Bridgepoint has launched an evergreen direct lending vehicle in Luxembourg aimed at institutional investors, adding a perpetual structure to its European private credit platform, according to Private Equity Wire. The vehicle, called Bridgepoint Direct Lending Evergreen, has been established as an extension of the firm’s European direct lending strategy, according to Private Equity Wire.
Vehicle structure: perpetual, but illiquid
Unlike many evergreen private credit products launched in recent years, Bridgepoint Direct Lending Evergreen is not designed as a semi-liquid offering for individual investors, according to Private Equity Wire. The structure is intended to provide longer-duration access to private credit, giving investors the ability to maintain exposure without the traditional fixed lifespan of a closed-end fund, according to the publication.
Despite being perpetual, the vehicle will remain illiquid and will not provide investors with regular redemption opportunities, according to the report.
Investment strategy: senior secured European mid-market lending
The investment strategy will focus on senior secured lending to European mid-market companies, particularly businesses operating in sectors considered less exposed to economic and market volatility, according to Private Equity Wire. Bridgepoint typically provides financing to sponsor-backed companies, and the firm is positioning the new vehicle as a longer-term extension of its established European direct lending capabilities, according to the same report.
Context: follows BDL IV close and deployment
The launch follows fundraising momentum for Bridgepoint’s core European direct lending strategy, according to Private Equity Wire. Bridgepoint closed its fourth direct lending fund, BDL IV, at €5.1bn in August, above its €4bn target, the publication reported.
At final close, BDL IV was more than 40% deployed and had provided financing to more than 20 mid-market businesses across Europe, according to the report.
Platform scale: AUM and credit allocation
Bridgepoint has approximately $97.3bn in assets under management across its platform, including around €20bn allocated to credit strategies spanning direct lending, credit opportunities and syndicated debt, according to Private Equity Wire.
Widely known context: Luxembourg is a common domicile for European investment vehicles, and “evergreen” fund structures are generally associated with continuous capital and reinvestment rather than a fixed termination date.
