Newbury MD Levy resigns – exclusive

Andrew Levy has resigned from his role as managing director at Newbury Partners, Secondaries Investor has learned.

Levy will leave the firm in a few weeks to join an unnamed large international bank to specialise in co-investments, according to a source with knowledge of the situation.

Newbury declined to comment.

Levy joined the firm in 2011 from Auda Private Equity, where he was a managing director focused on the firm’s co-investment programme. He has also worked in the global mergers and acquisitions group at Citicorp Securities, according to Newbury’s website.

It is understood Levy’s departure won’t impact Newbury’s secondaries business because his primary focus was co-investments, the source told Secondaries Investor. Co-investments make up a smaller portion of the firm’s strategy – a maximum of 10 percent of Newbury’s secondaries funds is allocated to co-investments or primary deals.

Newbury has nearly reached its co-investment allocation with its latest fund, which closed on its $1.1 billion last year. Fund III targets privately-negotiated small- and mid-sized transactions ranging from $1 million to $50 million in size. Most of the fund’s remaining capital will invest in secondaries, the source explained.

Still, Levy is the second Newbury managing director to depart in recent months. Stéphane Chevrier left the firm at the end of last year on amicable terms, but without immediate plans for his next professional role. Chevrier joined the firm in late 2013 to replace managing director Justin Pollack, who recently resurfaced as a senior vice president at PineBridge Investments.

Connecticut-based Newbury has four other managing directors, including founder Richard Lichter, and chief financial officer and chief operating officer Gerald Esposito.