Soros Alumni-Led Newlight Partners Sets Sights on Debut Fund

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Growth-focused private equity firm Newlight Partners LP, led by alumni of Soros Fund Management LLC, is in the early stages of raising a debut fund, according to people with knowledge of the matter.

The New York-based firm, run by co-managing partners David Wassong and Ravi Yadav, has begun discussing a vehicle with prospective investors and will begin a more formal fundraising effort later this year, some of the people said, asking not to be identified discussing private matters. A target size for the fund hasn’t been set, one of the people said.

Newlight has touted its focus on building companies in partnership with founders and management teams. It has honed in on five sectors: telecommunications, financial services, health care, business services and power and infrastructure, and typically makes investments of as much as $200 million, mostly in North America.

Wassong, Yadav and partners Alex Fridlyand, Mark Longstreth, David Taylor and Srdjan Vukovic were part of Soros Fund Management’s strategic-investments group until they formed Newlight in 2018. Newlight also named former Tailwind Capital executive Adam Stulberger as a partner last year. The firm has more than $5 billion in capital commitments and assets under management, its website shows.

A Newlight spokesman declined to comment.

The firm has been actively investing. In April, it made an investment of up to $150 million in Rosemark Group, a digital marketing-services platform, and in January backed BayoTech Inc., a hydrogen producer, and Upland Capital Group, a specialty insurance business. The firm also invested in Oak Street Health Inc. and Sunnova Energy International Inc., both of which are now public.

Newlight isn’t the first firm started by Soros alumni. Neal Moszkowski and Ramez Sousou, formerly private equity heads at Soros, spun out of the firm in 2005 to form TowerBrook Capital Partners.

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