Newbury Partners seeks $1.3bn for Fund IV

The secondaries firm's previous funds have attracted commitments from investors including Australian superannuation funds and Dutch pensions.

Newbury Partners, a Connecticut-headquartered secondaries specialist, wants to raise as much as $1.25 billion for its Newbury Equity Partners IV fund, according to a filing with the US Securities and Exchange Commission.

This is a slight increase on predecessor Newbury Equity Partners Fund III, which launched in June 2013 and closed in March 2014 on $1.1 billion, just above its target of $1 billion, according to PEI data.

The documents for Fund IV do not list any brokers or placement agents. Newbury confirmed the information but did not comment further.

Limited partners that committed to Fund III include Australian superannuation fund Construction and Building Unions Superannuation Fund and Dutch pension Pensioenfonds PNO Media, according to PEI data.

In June 2014 Secondaries Investor reported that Newbury voluntarily waived management fees for investors in Funds II and III for between four and five months because these funds accrued new commitments at such speed that it hadn’t yet finished deploying capital from previous funds.

Newbury Partners focuses on acquiring buyout, venture capital, special situations, mezzanine and fund of funds interests. The firm targets transactions up to $250 million in value, with no minimum deal size.