Adair Newhall

Adair Newhall is a Partner at StepStone Group and a member of the firm’s private equity team, focused on venture capital and growth equity investments. StepStone lists him on its Research & Investments team and under the Direct Investments, Fund Investments, and Secondaries committees.

Before StepStone, Newhall was a Partner at Greenspring Associates, the Baltimore-based venture capital and growth equity platform that StepStone agreed to acquire in 2021. Greenspring was founded in 2000 and, at the time of the transaction announcement, had more than $17 billion in assets under management and invested across direct, secondary, and venture fund strategies.

Earlier, Newhall was a Principal at Domain Associates, a healthcare-focused venture capital firm. At Domain, he held board observer roles with Applied Proteomics, Astute Medical, BioNano Genomics, CoLucid Pharmaceuticals, Otonomy, and Xagenic. Prior to Domain, he worked in business development at Esprit Pharma, where he helped with product acquisitions and the company’s sale to Allergan for $370 million; before that, he worked at ESP Pharma, which was acquired by PDL BioPharma.

Newhall earned an MBA from the University of Virginia Darden School of Business and an undergraduate degree from the University of Pennsylvania. He is a Kauffman Fellow, a member of the Baltimore/Washington chapter of YPO, a co-founder of the UVA Venture Summit, and has been listed as a trustee/board member connected to the Darden School Foundation.

• Newhall invests through an institutional platform rather than as a standalone seed angel. StepStone identifies his work as venture capital and growth equity across direct investments, fund investments, and secondaries.
• His healthcare practice is a defining part of his profile: The Org says he is actively involved in StepStone’s healthcare investment practice and Portfolio Impact Program.
• In a 2017 interview, he described Greenspring’s evolution this way: “we’re now a venture platform where half the money that we raise goes towards directs and secondaries.”
• He has emphasized Greenspring/StepStone’s ability to cover the venture ecosystem from micro-VC managers to growth equity managers, using fund, direct, and secondary touchpoints.
• His healthcare focus spans biotech, pharmaceuticals, diagnostics, instrumentation/tools, medical devices, healthcare services, digital health, dermatology, aesthetics, and consumer health.
• Through the Portfolio Impact Program, his work includes strategic introductions to customers, executive talent, corporate partners, investors, acquirers, and service providers, plus support around fundraising, capital management, operations, strategy, and product-market fit.