Hollyport picks up more Bridgepoint stakes

The London secondaries firm has used its fourth fund to build its exposure to the European buyout manager's 2002-vintage fund.

Hollyport Capital has used its fourth secondaries vehicle to increase its exposure to Bridgepoint’s 2002 Europe-focused buyout fund, this time acquiring stakes from Pantheon.

The London secondaries firm used its Hollyport Secondary Opportunities IV vehicle to purchase Pantheon’s stake in Bridgepoint Europe II, according to a UK regulatory filing. Pantheon had held the stake in Bridgepoint II in its Klee Europe Fund II.

It was not clear from the filing when the deal closed.

Bridgepoint II is a €2 billion vehicle from 2002, according to PEI’s Research and Analytics. The fund had a net internal rate of return (IRR) of 29.5 percent and a return multiple of 2.0x  as of 30 June, according to a fund performance document on CalPERS’s website.

Bridgepoint II has invested in companies including pet supplies retailer Pets At Home and 1st Credit, a debt purchase and collection business, and holds only a few assets, according to a source familiar with the fund.

Hollyport Secondary Opportunities IV closed above target on £75 million ($106 million; €93 million) in December 2013 after 10 months of fundraising, according to PEI data. The fund was about 75 percent called in July, Secondaries Investor reported.

Hollyport previously acquired stakes in Bridgepoint II from BlackRock using its Hollyport Secondary Opportunities V fund.

Pantheon, Hollyport and Bridgepoint all declined to comment.