In Alternative Views, Private Equity Wire® goes behind closed doors with those in the know to get the latest on private markets. In this episode we discuss emerging managers and independent sponsors with Jason Howard, founder of New Catalyst Strategic Partners.
Howard officially launched the firm in January 2024 after running GCM Grosvenor’s diverse manager private equity platform. New Catalyst invests in and supports the growth of emerging managers, with backing from Apollo.
Our conversation comes at a time when longer hold periods across private equity are pushing LPs towards emerging managers, as they look for outperformance. At the same time, slow distributions are leaving some top-performers to question whether they can do better by spinning out, instead of working at an established firm.
We discuss the motivations for GPs who are spinning out (1:07); levels of outperformance in first-time funds (4:12); the barriers which emerging managers face (6:23); what characteristics make them successful (10:25); and New Catalyst’s current portfolio (12:25).
