New Mountain Capital has hired Teddy Kaplan as a managing director to form a net lease real estate platform for the firm.
New Mountain currently manages private equity, public equity and credit funds with over $15 billion in capital commitments, and Kaplan’s hire marks its entry into the real estate space. Starting with net lease gives New Mountain some financial stability, as the investing strategy requires tenants to pay some or all of the taxes, fees and maintenance for the property in addition to rent, lowering the landlord’s financial risk.
Kaplan started at the New York-based alternative investments firm on February 8. He previously spent nine years at Angelo, Gordon & Co. as a managing director. In his former role, Kaplan helped build up the net lease real estate group and co-managed the firm’s first two net lease funds, which had a combined equity capital of $720 million. A spokeswoman for Angelo, Gordon declined to comment on Kaplan’s departure.
“We believe Teddy Kaplan is one of the top net lease experts in the industry, and that he will be able to help create highly attractive and risk controlled yield opportunities for New Mountain’s investors,” said Steve Klinsky, New Mountain’s founder and chief executive officer, in a statement.
New Mountain manages private equity, public equity and credit funds with over $15 billion in capital commitments. Kaplan is the only recent senior hire, a spokesman for the firm told PERE.
“I have long admired the culture and collective expertise of the New Mountain team and believe they have developed an optimal platform from which to execute sale-leasebacks and other net lease real estate transactions with leveraged and sponsored companies,” Kaplan said in a statement. “I look forward to helping New Mountain continue its exceptional success by extending its reach into these net lease verticals.”