RidgeLake Partners has acquired a passive minority interest in secondaries investment manager Newbury Partners.
Terms of the transaction were not disclosed.
The minority investment from RidgeLake will not lead to any changes in the day-to-day management of the firm or in its investment processes, said a news release Thursday from Newbury.
"We are thrilled to have RidgeLake as a strategic long-term partner to support us through this next phase of Newbury's growth," said Richard Lichter, managing partner of Newbury, in the release. "RidgeLake brings deep expertise investing across the private capital marketplace as well as first-hand experience in the middle market that makes them an ideal partner as we look to build upon our longstanding track record of growing our business for the benefit of our investors."
In the same release, Co-Head of RidgeLake Partners Michael Lunt added: "The breadth and depth of Newbury's expertise in the secondaries market combined with their hands-on approach to transactions across the private equity market has allowed the firm to earn the trust of its diverse, global investor base."
Berkshire Global Advisors acted as financial adviser to Newbury. Verrill Dana and Proskauer Rose served as legal counsel to Newbury, and Gibson, Dunn & Crutcher served as legal counsel to RidgeLake Partners.
Newbury Partners manages more than $5.5 billion of capital commitments on behalf of some 250 global limited partners.
RidgeLake is a strategic partnership between PA Capital and Ottawa Avenue Private Capital that focuses on acquiring minority equity stakes in middle market private equity firms.