Bridgepoint Group plc (LON:BPT) has announced record results for the six months to 30 June 2026.
The Group delivered 22.8% growth in underlying management fees and other income and 109.5% growth in performance related earnings leading to 77.6% growth in EBITDA to £227.3 million compared to first half of 2025. The return of a record amount of €16.6 billion of capital to fund investors in the first half combined with continued strong fund performance has driven continued progress in fundraising which underpins confidence in delivering the recently increased fundraising target of €28 billion by the end of 2026.
Summary highlights:
Performance versus 6 months ended 30 June 2025 (unless otherwise stated) and excluding the acquisition of Kayne Anderson Real Estate:
| • | Assets under management (“AUM”) increased by 12.4% to $97.3 billion (30 June 2025: $86.6 billion); |
| • | Fee paying AUM increased by 32.7% to $58.4 billion (30 June 2025: $44.0 billion); |
| • | Underlying management fee income of £254.4 million, or £232.7 million excluding catch-up fees of £21.7 million (H1 2025: £207.1 million or £201.4 million excluding catch-up fees of £5.7 million), an increase of 22.8% including catch-up fees in both periods; |
| • | Fee related earnings (“FRE”) increased by 42.1% including catch-up fees to £108.0 million (H1 2025: £76.0 million); |
| • | PRE more than doubled (+109.5%) to £120.7 million (H1 2025: £57.6 million); |
| • | Underlying EBITDA increased by 77.6% to £227.3 million (H1 2025: £128.0 million) with an EBITDA margin of 60.6%; |
| • | €3.6 billion was deployed (FY 2025: €7.8 billion) and a record €16.6 billion was returned to fund investors in H1 2026 (FY 2025: €8.1 billion); and |
| • | €26 billion now raised towards the previously increased fundraising target of €28 billion by the end of 2026. |
Raoul Hughes, Chief Executive said:
“Bridgepoint reported continued strong growth in the first half with fee paying assets under management increasing by a third in US dollar terms and underlying EBITDA growing by 78% compared to the first half of 2025. Continued progress in fundraising underpins our confidence in delivering our recently increased fundraising target of €28 billion by the end of 2026.
“Consistent with our historical track record, the first half of 2026 was an impressive period for both capital deployment and returns with €3.6 billion deployed and a record €16.6 billion returned to fund investors.
“We took another major step forward in our strategy to strengthen our position as a leading global middle-market private markets platform with the announcement of the acquisition of Kayne Anderson Real Estate in late June. Real estate is a growing private markets asset class and Kayne Anderson Real Estate has built a leading position as a scaled specialist with an exceptional track record and strong fundraising momentum. We look forward to working with them to scale this exciting new strategy. The enlarged Group will be equally balanced between Europe and the US and with almost 50% of AUM in real assets.
“Looking ahead, we are making excellent progress in fundraising and there is a good transaction pipeline in place for the second half of 2026 and beyond. The medium-term growth prospects for private markets are exciting and we are confident in the Group’s long-term strategic opportunity.”
Financial performance
| • | Fee paying AUM increased by 32.7% to $58.4 billion from $44.0 billion at 30 June 2025 as successful fundraising and further deployment in credit exceeded asset realisations, step downs and FX impacts; |
| • | Underlying management fee income increased by 22.8% to £254.4 million (H1 2025: £207.1 million) including catch-up fees or by 15.5% excluding catch-up fees from both periods; |
| • | Expenses (excluding exceptional expenses and adjusted items) (“Underlying Expenses”) were £147.8 million (H1 2025: £136.7 million) as we continued to invest for growth; |
| • | FRE increased by 42.1% to £108.0 million or £86.3 million excluding catch-up fees (H1 2025: £76.0 million or £70.3 million excluding catch-up fees), with an FRE margin of 42.5% (H1 2025: 36.7%) including catch-up fees in both years; |
| • | PRE of £120.7 million (H1 2025: £57.6 million), represented 32.2% of total income; |
| • | Underlying EBITDA of £227.3 million or £205.6 million excluding catch-up fees (H1 2025: £128.0 million or £122.3 million excluding catch-up fees); and |
| • | Underlying profit before tax of £197.5 million (H1 2025: £103.7 million), resulting in underlying diluted EPS of 15.5p (H1 2025: 10.4p). |
Fundraising
| • | BDL IV held its final close in July at €5.1 billion of investable capital, comfortably above its cover number of €4.0 billion; |
| • | ECP VI has raised $7.0 billion to date, increased the hard cap from $7.5 billion to $7.8 billion and is expected to hold a final close later this quarter; |
| • | BE VIII has raised €7.0 billion to date with a final close expected in Q1 2027 at €8.0 – 8.5 billion; |
| • | BCO V started fundraising in 2025 and held its initial close in April with fundraising to continue into 2027; and |
| • | CLO X and XI both priced in H1 2026 with CLO XII in warehouse. |
Deployment
| • | €3.6 billion of capital deployed in H1 2026 (FY 2025: €7.8 billion); and |
| • | Continued deployment in H1 2026; deployment to fund commitments currently: BE VII 100%, ECP V 85%, ECP VI 12%, BDC V 49%; and BDL IV 32%. |
Note: private equity and infrastructure deployment calculated as a percentage of primary capital and includes deals signed but not completed.
Exits
| • | Record amount of capital returned to fund investors in H1 2026 at €16.6 billion (FY 2025: €8.1 billion) across infrastructure, private equity and credit, including €11 billion from the sale of Calpine; and |
| • | Outlook for portfolio company exits remains positive with multiple exits planned for H2 2026 and beyond. |
Reported financial performance
| • | Management and other fees of £246.9 million (H1 2025: £202.0 million); |
| • | EBITDA of £160.6 million (H1 2025: £120.2 million); |
| • | Profit before tax of £42.9 million (H1 2025: £60.6 million); |
| • | Profit after tax of £28.7 million (H1 2025: £44.1 million) reflecting higher management fees and PRE, offset by higher exceptional costs relating to the KARE and ECP transactions, amortisation of intangibles, and finance and other costs relating to acquisition activity; and |
| • | Basic EPS of 2.6 pence per share (H1 2025: 4.4 pence per share). |
Note: for details of Underlying Expenses in reported financial performance see the ‘Reconciliation of pro forma underlying income statement to IFRS income statement’ table below.
Dividend
| • | Interim dividend of 4.8 pence per share to be paid in October 2026. |
Guidance
Guidance is for the existing Group and excludes guidance for Kayne Anderson Real Estate which can be found in the transaction announcement of 29 June 2026.
Fundraising
| • | Increased fundraising guidance on 29 June: 2024-26 target was increased to €28 billion; |
| • | BE VIII raised €7.0 billion to date. Final close expected in Q1 2027 at €8.0-8.5 billion; |
| • | BE VIII became fee paying on 9 June 2026; |
| • | BDL IV held final close at €5.1bn of investable capital; |
| • | Successful pricing of CLO X and XI; |
| • | ECP VI raised $7.0 billion to date and hard cap raised to $7.8 billion; |
| • | ECP VI became fee paying in May 2025; and |
| • | ECP VII now expected to start in 2029 to allow for deployment of a larger ECP VI. |
M&A
| • | Newbury secondaries transaction closed on 6 February 2026, expected to break even in first two years; and |
| • | Acquisition of Kayne Anderson Real Estate announced on 29 June 2026, expected to close at year end. |
Management fees
| • | 13-16% fee growth on a rolling 3-year basis. |
Expenses
| • | High single digit growth in 2026, mid-single digit from 2027 onwards. |
PRE
| • | Expected to remain 20-25% of total income in long term but projected to be top end of range in 2026 and 2027; and |
| • | H1 2026 expected to be two thirds of total PRE for the year. |
EBITDA margin
| • | Expected to be 55-60% in 2026/27. |
