Early Life and Education
Steven Klinsky was raised in Michigan and demonstrated an early interest in business. He attended the University of Michigan, earning a B.A. in Economics and Political Philosophy with high honors in 1976. Klinsky then pursued higher education at Harvard University, obtaining an MBA from Harvard Business School in 1979 and a Juris Doctor from Harvard Law School in 1981.
Rise to Success
Klinsky's career began in 1981 when he co-founded Goldman Sachs' leveraged buyout group, marking the start of his journey in private equity. He later became a partner at Forstmann Little & Co., where he contributed significantly to the firm's success during the 1980s and 1990s. In 1999, Klinsky founded New Mountain Capital, an investment firm focusing on growth investing in mid-sized companies. Under his leadership, New Mountain Capital has grown to manage over $55 billion in assets, establishing itself as a leading alternative asset manager.
Key Business Strategies
New Mountain Capital, under Klinsky's guidance, employs a strategy of investing in economically stable industries, particularly in mid-sized companies. The firm focuses on building up these companies using a moderate amount of debt, with an emphasis on long-term value creation and strategic growth. New Mountain Capital prioritizes investments in sectors considered non-cyclical, like healthcare and technology, and maintains a prudent debt-to-EBITDA ratio.
Philanthropy
Klinsky is also recognized for his philanthropic efforts. He established the Gary Klinsky Children's Centers after-school program in 1993, which has supported thousands of children in New York City's disadvantaged public schools. In 2017, he launched the Modern States Education Alliance, a major philanthropic initiative providing free online college courses for credit. This program aims to make higher education more accessible and affordable.
