Bridgepoint Targets €4 Billion for Fourth Direct Lending Vintage

Bridgepoint Group PLC is looking to raise €4 billion ($4.4 billion) for its fourth direct lending fund, people with knowledge of the matter said.

The new fund, called Bridgepoint Direct Lending IV, will back businesses typically generating €10 million to €75 million of earnings before interest, taxes, depreciation and amortization, mainly in Europe.

For the so-called unlevered sleeve of the fund — the part that won’t take on any additional leverage at the portfolio level — the target for net returns is 7-9%. The levered sleeve — with debt backed by the net asset value of the fund — ...