Bridgepoint Credit Sells €1.2 Billion Loan Portfolio to Pantheon
Bridgepoint Credit has transferred €1.2 billion ($1.4 billion) of loans from an older direct-lending fund into a new continuation vehicle, according to a statement seen by Bloomberg.
Bridgepoint Credit has moved a €1.2 billion portfolio of European direct-lending assets to a new continuation vehicle managed by Pantheon. This move, reported by Bloomberg, gives investors of the 2017 fund two options: to cash out or stay invested in the new entity. The collection consists of senior secured loans to middle-market European businesses that were issued by Bridgepoint Direct Lending II, an older direct-lending strategy overseen by Bridgepoint Credit.
The aim of the transaction, Bridgepoint Credit stated, is to provide investors with liquidity. Paul Johnson, deputy managing partner and chairman of direct lending at Bridgepoint Credit, hinted that some investors might anticipate monetizing their investments after about three years and could now be seeking an exit. Pantheon, the lead investor in the continuation vehicle, stated that secondary transactions can offer both managers and investors a way to obtain liquidity before funds require extension.
Pantheon has previously backed Bridgepoint Credit funds and has participated in 63 European private credit secondary deals since 2018. Evercore advised Bridgepoint Credit, while Kirkland & Ellis offered legal counsel to Pantheon.
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- Bridgepoint Credit transfers €1.2bn loan portfolio to Pantheon-led continuation vehicle privateequitywire.co.uk
