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, which holds senior secured loans to European middle-market companies originated by BDL II.
- • Investors in BDL II are offered the choice to either cash out their holdings or roll them over into the new vehicle.
- • The transaction is a secondary-style liquidity event for a 2017-vintage European direct-lending fund, offering a path to exit for existing limited partners.
Summary
Bridgepoint Credit has transferred €1.2 billion ($1.4 billion) of loans from Bridgepoint Direct Lending II, its 2017-vintage direct-lending fund, into a new continuation vehicle, according to a statement seen by Bloomberg. The transaction moves a portfolio of senior secured loans to European middle-market companies that were originated by BDL II into a separate vehicle.
Pantheon Ventures is the lead investor in the continuation vehicle. Under the structure, investors in BDL II may choose to cash out their holdings or roll them over into the new vehicle, giving existing limited partners a liquidity option for an older fund while allowing those who wish to remain exposed to the underlying loans to do so.
The deal reflects the growing use of continuation vehicles in private credit, where managers transfer aging assets from closed-end funds into new structures to extend hold periods and provide liquidity to investors. Bloomberg's report, based on a statement it reviewed, does not disclose additional terms such as pricing or the split between investors choosing to exit and those rolling over.
Pantheon Ventures is the lead investor in the continuation vehicle. Under the structure, investors in BDL II may choose to cash out their holdings or roll them over into the new vehicle, giving existing limited partners a liquidity option for an older fund while allowing those who wish to remain exposed to the underlying loans to do so.
The deal reflects the growing use of continuation vehicles in private credit, where managers transfer aging assets from closed-end funds into new structures to extend hold periods and provide liquidity to investors. Bloomberg's report, based on a statement it reviewed, does not disclose additional terms such as pricing or the split between investors choosing to exit and those rolling over.
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