Secondaries firms: Who owns what?

Last week, Newbury Partners sold a position to GP stakes fund RidgeLake Partners. We looked at the ownership of firms that comprise our SI 30 ranking to see who might be next.

Last week, Newbury Partners became the latest private equity general partner to sell part of itself to a GP stakes fund.

The Connecticut-headquartered secondaries firm sold a minority stake to RidgeLake Partners, a joint venture between the investment arm of New York Life Insurance Company PA Capital and Ottawa Avenue Private Capital, an investment advisory affiliate of the DeVos family, sister publication Buyouts reported.

Sister title Private Equity International reported in August that Ridgelake had $500 million to invest in GP stakes and would seek to raise $500 million more from third-party investors.

In a statement, Newbury said the deal, the size of which was undisclosed, will support its future growth and reinforce alignment with global limited partners.

While several secondaries firms have been acquired by strategic buyers, Newbury – as far as Secondaries Investor is aware – is the second secondaries firm to sell a minority interest to a GP stakes fund following Industry Ventures’ tie-up with Goldman Sachs Asset Management’s Petershill Program in April last year.

We looked at the ownership structure behind the firms that make up the SI 30 ranking, a list of the biggest fundraisers in the five years to June 2019, to see who might be next.