Fundraising

Newbury holds $1.4bn final close on Fund IV

The small- and mid-market secondaries specialist has closed its fourth fund on its hard-cap, raising around $340m more than its predecessor.

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Newbury Partners has held a $1.4 billion final close on its fourth secondaries fund, according to a statement from the firm, exceeding its target of $1.25 billion.

Investors in Newbury Partners IV include pension funds, family offices, insurance companies, endowments and corporations from across North America, Europe, Asia and Australia, the statement noted. No placement agent was used.

These include AP Fonden 3, according to PEI data.

Fund IV held a $1.3 billion close in October, having held closes on $700 million and $1.1 billion in June and July, respectively. It is understood the fund has a 10 percent allocation to direct co-investments which average $10 million in size.

Newbury specialises in acquiring limited partnership stakes in buyout, venture capital, special situations, mezzanine funds as well as funds of funds. It focuses on small and mid-market interests, targeting transactions up to $250 million in value with no minimum deal size.

The firm had previously collected $1.1 billion for its 2013-vintage Newbury Equity Partners III, which was backed by LPs including Australian pension Construction and Building Unions Superannuation Fund and Dutch pension Pensioenfonds PNO Media, PEI data show.

This fund close brings its assets under management to $4.2 billion, according to the statement.