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Newbury heads for final close on $1.4 bln hard cap

  • Firm has raised roughly $1.27 bln
  • Previous fund closed on $1.1 bln in 2014
  • Newbury already investing Fund IV

Newbury Partners is close to wrapping its latest flagship fund on its $1.4 billion hard cap, with a final close slotted for later this fall, according to a source with knowledge of the fund.

The firm on Oct. 2 filed a document with the SEC indicating Newbury Equity Partners IV had raised around $1.27 billion, which includes $550,000 committed to a Cayman Islands feeder fund. Newbury’s previous fund closed on $1.1 billion in 2014.

Newbury Partners held a first close for Fund IV in May and has already begun investing from the vehicle. In July, Secondaries Investor reported Newbury had already closed several direct co-investments using the vehicle.

Stamford, Connecticut-based Newbury Partners acquires stakes in existing private equity funds through the secondary market. Newbury’s first fund, a 2007 vintage, was marked as generating a 9 percent IRR and 1.4x multiple through May 31, 2017, according to a Rollins College investment report.

The firm is led by Managing Partner Richard Lichter along with Managing Directors Chris Jaroch, Gerald Esposito and Warren Symon.

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A portrait of Benjamin Franklin on a U.S. $100 bill is pictured at Interbank Inc. money exchange in Tokyo, in this Sept. 9, 2010, picture illustration. REUTERS/Yuriko Nakao