European mid-market private equity firm Bridgepoint has reached a first close for its fifth fund – the largest buyout vehicle currently in the market focused on deals on the continent.

The London-based firm, which owns well-known UK businesses including high street sandwich chain Pret A Manger and online bicycle retailer Wiggle, collected just over €2 billion last week for an initial closing of Bridgepoint Europe V, according to a person familiar with the situation.