Bridgepoint Development Capital has hit the £1.5bn hard cap on its fourth fund, 50% above its initial target, Private Equity News can reveal.
The fund is also more than double the size of its predecessor, which raised £605m in 2016, and it is now 80% deployed with 12 investments concluded, a person familiar with the situation told PEN.
Bridgepoint Development Capital IV fund focuses on lower-middle market buyouts and growth capital investments, targeting companies with enterprise values of between £30m and £150m. It is expected to make a total of 20 investments, PEN understands.
Launched in January this year, the strategy was oversubscribed at a time when several firms are having difficulties attracting new investors due to the Covid-19 travel restrictions across Europe.
Bridgepoint declined to comment.
The firm’s development funds currently invest in the UK, the Nordic countries and France, targeting buyouts in the business and financial services, consumer, leisure, healthcare, manufacturing, industrial, technology, and media sectors.
Among its portfolio companies are Anaveo, a video security systems maker based in Lyon, France; Bee2Link, a provider of software-as-a-service systems to the automotive industry in France; and Sweden-based FCG Holding Sverige, which provides specialist risk and compliance services to the financial sector.
BDC is one of several fund groups managed by London-based Bridgepoint, which has €19.3bn of assets under management, according to its website. Bridgepoint Group has 120 investment professionals and 11 offices in Europe, the US, and Asia.
Source: Private Equity News
