Real estate manager Bridge Investment Group said it is expanding into the private equity secondary market by acquiring Newbury Partners, a manager that invests in the alternative secondary markets.
The deal to acquire substantially all of Newbury, which was announced Tuesday and is valued at $320 million, is expected to close in the first half of 2023, subject to customary closing conditions, including regulatory and investor approvals.
Bridge Investment had $43.3 billion of assets under management as of Dec. 31. Newbury Partners had $5.2 billion in AUM as of Dec. 31, according to a Bridge presentation on the deal.
The transaction is expected to expand Bridge's institutional client base, with minimal overlap with Newbury's fund investors. Upon completion of the transaction, Newbury will retain its headquarters in Stamford, Conn., and will continue to be led by its long-standing management team, including Richard Lichter, Newbury's managing partner and founder.
"Bridge has the platform to support our growth, and is the natural next step for Newbury," Mr. Lichter said in the news release.
In October 2020, RidgeLake Partners had acquired a passive minority interest in Newbury Partners. Charlotte Morse, a Bridge spokeswoman, said she could not provide details beyond its presentation about the deal and a Tuesday earnings call. Neither mentions the disposition of RidgeLake's stake. A Newbury spokesman could not be immediately reached to answer questions.
