The Canadian Pension Plan Investment Board (CPPIB) has committed E100m to Bridgepoint Capital’s European Private Equity Fund II (EPEF II) in a deal that takes Bridgepoint past its target for the fund.
Commenting on the completion of the latest closing, Bridgepoint spokesman James Murray said: “The investment from CPPIB takes us past our E1.6bn target. We are delighted that we have exceeded expectations for the EPEF II in what has been a very crowded market.”
EPEF II will invest in UK and continental European mid-market buyouts. The first fund, which raised £1bn for similar investments, is now fully invested. “The fact that our latest fund is oversubscribed bears testimony to the faith that investors have in Bridgepoint’s track record and in the European mid-market as a whole,” commented Murray. Final closing is likely to take place in early summer 2002.
Helix Associates and Jerome P Greene & Associates acted as placement agents for Bridgepoint Capital, who received legal advice from SJ Berwin. Investors for the EPEF II came mainly from the US and Europe, and include large bluechip institutions such and state pension funds.
CPPIB invests funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested only in equities to balance the bond portfolio owned by the Canada Pension Plan.