Newbury Partners has held a final closing of its latest secondaries fund, Newbury Equity Partners III LP (Fund III), with over $1.1 billion of capital commitments.
Fund III exceeded its $1 billion target and hard cap after launching in the summer of 2013. Newbury secured commitments primarily from its existing investors – private and public pension funds, endowments, foundations and family offices. Approximately 60% of total commitments came from capital outside of North America. Newbury’s prior secondary fund, Newbury Equity Partners II LP, had a final close in 2010 with $1 billion of capital commitments from 91 limited partners.
Fund III will target privately-negotiated, small and mid-sized transactions ranging from $1 million to $50 million in size. Typical sellers include family offices, small financial institutions and investment management firms. Since inception, Newbury has completed more than 85 secondary transactions, committing approximately $1.6 billion.
“We are extremely pleased with the success of our fundraise and the strong support we received from investors globally,” said Richard Lichter, Managing Partner of Newbury. “We believe our disciplined, service-oriented investment approach not only drives better relative pricing in transactions, but also allows us to consistently perform for our investors independent of market conditions.”
MVision Private Equity Advisers (www.mvision.com) acted as exclusive fundraising advisor for Fund III and Proskauer Rose served as legal counsel.
Newbury Partners specializes in acquiring buyout, venture capital, special situations, mezzanine and fund-of-funds limited partnership interests in the secondary market. To supplement its secondary market activities, Newbury also pursues co-investment opportunities on a select basis. The firm is headquartered in Stamford, CT (www.newbury-partners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-31-14