New Catalyst and Ferghana Announce Strategic Partnership

Hybrid capital firm Ferghana gains capital and strategic support from New Catalyst to scale its middle-market platform.

Published on Feb. 10, 2026

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New Catalyst Strategic Partners, an alternative investment firm focused on backing Next Generation private markets managers, has announced a strategic partnership with Ferghana Investment Partners, a hybrid capital firm providing flexible financing solutions to middle-market businesses. The partnership will provide Ferghana with significant capital and operational support as it scales its newly launched platform, which was founded by private capital veteran Hadley Ma.

Why it matters

The partnership highlights the growing demand for innovative capital solutions that can serve the needs of middle-market companies, which are often underserved by traditional debt and equity providers. Ferghana's hybrid approach, blending elements of credit and structured equity, aims to protect principal while preserving owner control and providing participation in long-term upside.

The details

Ferghana was founded by Hadley Ma, a former senior executive at MGG Investment Group, Sixth Street, and Oaktree Capital Management. The firm will provide flexible capital solutions to stable and growing middle-market businesses, partnering with founders, entrepreneurs, and family-owned companies on growth capital, succession planning, minority recapitalizations, and management buyouts. Through the partnership with New Catalyst, Ferghana will gain access to the firm's ecosystem of private markets professionals and operating partners to support its launch and growth.

  • New Catalyst was launched in 2024 in strategic partnership with Apollo.
  • The new partnership between New Catalyst and Ferghana was announced on February 10, 2026.

The players

New Catalyst Strategic Partners

An independent alternative investment firm that focuses on GP seeding, GP acceleration, and strategic capital solutions for Next Generation private markets managers.

Ferghana Investment Partners

A hybrid capital firm delivering tailored financing solutions to middle-market businesses, emphasizing downside protection and alignment between owners and investors.

Hadley Ma

The founder of Ferghana Investment Partners, with nearly two decades of institutional private markets experience across multiple market cycles.

Jason Howard

The founder and managing partner of New Catalyst Strategic Partners.

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What they’re saying

“We identified a significant opportunity to serve middle-market businesses at key inflection points where traditional capital providers often fall short. Our hybrid capital approach combines sophisticated underwriting with an entrepreneurial mindset, allowing us to structure solutions that aim to protect principal, preserve owner control, and provide participation in long-term upside.”

— Hadley Ma, Founder, Ferghana Investment Partners

“At New Catalyst, we seek out Next Generation GPs who serve as thoughtful, value-added partners to the businesses they invest in. We've built conviction that Hadley and the Ferghana team are well-positioned to do exactly that – deliver tailored solutions that bridge traditional financing gaps and support sustainable, long-term growth, which we believe presents a compelling and complementary offering among existing private market asset classes.”

— Jason Howard, Founder and Managing Partner, New Catalyst Strategic Partners

What’s next

The partnership between New Catalyst and Ferghana is expected to provide Ferghana with the capital and strategic support needed to scale its newly launched hybrid capital platform and make additional investments in middle-market businesses.

The takeaway

This partnership highlights the growing demand for innovative financing solutions that can serve the unique needs of middle-market companies, which are often underserved by traditional debt and equity providers. Ferghana's hybrid approach, backed by the strategic support of New Catalyst, aims to fill this gap and provide flexible capital solutions that protect principal, preserve owner control, and participate in long-term upside.