Bridgepoint agreed to acquire the €4 billion ($4.5 billion) credit business of private markets firm EQT, spokesmen confirmed.
Terms of the agreement were not disclosed, the spokesmen for Bridgepoint and EQT said.
EQT, which has €62 billion in assets under management, is selling its special situations, direct lending and senior debt units following a strategic review. The credit business employs some 40 professionals in London, New York, Munich and Stockholm.
EQT's credit business has raised over €7 billion of capital and invested in over 180 companies since inception.
The acquisition will enhance Bridgepoint's presence in the Nordic region, Germany and the U.S., William Jackson, managing partner at Bridgepoint, said in a news release.
"This moves our credit strategy and ambitions significantly forward and provides further diversification for Bridgepoint in line with our strategic objective of offering a broader range of compelling middle market focused alternative asset investment strategies," Mr. Jackson added in the release.
Christian Sinding, CEO of EQT, added in the release: "Together with Bridgepoint, the credit platform is well positioned to capture future growth prospects and develop its offering even further. I would like to take this opportunity to thank Andrew Konopelski and the entire credit team for their contribution to EQT. It has been a great collaboration over the last 12 years and I wish them well in the next stage of their journey."
Mr. Konopelski is head of the credit strategies advisory team at EQT.
The deal, which is subject to closing conditions, is expected to close in the fourth quarter of the year.
J.P.Morgan acted as financial adviser Kirkland & Ellis and Travers Smith were legal advisers to EQT.
Bridgepoint, which has €19.7 billion in assets under management, was advised by Rothschild & Co., PwC, law firms Clifford Chance and Simpson Thacher & Bartlett, and insurer Lockton.