REG - Bridgepoint Group - Quarterly Trading Update

BridgepointAnnouncement

16/11/2021 07:05

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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                                     Media

 Adam Key                                                   Christian Jones / James Murray

 adam.key@bridgepoint.eu (mailto:adam.key@bridgepoint.eu)   christian.jones@bridgepoint.eu (mailto:christian.jones@bridgepoint.eu)

 +44 7833 748010                                            james.murray@bridgepoint.eu (mailto:james.murray@bridgepoint.eu)

                                                            +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

bridgepoint@finsbury.com (mailto:bridgepoint@finsbury.com)

 

 

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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