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Newbury raises $2bn for fifth secondaries fund

The Stamford-headquartered firm aims to be 'the biggest small guy' in secondaries, targeting inefficiencies in the lower-mid market.

Mid-market secondaries firm Newbury Partners has wrapped up fundraising on its fifth flagship fund.

The Stamford, Connecticut-headquartered firm raised $2 billion for Newbury Equity Partners V against a target of $1.75 billion, according to a statement. Its 2017-vintage Fund IV raised $1.45 billion.

Fund V has support from institutional investors from North America, Europe, Latin America, Asia and Australia, the statement noted. Limited partners include University System of New Hampshire, according to Secondaries Investor data.

Secondaries Investor reported in March that Fund V had raised $1.75 billion, having been in market since November 2019.

Fund V brings Newbury’s assets under management to more than $6.2 billion, the statement said. It is Newbury’s first fundraise since it sold a minority stake in itself to RidgeLake Partners, a joint venture between PA Capital and an investment advisory affiliate of the DeVos family Ottawa Avenue Private Capital.

Fund V will target transactions of between $1 million and $100 million. Newbury wants to remain “the biggest small guy” in secondaries,  affiliate title Buyouts reported around the time of the fund’s launch. The attention paid by buyers and intermediaries to large transactions has created inefficiencies at the small end.

Newbury was founded in 2006 by managing partner Richard Lichter, a former managing director with Auda Private Equity and Lexington Partners.