Fundraising

Bridgepoint closes third direct lending fund with €3.4bn

The fund raised more than its predecessor and has already committed two-thirds of its capital to European mid-market companies.

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Bridgepoint has closed its third direct lending fund with more than €3.4 billion of investable capital.

The fund, BDL III, held a final close in the first half of 2023 with the total including the commingled fund and separately managed accounts associated with the strategy. Its predecessor, BDL II, closed in 2018 with €2.3 billion of investible capital.

The fund is already two-thirds invested and has so far provided capital to 28 mid-market companies across Europe.

Bridgepoint significantly expanded its private credit business with the acquisition of EQT Credit in October 2020, and since then has increased credit assets under management by 76 percent to €12 billion.

Andrew Konopelski, partner and head of credit at Bridgepoint, said: “Our well established track record spanning 15 years and multiple cycles, coupled with the power of being part of one of the longest established private equity houses in Europe, enables us to provide a highly differentiated approach to direct lending.”

The fund said it will deliver attractive cash yields to investors and regular income distributions.

Known investors in the fund include Spain’s BBVA Pension Fund, Finnish Ilmarinen Mutual Pension Insurance Company and SITRA, also from Finland.