NewStar Financial Inc., a new Boston-based commercial finance company, has reported raising $660 million in capital that will be used to provide financing to midsize corporations, commercial real estate borrowers, and issuers of asset-backed securities.The capital consists of $210 million in equity and $450 million in debt, the company said. The formation of NewStar was sponsored by Capital Z Financial Services Fund II LP and JP Morgan Corsair II Capital Partners LP. (Capital Z's previous investments have included Aames Financial Corp. and Lending Tree Inc.) NewStar said it will originate senior and subordinated debt financings through a direct calling effort, often in concert with other lenders. Timothy J. Conway, formerly a senior executive with Citigroup and FleetBoston, is chief executive officer of the new company. NewStar can be found on the Web at http://www.newstarfin.com.

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