The lower-mid-market-focused manager had set a $650m hard-cap on RCP Secondary Opportunity Fund IV.
Venture capital and growth fund stakes fell to account for 9% of secondaries volume last year, from 18% the prior year.
While demand for such deals is high, activity has only been steadily increasing this year amid price discrepancies and a limited capital base.
The firm, founded by Landmark Partners veteran Ian Charles, has assembled a group of ex-Landmark, Stonyrock and Kirkland & Ellis professionals for the unit.
Featuring three assets from its first fund, the new vehicle closed oversubscribed and with an all-new group of investors.
Industry veteran Dee Dee Sklar will help the firm with its credit arm.
Newbury Equity Partners VI's moderate step-up in ticket size is consistent with Newbury’s longtime focus on small and mid-cap secondaries deals.
Chief executive Christian Sinding had said on the firm’s Q1 earnings call it was pondering alternative liquidity options including continuation funds.
The firm has hired executives from Arch Capital and StepStone, and moved two people across internally to bulk up its secondaries offering.
The three are part of an exodus of talent that has moved on from the bank since the Swiss government forced UBS to buy Credit Suisse in March.
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