Bridgepoint Group plc (LSE:BPT) has raised its 2026 EBITDA guidance and updated its medium-term expectations for performance-related earnings following investment returns from ECP V and a higher valuation for ProEnergy.
The private markets investment firm now expects performance-related earnings (PRE) to account for 37% to 39% of total income in 2026. Over the medium term, PRE is expected to represent between 25% and 30% of total income.
Bridgepoint expects its EBITDA margin to be approximately 60% in both 2026 and 2027. The company also forecasts management fee growth of between 13% and 16% on a rolling three-year basis.
Operating expenses are expected to increase at a high-single-digit rate in 2026 before growth moderates to a mid-single-digit rate from 2027.
Fundraising Target Reached Ahead of Schedule
Bridgepoint said it achieved its €28 billion fundraising target for the 2024-2026 cycle one quarter ahead of schedule.
Fundraising during the period has included Bridgepoint Direct Lending IV and ECP VI, alongside progress with Bridgepoint Europe VIII.
The group is also expanding its private markets platform through the planned acquisition of Kayne Anderson Real Estate. Its activities currently span private equity, direct lending, and energy and infrastructure strategies in Europe and North America.
Bridgepoint Sets New Capital Return Framework
Bridgepoint has also announced a revised shareholder distribution framework alongside a rebasing of its 2026 dividend.
From 2027, dividends will be paid quarterly. The company is targeting total shareholder distributions equivalent to 40% to 60% of Cash from Profits under the new framework.
Bridgepoint expects cash receipts from carried interest and co-investments to total approximately £2.4 billion over the next five years.
The company said it intends to maintain net leverage below two times while retaining capacity for investment in growth initiatives and mergers and acquisitions.
From its 2026 results, Bridgepoint will begin reporting a new Cash from Profits measure. The metric will comprise operating cash generated from fee-related earnings together with carried interest and co-investment receipts, after interest, lease and tax payments.
About Bridgepoint Group
Bridgepoint Group is a listed private markets investment firm operating across private equity, direct lending, and energy and infrastructure strategies, primarily in Europe and North America.
Its investment products include the Bridgepoint Europe, Bridgepoint Direct Lending and Energy Capital Partners fund families. The group generates income from management fees and performance-related earnings, including carried interest and co-investments.
Bridgepoint is also expanding into real estate through its planned acquisition of Kayne Anderson Real Estate.
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