Newbury returns with fifth flagship fund

The Stamford, Connecticut-based secondaries firm is targeting 40% more than its 2017-vintage predecessor.

Newbury Partners has become the latest secondaries manager to return to market.

The Stamford, Connecticut-headquartered firm is targeting $1.75 billion for Newbury Equity Partners V, according to a filing with the Securities and Exchange Commission. Santiago, Chile-based placement agent Finanzas y Negocios Servicios Financieros Limitada is working on the fundraise.

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 Canadian family office Dancap Private Equity, 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 carried out by Fund IV include a stapled transaction involving Palamon Capital Partners’ 2016-vintage fund and the acquisition of stakes in Akina Partners’ Euro Choice III and Euro Choice IV funds of funds, Secondaries Investor reported. Akina Partners is now part of Unigestion.

Portfolio Advisors, Altamar Capital, Willowridge Partners and Partners Group have all returned to market in the past month targeting a combined $7 billion, Secondaries Investor has reported.

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.