HarbourVest Partners and AlpInvest Partners are reportedly leading a gang of secondary private equity investors to buy the BT Pension Scheme’s €400m commitment to funds managed by Bridgepoint’s small cap arm, Bridgepoint Development Capital.
The purchase could be completed as early as today according to PEI, which cited a secondary market source.
Bridgepoint Development Capital focuses on buyouts and growth capital investments in businesses with an enterprise value of between €20m and €150m, looking to invest €10m to €75m of equity per deal.
It has a particular focus on consumer and leisure, financial services, healthcare, industrials, media and technology and the services sector.
BDC was launched in 2009 to manage the direct private equity investments of Hermes Fund Management, which was stepping away from that end of the investment spectrum.
PEI’s source added that BDC had brought its total assets under management to €750m by raising another €200m for its current fund, BDC I, as a result of the BT secondaries process.
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