16th Nov 2021 09:50
(Alliance News) - Bridgepoint Group PLC on Tuesday said it saw a substantial rise in assets under management during a "busy" third quarter.
The private equity firm, which floated in July and is a recent addition to the FTSE 250 index, said total assets under management at September 30 amounted to EUR29.2 billion, up 58% year-on-year from EUR18.5 billion.
"Bridgepoint enjoyed a busy third quarter of the year, with fund performance and investment activity across equity and credit funds in line with expectations," the company said.
Bridgepoint said capital deployment was in line with expectations, with EUR1.1 billion invested during the quarter.
Bridgepoint Europe VI, its flagship private equity fund, concluded the quarter 88% invested. New investments include a sustainability solutions provider in the Netherlands and a traffic systems company in Germany.
The company added: "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 EUR2 billion so far in 2021. Fund performance also remains in line with plan.
"During the quarter Bridgepoint Credit made good progress and deployed some EUR800 million of capital and continues to deliver attractive returns to its investors."
Bridgepoint floated back in July, pricing its IPO at 350 pence per share. The stock was trading at 545.94p each in London on Tuesday morning, down 0.7% on the day but up 56% from its float price.
It was propelled to the FTSE 250 index following a quarterly review in September.
On Friday, Sky News reported Bridgepoint appointed two banks to assist on a London Stock Exchange float for Burger King's UK unit. Bridgepoint owned the unit and Sky News reported that it has hired Bank of America and Investec to lead an IPO planned for next year.
By Eric Cunha; [email protected]
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