Newbury nears hard-cap for Fund IV

The secondaries firm has surpassed the target of its latest fund and is yet to hold the final close on its latest vehicle.

Newbury Partners has exceeded the target of its latest secondaries fund, six months after launching the vehicle.

The Connecticut-headquartered secondaries firm has amassed $1.3 billion for Newbury Equity Partners IV, according to a filing with the US Securities and Exchange commission.

It is understood the firm is yet to hold the final close on the fund.

Newbury held a first close on $700 million for the fund in June, two months after launch, and had set a $1.4 billion hard-cap on the vehicle, as Secondaries Investor reported. The firm had been eyeing a $1.2 billion final close by the end of June, a source familiar with the fundraise told Secondaries Investor at the time.

Investors in Fund VI include Swedish pension AP Fonden 3, according to PEI data.

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.

Dedicated private equity secondaries vehicles held final closes on a combined $3.2 billion in the third quarter of this year, up around one-third from a year earlier, according to PEI data.

Newbury was founded in 2006 and specialises in acquiring buyout, venture capital, special situations, mezzanine and funds of funds limited partnership interests. It focuses on small and mid-market stakes, targeting transactions up to $250 million in value with no minimum deal size, according to its website.

Newbury declined to comment.