Overview
NextGen was founded in 2016 by Brian O’Connor and Josh Dennis. The Firm provides discretionary
investment management services to private investment vehicles that are typically structured as limited
partnerships. NextGen Growth Partners Fund I, LP, NextGen Growth Partners Fund II, LP, NextGen Growth
Partners Fund II-B, LP, and a co-invest vehicle, NGP II ABD Co-Invest, LP make private equity and equity-
related investments in EBITDA-positive, lower-middle-market companies. Unless clearly specified
otherwise, the aforementioned private investment vehicles are collectively referred to herein as the
“Clients.” The Clients invest primarily in control-oriented buyouts of privately held businesses with $1
million to $5 million in annual EBITDA. The Clients utilize an operator-led approach in which an
Entrepreneur-in-Residence (“EIR”) assists in the sourcing and execution of each transaction.
Investment advice is provided directly to each Client itself and not to the individual
investors in the Clients.
NextGen manages the Clients in accordance with the investment objectives and limitations set forth in
each Client’s offering memoranda, governing documents, subscription agreements and any investment
management agreement between NextGen and each Client (together, “Operative Documents”).
NextGen has, and may in the future, enter into agreements, commonly known as “side letters,” with
certain investors under which NextGen waives or modifies the application of certain investment terms
applicable to such investors, without obtaining the consent of any other investor in the Clients (other than
an investor whose rights would be materially and adversely affected by the waiver or modification). See
“Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below for more details.
NextGen does not participate in wrap fee programs.
As of December 31, 2023, NextGen managed approximately $234,655,766 of regulatory assets, all on a
discretionary basis.