New Vintage Partners is an investment firm that builds portfolios of LP stakes in venture capital and growth-equity funds and provides liquidity solutions for both limited partners and general partners. The firm focuses on LP-led secondaries and utilizes a “mosaic” approach to portfolio construction that uses secondary transactions as a proactive tool rather than a purely defensive one. Pulse 2.0 interviewed New Vintage Partners co-founder Charles Jaskel to gain a deeper understanding of the company.
Charles Jaskel’s Background
Could you tell me more about your background? Jaskel said:
“My background spans private and public markets investing. Before co-founding New Vintage Partners (NVP), I held roles at firms including Silver Lake Partners, Leucadia/Jefferies, and Islet Capital.”
“The idea for New Vintage Partners came out of a series of conversations with my co-founder, Ben Slome. We both observed persistent inefficiencies in the Secondaries market when it came to VC and Growth. There was a gap whereby traditional Secondaries Investors place a greater focus on opportunities in buy-out, and especially so when done at significant scale.”
“Ben and I bring complementary backgrounds to NVP. Ben spent time as an operator and then as an investor at a family office, and I from a more institutional investment background. We bring a variety of perspectives to our work, which allows us to evaluate transactions from many sides of the table, informing how we approach fundamental underwriting and engage with advisors and sellers.”
“We launched NVP to focus on bringing discipline, flexibility, and deep underwriting to these overlooked transactions. That remains the core of our business.”
Evolution Of The Firm’s Thesis
How has your firm’s thesis evolved over time? Jaskel noted:
“Our thesis has remained highly consistent. We are focused on sourcing secondary transactions in VC and Growth, and our primary focus is in mature LP interests that we believe represent the best risk/reward in the marketplace today. That being said, a core part of how we approach markets is based upon our belief that markets and opportunities evolve over time, and we need to constantly evaluate our edge and ability to extract alpha. At present, we believe that to be in LP stakes of mature vintages of best-in-class VC and Growth funds. Increasingly, we see secondaries not just as a way to ‘clean up’ portfolios, but as a core portfolio-construction lever.”
“The secondary market continues to grow in size, and many larger funds have moved upmarket given their scale. As a result, we are increasingly able to access opportunities that remain below the radar for many participants. In parallel, we have expanded and deepened our relationships with LPs, GPs, advisors, and other market participants who trust us to approach these transactions with flexibility, discretion, and high underwriting standards. That’s enabled a ‘mosaic’ style of investing whichassembles diversified, curated exposure across funds, vintages, and managers rather than making a small number of large, concentrated primary bets.”
Favorite Memory
What has been your favorite memory working for your firm so far? Jaskel reflected:
“For me, the best memory so far has been sitting next to Ben and building our business together. It’s special when a friendship can turn into a business partnership.”
Significant Milestones
What have been some of your firm’s most significant milestones? Jaskel cited:
“We launched New Vintage Partners in mid-2023 and successfully raised initial capital while building a strong pipeline of actionable opportunities. We’ve closed multiple transactions, including complex LP portfolios acquired both through intermediated processes and proprietary, off-market relationships. In December 2024, we held the first close of New Vintage Partners Fund I and continued building on that early momentum with additional closes throughout 2025. We’ve also expanded our team with key hires across investment, business development, and operations to support continued growth.”
“Concurrently, we have been deploying capital from pre-Fund vehicles and are proud of our DPI over the last 18 months. Our Funds life is 5 years, so being able to get to ~1.0x DPI within 24 months is something we take very seriously.”
Investment Success Stories
Would you like to share any specific investment success stories? Jaskel highlighted:
While I am unable to name specific investments, several transactions demonstrate our approach. For example, in late 2024 and early 2025, we acquired LP portfolios sourced both through longstanding off-market relationships and through selective processes with boutique intermediaries. These transactions involved diverse holdings across venture and growth equity managers, where we were able to apply rigorous, company-level underwriting to select assets with strong underlying fundamentals, near-term liquidity potential, and highly capable GPs. We believe these types of transactions illustrate our ability to navigate complexity, build conviction, and structure investments that align with both seller needs and our investment criteria while contributing to a broader ‘mosaic’ portfolio that balances risk, vintage, and manager exposure for our investors.
AUM & Other Metrics
Can you discuss total AUM or any other notable metrics? Jaskel revealed:
As of Q3 2025, NVP had deployed approximately $203 million of capital since inception, with a current NAV of approximately $181 million and total NAV plus distributions of approximately $220 million. We continue to build the portfolio with a disciplined, deliberate deployment pace and a focus on maximizing risk-adjusted returns for our investors, treating secondaries as a proactive way to shape exposure rather than a last-resort source of liquidity. Additional fundraising for Fund I and co-investment vehicles remains ongoing.
Industry Focus
What are some of the industries that your firm is focused on? Jaskel emphasized:
“We are sector agnostic but tend to concentrate on opportunities where we can develop conviction through detailed fundamental analysis. Our primary focus is on business quality, such as specifically recurring revenue, strong customer retention, attractive unit economics, and durable competitive positioning. The sector itself is secondary to those attributes.”
“What we don’t do is anything we deem as binary. Our entire investment philosophy is about creating a relatively tight band of outcomes within a short duration, one where the ‘left-hand tail’ (i.e., downside) is significantly protected through underlying fundamental value but where there exists a ‘right-hand tail’ in a blue-sky scenario. Due to this, we don’t invest in biotech, commodities, real estate, or deep tech/unproven technologies. Taken together, this allows us to build portfolios where the distribution of outcomes is intentionally tighter, which is critical when you’re using secondaries as a structural lever in an LP’s overall portfolio rather than as a series of one-off trades.”
Differentiation From Other Firms
What differentiates New Vintage from other firms? Jaskel explained:
“There is a two-part answer:
- How are we different from other secondary firms in general? This is through a combination of focusing on size that matters to a sub $1.0B fund but doesn’t matter to the Funds that are, in many cases, exceeding $20.0B before they add leverage. A focus on VC and Growth whichis typically the unloved arena of secondaries and underwriting depth that is atypical of those taking an index-like approach to private markets.
- How are we different from other secondary firms within the far-smaller VC and Growth space? There is a lot of nuance here, but generally speaking, we are focused on what we call mature vintages. Where the underlying companies in portfolios have had time to scale and thus are more akin to buy-out type assets (i.e. EBITDA or FCF positive) at scale with a diversified customer base. We are not looking to take VC and Growth like risk, but rather take advantage of the inherent spread in the market impacting these assets. Importantly, we also seek to partner with GPs vs. be directly on the cap table. We feel that many VC and Growth players care more about the ego/marketing gimmick of claiming direct cap table access vs. focusing on entry valuation, alignment, and ability to create a positive outcome for their investors.”
Challenges Faced
What are some of the challenges you faced while working at the firm? Jaskel acknowledged:
“As with most emerging managers, balancing capital formation with sourcing and execution is a key initial challenge. We have prioritized building credibility through thoughtful sourcing, disciplined underwriting, and efficient execution. Over time, as we are demonstrating consistency across both investments and operations, we have been able to build durable partnerships with both capital providers and counterparties.”
“Maintaining discipline in the face of growing deal flow has been central to our approach from the beginning.”
Future Firm Goals
What are some of your firm’s future goals? Jaskel stressed:
“We are still early in our journey, but something we have spoken about with our investors is that by our third vintage, ‘ceteris paribus,’ we expect it to be self-funding. This would be an amazing milestone for us and would prove a core tenet of NVP’s which is that we are liquidity providers and are creating an investment product that is a little different from that which is currently out there.”
“Our thinking is that with a 5-year vintage, targeting a net 2.0x within that timeframe equates to a ~4.2x over a 10-year period, a top decile fund by virtually any standards. An investor who places a consistently sized amount with us over two vintages should be able to create a self-funding portfolio in a fraction of the time that typically private funds have historically done so, all whilst receiving a superior return but with less risk. In many ways, we think of this as ‘moneyball’ for the Venture and Growth-focused investor. Hit doubles in half the time of a fund that aims to make quadruples and take advantage of the power of compounding.”
Additional Thoughts
Any other topics you would like to discuss? Jaskel concluded:
“One dynamic we don’t think is discussed enough is how the structure of the secondaries market has shifted recently. As capital has concentrated into large secondaries funds, much of the industry’s attention has moved toward GP-led transactions and larger buyout portfolios. This has left many LPs with limited options for liquidity.”
“Our platform is specifically designed to address this gap. We focus on LP-led secondaries, providing LPs, family offices, and other holders of private market interests with institutional solutions for liquidity, even in situations that are smaller, more complex, or otherwise outside the scope of the larger secondaries funds. Our ability to approach these transactions with both a GP and allocator mindset allows us to structure transactions that work for sellers while delivering disciplined exposure for our investors.”
