NEWMARKET INVESTMENT MANAGEMENT, LP

Thesis

Newmarket Investment Management, LP, founded in 2020 and based in Philadelphia, is an investment management firm specializing in structured credit solutions and risk transfer markets. They manage capital for global institutional investors, including sovereign wealth funds, pension funds, and insurance companies. Their investment thesis centers on innovative balance sheet solutions and custom risk transfer structures, aiming to generate resilient, predictable income with a strong emphasis on downside protection. Key sectors of focus include renewable energy, affordable housing, social infrastructure, infrastructure, large corporates, and commercial real estate loans. They also operate a "Battery Fund" that invests in traditional credit, direct lending collateralized by tangible assets and bitcoin, and bitcoin acquisition for capital appreciation. Newmarket employs a fundamental research and bottom-up strategy to identify undervalued companies with strong growth prospects, coupled with robust risk management and portfolio diversification. The firm is committed to impact investing and ESG themes, aiming to catalyze infrastructure investment and increase capital deployment into critical social and environmental sectors. While specific stage preferences are not detailed, their focus on structured credit, direct lending, and infrastructure suggests a leaning towards later-stage or growth-oriented investments. Geographically, they operate primarily in North America and Europe, with global investments. Newmarket acts as a lead investor in some strategies and participates in co-investment opportunities, utilizing instruments like structured credit, securitization, and direct lending. As of December 31, 2025, their regulatory assets under management (RAUM) were approximately $2.82 billion. In October 2025, they announced over $1 billion in commitments for their fourth commingled fund in their SRT strategy. The firm manages nine funds in total. Specific check size details are

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