Private Markets Glossary

A practical reference for the terminology used across New Catalyst’s strategy, portfolio and broader next-generation manager ecosystem.

New Catalyst Strategic Partners (“New Catalyst”) is an investment firm that partners with next-generation private markets managers. New Catalyst provides anchor and strategic capital, working capital and hands-on business-building support, generally in exchange for long-term alignment that may include a minority economic interest in the manager.

The terms in this pdf describe how New Catalyst works and reflect how we use them. Other market participants may use similar language to mean something different. You can find the following topics covered:

• How we partner 

• What we provide 

• Who we back 

• Managers, firms and the ecosystem 

• Fund formation and fundraising 

• Investment structures and ownership 

• Economics and distribution waterfalls 

• Performance and portfolio metrics 

• Governance, diligence and risk