Bridgepoint Beats Expectations with Strong 2025 Results and Progress Toward €24bn Fundraising Target

Bridgepoint’s 2025: Fees up, margins solid, exits flowing – and fundraising momentum building

Bridgepoint Group plc has posted a stronger-than-expected 2025, leaning on higher recurring fees, healthy performance income and robust exit activity. The group also sharpened its growth platform with progress across private equity, credit and infrastructure, while moving into secondaries via Newbury Bridgepoint.

The headline: they have raised €14 billion towards a €24 billion target by end 2026 and returned more to fund investors than they drew, which usually helps the next fundraising round. Management also set out punchy guidance for 2026-27, including a higher EBITDA margin range.

Key numbers investors should know

Metric	2025	Change/Context
Total AUM	$94.1 billion (€80.3 billion)	Up 24.5% in USD terms
Fee paying AUM	€38.8 billion	Flat year (+0.3%) – set to step up in 2026
Underlying management fees	£427.7 million	+5.9% YoY; +13.0% excluding catch-up fees
Fee Related Earnings (FRE)	£156.4 million	+0.7% reported; +20.7% excluding catch-ups to £150.7m
Performance Related Earnings (PRE)	£151.6 million	+9.5%; 26.2% of total income
Underlying EBITDA	£304.8 million	Margin 52.6%
Underlying profit before tax	£248.3 million	+4.5% YoY
Reported profit before tax	£85.7 million	IFRS includes exceptional ECP-related items
Capital returned to fund investors	€8.1 billion	Exceeds €5.5 billion drawn
Capital deployed	€7.8 billion	Good pace despite 2024 being a high base
Cash (group use)	£193.5 million	Undrawn £400.0 million RCF renewed March 2026
Dividend (final)	4.7 pence per share	Ex-div 23 April, pay 21 May 2026

What drove the beat in 2025

Recurring fee growth and a tighter cost grip did most of the heavy lifting. Underlying management fees rose to £427.7 million, or £422.0 million excluding £5.7 million of catch-up fees, up 13.0% on a like-for-like basis. The FRE margin excluding catch-ups stepped up to 35.7% (2024: 33.4%), showing improved operating leverage even before the main impact of flagship private equity and direct lending fundraisings lands in 2026.

PRE advanced 9.5% to £151.6 million, helped by exits such as Kereis, Vermaat and Calpine, plus valuation growth across BE VI and VII, ECP IV and V and the Calpine Continuation Fund. Importantly, PRE was 26.2% of total income – a healthy mix, but management continues to signal the timing element here.

Fundraising and product momentum for 2026-27

• €14 billion raised so far towards the €24 billion by end 2026 target.
• ECP VI reached $3.7 billion of commitments against a $5.0 billion cover and hard cap of $7.5 billion, and is already fee paying.
• BDL IV closed €4.2 billion, above its €4.0 billion cover, and is 29% deployed.
• BE VIII launched with a €7.5 billion cover number – first close expected in Q2 2026 and to become fee paying in mid 2026.
• BCO V began fundraising in H2 2025 with first close expected mid 2026 and to continue into 2027.
• CLO X priced at €403 million in February 2026 with CLO XI in warehouse – intention to close two CLOs per year.
• Middle East now 9% of AUM – a growing contribution to the LP base.

Net-net, fee paying AUM was flattish in 2025 as realisations and FX offset commitments, but Bridgepoint is clear that a step-up arrives in 2026 when ECP VI and BE VIII fully switch on and credit deployment continues.

Exits, deployment and fund performance

Bridgepoint deployed €7.8 billion in 2025 across strategies and returned €8.1 billion to fund investors, which is exactly what limited partners like to see before re-upping.

• Infrastructure shone: ECP V is 85% deployed, ECP VI 5% deployed, and the Calpine sale completed in January 2026. Two thirds of proceeds came in Constellation Energy Corporation shares with lock-ups to end June 2026 and end June 2027.
• Private equity made 13 platform investments in 2025 and delivered exits in Kereis, Vermaat and Evac (expected to close later this year), with €3.6 billion returned to fund investors.
• Credit committed €2.8 billion. BDL III is fully invested and BDL IV is already lending; the CLO platform priced five deals in 2025 and reset CLO VI, trimming liability costs by c.30 bps.

Fund performance metrics remain solid across the deck, with several strategies reporting strong MOIC and IRR figures in the RNS.

IFRS vs underlying – what to focus on

Reported profit before tax was £85.7 million, down on the pro forma comparator, due to exceptional and adjusted items tied to the ECP acquisition, the amortisation of acquisition intangibles and the remeasurement of deferred contingent consideration. Underlying profit before tax was £248.3 million and underlying basic EPS was 26.5p. In short, the underlying engine is running well, while IFRS reflects acquisition accounting noise that should diminish over time.

Balance sheet and liquidity

• Cash for group use of £193.5 million and an undrawn £400.0 million revolving credit facility renewed in March 2026.
• US private placement notes of $614.0 million outstanding at an average coupon of 6.16% and average maturity of 4.8 years; net leverage at 1.0x 2025 underlying EBITDA.
• Investments in funds of £743.5 million and carried interest receivable of £148.9 million support future PRE conversion to cash.

2026-27 guidance and what it signals

• Management fees – consistent 13-16% growth.
• Expenses – high single digit growth as they continue to invest.
• PRE – 20-25% of total income in 2026 and 2027, profile shaped by BE VI carry and timing of monetising CEG shares from the Calpine exit.
• EBITDA margin – stepping up to 55-60% in 2026/27 as flagship funds switch on.
• Newbury secondaries – closed 6 February 2026; expected to break even in first two years, then scale.

Shareholder returns: dividend, buyback and shares in issue

The Board declared a final dividend of 4.7 pence per share, payable 21 May 2026 (ex-div 23 April, record 24 April). The existing up to £50 million share buyback, announced in June 2025, is extended to complete on or before 31 May 2027. Shares purchased may now be cancelled or held in treasury. Note the rolling unlock of pre‑IPO and ECP-related shares: 100 million released in 2025 and a final 167 million due in 2026, with further expiries through 2029 for ECP shares. That will lift free float but can create supply indigestion at times – one to watch alongside the buyback capacity.

What could go wrong from here

• Fee paying AUM – 2025 was flat due to realisations and step-downs. The 2026 step-up depends on timely closes for BE VIII, ECP VI and continued credit deployment.
• PRE timing – part of 2026/27 PRE depends on selling the CEG shares received for Calpine and the pace of BE VI carry crystallisation.
• Costs and tax – expenses are guided to grow at a high single digit rate and the effective tax rate moved up to 33.8% in 2025 (underlying effective tax 11.7%).
• FX and macro – a multi-currency platform always has FX noise. The outlook also notes potential secondary impacts from energy prices and inflation.

My take

This is a confident set of numbers. The fee engine advanced nicely, margins held up and cash generation was strong, all while returning €8.1 billion to LPs and edging closer to the €24 billion fundraising goal. The 2026 set-up looks better than 2025 for fee growth given ECP VI and BE VIII, with credit also pulling its weight and two CLOs per year targeted.

On the flip side, the IFRS headline profit is weighed down by acquisition accounting and higher amortisation, which can cloud the view. Fee paying AUM was flattish in 2025, but the pipeline and guidance suggest that is a pause rather than a trend. Share unlocks in 2026 may create volatility, but the extended buyback gives some flexibility.

Overall, the direction of travel is positive: more scale, more strategies, improving operating leverage and a broader investor base. If Bridgepoint lands its 2026 fundraising milestones and delivers on the upgraded 55-60% EBITDA margin guidance, the underlying earnings power should step up materially.

Dates and details to note

• Final dividend: 4.7 pence per share.
• Ex-dividend date: 23 April 2026.
• Record date: 24 April 2026.
• Payment date: 21 May 2026.
• Buyback: up to £50 million, extended to complete on or before 31 May 2027.
• Auditor: proposal to appoint KPMG LLP for the year ending 31 December 2026, subject to shareholder approval.