HarbourVest, Hamilton Lane in Bridgepoint Europe IV restructuring

Katharine Hidalgo
08 October 2019

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HarbourVest Partners and Hamilton Lane have acquired stakes in a vehicle spun out from Bridgepointтs fourth-generation fund, Unquote understands.

HarbourVest is understood to be leading the transaction with Hamilton Lane co-investing. HarbourVest Partners is currently investing from its $4.7bn secondaries fund Dover Street IX, which was 58% deployed as of February 2019.

Hamilton Lane held a first close for its latest secondaries vehicle Hamilton Lane Secondary Fund V on $700m. The firm was an original LP in Bridgepoint Europe IV, with a commitment of €52m and has since acquired a number of other LPs' stakes, according to Unquote Data.

A small group of assets from Bridgepoint's fourth flagship fund have been placed in a separate vehicle, which is valued at 100% of net asset value. The aggregate enterprise value of the assets is more than €1bn.

The fund closed on €4.8bn in 2008 and was 100% deployed in 2017. It has exited a number of portfolio companies, but continues to hold investments in Care UK, Dr Gerard, MoneyCorp, The Flexitallic Group, Tüvturk and Wiggle, according to Unquote Data.

The transaction was intended to return capital to all LPs in Bridgepoint Europe IV, who were not involved in the restructuring. The fund's original LPs include Allianz Capital Partners, California Public Employees Retirement System, Lexington Partners and Teacher Retirement System of Texas.

The vehicle will be managed by Bridgepoint. It is unclear how long the firm will continue to hold the stakes for, which will be sold on an asset-by-asset basis.

Bridgepoint, Hamilton Lane and HarbourVest Partners declined to comment.