Newbury hires former Coller associate

Secondaries specialist Newbury Partners has hired David Overton from Coller Capital as a vice president, Secondaries Investor has learned.

Overton joined Newbury three weeks ago to support the firm’s transaction team. He replaced Brian Kapetanis, who left Newbury last February to become a vice president at GIC, Newbury founder and managing partner Richard Lichter explained.

Previously, Overton spent three years as a senior associate in Coller’s New York office, according to his LinkedIn profile.

Coller declined to comment on whether anyone would immediately replace him.

Newbury closed its third secondaries fund on $1.1 billion in March. Fund III launched in 2013 and primarily received commitments from existing investors, with about 60 percent of total commitments coming from outside North America. The fund invests in small- and mid-sized transactions ranging from $1 million to $50 million in size.

In July, Newbury worked with Lexington Partners to restructure London-based GMT Communications’ €365 million Fund II. GMT offered three options to its LPs: to sell up, roll over into a new fund, or maintain the status quo. About 75 percent of the LPs agreed to sell their stakes. GMT declined to comment on how much Lexington and Newbury paid but it is understood the overall price was approximately 90 percent of net asset value, including claw-back amounts.