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Newbury nears $1bn and counting for latest secondaries fund

The firm has held a first close on its fifth fund, which is targeting $1.75bn.

Newbury Partners has passed the halfway point on its latest fundraise having come to market in the fourth quarter of last year.

The Stamford, Connecticut-headquartered firm has raised $972.35 million for Newbury Equity Partners V from 32 investors, according to a filing with the US Securities and Exchange Commission. Around $568 million of the total was raised through an offshore vehicle.

Santiago, Chile-based Finanzas y Negocios Servicios Financieros Limitada is listed as a placement agent.

Secondaries Investor reported in November that Newbury was back in market targeting $1.75 billion for its fifth flagship fund.

Fund IV closed on $1.4 billion in February 2018, above its target of $1.25 billion, Secondaries Investor reported. Investors include AP Fonden 3, which committed $50 million and University System of New Hampshire, according to Secondaries Investor data.

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.

Fund IV had a 10 percent allocation to direct co-investments, Secondaries Investor reported in 2017, the average size of which was $10 million. Deals it carried out include a stapled transaction involving Palamon Capital Partners’ 2016-vintage fund.

Newbury was founded in 2006 by Richard Lichter, the former head of secondaries at Auda Private Equity.

Newbury did not respond to a request for comment.