About Bridge Growth Partners

• Founded: 2014

• Headquarters: Palo Alto, California

• AUM: Approximately $3bn (as of 2024)

• Strategy: Growth equity, enterprise software and technology infrastructure

• Track record: Prior continuation vehicles include a $600m CV for content delivery network Fastly in 2021 and portfolio companies across cloud infrastructure, developer tools, and data platforms

• Leadership: Managing partners include Derek Schoettle and Alex Trott, who previously led growth investments at Technology Crossover Ventures

Bridge Growth Partners closed a $790m continuation vehicle for Solace, a real-time data streaming platform the firm backed in 2016. The single-asset CV represents one of the larger tech-focused continuation vehicles to close in recent months, extending Bridge's hold period on an asset now approaching a decade in the portfolio. The transaction provides liquidity to existing LPs while allowing Bridge to retain control and continue building value in Solace's market position.

The $790m size signals substantial growth in Solace's valuation since the 2016 entry, though no pricing details were disclosed. Single-asset CVs structured around nine-year-old positions typically reflect either delayed exit timing or a strategic decision to capture additional upside in a maturing asset. For Solace, a provider of event-driven architecture tools competing in the messaging and streaming infrastructure market, the extended hold suggests Bridge sees runway in enterprise adoption of real-time data technologies—a thesis that would have required more time to play out than a traditional 5–7 year fund life.

Bridge's CV activity has accelerated over the past three years, with Solace marking at least its third single-asset vehicle since 2021. The frequency points to a broader pattern among growth equity managers: using continuation structures to manage vintage concentration and avoid forced sales in a compressed exit environment. What remains unclear is whether incoming LPs in these CVs are pricing in meaningful discounts relative to the carry-forward valuations, or whether secondary buyers are willing to underwrite full enterprise software multiples on aging positions. The answer will likely surface in the next wave of realizations from 2021–2022 vintage CVs.

Source: AltAssets