Bridgepoint, the diversified alternatives manager investing across private equity, credit, and infrastructure, has reported significant growth in its private credit assets under management, which rose to €13.8bn (£11.5bn) in the past year, according to a report by Alternative Credit Investor.
This marks an 11% increase from €12.4bn in 2023, as highlighted in the firm’s latest annual report. Overall, Bridgepoint’s total AUM surged to $75.6bn (£58.3bn), up from $44.7bn in 2023, representing a 2.3x increase since the firm’s IPO. The most substantial growth in the past 12 months was driven by the acquisition of infrastructure investor ECP.
In terms of its credit portfolio, Bridgepoint’s third direct lending fund, BDL III, which closed in 2023 with investable capital exceeding €3.4bn, is now 88% committed. The fund has an average loan-to-value ratio of 35% and an average EBITDA margin of approximately 30%.
Bridgepoint’s credit opportunities fund, BCO IV, continues to stay on track to meet its target return of 13-15%, according to the firm.
Looking ahead, Bridgepoint’s credit business has made considerable progress across its direct lending, syndicated debt, and credit opportunities strategies throughout 2024 and into 2025.
The firm’s direct lending fund BDL IV held its first close in January 2025, securing €1.9bn in capital. Additionally, Bridgepoint successfully upscaled and refinanced its collateralised loan obligation (CLO) fund, CLO 4, originally priced in December 2022. The upsizing raised the fund by 40%, from €320m to €450m, while also lowering the cost of capital.
In 2024, Bridgepoint also priced two new CLOs – CLO 6 and CLO 7 – and raised external capital for its first CLO originator partnership, further enabling growth while reducing reliance on Bridgepoint’s balance sheet.
Fundraising for CLO 8 will begin in 2025, signalling continued momentum and diverse opportunities for credit investors.
