Bridgepoint interim profit down but has "record" underlying results

Bridgepoint Group PLC on Friday reported "record" first-half underlying results, as the London-based private equity firm neared its annual fundraising target after only six months.

Bridgepoint shares were up 5.2% to 330.20 pence early Friday in London, bucking the wider market trend. The FTSE 250 index, of which Bridgepoint is a constituent, was down 0.3%.

Underlying management and other fees rose 23% to £254.1 million in the six months that ended June 30 from £206.8 million a year before, and performance-related earnings more than doubled to £120.7 million from £57.6 million, lifting underlying earnings before interest, tax, depreciation and amortisation by 78% to £227.3 million from £128.0 million.

Pretax profit, however, fell 29% to £42.9 million in the recent half-year from £60.6 million a year before, due to higher exceptional costs linked to acquisitions, while profit after tax declined 35% to £28.7 million from £44.1 million.

Assets under management increased 12% to USD97.3 billion as of June 30 from USD86.6 billion a year before, while fee-paying assets under management jumped 33% to USD58.4 billion from USD44.0 billion, supported by strong fundraising and deployment.

Bridgepoint returned a record EUR16.6 billion to fund investors in the first half, compared with EUR8.1 billion in the whole of 2025, and it said it has now raised EUR26 billion towards its increased EUR28 billion fundraising target by the end of 2026, underpinning the company's confidence in delivering on that guidance.

Looking ahead, Chief Executive Raoul Hughes pointed to Bridgepoint's USD1.39 billion acquisition late last month of Kayne Anderson Real Estate, saying property is a growing asset class for private markets. The enlarged group will be balanced between Europe and the US and will have almost half of its assets under management in real assets.

"We are making excellent progress in fundraising and there is a good transaction pipeline in place for the second half of 2026 and beyond," Hughes said. "The medium-term growth prospects for private markets are exciting, and we are confident in the group's long-term strategic opportunity."

Bridgepoint declared an interim dividend of 4.8 pence per share to be paid in October. This compares with interim and final dividends for 2025 each of 4.7p.

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