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Bridgepoint Group (BPT)

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Tuesday 16 November, 2021

Bridgepoint Group

Quarterly Trading Update

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 €29.2 billion, an increase of 58% compared to September 2020

Fee paying AUM of €17.8 billion, an increase of 42% compared to the prior year

Capital deployment in line with expectations: €1.1 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. €2.1 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 €2 billion so far in 2021.  Fund performance also remains in line with plan. 

During the quarter Bridgepoint Credit made good progress and deployed some €800 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 €29.2 billion (€18.5 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 €17.8 billion (€12.5 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 €1.1 billion (€0.4 billion in Q3 2020).

 

Total gross exits completed in the period amounted to €2.1 billion (€0.8 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

Adam Key

[email protected]

+44 7833 748010

 

Media

Christian Jones / James Murray

[email protected]

[email protected]

+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

[email protected]  

 

 

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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