Backing the Next Generation: GP Seeding and Co-Investment Insights

Aug 20, 2025

Jason Howard, the Founder and Managing Partner of New Catalyst Strategic Partners, shares his journey from finance and entertainment to developing his firm focused on GP seeding. He discusses how lessons from Hollywood taught him about alignment in investments. Key topics include New Catalyst's innovative three-pronged strategy for manager support, navigating funding gaps, and co-investing approaches. Jason also highlights the importance of early partnerships and operational support to enhance success for new fund managers in today's competitive private market landscape.

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INSIGHT

Why New Catalyst Exists

New Catalyst was formed to fill gaps: large catalytic checks, strategic partners, and operational support for emerging managers.
Apollo's backing enables them to lean into complex opportunities overlooked by traditional LPs.

ADVICE

De-risk Manager Launches

Seed managers early and provide working capital to de-risk launches and sustain the 18–24 month fundraising period.
Offer flexible entry points: first check, mid-fund, or late participation depending on GP needs.

ADVICE

Negotiate Beyond Capital

When negotiating GP seeding, expect preferred economics plus long-term economics like revenue share or profit interest.
Seek seeders who provide operating support, not just capital, to increase success odds.

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This week on Swimming with Allocators, Earnest and Alexa welcome Jason Howard, Founder and Managing Partner of New Catalyst Strategic Partners. Jason shares his journey from finance and entertainment to launching a firm focused on GP seeding and supporting emerging managers in private markets. The discussion covers New Catalyst’s innovative approach to providing seed capital, operational support, and strategic partnerships, as well as insights into co-investment, secondary markets, and the challenges facing new fund managers. Key takeaways include the importance of alignment, scalable capital, and cross-industry lessons in building sustainable investment firms, along with practical advice for both GPs and LPs navigating today’s complex private market landscape. Don’t miss this great conversation.

Highlights from this week’s conversation include:

Jason’s Background and Career Journey (1:03)
Lessons from Entertainment to Private Markets (4:27)
Genesis and Mission of New Catalyst (8:30)
New Catalyst’s Investment Approach (12:07)
Market Gaps Addressed by New Catalysts (14:20)
What is GP Seeding? (17:40)
Manager Archetypes and Investment Focus (20:45)
Trends in Fund Strategy Expansion (24:06)
Value of First Partnership in GP Seeding (28:48)
Strategic Partnership Support for Managers (31:46)
Benefits of Seeding for LPs (33:37)
Secondaries and GP Stakes (36:38)
Final Thoughts and Takeaways (40:32)

New Catalyst Strategic Partners is an independent alternative investment firm founded by industry veteran Jason Howard. Launched with significant capital from Apollo to support its growth, New Catalyst seeks to acquire economic interests and minority ownership in Next Generation private markets firms, providing them with the flexible, strategic capital and value creation resources they need to grow and succeed. To learn more, please visit www.newcatalystsp.com.

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.

Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.

The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only.

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