Jerry Newman

President & Founder at Willowridge Partners

Panelist

Jerrold "Jerry" Newman (jnewman@willowridge.com) is the President and Founder of Willowridge Partners, an industry pioneer and one of the first firms to recognize the potential of the secondary market. Willowridge started in 1995, when the secondaries market was in its infancy, and there were only a handful of firms.

Willowridge acquires interests in buyout, venture capital, mezzanine, and other private capital funds and companies from investors seeking liquidity. Through the Amberbrook Funds, the firm has completed more than 900 transactions and acquired interests in more than 3,000 underlying funds.

Willowridge has raised nine funds with total capital of $3.0 billion. About 75% + of its portfolio purchases are in LP interests. Willowridge’s most recent fund closed in 2023 with $900 million in committed capital. Seven out of nine of our funds have generated high teens to 20% net for the LPs. The firm has among the most consistent returns in the secondary industry. In every fund it has raised, the management team has committed at least 5% of the capital raised. The firm is one of the only independently owned secondary firms.

The Amberbrook Funds have acquired interests from a wide variety of sellers, including public and private pension funds, corporations, foundations, university endowments, family offices, and individuals. The firm’s focus is primarily on purchasing older, tag-end partnership interests. The private equity secondary market has grown significantly over the past 30 years, but our focus has remained the same: to provide limited partners with an effective way of achieving liquidity in their private equity holdings, to offer general partners the assurance of a reliable and cooperative substitute limited partner, and to generate stable and attractive returns for our investors.

Willowridge has been an industry leader; when legislation could have effectively ended the secondary industry, Willowridge formed a coalition and led lobbying in Congress in 2004. After major efforts, the unfavorable legislation was changed. There was another issue the secondary industry faced in 2011, and Willowridge got a letter ruling changed with the Securities and Exchange Commission by working with and convincing the Commissioners and staff.

Mr. Newman has been investing in funds and middle-market deals for most of his career. Mr. Newman made his first purchase of a secondary interest in 1989. He received a B.S. from Cornell in 1976 and, in 1980, an M.B.A. from The Amos Tuck School at Dartmouth College. He started his career as a Certified Public Accountant.