Bridge to acquire secondaries firm Newbury

• The transaction is expected to close in the first half of 2023
• Berkshire Global Advisors is serving as financial advisor to Newbury
• Bridge has approximately $43.3 billion of assets under management as of December 31, 2022

Bridge Investment Group Holdings Inc has agreed to acquire 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 $4.3 billion in fee earning assets under management.

On the deal, Richard Lichter, managing partner and founder of Newbury, said in a statement, “The opportunity in the secondaries market is as compelling as ever. We are excited about the common vision and fit between Bridge and Newbury and believe strongly that the partnership will accelerate our growth within both our existing strategy and adjacent secondaries opportunities. Bridge has the platform to support our growth, and is the natural next step for Newbury. I am confident that this transaction will position Newbury and Bridge for shared success, and we look forward to working closely with the entire Bridge team to realize the benefits of this complementary combination.”

The transaction is expected to close in the first half of 2023.

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

Bridge is a real estate investment manager. Bridge has approximately $43.3 billion of assets under management as of December 31, 2022.