its deep GP relationships.
Chris Stringer, President of PA said, “We are excited to close two successful fundraises and are grateful for the continued support of our LPs. Both funds are demonstrating strong results out of the gate implementing the strategy and process we’ve refined over the last 20 years.”
PA’s private equity program has continued to find value in today’s private equity market while remaining focused on generating returns through business building strategies instead of financial leverage. In a period of record high valuations, PA’s strategies have continued to find what the team believes are attractive opportunities at below market purchase multiples. The two funds’ limited partner base consists of new and existing institutional investors including pension plans, foundations, endowments, insurance companies, and family offices. PA employees and the firm’s parent organization, New York Life, also made meaningful commitments.
About PA Capital
PA is a specialized private investment firm managing over $7 billion in assets across private equity, private real assets, and long/short equity.1 PA provides access to the middle market through targeted portfolios of fund investments, secondaries, and direct co-investments. The firm’s competitive advantages are a result of 20+ years of dedicated middle market focus, enabling its team to build relationships, proprietary data sets, and specialized underwriting tools. PA is a wholly owned subsidiary of New York Life Investments Alternatives LLC, which is a wholly owned subsidiary of New York Life Insurance Company through New York Life Investment Management Holdings, LLC.
Media Contacts
Allison Scott
Kate Sylvester
[1] Estimated as of December 31, 2021
Southlake, TX – Gauge Capital (“Gauge” or the “Firm”), a leading growth-oriented middle market private equity firm, is pleased to announce that RidgeLake Partners (“RidgeLake”) has made a strategic investment in the Firm. Specific terms of the transaction were not disclosed.
The investment from RidgeLake, a partnership between PA Capital and Ottawa Avenue Private Capital that focuses on acquiring minority equity stakes in middle market private equity firms, is expected to support the future growth of Gauge and its investment activities across the healthcare, technology, business services, government & industrial services, and food & consumer sectors. There are no planned changes in Gauge’s investment processes nor day-to- day management of the Firm.
“We are excited to have RidgeLake as a strategic long-term partner for Gauge through the next phase of our firm’s growth,” said Drew Johnson, Co-Founder and Managing Partner of Gauge. “The RidgeLake team brings over 40 years of combined experience as a value-added investor and capital partner to leading private equity firms. We believe their thought leadership in the middle market makes them an ideal strategic partner as we strive to deliver superior returns for our investors,” commented Tom McKelvey, Co-Founder and Managing Partner of Gauge.
“Having known Gauge since their inception, we have witnessed their historical ability to deliver outstanding performance through a long-term, sustainable approach to value creation. We believe Gauge is well-positioned to capitalize on the growth opportunities emerging within their targeted sectors for years to come,” said Todd Milligan, Co-Head of RidgeLake Partners. “As the largest investor in their own funds, Gauge has built strong alignment with their investors, portfolio companies, and employees. We are excited to help Gauge further strengthen this alignment going-forward,” added Michael Lunt, Co-Head of RidgeLake Partners.
About Gauge Capital
Gauge Capital is a leading middle-market private equity firm based in Southlake, Texas. Gauge invests in five key sectors: healthcare, technology, business services, government & industrial services, and food & consumer. The firm manages over $2.0 billion in capital and in 2020, Inc. Magazine named Gauge one of the top 50 private equity firms for founders. In 2021, Gauge was also named to the Top 50 PE Firms in the Middle Market by Grady Campbell. For more information, please visit: www.gaugecapital.com
About RidgeLake Partners
RidgeLake Partners is a strategic partnership between PA Capital and Ottawa Avenue Private Capital focused on acquiring minority equity stakes in successful middle market private equity firms. RidgeLake seeks to partner with firms focused on buyout, growth, distressed, secondaries or real assets strategies across the private markets. RidgeLake forges long-term relationships with its GP partners, and brings strategic counsel borne from more than 40 years of combined middle market investment experience.
Buffalo, N.Y. – Summer Street Capital Partners, LLC (“Summer Street”) is pleased to announce the closing of a continuation fund transaction, continuing Summer Street’s control ownership in Coastal Waste & Recycling, Inc. (“Coastal”), and reaffirming its commitment to supporting the company’s long-term growth strategy.
Summer Street partnered with PA Capital to form a Summer Street managed single-asset continuation fund that includes substantial additional capital to support Coastal’s organic and M&A growth strategy. The fund is capitalized primarily by funds managed by PA Capital and co-investors, Glouston Capital Partners, and Unigestion. Coastal remains a portfolio company of Summer Street with no change in control. Summer Street’s leadership team also expanded its investment commitment to the new continuation fund.
Founded in 2017 by Summer Street and CEO, Brendon Pantano, Coastal is an integrated waste services company providing waste collection, processing, and recycling services to residential, municipal, industrial, and commercial customers throughout Florida and expanding in the Southeast region. Over the past few years, Coastal has significantly expanded its operations and geographic footprint through organic growth and the completion of 14 acquisitions. Today the company operates 11 facilities across its footprint, employing over 450 people and operating over 250 trucks.
“With a talented, energetic team and substantial long-term growth opportunity in front of Coastal, it was a natural next step to raise additional capital,” commented Brian D’Amico, Managing Partner at Summer Street Capital. “The new fund provides Coastal the capital and time to continue its growth. We are excited to continue to support Coastal and help the leadership team capitalize on the many opportunities that exist for the company.”
“Since we started the company a few years ago, Coastal has established itself as a leading independent waste services company in Florida. Summer Street’s deep industry experience and support has allowed us to build a strong platform focused on providing exceptional service for our customers,” said Brendon Pantano, CEO of Coastal. “I look forward to continuing the partnership and further accelerating Coastal’s growth organically and through acquisition.”
Managing Director at PA Capital, Michael Zeleniuch stated, “We believe Summer Street has a strong 20- year track record of building leading regional solid waste platforms. We are excited to partner with Summer Street and the Coastal Waste team as they continue to build lasting value in the platform.”
Sixpoint Partners served as Summer Street’s exclusive financial advisor on the transaction. Terms of the transaction were not disclosed.
More information on Coastal Waste & Recycling can be found at www.coastalwasteinc.com.
About Summer Street Capital Partners
Summer Street Capital Partners, LLC, founded in 1999, is a Buffalo, NY-based private equity fund manager with committed capital focused on investing in small and middle-market companies in manufacturing as well as business and environmental services. The firm is a leading investor in the environmental services sector, with nearly 20 years of experience acquiring and building companies in waste collection, transportation, and disposal across the eastern United States. Summer Street’s investments support management buyouts, family transitions, corporate divestitures, growth financings, and recapitalizations. Visit www.summerstreetcapital.com for additional information.
About PA Capital
PA Capital (formerly known as Private Advisors) is a specialized private investment firm managing over $6 billion in assets as of June 30, 2021. The firm provides access to the Low Mid Market, investing in Private Equity, Private Real Assets, and Long/Short Equity and constructing targeted portfolios of fund investments, secondaries, and direct co-investments. PA Capital’s competitive advantages are a result of 20+ years of dedicated focus on the Low Mid Market, enabling the team to build strong relationships, proprietary data sets, and specialized underwriting tools. PA Capital LLC is a majority-owned subsidiary of New York Life Investments Alternatives LLC, a wholly owned subsidiary of New York Life Insurance Company through New York Life Investment Management Holdings, LLC. www.pacapital.com