Newbury Partners LLC has closed its fourth fund, Newbury Equity Partners IV LP, at the hard cap with capital commitments of about $1.45 billion.

The final amount exceeded its original target of $1.25 billion and the prior fund size of $1.10 billion. The fund will target privately negotiated, small and midsized transactions in the private equity secondary market.

This fund brings the firm's assets under management to more than $4.2 billion. The funds' limited partner base includes pension funds, family offices, insurance companies, endowments and corporations across North America, Europe, Asia and Australia.