Apollo-backed New Catalyst Plans Sale of A Shares in Debut Fund

New Catalyst Strategic Partners filed with the SEC to sell class-A shares in its debut flagship fund, New Catalyst Strategic Partners Fund I, for which it plans to raise $750M according to previous media reports.

New Catalyst launched in January 2024 with Apollo Global Management as a strategic partner and cornerstone investor. It plans to provide seed and growth capital to emerging, developing, and diverse GPs through seed funding, acceleration and growth capital, and co-sponsoring acquisitions. While New Catalyst is independent and will control its investment and operational decisions, Apollo is backing it through capital commitments, strategic support, and other resources.

The firm was founded by Jason Howard, who before launching the firm headed GCM Grosvenor’s private equity diverse manager investment platform. Additional members of the founding team including Demetrius Sidberry, a former managing director and direct equity investment committee member at Hamilton Lane, and Scott Dabney, who previously held senior operating roles at TPG and Vista Equity Partners.

In September 2024, The Wall Street Journal reported that New Catalyst will seek to raise $750M for its debut fund, though a target was not disclosed in its January 21 SEC filing. In the filing, New Catalyst indicated that it expects fundraising to last more than a year, with J.P. Morgan Securities assisting on marketing the fund in the US.