Key Takeaways
- • Bridgepoint Credit transferred €1.2 billion ($1.4 billion) of loans from its older direct-lending fund, Bridgepoint Direct Lending II (BDL II), into a new continuation vehicle, according to a statement seen by Bloomberg.
- • Pantheon Ventures is the lead investor in the continuation vehicle.
- • Investors in BDL II can choose to cash out or roll their holdings into the new vehicle.
- • The new vehicle will hold senior secured loans to European middle-market companies originated by BDL II, a 2017-vintage fund.
Summary
Bridgepoint Credit has transferred €1.2 billion ($1.4 billion) of loans from an older direct-lending fund into a new continuation vehicle, according to a statement seen by Bloomberg. The transaction moves assets out of Bridgepoint Direct Lending II (BDL II), the firm's 2017-vintage fund, and into a vehicle that will hold the senior secured loans to European middle-market companies that BDL II originated.
Pantheon Ventures is the lead investor in the continuation vehicle. The structure gives investors in BDL II the option to either cash out their holdings or roll them into the new vehicle, allowing existing limited partners to choose between liquidity and continued exposure to the portfolio.
Continuation vehicles of this kind are a common tool in private credit and private markets for managing aging fund assets, providing liquidity to investors seeking exits while allowing the manager and new investors to hold quality assets for a longer period. The available reporting does not disclose pricing, the split between investors selecting liquidity and those rolling over, or the portfolio's performance metrics.
Pantheon Ventures is the lead investor in the continuation vehicle. The structure gives investors in BDL II the option to either cash out their holdings or roll them into the new vehicle, allowing existing limited partners to choose between liquidity and continued exposure to the portfolio.
Continuation vehicles of this kind are a common tool in private credit and private markets for managing aging fund assets, providing liquidity to investors seeking exits while allowing the manager and new investors to hold quality assets for a longer period. The available reporting does not disclose pricing, the split between investors selecting liquidity and those rolling over, or the portfolio's performance metrics.
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