COMPANIES Hermes, the BT pension scheme manager, has transferred its £550m direct private equity investment activity to Bridgepoint, the mid-market buy-out group, in a rare example of consolidation in private equity.
The deal comes after Hermes’ decision to seek third-party investors for its £1.7bn fund of funds, which invests in other private equity groups, making it harder to maintain its direct investment activity due to conflicts of interest.
