Bridgepoint asks for extension on 2008 fund

The proportion of the fund allocated to primary investments will be increased to 90-95%, and not 85% as initially forecast, explained a source close to the situation, who added that this was made possible by a lower requirement for equity funding for follow-on investments compared with what was originally envisaged. Only four of the 54 add-ons made by portfolio companies of BE IV required follow-on funding, it is understood.

The GP will only charge management fees on invested capital and not committed capital during the extension period. The fund still has around 30% of dry powder, originally due to be invested by November, according to media reports.

BE IV was launched in October 2007 and closed on €4.8bn in March 2008. According to unquote" data, 128 institutional investors subscribed to the fund, of which 54% were from North America, 33% from Europe and 13% from the rest of the world. Around 45% of the investors were public pension funds and 12% were insurance companies, while funds-of-funds and corporate funds-of-funds accounted for 11% each. The fund had a high number of returning investors, which increased their commitments by 55% on average.

Notable investments from the BE IV fund include UK-based online retailer Wiggle, which the GP acquired in a £180m SBO at the end of 2011 – the deal saw vendor Isis reap a 15x money multiple.

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• Topics
• Fundraising
• Buyout
• Bridgepoint