Newbury raises $2bn for private equity secondaries

Newbury Partners closed its fifth private equity secondary fund with capital commitments from new and existing investors totaling $2 billion, exceeding its original target of $1.75 billion.

NEP V will stick to the $6.2 billion firm’s long-running strategy targeting privately negotiated small and mid-sized transactions with the aim of providing investors with attractive risk-adjusted returns and consistent cash distributions compared to those available from newly formed private equity funds.

Stamford, Conn.-based Newbury’s transactions typically range from $1 million to $100 million in size, which the firm sees as a less competitive space given the focus of market intermediaries and large secondary funds on larger transactions.

Prior to founding Newbury in 2006, Richard Lichter was managing director and head of secondary investments at Auda Private Equity, where he led the sourcing and investment and Auda Secondary Fund.

Since the firm’s inception, the Newbury team has completed more than 200 secondary transactions and more than 60 co-investments.

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