Bridgepoint Credit has completed an approximately €1.2 billion continuation vehicle led by Pantheon for assets from Bridgepoint Direct Lending II, or BDL II.
The transaction followed a competitive process and was oversubscribed, attracting both new and existing investors.
The structure gives BDL II investors seeking liquidity an opportunity to realize their investments while allowing investors that want continued exposure to reinvest alongside new limited partners in the continuation vehicle.
The portfolio is drawn entirely from BDL II, Bridgepoint Credit’s 2017-vintage direct lending fund, and consists primarily of senior secured loans to European middle-market companies across healthcare, services, and technology.
Borrowers span the UK, DACH, Nordics, Benelux, and French middle markets. Bridgepoint Credit will remain manager of the portfolio and oversee the positions through realization.
BDL II had already been actively realizing investments following the end of its investment period and returned a substantial portion of its capital before the continuation transaction.
The deal follows Bridgepoint’s August 2026 final close of Bridgepoint Direct Lending IV at €5.1 billion, above its original €4 billion target.
Pantheon has more than $15.8 billion in private credit assets under management, including $7.5 billion from European investors. Since 2018, Pantheon has deployed approximately $4.6 billion across 63 European credit secondaries transactions.
Evercore served as financial advisor and Kirkland & Ellis as legal advisor to Bridgepoint Credit. Proskauer advised Pantheon.
KEY QUOTES:
“Our priority has been to provide choice for our BDL II investors and ultimately to deliver an outcome that works well for both existing and new investors. For those seeking liquidity, the transaction provides an opportunity to realise their investment within the originally anticipated timeframe, following a competitive process. For those choosing to remain invested, alongside new investors joining the vehicle, it provides continued exposure to a defensively positioned portfolio of European middle-market businesses in which we retain strong conviction, while maintaining close alignment with our investors. We are very pleased with the outcome and grateful for the continued support of our existing investors, as well as the confidence shown by Pantheon and the new investors joining us. We look forward to continuing to manage the portfolio with the same discipline and focus through to realisation.”
Paul Johnson, Deputy Managing Partner and Chairman of Direct Lending at Bridgepoint Credit
“As a long-term investor in Bridgepoint Credit, we are pleased to deepen our relationship through this transaction and partner with the high-calibre team at Bridgepoint on a market leading liquidity solution for BDL II. The transaction reflects the growing demand for scaled GP-led solutions in private credit and, as lead investor, we were able to draw on our credit secondaries and GP solutions expertise to provide investors with a tailored liquidity option while gaining access to a seasoned portfolio of high-quality European middle-market loans.”
Toni Vainio, Partner and Head of European Private Credit at Pantheon
