Private equity firm Bridgepoint's assets jump in first results since IPO

[LONDON] Private equity company Bridgepoint Group said its total assets surged 54 per cent year-on-year in the first half of 2021 as Europe's economies recovered from the pandemic to boost its first results since listing in July.

Shares in London-listed Bridgepoint remain up more than a fifth since listing as demand for the "alternative" asset class remains strong among investors.

Assets under management at the end of June were 28.5 billion euros (S$45.18 billion), it said in statement on Wednesday, up from 18.5 billion euros a year earlier. Fee-paying assets were up 41 per cent to 17.7 billion euros.

The strong growth, buoyed by an acquisition and fund launch, helped revenues jump 55 per cent year-on-year to £122.2 million (S$226.8 million), up from £78.7 million in the prior period.

Bridgepoint said it had deployed 2.1 billion euros during the period, investing into six companies across the United Kingdom, United States, Ireland and Switzerland, and raised 2.1 billion euros from selling various stakes.

Looking ahead, the company said it continued to see strong demand to invest in its funds, and was in the market looking to raise seven billion euros for its Bridgepoint Europe VII fund.

"In line with expectations, we delivered strong growth in revenues and profits in the first half of the year," said William Jackson, executive chairman.

"Following the disruption caused by the Covid pandemic last year, during the first half of this year capital deployment returned to normal levels across all our strategic asset classes and we capitalised upon market conditions to deliver strong exits."

REUTERS