[ad_1]
Bridgepoint has raised its steerage for 2024 and 2025 after its first-half outcomes beat administration’s expectations.
The choice asset supervisor – which invests throughout personal fairness and debt – noticed its property below administration (AUM) rise by eight per cent year-on-year to €42.7bn (£36bn), because of robust will increase in fee-related earnings and performance-related earnings.
Nonetheless, fee-paying AUM got here in at €25.8bn, displaying that Bridgepoint has vital ‘dry powder’ to deploy.
Learn extra: Direct lenders look to non-sponsored market
Bridgepoint reported a 55 per cent year-on-year improve in underlying core earnings to £86.2m.
“The outlook for 2024 and 2025 is being upgraded based mostly on better-than-expected monetary efficiency within the first half of 2024, flagship fundraises accomplished on or forward of goal, robust deployment and exits (together with a wholesome pipeline heading into the summer season), and indicators of accelerating transaction exercise within the markets through which Bridgepoint operates,” mentioned chief govt Raoul Hughes.
Bridgepoint additionally reported “a big uptick in exercise” in its credit score arm, with its direct lending workforce deploying nearly €1bn within the first half of 2024.
Learn extra: Demand grows for infrastructure debt
The choice asset supervisor mentioned that its direct lending workforce dedicated to spend money on 15 offers over the interval, comprising 10 new major offers and 5 additional commitments to current investments.
“As a lender to predominantly mid-market, personal equity-backed corporations, this elevated degree of exercise additional demonstrates the restoration of deal volumes,” mentioned Hughes.
“In Bridgepoint Credit score Alternatives, the funding tempo has held regular this 12 months with the most recent classic, BCO IV, now 79 per cent dedicated.”
AUM for Bridgepoint’s credit score enterprise rose by €0.1bn to €12.5bn over the interval, with the deployment of capital within the BDL III and BCO IV methods and the launch of CLO 6 in March offset by cancellation of commitments in mature funds.
It mentioned that fundraising for BDL IV has began and is predicted to begin capital deployment later this 12 months.
Learn extra: Ares, Eurazeo and Goldman prime European direct lender rankings
“Profitable fundraising and a powerful pipeline of each investments and exits place Bridgepoint to navigate the remainder of the 12 months with confidence,” mentioned Hughes.
“With middle-market management a transparent differentiator for Bridgepoint, the platform is well-positioned to capitalise on each market progress and the growing development in the direction of trade consolidation.
“Alternatives for inorganic progress and growth into new asset courses proceed to be actively explored, alongside the natural scaling and broadening of Bridgepoint’s current funding methods.”
[ad_2]
Supply hyperlink
