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Bridgepoint Credit has successfully closed a €1.2 billion continuation vehicle, led by global private markets investor Pantheon, offering a tailored liquidity solution for investors in its 2017-vintage direct lending fund, Bridgepoint Direct Lending II (BDL II).
The transaction, announced on April 10, 2025, followed a competitive process that drew strong demand from both existing and new investors, resulting in oversubscription. In a market where GP-led secondaries are gaining traction, the deal provides BDL II backers seeking immediate liquidity a chance to exit, while allowing those who prefer continued exposure to roll their capital into the new vehicle alongside new limited partners.
The portfolio consists exclusively of senior secured loans originated by BDL II, which targets European middle-market companies. Sectors include healthcare, business services, and technology, with borrowers spread across the UK, DACH region, Nordics, Benelux, and France. Bridgepoint Credit remains the portfolio manager and will oversee the loans through to full realization.
BDL II had already been actively selling down its positions after the end of its investment period and had returned a substantial portion of capital before this continuation transaction. This track record of disciplined capital deployment helped attract new LPs to the vehicle.
The deal comes on the heels of Bridgepoint Credit’s final close of Bridgepoint Direct Lending IV at €5.1 billion in August 2024, well above the original €4 billion target — a signal of strong institutional appetite for the firm’s direct lending strategy despite a challenging fundraising environment in Europe.
Pantheon’s involvement underscores the growing role of credit secondaries in the broader private credit market. The firm oversees more than $15.8 billion in private credit assets under management, including $7.5 billion from European investors. Since 2018, Pantheon has deployed roughly $4.6 billion across 63 European credit secondary transactions, giving it deep experience in structuring GP-led solutions.
Industry data from Evercore’s 2024 secondary market review shows that GP-led transactions accounted for more than 40% of total secondary volume, with private credit becoming an increasingly common asset class for such deals. The Bridgepoint-Pantheon transaction further validates that trend, offering a scalable template for mid-size direct lending funds looking to manage vintage cycles.
Evercore acted as exclusive financial advisor to Bridgepoint Credit on the transaction, with Kirkland & Ellis providing legal counsel. Pantheon was advised by Proskauer.
“Our priority has been to provide choice for our BDL II investors and deliver an outcome that works well for both existing and new investors,” said Paul Johnson, Deputy Managing Partner and Chairman of Direct Lending at Bridgepoint Credit. “For those seeking liquidity, the transaction provides an opportunity to realize their investment within the originally anticipated timeframe. For those choosing to remain invested, alongside new investors, it gives continued exposure to a defensively positioned portfolio of European middle-market businesses we believe in strongly.”
Toni Vainio, Partner and Head of European Private Credit at Pantheon, commented: “As a long-term investor in Bridgepoint Credit, we are pleased to deepen our relationship
