Newbury Partners Company Profile

Background

Newbury Partners is a leading investment firm specializing in acquiring limited partnership interests in established buyout, growth equity, and venture capital funds through secondary transactions. Founded in 2006, the firm has raised over $6.2 billion in committed capital across five dedicated funds and has invested in more than 500 underlying interests on behalf of over 250 limited partners worldwide. As of December 31, 2022, Newbury managed $4.3 billion in fee-earning assets under management.

Key Strategic Focus

Newbury Partners focuses on acquiring limited partnership interests in established buyout, growth equity, and venture capital funds through secondary transactions. The firm's strategy targets privately negotiated, small and mid-sized transactions in the private equity secondary market, typically ranging from $1 million to $100 million. This approach aims to provide investors with attractive risk-adjusted returns and consistent cash distributions compared to primary investments in newly formed private equity funds.

Financials and Funding

Newbury Partners has successfully raised multiple funds to support its investment activities:

• Fund IV (NEP IV): Closed in February 2018 with capital commitments of $1.447 billion, exceeding the original target of $1.25 billion.

• Fund V (NEP V): Closed in December 2021 with capital commitments of $2 billion, surpassing the original target of $1.75 billion.

In October 2020, Newbury announced a strategic minority investment by RidgeLake Partners, a partnership between PA Capital and Ottawa Avenue Private Capital, focusing on acquiring minority equity stakes in middle-market private equity firms. The terms of this transaction were not disclosed.

Pipeline Development

Newbury Partners has a robust pipeline of secondary transactions, having completed more than 200 secondary transactions encompassing over 500 underlying fund interests and made more than 50 co-investments since its inception. The firm's focus on small and mid-sized transactions allows it to capitalize on less competitive opportunities in the private equity secondary market.

Technological Platform and Innovation

Newbury Partners leverages proprietary data and performance history accumulated over nearly two decades in the secondaries market. This extensive dataset enhances the firm's analytical and investment capabilities, enabling informed decision-making and the identification of attractive investment opportunities.

Leadership Team

Newbury Partners is led by a team of experienced professionals with deep expertise in the private equity secondary market. The firm's leadership includes:

• Richard Lichter: Managing Partner and Founder, with extensive experience in the secondary private equity market.

• Chris Jaroch: Partner at Newbury Partners, contributing to the firm's strategic direction and growth.

Leadership Changes

In December 2025, Bridgepoint Group announced plans to add the Newbury Partners team to expand into the secondaries market. The integration was expected to occur in early 2026, with the Newbury team joining Bridgepoint and continuing to manage Newbury's most recent fund.

Competitor Profile

Market Insights and Dynamics

The private equity secondary market has experienced significant growth, driven by increasing demand for liquidity solutions and the maturation of private equity portfolios. This expansion has attracted numerous firms specializing in secondary transactions, leading to a competitive landscape.

Competitor Analysis

Key competitors in the private equity secondary market include:

• HarbourVest Partners: A global private markets investment firm with a diversified portfolio across various asset classes.

• Coller Capital: Specializes in private equity secondaries, offering liquidity solutions to investors.

• Lexington Partners: Focuses on secondary private equity and private credit investments.

These firms, among others, contribute to a dynamic and competitive environment in the secondary market.

Strategic Collaborations and Partnerships

In October 2020, Newbury Partners announced a strategic minority investment by RidgeLake Partners, a partnership between PA Capital and Ottawa Avenue Private Capital. This collaboration aimed to support Newbury's growth and strengthen its alignment with its global investor base.

Operational Insights

Newbury Partners' focus on small and mid-sized transactions allows it to operate in a less competitive segment of the private equity secondary market. This strategy enables the firm to provide tailored liquidity solutions to a diverse range of investors, including large financial institutions, corporations, family offices, and individual investors.

Strategic Opportunities and Future Directions

The acquisition by Bridgepoint Group in early 2026 presents Newbury Partners with opportunities to leverage Bridgepoint's global platform and resources. This partnership is expected to enhance Newbury's capabilities in the secondaries market and support its growth objectives.