New Mountain Capital

New Mountain Capital is a New York-based private equity firm with more than $50 billion in assets under management and one of the most active healthcare investing practices in the U.S. lower- and upper-middle market. The firm was founded by Steve Klinsky in 1999 and has built a distinctive practice focused on growth-oriented investments in healthcare information technology, services, and diagnostics, where its operational playbook of building category-leading platforms has produced a string of substantial outcomes.

The firm’s healthcare thesis concentrates on health IT, healthcare software, diagnostics, and tech-enabled services, with AI now a meaningful theme across new platform investments and bolt-ons. New Mountain favors companies where there is a path to building a market leader through a combination of organic growth, M&A, and operational improvement. The firm is known for its ability to execute complex platform strategies that consolidate fragmented end markets, professionalize operations, and accelerate growth through disciplined capital deployment.

New Mountain operates at growth-stage scale, with check sizes typically $25M and above and the ability to write very large equity checks for control or significant minority positions. Geographic focus is primarily North America, with selective international expansion where portfolio companies pursue cross-border strategies. Founders and management teams considering New Mountain should expect a sophisticated, control-oriented partner with a clear playbook and significant resources to support growth-through-acquisition strategies.

The team is large and deeply specialized, with healthcare partners and operating advisors who have built and led major healthcare companies. The firm employs an unusual number of in-house operating professionals relative to a typical PE firm, allowing it to engage substantively on go-to-market, technology, and integration questions across portfolio companies. Diligence processes are extensive, professional, and oriented toward the long-term value creation plan rather than transactional considerations alone.

New Mountain’s approach to founders and management teams emphasizes partnership at scale. Companies typically engage with the firm when they are already at significant revenue with proven business models and need a growth-equity or buyout partner that can underwrite an ambitious next chapter. The firm is not an early-stage venture investor and will not be the right fit for founders looking for first institutional capital; rather, it tends to enter as a primary capital provider for growth, secondary recapitalizations, or platform formation. Once invested, the firm engages deeply on strategy, M&A pipeline, and management team development, with formal board governance and clear reporting expectations aligned with PE norms. For healthcare IT, software, and services founders who have built durable growth businesses and are ready for a value-creation partner with deep sector expertise, balance sheet strength, and a track record of building category leaders, New Mountain represents one of the most credible options in the market. The firm’s pace of activity in healthcare and its willingness to back ambitious AI-enabled transformations of legacy services categories make it particularly relevant in the current environment.