Bridgepoint Group (BPT) H2 2025 earnings summary

Executive summary

• Delivered 2025 financial results ahead of market expectations, with strong fund and management company performance and market-leading returns for institutional investors.

• Achieved leading returns across all platform funds, driving increased allocations from top institutional investors and strong positioning in the middle market across Europe and the US.

• Diversified platform with expansion into secondaries and launch of the wealth platform, Bridgepoint Generations.

• Maintained robust capital deployment and exit activity, supporting consistent fundraising momentum.

Financial highlights

• AUM grew by 24% in USD terms year-over-year, reaching $94.1 billion, with fee-paying AUM up 14% to $45.5 billion.

• Management fees increased 13% year-over-year (excluding catch-up fees), FRE up 21%, and EBITDA up 14%.

• Underlying EBITDA was GBP 305 million with a margin of 53%, exceeding 50% for the second consecutive year.

• PRE for 2025 was GBP 151.6 million, slightly above guidance at 25% of total income.

• Returned EUR 8.1 billion to fund investors in 2025, totaling EUR 16.6 billion over two years.

Outlook and guidance

• Confident in achieving EUR 24 billion fundraising target by end of 2026, with EUR 14 billion already raised.

• Management fee growth expected at 13%-16% with EBITDA margin guidance of 55%-60% for 2026/27.

• Continued investment in platform capabilities, with expenses to grow at a high single-digit percentage annually.

• BE VIII expected to become fee-paying mid-2026; BDL IV fundraising exceeded EUR 4 billion.