Stamford, Connecticut-based Newbury Partners, a secondary buyout firm, recently held a first close on its maiden private equity fund at $702 million.

Investors in the fund, which was launched at the end of 2006 with a $700 million target, reportedly include New York Life, 3M Pension Fund and APIII, according to AltAssets.

The firm said the new fund is already 20% invested, with most of its having been completed following the subprime mortgage crisis in summer of last year.

Newbury Partners is a spin-off from Auda Private Equity.