Bridgepoint reiterates targets after solid first half

(Sharecast News) - Investment firm Bridgepoint said it delivered a strong first-half with "encouraging progress" on fundraising, as assets under management (AuM) jumped by a fifth compared with last year. AuM totalled $86.6bn by 30 June, up from $72.2bn a year earlier and $75.6bn at the end of the last fiscal year on 31 December. Fee-paying AuM increased by 2% year-on-year to €37.5bn.

Underlying management fee income slipped slightly to £207.1m from £211.8m a year earlier. However, when excluding catch-up fees from both periods, underlying management fee income actually increased by 11% to £201.4m.

Underlying EBITDA excluding catch-up fees increased to £122.3m from £114.6m, while performance related earnings (PRE) were more or less flat at £57.6m - representing 22% of total income.

The company reaffirmed its full-year guidance - PRE is expected to be 25% of total income in 2025 and 2026 - and said it had made solid fundraising progress for its BDL IV, BCO V and ECP VI funds during the half, with €8bn of the targeted €24bn raised.

"Bridgepoint Group delivered strong performance in the first half and we have continued to make progress towards our fundraising target of €24bn by the end of 2026," said chief executive Raoul Hughes.

"This was a result of good fund performance, product diversification and the investments we have made in our investor services team, together with strengthening LP appetite to invest in the European middle market and US electricity infrastructure."

Looking ahead, Hughes noted "signs of increasing transaction activity", with a good pipeline of exits for the next 18 months.

The stock was trading flat at 354.4p by 0956 BST.