Bridgepoint sells minority stake to Dyal Capital

Bridgepoint declined to comment beyond confirming the deal has taken place and did not state whether the transaction consisted of any existing shares. However, a statement from managing partner William Jackson said the purpose of the transaction is to enable the firm to expand its mid-market presence and explore complementary investment and product areas.

The GP has launched a number of new strategies over the course of the past 10 years. It launched Bridgepoint Development Capital in 2009 via the acquisition of Hermes Fund Managers' direct investment portfolio; launched small-cap-focused Bridgepoint Growth in 2016; and launched a €750m credit fund in 2017 that will invest in its own deals and third-party transactions. The firm also hit the €5.5bn hard-cap for its sixth flagship fund in December 2017.

An industry source told Unquote the GP is also likely to pursue international expansion, which would involve building out its team.

It is understood Dyal's shareholding will not involve voting rights but will entitle it to a proportion of dividends and a share of carry.

The transaction is the latest in a growing trend that sees GPs selling minority stakes in themselves, which Unquote recently explored in-depth.

Dyal has a specific remit to acquire minority equity stakes in alternative asset managers with capital drawn from its permanent capital vehicles. Earlier in August, the firm acquired a minority stake in Golub Capital to fund its expansion plans.

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• Topics
• UK / Ireland
• GPs
• United Kingdom
• Bridgepoint