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Pantheon buys stakes in Bridgepoint funds

The Bridgepoint funds have invested in UK-based sandwich retailer Pret A Manger and French jewellery retailer Histoire d’Or.

UK-based fund of funds manager Pantheon has acquired stakes in three European private equity funds managed by Bridgepoint from Kodak Retirement Income Plan Trust, according to UK regulatory filings.

The funds involved in the transaction were Bridgepoint Europe II, Bridgepoint Europe III and Bridgepoint Europe IV.

The interests were transferred to Pantheon’s Global Secondary Fund V, which launched in 2013 with a $3 billion target. Pantheon declined to comment.

BNY Mellon transferred the interests as a trustee of Kodak, according to the filings. The firm was unavailable to comment at press time.

Bridgepoint Europe II, a 2002 vintage fund closed on €2.03 billion and Bridgepoint Europe III closed on €2.5 billion in 2005. Bridgepoint Europe IV is the largest fund, closing on €4.84 billion in 2008. The fund was oversubscribed and surpassed its €4 billion target.

Bridgepoint-backed companies include UK-based sandwich chain Pret A Manger and French jewellery retailer Histoire d’Or. Pret a Manger was bought in a €500 million deal in 2008 and Histoire d’Or was acquired alongside rival Marc Orian in a €599 million deal in 2009, according to Bridgepoint’s website.

In April, Bridgepoint announced it had sold its investment in CABB, a German specialty chemicals group, to Permira. Bridgepoint acquired CABB in 2011, becoming the third private equity owner of the company. CABB has more than doubled its profits since 2011, according to Secondaries Investor’s sister publication Private Equity International, and the sale netted Bridgepoint a 2.4x return.

The California Public Employees’ Retirement System and the Canada Pension Plan Investment Board are limited partners in all three of the Bridgepoint funds, according to PEI’s Research and Analytics division.