Newbury Partners has raised the bulk of the target for its flagship fund after around 14 months in market.
The Stamford, Connecticut-headquartered secondaries firm has collected $1.3 billion for Newbury Equity Partners V out of a target of $1.75 billion, according to a filing with the Securities and Exchange Commission. At least 50 limited partners have committed to the fund, which has Atlantic Pacific Capital and Santiago-headquartered FYNSA listed as placement agents.
Secondaries Investor reported in February last year that Newbury had raised $972 million for the fund, $568 million of which was raised through an offshore vehicle. University System of New Hampshire and AP Fonden 3 are among its LPs, according to Secondaries Investor data.
This is Newbury’s first fundraise since it sold a minority stake in itself to RidgeLake Partners, a joint venture between PA Capital and an investment advisory affiliate of the DeVos family Ottawa Avenue Private Capital. The deal will support Newbury’s future growth and reinforce alignment with global limited partners, the firm said when it struck the deal in November.
Newbury acquires limited partnership stakes in buyout, venture capital, special situations, mezzanine and funds of funds. It focuses on small- and mid-market interests, targeting transactions of up to $250 million in value with no minimum deal size.
The firm wants to remain “the biggest small guy” in secondaries, a source with knowledge of the firm told sister publication Buyouts. The attention paid by buyers and intermediaries to large transactions has created inefficiencies at the small end, the source said.
Newbury was founded in 2006 by managing partner Richard Lichter, a former managing director with Auda Private Equity and Lexington Partners.
Newbury did not respond to a request for comment.