Bridgepoint reaches €4bn hard cap

The fund was launched in May 2014, held a first close on €2bn in October, and reached its target by the end of 2014. The entire fundraising process took around 11 months.

The fund will operate on industry-standard terms and no incentives were used to attract LPs, nor was a placement agent used.

Bridgepoint V is slightly smaller than its predecessor fund Bridgepoint IV, which closed on €4.8bn in 2008.

The newly-raised fund's first investment was the acquisition of Azzurri, the Italian-themed restaurant group known for its ASK and Zizzi brands, in December last year.

Investors
The vehicle received commitments from existing investors, which on average increased their investment by 25%. Investors hailed from the US, Europe, the Middle East, Asia and Australia.

Existing Bridgepoint investors include large US pension funds such as CalPERs, the Washington State Pension Fund and the Pennsylvania Public School Employees' Retirement System. The fund also attracted investment from large European pension funds, including APG.

Investments
The fund will continue to follow the strategy employed by Bridgepoint's previous vehicles – targeting European businesses with enterprise values of between €150–600m.

People
William Jackson is Bridgepoint's managing partner.

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• Topics
• Buyout
• Bridgepoint