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The minority investment from RidgeLake, a strategic partnership between PA Capital and Ottawa Avenue Private Capital that focuses on acquiring minority equity stakes in middle market private equity firms, will support the future growth of Newbury and strengthen the Firm's alignment with its global investor base. There will be no change in Newbury's investment processes nor day-to-day management of the Firm.

"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. "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."

"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," said Michael Lunt, Co-Head of RidgeLake Partners. "We believe Newbury is well-positioned to capitalize on the robust volume of secondary investment opportunities emerging from the maturation of the private capital industry, and we look forward to supporting the Newbury team in the years to come," added Todd Milligan, Co-Head of RidgeLake Partners.

Berkshire Global Advisors acted as financial advisor to Newbury. Verrill Dana LLP and Proskauer Rose LLP served as legal counsel to Newbury, and Gibson, Dunn & Crutcher LLP served as legal counsel to RidgeLake Partners.