OUR FIRM

Newmarket manages capital on behalf of institutional investors worldwide, targeting investments in structured opportunities sourced from our global network of banks and financial institutions.

Launched in 2013 by Andrew Hohns, Aaron Barnes, and Molly Whitehouse at Mariner Investment Group, we have grown and innovated our International Infrastructure Finance Company (IIFC) strategies for seven years. In 2020, we established Newmarket to acquire Mariner’s rights and interests, assuming full management of our IIFC business to develop and extend our strategy of partnering with many of the world’s largest and most sophisticated banks and development financial institutions to even broader markets. In addition to financial innovation, we place strong emphasis on impact, having pioneered many groundbreaking investments.

Newmarket, headquartered in Philadelphia, is a Registered Investment Adviser with the U.S. Securities and Exchange Commission.

OUR COMMUNITY

Through our pledge to give back, we have donated over $1.5 million to more than 25 non-profit organizations and charitable causes. By directly supporting humanitarian aid, animal welfare, arts and culture, environmental preservation, and education, we seek to complement our impact achieved in portfolio management.

We are proud to have cultivated strong relationships with our charitable partners. Multiple IIFC team members volunteer for these organizations, serve on boards or committees, or otherwise contribute to the growth and development of our communities, at home and around the world.

Recently supported charitable organizations include UNICEF USA, the American Red Cross, Harlem Lacrosse, the National Low Income Housing Coalition, the Pennsylvania Society for the Prevention of Cruelty to Animals, the New Jersey Pandemic Relief Fund, the Island Institute, Philabundance, and the Children’s Hospital of Philadelphia, among others.

OUR TEAM

Andrew Hohns, PhD.

Andrew Hohns, PhD.

Chief Executive Officer

Dr. Hohns serves as CEO and is a founding member of Newmarket. He has served on the IIFC strategy investment committee since inception and also serves as Lead Portfolio Manager for IIFC III. Since the establishment of IIFC, Dr. Hohns has overseen transaction structuring and negotiation for approximately $20 billion of notional risk transfer. He is a regular speaker at various industry conferences, with special expertise in topics related to infrastructure, securitization, socially responsible investment, impact investment, and development finance. Prior to joining Mariner, Dr. Hohns was a Managing Director at Cohen & Company, during which time Institutional Investor named Dr. Hohns as a member of its 2008 “20 Rising Stars of Fixed Income.” Dr. Hohns holds a BS in Economics from the Wharton School at the University of Pennsylvania, a Masters in Liberal Arts from the School of Arts and Sciences at the University of Pennsylvania, and a PhD in Applied Economics and Managerial Sciences from the Wharton School at the University of Pennsylvania. Dr. Hohns serves as Commissioner on the US Semiquincentennial Commission and as a member of the Board of Directors of UNICEF USA.

Thierry Adant

Thierry Adant

Chief Investment Officer

Mr. Adant joined Newmarket Capital in 2020 as Chief Investment Officer. He is responsible for leading the investment process, shaping the investment philosophy and developing new investment strategies. Mr. Adant is part of the executive team setting and implementing the business strategy of the firm. Prior to Newmarket, Mr Adant was head of Private Debt and member of the Alternative Credit Fund Investment Committee at Willis Towers Watson. Mr Adant was responsible for asset allocation and due diligence of Private Debt investment opportunities globally. Mr Adant designed innovative investment solutions within corporate lending, commercial mortgages, residential mortgages, infrastructure and many specialized asset classes amounting to over $4bn per annum. Mr. Adant sourced and executed a number of impact investments providing exceptional investment returns whilst generating a positive environmental and societal impact. Mr. Adant holds a Bachelor of Science in Finance and Energy Business and Finance from The Pennsylvania State University.

Aaron Barnes

Aaron Barnes

Senior Managing Director

Mr. Barnes serves as Senior Managing Director and is a founding member of Newmarket. Mr. Barnes’s primary responsibilities are related to leading the team’s underwriting activities and firm operations. Prior to founding Newmarket, Mr. Barnes served as Managing Director at Mariner Investment Group, which he joined in 2012 to launch the IIFC strategy. Prior to Mariner, Mr. Barnes served in various roles at Tangent, a behind-the-meter renewable energy generation development company; TowPath Renewable Ventures; and PPM Energy where he led the Company’s wind power development activities in New England. Additionally, Mr. Barnes was an attorney with Freshfields, Bruckhaus, Deringer, and Senior Corporate Counsel at CMS Energy UK, Ltd. Earlier in his career, Mr. Barnes was Assistant VP in ABN AMRO’s Structured Trade Finance Group. Mr. Barnes holds a BBA in Finance from Howard University and a JD from the Georgetown University Law Center.

Molly Whitehouse

Molly Whitehouse

Managing Director & Portfolio Manager

Ms. Whitehouse serves as Director and is a founding member of Newmarket. In addition, she serves as Portfolio Manager for IIFC III. Her primary responsibilities are related to the origination, structuring, and management of investments. Prior to founding Newmarket, Ms. Whitehouse served as a Director at Mariner Investment Group. She has led the origination and structuring for multiple IIFC investments and is a frequent speaker at various industry conferences. Prior to launching IIFC, Ms. Whitehouse served as an Analyst at Cohen & Company and completed the White House Internship Program. In 2019, Private Debt Investor named Ms. Whitehouse one if its “Rising Stars.” Ms. Whitehouse earned her BA in Political Science with Honors from Yale University in 2011 and her Masters of Liberal Arts with a focus in Sustainable Development from the University of Pennsylvania in 2018, where the topic of her master’s thesis explored capital management practices at multi-lateral development banks.

Jeffrey Schellenger

Jeffrey Schellenger

General Counsel & Chief Compliance Officer

Mr. Schellenger serves as Chief Compliance Officer and General Counsel at Newmarket, having joined in 2020. Prior to joining the team, Mr. Schellenger was an Executive Director and Assistant General Counsel at FS Investments, an alternative investment management firm. Previously, Mr. Schellenger was an attorney in the Washington, D.C., office of Seward and Kissel, LLP, where he represented commercial banks, broker-dealers, investment advisors and investment funds, including mutual funds and hedge funds. Additionally, Mr. Schellenger was a Senior Counsel in the Washington, D.C. office of the U.S. Securities and Exchange Commission, where he participated in and led investigations and examinations of various types of financial registrants. Mr. Schellenger holds a BA in International Relations from James Madison University and a JD from Villanova University School of Law.

Andy Leon

Andy Leon

Managing Director

Mr. Leon serves as a Managing Director at Newmarket, having joined the IIFC team in 2019. Prior to joining the IIFC team, Mr. Leon served as the Chairman of the Americas Investment Committee and the Head of the Credit Analyst team at UniCredit Bank AG in New York. Additionally, Mr. Leon led UniCredit’s New York-based Project Finance Portfolio Management team, and he served as the CEO of HVB Global Assets Company, a joint venture between UniCredit and GE, which he helped launch in 2005. Prior to UniCredit, Mr. Leon started his banking career with Credit Suisse where he served as the head of the Global Project Finance Portfolio Management team. Mr. Leon holds an MBA in Finance from the George Washington University and a BS in Finance and Accounting from Drexel University.

Steven Ezzes

Steven Ezzes

Managing Director

Mr. Ezzes serves as a Managing Director at Newmarket, having joined in 2020. Prior to joining Newmarket, Mr. Ezzes was a Managing Director in the asset management group at Cohen & Company. Prior to Cohen and Company, Mr. Ezzes was a Managing Director at Mariner Investment Group, where he was instrumental in the launch of the IIFC franchise, among other responsibilities. For a number of years Mr. Ezzes was a Partner at Bass Investment Limited Partnership developed by Richard Rainwater from the Bass Brothers organization. In addition, Mr. Ezzes was one of the original members of the Goldman, Sachs & Co. High Yield Group where he was responsible for capital markets and distribution. Mr. Ezzes has served as a member of the board of directors for a number of U.S. and Australian companies. He holds a BA and MBA from the University of California, Los Angeles.

 William Young

William Young

Managing Director

Mr. Young serves as a Managing Director at Newmarket, having joined in 2020. His primary responsibilities include investor relations and marketing of Newmarket funds. Prior to joining Newmarket, Mr. Young was a Managing Director at Mariner Investment Group, where he covered a wide range of institutional investors on behalf of the firm’s hedge fund and private credit strategies. As part of his responsibilities at Mariner, Mr. Young played a key role in the development and fundraising for the IIFC strategy. Earlier in his career, Mr. Young was a founding Partner at Camulos Capital, where he managed sales and investor relations, among other responsibilities. Prior to Camulos, Mr. Young was a Director of Sales in the municipal bond department at Citigroup. He earned his BA from Bowdoin College.

Sara Spuhler

Sara Spuhler

Director

Ms. Spuhler serves as a Director at Newmarket, having joined the IIFC team in 2017 as a Vice President. Her primary responsibilities at Newmarket are related to conducting due diligence of investments for the IIFC strategy, analyzing sector specific risks, engaging third party consultants, and developing the team’s loan-by-loan underwriting strategy. Prior to joining the IIFC team, Ms. Spuhler spent over six years working at MUFG, where she originated, structured, and executed project finance transactions across the Americas. In her role, she closed over 27 transactions with loans valued over $12.5 billion in aggregate. Prior to joining MUFG, Ms. Spuhler spent three years as an Analyst at GE Energy Financial Services. Ms. Spuhler holds a BA from Wake Forest University.

Katie Langton

Katie Langton

Vice President

Ms. Langton serves as a Vice President at Newmarket, having joined the IIFC team in 2020. Her primary responsibilities are related to conducting due diligence of investments for the IIFC strategy and analyzing sector specific risks. Prior to joining Newmarket, Ms. Langton spent seven years working at Citi in New York, where she marketed, managed, and executed corporate and project finance lending mandates with global export credit agencies, development finance institutions, and multilateral agencies. Prior to joining Citi, Ms. Langton served as a Vice President in the Project Finance LatAm team at Credit Agricole CIB. Ms. Langton also has experience as a ratings analyst at Standard & Poor’s, focused on utilities and infrastructure. Ms. Langton holds a BA from Fordham University.

Tommaso Maiocchi

Tommaso Maiocchi

Vice President

Mr. Maiocchi is a Vice President at Newmarket, having joined the IIFC team in 2019. His primary responsibilities are related to conducting due diligence of investments for the IIFC strategy and analyzing sector-specific risks. Prior to joining Newmarket, Mr. Maiocchi spent over 18 years in credit risk management in different capacities for major financial institutions, including UniCredit Bank and BBVA, both in Europe and in the United States. Mr. Maiocchi received his higher education at the Università di Trento in Italy between 1996-1999 and later completed management training programs with Corporate Academies of Fiat Group Automobiles (Accounting and Finance), GE Capital (Credit Risk and Leadership), and BNP Paribas (Internal Auditing).

Jacob Dinhofer, CFA

Jacob Dinhofer, CFA

Associate

Mr. Dinhofer serves as Associate at Newmarket, having joined the IIFC team as an Analyst in 2017. His primary responsibilities include research and analysis of the IIFC strategy with a specialized focus in developing financial models and loan-level analysis of corporate and financial institutions. He has built pro forma financial models underpinning the transaction cash flows for the IIFC strategy, incorporating Monte Carlo simulations to analyze the risk-return profile for the fund and its pipeline. He has supported loan-level analysis of over $500 million of corporate and financial institutions in emerging markets. Prior to joining the IIFC team, he interned as an Asset Management Solutions Consultant at Morningstar, Inc. in Sydney, Australia, in 2016. Mr. Dinhofer earned his BBA from the Stephen M. Ross School of Business at the University of Michigan in 2017. Additionally, Mr. Dinhofer passed the CFA Level III exam in 2018.

Adelaide Morphett

Adelaide Morphett

Associate

Ms. Morphett serves as an Associate at Newmarket, having joined the IIFC team as Analyst in 2017. Her primary responsibilities include research and analysis of the IIFC strategy with a specialized focus in evaluating exposure across transactions, analyzing ESG and Corporate Social Responsibility considerations, and coordinating new research initiatives for the Strategy. Ms. Morphett earned her BA in Applied Mathematics & Statistics with a concentration in Financial Mathematics from Johns Hopkins University in 2017 and is presently pursuing a Masters of Liberal Arts from the University of Pennsylvania.

Alvin Bastian

Alvin Bastian

Associate

Mr. Bastian serves as an Associate with Newmarket, having joined in April 2020. His primary responsibilities relate to financial operations, correspondence with fund administrators and accountants, and other back office functions. Previously, Mr. Bastian served as a Finance Associate at the Blackstone Group, focusing on financial operations in the hedge fund solutions business unit. Prior to Blackstone, Mr. Bastian served as a Senior Accountant at Stephano Slack, LLC, a regional public accounting firm where he worked on numerous audit engagements for private companies. Prior to his role at Stephano Slack, Mr. Bastian served as an Accounting Analyst at SEI Investments working within the Private Equity Funds Group. Mr. Bastian received his BS from Philadelphia University.

Nia Russell

Nia Russell

Analyst

Ms. Russell serves as an Analyst at Newmarket. Her primary responsibilities include research and analysis of the IIFC strategy, providing support to the credit team, as well as other verticals of the business. Prior to joining Newmarket, Ms. Russell worked as a Business Development Associate with Bernstein Private Wealth Management in New York where she partnered with diverse investors supporting portfolios over $2 billion in AUM. In addition to her day-to-day functions at Bernstein, Ms. Russell conducted research on outreach to communities of color, exploring partnerships with various VC, PE, and incubator firms to increase traction in direct or indirect investments that would positively impact these communities. Ms. Russell earned her BBA in International Business and Finance from Howard University in 2019.

OUR NAMESAKE

Our company’s name, Newmarket, celebrates our focus on improvement and innovation while at the same time honoring one of the oldest surviving market buildings in the United States, New Market, which is located in Philadelphia.

Frank Taylor Collection, Athenaeum of Philadelphia

We thank John Milner Architects & Preservation for preparing the following summary:

In the early 18th century, the population of Philadelphia was rapidly growing, and residents were beginning to spread to new neighborhoods across the city. There was a need to facilitate marketing for the residents of the newer parts of the city, especially considering that High Street (now Market Street) was the only market in Philadelphia and was becoming increasingly inadequate. In 1741, plans were created to construct a new market on Second Street, between Pine Street and Cedar Street (now South Street) in the Society Hill neighborhood. Second Street was widened from 50 feet to 130 feet, allowing for wagons on either side of the market. “This space was judged sufficient to take care of the flow of traffic on market days, leaving passage way for wagons, barrows, and people on either side of the market stalls, which were to be erected in the center of the street” (Tinkcom, 379).

Though plans for the market were first discussed in 1741, it was not until 1745 that Edward Shippen, the Mayor of Philadelphia, and Joseph Wharton, a wealthy merchant and one of the principal landowners in the district, completed their private construction of the market. Wharton was very involved with the construction and believed that a conveniently situated market would enhance the property values in the neighborhood (Tinkcom, 382). Although the original plans for the market included sixteen “shambles” or stalls, eight on the north side of Lombard Street and eight on the south side, only eight were constructed (four on either side of Lombard).

 

Anna Sakhul Photography

The New Market was simple and utilitarian in design and was constructed with two parallel rows of brick pillars supporting a gable roof over plastered, arched ceilings. Although the plan for the market was generally agreed upon, there were slight variations in the height of the piers and in the framing, illustrating that the stalls were constructed privately, at different times, and by multiple builders. The New Market was similar to the High Street Market, with both resembling English country markets.

The New Market quickly flourished and was continuously improved over the centuries. In 1773, plans were created to renovate the market; the existing stalls would be repaired and new ones would be constructed. Lack of funding, however, delayed the improvements until after the Revolution. Maps from 1762, 1776 and 1795 show that the market had not grow in actual size, however it had likely grown in volume of business, during the second half of the 18th century. By 1795, the Society Hill neighborhood had become increasingly prosperous, and more market facilities were necessary. It was at this time that the market was extended south toward Cedar Street, and the first of two fire engine houses was constructed at the south end. The brick structure measured 17’x27’ and had a cupola with a bell.

 

By 1804, there were 68 regular stalls and 33 additional wooden stalls. Also in 1804, a second fire engine house was constructed at the north end of the market. The “Head House” was a two-story brick structure just south of Pine Street, and was adorned with a cupola, clock, and alarm bell. The lower story contained two fire engines and the upper story was used as meeting space for fire companies. In 1809, a final expansion took place. The eaves on the market were extended 9’-9″, covering two additional rows of stalls along the east and west sides of the building. These new stalls were paved with brick, matching the existing market, and the eave extensions were supported by turned columns on stone plinths. The New Market now spanned the length of Second Street from Cedar Street to Pine Street.

By the mid-19th century, the New Market began to deteriorate, and by 1860 the southern engine house had been removed. In 1923, the structure that remained was renovated. By the middle of the 20th century, the stalls from Lombard to South Street were demolished. At this time, a plan for the restoration of the Head House and of the old market, including eight of the stalls built in 1745, was prepared for the Philadelphia Historical Commission by the architect G. Edwin Brumbaugh. Finally, by the 1970s, 21 of the original piers were still intact and the other 43, along with the roof, were reconstructed.

At several times throughout the 19th and 20th centuries, demolition seemed inevitable, but the market has nonetheless survived for over two-and-a-half centuries. Today the market is restored, including eight of the original set of piers and the “Head House.” The New Market was designated a National Historic Landmark in 1966.

BIBLIOGRAPHY

Greenwood, Richard. “The New Market, Head House Market.” National Register of Historic Places Inventory/Nomination Form. Historic Sites Survey, National Park Service, Washington, 1975.

Tinkcom, Dr. Margaret B. “The New Market in Second Street,” The Pennsylvania Magazine of History and Biography, vol. LXXXII #4, October, 1958.