Bridgepoint Group PLC (LSE:BPT), the private equity group that floated in London in July, reported strong growth in revenue and profits for the first half and said it expects continued good momentum in fundraising going forward.
In the six months to end-June 2021, the period prior to its stock market debut, revenues grew by 55% to £122.2mln, Bridgepoint said in its earnings release.
Underlying EBITDA soared to £51.6mln from £18.5mln and the profit margin rose to 42% from 24% on the back of increased revenues from the acquired EQT Credit business and the commencement of Bridgepoint Development Capital IV (BDC IV) fees, as well as greater investment profits.
Total assets under management at 30 June were €28.5bn, compared with €18.5bn a year earlier, boosted by BDC IV and the funds of EQT Credit.
The fund Bridgepoint CLO II was launched in June, raising €350mln. The company said fundraising continued during the period for Bridgepoint Credit Opportunities IV and Bridgepoint Direct Lending III and, shortly after the quarter-end, Bridgepoint Europe VII with a target fund size of €7.0bn.
"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. We're making good progress with our current fundraising, with our new flagship equity fund, Bridgepoint Europe VII, now in market with a €7bn fund size target," said executive chairman William Jackson.
"Looking forward, whilst we continue to expect market volatility as economic conditions recover from the initial shocks of the pandemic, we are confident in the growth prospects for our business and our ability to continue to source attractive opportunities for our funds."
Shares were almost 2% higher at 524p in late morning trade.