Newbury Partners raises $700m

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Newbury Partners has raised $700 million in a first close for its Newbury Equity Partners IV. The Connecticut-headquartered firm has set a $1.25 billion target and expected to hold a final close by the end of June.

More than 50 percent of the investors are pension funds, with half of those coming from Europe.

The fund will target secondary opportunities in a diverse number of sectors in North America and Western Europe.