Newbury MD Chevrier departs

Newbury Partners managing director Stéphane Chevrier has left the firm, Secondaries Investor has learned.

Chevrier departed on amicable terms but without immediate plans for his next professional role, a source familiar with the situation said.

Newbury declined to comment.

Chevrier joined Newbury in November 2013 to replace former managing partner Justin Pollock, who joined PineBridge as a senior vice president several months later.

Previously Chevrier was a founder and managing partner of asset manager Equifin Alternative Investments, according to a previous statement. He has also worked as a managing director at Ardian and a financial auditor for Mazards Group and KPMG.

Chevrier’s departure brings Newbury’s total number of managing directors to five. The firm will not hire a new managing director, but will instead promote one of its mid-level professionals, the source explained. It will also look externally to hire at the vice president level.

In October, Newbury hired David Overton as a vice president to support the firm’s transaction team. Overton replaced Brian Kapetanis, who left Newbury in February to join GIC.

Newbury is investing its third secondaries fund, which closed on $1.1 billion in March. Fund III carries on the firm’s strategy of targeting privately negotiated, small- and mid-sized transactions. Deals range from $1 million to $50 million in size.