Secondaries-focused private equity firm Newbury Partners has beaten its target and hard cap for its third fund by holding a $1.1bn final close.
Newbury Equity Partners III took less than a year to reach a final close, having only been launched in the summer of 2013.
The firm said that about 60 per cent of its commitments came from outside North America.
Managing partner Richard Lichter, “We are extremely pleased with the success of our fundraise and the strong support we received from investors globally.
“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.”
Fund III will continue its predecessors’ strategy by targeting privately-negotiated, small and mid-sized transactions ranging from $1 to $50m in size.
Newbury specifically targets transactions in which it believes non-monetary factors are critical to the seller and in which it can create competitive advantages by providing these services.
Typical sellers include family offices, small financial institutions and investment management firms.
The firm has completed more than 85 secondary transactions, committing approximately $1.6 billion.
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