About Bridge Growth Partners

• Founded: 2013

• Headquarters: Palo Alto, California

• Strategy: Growth equity in B2B software and data infrastructure

• Thesis: Backs enterprise software companies at inflection points where product-market fit is proven and the priority shifts to scaling go-to-market and expanding into adjacent markets

• Leadership: Ken Denman (Founding Partner), former CEO of iCIMS and Emotient

Bridge Growth Partners closed a $790m single-asset continuation vehicle for Solace, a portfolio company acquired in 2016. The CV allows Bridge to retain ownership while providing liquidity to existing LPs and bringing in new capital partners. Solace provides event-driven architecture and real-time data streaming infrastructure for enterprises.

The structure is a cleanroom test of whether continuation vehicles remain viable when denominator effect pressure eases. Bridge held Solace for nine years before opting for secondary liquidity rather than exit — a timeline that suggests the portfolio company reached scale but lacked obvious M&A or IPO paths at target multiples. The CV size roughly tracks the broader trend: Jefferies reported median single-asset CV sizes climbed to $650m in 2024, up from $400m in 2022, as GPs used the structure to hold appreciating assets through market volatility.

What's notable is the 2016 vintage. Bridge invested during the tail of the 2010–2015 growth equity deployment cycle, when SaaS multiples averaged 6–8x revenue and enterprise infrastructure was still a conviction bet rather than consensus. A CV at this stage likely reflects Solace growing into its valuation rather than Bridge chasing paper marks — the question is whether the new LP base prices in the same long hold period or expects acceleration toward exit within three years.

Source: AltAssets