First close for Bridgepoint’s €3.5bn fifth fund

It is understood the the vehicle has received commitments of €2.8bn, and is nearing its €3.5bn target. Reports say the firm hopes to reach a final close on its hard-cap of €4bn by the end of 2014.

If the hard-cap is reached, the new fund will still be smaller than Bridgepoint's previous fund, the 2008-vintage Europe IV, which closed €800m over its €4bn target.

128 institutional investors subscribed to Europe IV, with the majority being North American and European pension funds. The vehicle followed a strategy Bridgepoint employed in its previous funds.

The largest investment made through the fund so far was the 2011 buyout of Foncia, valued at just over €1bn.

In 2013, Bridgepoint asked investors in the vehicle for a 12-month extension of the fund's investment period, which was due to end in November that year.

Investments
Bridgepoint typically backs companies with enterprise values of €200m-1bn.

People
Chris Busby is responsible for Bridgepoint's Investment Activity in the UK.

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