New Mountain Net Lease has finalized its first asset-backed securities transaction, marking a significant capital markets milestone for the New Mountain Capital-affiliated platform. The $493.4 million issuance, designated NMNL 2025 1, drew substantial interest from institutional investors and was meaningfully oversubscribed. Many participants had previously invested in other New Mountain-sponsored transactions, reinforcing their ongoing confidence in the firm’s approach to net-lease real estate.
Goldman Sachs and Evercore served as underwriters on the offering, which included AAA through A-rated bonds structured at a 70 percent loan-to-value and featuring an anticipated five-year repayment timeline. The transaction is expected to create a foundation for efficient and recurring access to the ABS market as New Mountain Net Lease accelerates its long-term growth plans.
New Mountain Capital, the parent firm, manages nearly $60 billion in assets across private equity, strategic equity, credit, and net lease real estate strategies. The firm maintains a focus on identifying growth leaders across selected industries and working intensively with management teams to build business value through disciplined expansion rather than heightened risk-taking.
The successful ABS issuance represents the evolving scale of New Mountain’s net lease strategy, which has expanded its portfolio and activity in recent years while continuing to attract strong institutional interest. By broadening its access to capital markets, the firm expects to enhance investor outcomes through improved capital efficiency, pricing leverage, and returns.
KEY QUOTES:
“This transaction represents another important milestone for New Mountain Net Lease as we continue to grow our platform and pursue compelling, differentiated results for investors. The high demand and attractive pricing levels, especially for a debut issuance, demonstrate the strength and scalability of our platform. This establishes a foundation for continued, efficient access to the ABS market, which will benefit all our investors through the potential for enhanced spreads and returns.”
Teddy Kaplan, Managing Director and Head of New Mountain Net Lease
“This issuance underscores the continued evolution and growth of our firm and in particular our Net Lease strategy. By broadening our access to the capital markets and attracting strong institutional investor interest, we are well positioned to support the platform’s long-term expansion and value creation for our investors.”
Steve Klinsky, Founder and CEO of New Mountain Capital
