BDC IV holds first close

The fund was announced in February 2020 and held a first close in the week commencing 4 May 2020. The fund has a significantly larger target than its predecessor, BDC III, which closed on £600m in June 2016, above its target of £500m.

Despite the coronavirus crisis, a source told Unquote the fund has been receiving a lot of attention from investors.

While BDC I, the strategy's first fund, has now been fully realised, both BDC II and III are in their realisation phases. BDC III most recently sold its investment in 5aSec to its debt provider LGT for €1 in a debt-for-equity swap.

Investors
To date, the Teachers' Retirement System of Louisiana (TRSL) has invested £50m in BDC IV. The GP itself has a commitment of 2%, according to Unquote Data.

LPs in the fund's predecessor include Harbourvest Partners – which has committed to all three prior Bridgepoint Development Capital funds – Hamilton Lane, the Ohio State University Endowment and Ardian. Commitments to BDC III did not exceed £100m, according to Unquote Data.

Investments
The fund will invest between £20-100m in 15-20 lower-mid-market companies with enterprise values not larger than £200m. The strategy currently invests in the UK, France and the Nordic region.

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