Financial Performance and KPIs

Total AUM ($bn)

$94.1bn

Fee Paying AUM (€bn)

€38.8bn

FRE (£m)

£156.4m

Outcome

Total AUM increased by  24.5% to $94.1 billion (€80.3 billion) primarily due to initial commitments raised for ECP VI and BDL IV and the impact of revaluations of fund investments.

Outcome

Fee Paying AUM increased by 0.3% to €38.8 billionprimarily due to initial commitments raised for ECP VI and an increase in invested capital in our credit strategies, offset by asset realisations.

Outcome

FRE increased 0.7% to £156.4 million due to higher management and other fees from an increase in Fee Paying AUM. FRE excluding catch up fees in both periods would represent an increase of 13.0%.

^{* Restated to exclude non-operating foreign exchange gains/losses.}

^{** The pro forma results assume that the acquisition of ECP completed on  1 January 2024.}

FRE margin (%)

36.6%

PRE (£m)

£151.6m

Underlying EBITDA (£m)

£304.8m

Outcome

FRE margin fell to 36.6% due to the impact of catch-up fees in the prior period. FRE margin excluding catch-up fees in both periods would represent an increase of 2.3ppt.

^{* Restated to exclude non-operating foreign exchange gains/losses.}

^{** The pro forma results assume that the acquisition of ECP completed on  1 January 2024.}

Outcome

PRE was 9.5% higher due to  valuation progression and exit activity in the Bridgepoint and ECP funds.

^{** The pro forma results assume that the acquisition of ECP completed on  1 January 2024.}

Outcome

Underlying EBITDA grew by 4.4% due to higher FRE and PRE.

^{* Restated to exclude non-operating foreign exchange gains/losses.}

^{** The pro forma results assume that the acquisition of ECP completed on  1 January 2024.}

EBITDA (£m)

£242.7m

Profit before tax (£m)

£85.7m

Outcome

EBITDA increased by 8.0% to £242.7 million due to the increase in underlying EBITDA and PRE adjustments, partially offset by the increase in exceptional expenses primarily relating to the ECP transaction.

^{* Restated to exclude non-operating foreign exchange gains/losses.}

^{** The pro forma results assume that the acquisition of ECP completed on  1 January 2024.}

Outcome

Reported profit before tax decreased by £64.3 million to £85.7 million, reflecting the full-year contribution of ECP and higher management fees and co-investment income, offset by higher exceptional costs, amortisation of intangibles, and finance and other costs in relation to the ECP transaction.

^{** The pro forma results assume that the acquisition of ECP completed on  1 January 2024.}