Bridge Investment to acquire business of Newbury Partners for $320.1M

Bridge Investment Group announced it has entered into a definitive agreement to acquire substantially all of the business of Newbury Partners, an investment manager that specializes in acquiring limited partnership interests in private equity funds through secondary transactions. The all-cash transaction is valued at $320.1M. Bridge CEO Jonathan Slager added, "This acquisition is expected to be immediately accretive to Bridge’s core earnings metrics. We see significant near- and long-term growth opportunities to further enhance Bridge’s fee related earnings." The transaction is expected to close in the first half of 2023 and is subject to customary closing conditions, including regulatory and investor approvals.