Bridgepoint Group PLC on Thursday said it was excited by the medium-term growth prospects for private markets as it posted a 69% increase in assets under management.
The London-based private asset investor reported pretax profit of £80.7 million for 2024, down 6.2% from £86.0 million the prior year. Including the contribution from recent acquisition Energy Capital Partners Holding LP, Bridgepoint’s pretax profit increased 74% to £150.0 million.
Bridgepoint completed the acquisition of the investor focused on energy transition and sustainability in August last year for £835 million.
Total assets under management grew 69% to $75.6 billion from $44.7 billion. Fee paying AuMs rose 49% to €38.7 billion from €26.0 billion.
It reported fee related earnings of £124.6 million, up 31% from £95.0 million. Including ECP’s full-year figures, it rose 63% to £155.3 million.
Performance related earnings grew 64% to £90.7 million from £55.3 million, but with ECP’s full-year earnings included, it more than doubled to £138.5 million.
Bridgepoint shares were down 1.3% at 343.20 pence on Thursday afternoon in London.
Bridgepoint proposed a final dividend of 4.6p per share, up 4.5% from 4.4p. Combined with its interim dividend of 4.6p, its total dividend rose to 9.2p, up 4.5% on the prior year’s 8.8p.
Looking ahead, Bridgepoint confirmed its ambition of increasing AuM in the next 5 to 6 years to $200 billion.
Chief Executive Raoul Hughes said: ‘2024 was a transformational year for the Bridgepoint Group, with the closing of the ECP transaction in August and strong underlying profit growth, driven by successful fundraising, consistent capital deployment and a record amount of capital returned to our clients.
‘AuM grew to $75.6 billion, up from $44.7 billion in 2023, and now stands at 2.3x the level at the IPO.’
‘The medium-term growth prospects for private markets are exciting. Our strategy builds on the strength of the platform and positions the group to capitalise on market consolidation and evolving investor needs.
‘The group is confident in its positioning in the global middle market and ability to deliver on the goals set out at our capital markets day in October last year, including more than doubling AuM in the next 5-6 years to $200 billion by scaling and diversifying verticals, and pursuing platform-enhancing M&A.’
Bridgepoint floated back in July 2021.
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