- Bridgepoint Group and S64 launched Bridgepoint Generations, an evergreen private equity fund for wealth managers and clients across EMEA and APAC.
- The vehicle is fully funded at launch and aims to build a diversified portfolio of roughly 80–100 private companies alongside Bridgepoint and Energy Capital Partners strategies.
- S64 provides structuring, technology, and lifecycle fund management as Bridgepoint expands its private-wealth business, which has raised about €200 million to date.
- The launch reflects rising demand and supportive regulation (including ELTIF 2.0) for more flexible, accessible private-markets fund structures.
Read More
The launch of Bridgepoint Generations represents a strategic pivot for mid-market private equity firms towards retail and semi-professional investors, underlining a broader industry shift in Europe and Asia-Pacific towards more inclusive private markets access. By combining the institutional firepower of Bridgepoint and Energy Capital Partners with S64’s platform capabilities, Bridgepoint Generations aims to solve two traditional frictions: high minimums and liquidity/timing constraints.
Key operational mechanics include a fund that is open-ended (“evergreen”) and fully funded from the beginning—an uncommon feature in the private equity world where closed-ended funds commit capital as they find investments. With an expected portfolio of 80–100 companies, the offering promises both diversification and potential to attenuate typical private equity j-curve effects.
This launch is part of Bridgepoint’s newly announced Private Wealth platform, which has already raised €200 million across its strategies. The firm intends to expand offerings beyond private equity and energy-transition strategies, including potentially private credit. Bridgepoint Generations is legally supported by Carne Group (AIFM), administrators like Brown Brothers Harriman, and legal counsel including Simpson Thacher & Bartlett. [0search0][0search1]
Regulatory and market context is favouring evergreen and ELTIF 2.0 structures. ELTIF regulations were revised in March 2023 and came into effect in 2024, introducing more flexible asset allocation rules, higher leverage, lower minimum investments, and wider distribution channels. The European evergreen market—excluding ELTIFs—grew from roughly €53 billion in Q3 2024 to almost €63 billion by Q4 2024, with ELTIF AUM also growing to about €20.5 billion by year end. [1search3][1search5]
However, risks persist. Evergreen structures often attract capital rapidly, but pressure to deploy may compromise quality if deal flow is misaligned. Liquidity mismatches—managing investor redemptions versus illiquid private equity assets—remain central concerns. Performance fee alignment, valuation fairness, and suitability clarity (especially for non-professional investors) are also critical governance challenges. [1news14][1news15]
Strategic implications include Bridgepoint positioning itself as a competitor in the wealth-facing private equity sphere (alongside Apollo, Hamilton Lane, etc.), potentially opening new financing channels. For wealth managers, such products offer new tools to meet client demand, while for investors, it offers earlier exposure to the growth that institutional and GP-driven private equity has historically captured—but with trade-offs around liquidity, fees, and transparency.
Open questions remain: What will the investor eligibility criteria be (professionals vs retail)? How frequent and restrictive will redemption features be in practice? What will be the fee and carry structure? What corporate governance reporting and valuation controls are in place to protect less sophisticated investors? How will Bridgepoint ensure deal flow that matches the scale of raised capital without lowering return expectations?
Supporting Notes
- Bridgepoint Generations is an open-ended evergreen private equity fund targeting wealth managers and their clients in EMEA and APAC, investing alongside Bridgepoint Group and Energy Capital Partners’ flagship strategies. [0search5][0search1]
- S64 provides product structuring, technology and full lifecycle fund management, enabling scalable distribution across EMEA and APAC. [0search5][0search1]
- Bridgepoint’s Private Wealth platform has already raised €200 million. [0search0]
- Bridgepoint Generations expected portfolio size upon full investment is approximately 80–100 private companies. [0search0]
- Bridgepoint Generations is fully funded from launch, unlike traditional private equity funds that call down capital over time. [0search0]
- Bridgepoint’s total assets under management, including Bridgepoint and ECP, are about USD 87 billion as of June 2025. [0search1]
- ELTIF 2.0, updated in March 2023 and in force from January 2024, introduces more flexible rules (e.g., lowering required eligible asset allotments, higher leverage, removal of some minimum investment thresholds), which have helped accelerate growth in open-ended and evergreen fund structures. [1search5]
- Non-ELTIF evergreen fund market in Europe grew from ~€53 billion in Q3 2024 to ~€63 billion in Q4 2024; combined evergreen and ELTIF funds exceeded €83 billion in assets under management by early 2025. [1search3]
- Broader trend: in 2025, by 3Q, Europe’s evergreen AUM had further surged to ~€93.4 billion, with non-ELTIF evergreens dominating (~€84.7 billion). [1search11]
- Risks flagged in industry commentary include liquidity mismatch, fee pressure, potential lowering of investment standards under capital raising pressure, and challenges in valuation transparency. [1news14][1news15]