PE Deals

Bridge completes buyout of PE secondaries firm Newbury

The all-cash transaction is valued at $320.1 million.

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  • Berkshire Global Advisors was financial advisor to Newbury on the deal
  • Latham & Watkins and Kirkland & Ellis were legal advisors to Bridge while Proskauer Rose LLP provided legal counsel to Newbury
  • Newbury has $4.3 billion in assets under management as of December 31, 2022

Bridge Investment Group Holdings Inc has completed its previously announced acquisition of Stamford, Connecticut-based Newbury Partners, a private equity secondaries investment firm. The all-cash transaction is valued at $320.1 million.

Founded in 2006, Newbury has raised over $6.2 billion of capital across five dedicated funds and has invested in over 500 underlying interests on behalf of more than 250 limited partners worldwide. Newbury has $4.3 billion in assets under management as of December 31, 2022.

On the deal, Richard Lichter, vice chairman and founder of Newbury, said in a statement, “We are energized by the opportunities to unlock Newbury’s full potential through this transaction and partnership with Bridge. It is clear that we have a common vision, and we look forward to executing and driving our shared success as part of the Bridge platform.”

Latham & Watkins LLP and Kirkland & Ellis LLP served as legal advisors to Bridge on this transaction. Berkshire Global Advisors was financial advisor and Proskauer Rose LLP served as legal advisor to Newbury.

Bridge is a real estate investment manager. Bridge has about $48.5 billion of assets under management as of December 31, 2022.