Bridgepoint Is Set to Return €2 Billion to Investors in Weeks
(Bloomberg) -- Bridgepoint Group Plc is planning to return about €2 billion ($2.3 billion) to investors in one of its flagship funds over the next couple weeks, according to people familiar with the matter, at a time of increased focus on private equity returns.
The UK buyout firm generated part of the proceeds from the sale of its investment in MotoGP owner Dorna Sports S.L. to Liberty Media Corp. in a transaction valuing the company at €4.2 billion including debt, the people said. The rest came from the sale of French insurance broker Kereis to Advent at a €2 billion enterprise value, according to the people.
The European Commission approved Liberty Media's acquisition of Madrid-based Dorna Sports on Monday, following an in-depth review that found no competition concerns. The money, which is being sent back to limited partners in Bridgepoint's Europe VI buyout vehicle, represents nearly 30% of the fund, the people said.
The Washington State Retirement System, California Public Employees' Retirement System, New York State Common Retirement Fund and Minnesota State Board of Investment are among the investors in Bridgepoint's Europe VI fund, according to data compiled by Bloomberg. The vehicle started deploying money in 2019.
The focus on cash returns is ratcheting up pressure on private equity firms to deliver in a tough dealmaking environment. The measure of distributions to paid-in capital (DPI) — a ratio of cash generated to what's invested — is being seen by investors as the most critical metric to evaluate fund performance.
The latest return means the fund's DPI will rise to nearly 70%, the people said, asking not to be identified discussing confidential information. That should help Bridgepoint in its pitch to investors as it eyes a return to the fundraising market this year with its latest flagship buyout fund, known as Bridgepoint Europe VIII.
A representative for Bridgepoint declined to comment.
More stories like this are available on bloomberg.com
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