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RNS Number : 4450S
Bridgepoint Group plc
16 November 2021
Bridgepoint Group plc
("Bridgepoint" or the "Company")
Quarterly Trading Update
For the third quarter ended 30 September 2021.
Continued strong performance in the third quarter of 2021
Bridgepoint announces a trading update for the three months
ended 30 September 2021.
2021 third quarter highlights:
-- Total Assets Under Management ("AUM") of EUR29.2 billion,
an increase of 58% compared to September 2020
-- Fee paying AUM of EUR17.8 billion, an increase of 42%
compared to the prior year
-- Capital deployment in line with expectations: EUR1.1 billion
invested in the third quarter of 2021, including into
five companies headquartered in Denmark, the Netherlands,
Sweden and the UK
-- Fund portfolios continued to perform well, benefitting
from continued improvement in economies across Europe
and underpinned by strong realisations. EUR2.1 billion
of gross exits completed in the quarter
-- Fundraising now underway for Bridgepoint Europe VII and
continues to progress well for Bridgepoint Credit Direct
Lending III and Bridgepoint Credit Opportunities IV
Bridgepoint enjoyed a busy third quarter of the year with fund
performance and investment activity across equity and credit funds
in line with expectations.
Bridgepoint Europe VI, Bridgepoint's current private equity
flagship fund, ended the quarter 88% invested having recently
completed three new investments, including ACT the sustainability
solutions provider in the Netherlands and PTV the traffic solutions
systems company in Germany. Bridgepoint Development Capital IV,
which started investing earlier this year, has made four new
investments in 2021 to date and is now 18% invested in line with
plan. Equity Fund exits have continued to make strong progress
returning over EUR2 billion so far in 2021. Fund performance also
remains in line with plan.
During the quarter Bridgepoint Credit made good progress and
deployed some EUR800 million of capital and continues to deliver
attractive returns to its investors.
Alongside Bridgepoint's organic strategy of deepening its key
middle market positions in private equity and private credit, the
business also continues to make progress in its medium term
strategic objectives of broadening its investment platform.
Bridgepoint remains confident in its financial outlook for 2021
and 2022 and financial performance guidance remains unchanged from
that given in the half-year update in September 2021.
AUM and Fundraising
Total AUM as at 30 September 2021 was EUR29.2 billion (EUR18.5
billion at 30 September 2020), the increase primarily due to the
acquisition of the EQT Credit business and the launch of
Bridgepoint Development Capital IV. Fee paying AUM at 30 September
2021 was EUR17.8 billion (EUR12.5 billion).
As anticipated, Bridgepoint has launched a number of new
fundraises in recent quarters that will continue through 2022.
Fundraising markets are, however, more congested than earlier in
the year. Fundraising for BE VII has now started with significant
investor engagement and BC Direct Lending III and BC Credit
Opportunities IV continue to make good progress towards target
size.
Investment activity
Total investments by Bridgepoint funds during Q3 2021 amounted
to EUR1.1 billion (EUR0.4 billion in Q3 2020).
Total gross exits completed in the period amounted to EUR2.1
billion (EUR0.8 billion).
Assets under management
EURbn Q3 2021 Q3 2020 FY 2020
---------------- -------- -------- --------
Total AUM 29.2 18.5 26.6
Fee paying AUM 17.8 12.5 16.1
Investment activity by Bridgepoint funds in Q3 2021
As at 30 September 2021, fund returns continued to be strong and
in line with prior performance.
EURbn Private equity Credit Total
---------------------- --------------- ------- ------
Investments by funds 0.3 0.8 1.1
Gross fund exits 1.5 0.6 2.1
---------------------- --------------- ------- ------
Outlook and guidance
Guidance remains unchanged from that given at our half-year
update on 15 September 2021.
Bridgepoint remains confident in the long-term prospects for the
business, despite continued volatility of economic conditions, as
well as in its ability to source attractive opportunities for its
funds and continue to grow its business.
Upcoming events
Results for the year ending 31 December 2021 will be published
on 24 March 2022.
ENQUIRIES
Bridgepoint
Analysts and investors Media
Adam Key Christian Jones / James Murray
adam.key@bridgepoint.eu christian.jones@bridgepoint.eu
+44 7833 748010 james.murray@bridgepoint.eu
+44 20 7034 3500
Finsbury Glover Hering (Public Relations Adviser to
Bridgepoint)
Charles O'Brien / +44 20 7251 3801 / +44 7825 043 656
Anjali Unnikrishnan / +44 20 7251 3801 / +44 7826 534 233
bridgepoint@finsbury.com
Legal Entity Identifier (LEI): 213800KFNMVI8PDZX472
Forward looking statements
This announcement may include forward-looking statements.
Forward-looking statements are statements that are not historical
facts and may be identified by words such as "plans", "targets",
"aims", "believes", "expects", "anticipates", "intends",
"estimates", "will", "may", "continues", "should" and similar
expressions. These forward-looking statements reflect, at the time
made, the beliefs, intentions and current targets/aims of
Bridgepoint Group plc. Forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. The
forward-looking statements in this announcement are based upon
various assumptions. Although the Company believes that these
assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are
difficult or impossible to predict and are beyond its control.
Forward-looking statements are not guarantees of future performance
and such risks, uncertainties, contingencies and other important
factors could cause the actual outcomes and the results of
operations, financial condition and liquidity of the Company, its
subsidiary undertakings or the industry to differ materially from
those results expressed or implied in this announcement by such
forward-looking statements. No representation or warranty, express
or implied, is made that any of these forward-looking statements or
forecasts will come to pass or that any forecast result will be
achieved. Undue influence should not be given to, and no reliance
should be placed on, any forward-looking statement. No statement in
this announcement is intended to be nor may be construed as a
profit forecast. Neither the Company, nor any of its subsidiaries
nor any of their affiliates, nor any of its or their officers,
employees, agents or advisers, undertake to publicly update or
revise any such forward-looking statement, except to the extent
required by applicable law.
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