JPM bullish on private markets managers with exit volumes picking up pace; upgrades CVC

Bridgepoint

04/07/2025 07:18

** As exit volumes the past weeks look better than feared, J.P.Morgan increases its estimates and hikes its PTs to reflect a higher amount of carried interest and investment income for EQT EQTAB.ST, CVC CVC.AS, and Bridgepoint BPTB.L

** It upgrades CVC to "overweight" from "neutral" on valuation, saying it is trading at a "material discount" to EQT and Partners PGHN.S

** "Overweight"-rated Bridgepoint remains JPM's darling among private market managers as it sees the most upside on the back of exit momentum and expectations of a successful fundraising of two flagships next year

** Although the broker acknowledges EQT's strong equity story after several exits announcements, it notes that it is reflected in the share price following a 42% rally

** As for Partners , JPM cuts EPS estimates by around 6% as the dollar weakens, but keeps its "overweight" rating and sees investor concerns as overblown

(Reporting by Jakob Van Calster)

((Jakob.vancalster@thomsonreuters.com))