Rieger leaves Cross Atlantic; joins NEwSpring as partner

KING OF PRUSSIA - NewSpring Capital has added a new partner and plans to start raising a new fund.

Glenn T. Rieger has left Radnor-based Cross Atlantic Capital Partners, which he helped found, to become a general partner with NewSpring.

"This is just a real exciting opportunity for me," Rieger said.

Rieger also will become a managing partner of NewSpring Ventures II LP, a venture capital fund NewSpring plans to launch next year.

NewSpring wants to make NewSpring Ventures II larger than its first fund, NewSpring Ventures LP, which has $135 million under management.

NewSpring's other funds are Commerce Health Ventures LP and NewSpring Mezzanine Capital LP, which is about to close on $50 million.

They and NewSpring Ventures II could invest in as many as 60 companies over the next five years , said Marc Lederer, a...