Asset class | Useful life |
Computers, furniture and other | 3 to 6 years |
Leasehold improvements | Over the shorter of their useful economic life or the lease term |
Property right-of-use assets | Over the contractual lease term |
Asset class | Amortisation rate |
Customer relationship intangible assets | 5 to 10 years |
Acquired carried interest intangible assets | 3 to 10 years |
Computer software | Up to 5 years |
Asset class | Useful life |
Computers, furniture and other | 3 to 6 years |
Leasehold improvements | Over the shorter of their useful economic life or the lease term |
Property right-of-use assets | Over the contractual lease term |
Asset class | Useful life |
Computers, furniture and other | 3 to 6 years |
Leasehold improvements | Over the shorter of their useful economic life or the lease term |
Property right-of-use assets | Over the contractual lease term |
Asset class | Useful life |
Computers, furniture and other | 3 to 6 years |
Leasehold improvements | Over the shorter of their useful economic life or the lease term |
Property right-of-use assets | Over the contractual lease term |
Asset class | Amortisation rate |
Customer relationship intangible assets | 5 to 10 years |
Acquired carried interest intangible assets | 3 to 10 years |
Computer software | Up to 5 years |
Asset class | Amortisation rate |
Customer relationship intangible assets | 5 to 10 years |
Acquired carried interest intangible assets | 3 to 10 years |
Computer software | Up to 5 years |
| Group interest in | Group share | |||
| Name of CLOs | the subordinated notes | of CLO | Consolidation treatment at YE24 | Nature of the entity |
Bridgepoint CLO 1 DAC | 55.2% | 5.0% | Consolidated | Subordinated notes in the residual class |
Bridgepoint CLO 2 DAC | 5.1% | 5.0% | Not consolidated | Subordinated notes in the residual class |
Bridgepoint CLO 3 DAC | 58.8% | 9.6% | Consolidated | Subordinated notes in the residual class |
Bridgepoint CLO IV DAC | 74.9% | 8.2% | Consolidated | Subordinated notes in the residual class |
Bridgepoint CLO V DAC | 66.2% | 6.5% | Consolidated | Subordinated notes in the residual class |
Bridgepoint CLO VI DAC | 68.4% | 5.1% | Consolidated | Subordinated notes in the residual class |
Bridgepoint CLO VII DAC | 64.6% | 5.0% | Consolidated | Subordinated notes in the residual class |
Bridgepoint CLO VIII DAC | 50.0% | n/a | Consolidated | Warehouse entity |
| Estimated | |||
Note | \u00a3 m | useful life | |
| Purchase consideration: | |||
Total cash consideration | 173.1 | ||
Equity interest consideration | 395.2 | ||
Deferred contingent consideration (earn-out) | 1 | 9.5 | |
Non-contingent deferred consideration | 18.7 | ||
Total purchase consideration | 596.5 | ||
Add: fair value of identifiable net liabilities acquired | 69.4 | ||
Less: Intangible assets: customer relationship | 2 | (132.1) | 7 years |
Less: Intangible assets: acquired carried interests | 2 | (97.5) | 3 to 10 years |
Goodwill | 436.3 |
| \u00a3 m | |
Total operating income | 72.5 |
Underlying EBITDA | 53.8 |
Underlying profit before tax | 48.4 |
| ECP\u2019s reported results from | ECP\u2019s reported results from | ||
| 20 August 2024 to | 1 January 2024 to 19 August | ||
| 31 December 2024 | 2024 | Pro forma ECP results for 2024 | |
| \u00a3 m | \u00a3 m | \u00a3 m | |
Total operating income | 72.5 | 114.8 | 187.3 |
Underlying EBITDA | 53.8 | 78.5 | 132.3 |
Underlying profit before tax | 48.4 | 69.3 | 117.7 |
| Estimated | |||
Note | \u00a3 m | useful life | |
| Purchase consideration: | |||
Total cash consideration | 173.1 | ||
Equity interest consideration | 395.2 | ||
Deferred contingent consideration (earn-out) | 1 | 9.5 | |
Non-contingent deferred consideration | 18.7 | ||
Total purchase consideration | 596.5 | ||
Add: fair value of identifiable net liabilities acquired | 69.4 | ||
Less: Intangible assets: customer relationship | 2 | (132.1) | 7 years |
Less: Intangible assets: acquired carried interests | 2 | (97.5) | 3 to 10 years |
Goodwill | 436.3 |
| Group | ||||
| Intangible assets | Intangible assets | |||
| \u2014 customer | \u2014 acquired | |||
| Goodwill | relationship | carried interest | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | ||||
As at 1 January 2024 | 105.1 | 21.2 | \u2013 | 126.3 |
Additions from acquired subsidiaries | 436.3 | 132.1 | 97.5 | 665.9 |
Foreign exchange | 17.7 | 5.4 | 3.9 | 27.0 |
As at 31 December 2024 | 559.1 | 158.7 | 101.4 | 819.2 |
| Accumulated amortisation and impairment | ||||
As at 1 January 2024 | \u2013 | (9.7) | \u2013 | (9.7) |
Amortisation | \u2013 | (9.9) | (9.5) | (19.4) |
Foreign exchange | \u2013 | (0.1) | (0.1) | (0.2) |
As at 31 December 2024 | \u2013 | (19.7) | (9.6) | (29.3) |
| Carrying value | ||||
As at 1 January 2024 | 105.1 | 11.5 | \u2013 | 116.6 |
As at 31 December 2024 | 559.1 | 139.0 | 91.8 | 789.9 |
| Group | |||
| Goodwill | Intangible assets | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | |||
As at 1 January 2023 | 105.1 | 21.2 | 126.3 |
As at 31 December 2023 | 105.1 | 21.2 | 126.3 |
| Accumulated amortisation and impairment | |||
As at 1 January 2023 | \u2013 | (6.7) | (6.7) |
Amortisation | \u2013 | (3.0) | (3.0) |
As at 31 December 2023 | \u2013 | (9.7) | (9.7) |
| Carrying value | |||
As at 1 January 2023 | 105.1 | 14.5 | 119.6 |
As at 31 December 2023 | 105.1 | 11.5 | 116.6 |
| Carrying value of goodwill | |||
| 2024 | 2023 | ||
CGU | Goodwill arose from | \u00a3m | \u00a3m |
Credit | Acquisition of EQT Credit | 105.1 | 105.1 |
Infrastructure | Acquisition of ECP | 454.0 | \u2013 |
Total goodwill as at 31 December | 559.1 | 105.1 |
Assumption | Determination of assumption | |
| Short and medium-term cash | The cash flows are projected based on the actual operating results and a five-year estimate from 2025 | |
| flows (revenue and cost | to 2029. | Cash flows for the time thereafter are taken into account by calculating a terminal value. |
| growth) | Operating profits are based on management approved income, future fundraising, deployment of capital | |
| and costs of the business, taking into account growth plans for each business as well as past experience. | ||
| Long-term economic growth | Cash flows beyond an initial five-year period are extrapolated using estimated long-term growth rates, | |
| rates (used to determine | which are based on external estimates of GDP and inflation. | |
| terminal values) | ||
Pre-tax discount rates | Weighted average cost of capital is determined using market risk free rates based on the yields | |
| of government bonds that are most relevant to the operations of the CGU, adjusted for country | ||
| and operational risk and the cost of borrowing for the Group. |
| Change required for value-in-use to equal carrying amount | ||||
Credit | Infrastructure | |||
Key assumptions | 2024 | 2023 | 2024 | 2023 |
Reduction in profit margin (%) | 59.8% | 50.8% | 18.9% | N/A |
Reduction in long-term growth rates (percentage points) | 1.0ppts | 2.0ppts | 1.0ppts | N/A |
Increase in pre-tax discount rates (percentage points) | 23.1ppts | 18.9ppts | 7.0ppts | N/A |
Carrying value of acquired intangible assets | Remaining amortisation period | |||
| 2024 | 2023 | 2024 | 2023 | |
| Acquired intangible assets | \u00a3m | \u00a3m | (Weighted avg. years) | (Weighted avg. years) |
Customer relationship \u2013 EQT Credit | 8.4 | 11.5 | 2.8 | 3.8 |
Customer relationship \u2013 ECP | 130.6 | \u2013 | 6.6 | \u2013 |
Acquired rights to future carried interest \u2013 ECP | 91.8 | \u2013 | 4.6 | \u2013 |
Credit | Infrastructure | |||
| 2024 | 2023 | 2024 | 2023 | |
| Key assumptions | % | % | % | % |
Pre-tax discount rates | 15.9% | 16.1% | 17.0% | \u2013 |
| Private Equity | Credit | Infrastructure | Central | Total Core | Total Other | Total Group | |
| Year ended 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Underlying management fees* | 238.8 | 61.3 | 33.0 | 2.9 | 336.0 | \u2013 | 336.0 |
Carried interest | 28.0 | \u2013 | 31.1 | \u2013 | 59.1 | \u2013 | 59.1 |
| Fair value remeasurement of investments | |||||||
(excluding PRE adjustments*) | 8.8 | 14.4 | 8.4 | \u2013 | 31.6 | \u2013 | 31.6 |
Other operating income | 0.2 | \u2013 | \u2013 | \u2013 | 0.2 | 0.8 | 1.0 |
Underlying total operating income* | 275.8 | 75.7 | 72.5 | 2.9 | 426.9 | 0.8 | 427.7 |
Personnel expenses | (69.9) | (23.9) | (15.2) | (48.0) | (157.0) | (0.8) | (157.8) |
Other operating expenses | (23.3) | (6.9) | (3.5) | (22.6) | (56.3) | (0.1) | (56.4) |
| Underlying EBITDA* (excluding exceptional | |||||||
| expenses and certain share-based payment | |||||||
expenses) | 182.6 | 44.9 | 53.8 | (67.7) | 213.6 | (0.1) | 213.5 |
Exceptional expenses | (61.8) | ||||||
Certain excluded share-based payment expenses | (5.9) | ||||||
PRE adjustments* | 0.4 | ||||||
EBITDA | 146.2 | ||||||
Depreciation and amortisation | (36.2) | ||||||
Net finance and other income and expenses | (29.3) | ||||||
Profit before tax | 80.7 |
| Private Equity | Credit | Central | Total Core | Total Other | Total Group | |
| Year ended 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Underlying management fees* | 205.0 | 56.5 | 3.8 | 265.3 | \u2013 | 265.3 |
Carried interest | 30.0 | \u2013 | \u2013 | 30.0 | \u2013 | 30.0 |
| Fair value remeasurement of investments (excluding PRE | ||||||
adjustments*) | 17.3 | 8.0 | \u2013 | 25.3 | \u2013 | 25.3 |
Other operating income | 0.2 | \u2013 | \u2013 | 0.2 | 0.8 | 1.0 |
Underlying total operating income* | 252.5 | 64.5 | 3.8 | 320.8 | 0.8 | 321.6 |
Personnel expenses | (69.3) | (21.3) | (36.0) | (126.6) | (1.0) | (127.6) |
Other operating expenses | (18.3) | (8.8) | (18.0) | (45.1) | (0.1) | (45.2) |
| Underlying EBITDA* (excluding exceptional expenses | ||||||
and certain share-based payment expenses) | 164.9 | 34.4 | (50.2) | 149.1 | (0.3) | 148.8 |
Exceptional expenses | (47.7) | |||||
Certain excluded share-based payment expenses | (4.0) | |||||
EBITDA | 97.1 | |||||
Depreciation and amortisation | (18.7) | |||||
Net finance and other income and expenses | 7.6 | |||||
Profit before tax | 86.0 |
Year ended 31 December 2024 | \u00a3m |
UK | 264.7 |
USA | 72.5 |
EU countries | 90.9 |
Total operating income | 428.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Investments: | ||
Private equity (investments in funds, excluding those attributable to third party investors) | 470.8 | 260.9 |
Private equity (investments in funds attributable to third party investors) | 110.6 | \u2013 |
Private equity (other investments) | \u2013 | 7.5 |
Credit (investments in funds, including CLOs, excluding those attributable to third party investors) | 142.0 | 121.6 |
Credit (CLO assets attributable to third party investors) | 1,893.3 | 1,267.7 |
Infrastructure (investments in funds) | 127.1 | \u2013 |
Total investments | 2,743.8 | 1,657.7 |
| Carried interest receivable: | ||
Private equity | 49.0 | 64.7 |
Credit | 2.5 | 2.6 |
Infrastructure | 61.8 | \u2013 |
Total carried interest receivable | 113.3 | 67.3 |
Year ended 31 December 2024 | \u00a3m |
UK | 264.7 |
USA | 72.5 |
EU countries | 90.9 |
Total operating income | 428.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Management and other fees before settlement of foreign exchange hedges | 325.7 | 264.2 |
Settlement of foreign exchange hedges | 3.5 | 1.1 |
Total management and other fees | 329.2 | 265.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Fair value remeasurement of investments before remeasurement of foreign exchange hedges | 35.3 | 23.8 |
Remeasurement of foreign exchange hedges | 3.5 | 1.5 |
Fair value remeasurement of investments | 38.8 | 25.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
CLO investment income | 128.1 | 66.7 |
CLO investment expense | (115.5) | (58.5) |
CLO investment income, net | 12.6 | 8.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 67.3 | 42.0 |
Additions from acquired subsidiaries | 29.1 | \u2013 |
Income recognised in the year | 59.1 | 29.8 |
Foreign exchange movements recognised as profit or loss | (0.3) | (0.4) |
Foreign exchange movements recognised as other comprehensive income | 1.5 | (0.1) |
Receipts of carried interest | (43.4) | (4.0) |
Closing balance | 113.3 | 67.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Management and other fees before settlement of foreign exchange hedges | 325.7 | 264.2 |
Settlement of foreign exchange hedges | 3.5 | 1.1 |
Total management and other fees | 329.2 | 265.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Management and other fees before settlement of foreign exchange hedges | 325.7 | 264.2 |
Settlement of foreign exchange hedges | 3.5 | 1.1 |
Total management and other fees | 329.2 | 265.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Fair value remeasurement of investments before remeasurement of foreign exchange hedges | 35.3 | 23.8 |
Remeasurement of foreign exchange hedges | 3.5 | 1.5 |
Fair value remeasurement of investments | 38.8 | 25.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
CLO investment income | 128.1 | 66.7 |
CLO investment expense | (115.5) | (58.5) |
CLO investment income, net | 12.6 | 8.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Audit fees | ||
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements | 1.0 | 0.5 |
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries | 1.1 | 0.9 |
Total audit fees | 2.1 | 1.4 |
| Non-audit fees | ||
Audit-related assurance services | 0.2 | 0.2 |
Other non-audit services | \u2013 | 0.3 |
Total non-audit fees | 0.2 | 0.5 |
Total auditor\u2019s remuneration | 2.3 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Expense relating to low-value asset leases | ||
Low-value asset leases | 0.4 | 0.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Management and other fees before settlement of foreign exchange hedges | 325.7 | 264.2 |
Settlement of foreign exchange hedges | 3.5 | 1.1 |
Total management and other fees | 329.2 | 265.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Wages and bonuses | 126.9 | 95.7 |
Social security | 20.3 | 19.2 |
Pensions | 3.2 | 1.9 |
Share-based payments | 49.6 | 4.5 |
Other employee expenses | 14.6 | 11.2 |
Total personnel expenses | 214.6 | 132.5 |
| Weighted average fair | ||
| value per share | ||
| Number of units | granted (\u00a3) | |
| Group and Company | 2024 | |
Rights outstanding at beginning of the period | \u2013 | N/A |
Granted | 14,929,500 | 3.03 |
Forfeited | \u2013 | N/A |
Vested | \u2013 | N/A |
Rights outstanding (unvested) at the end of the period | 14,929,500 | 3.03 |
| Weighted average fair | ||
| value per share | ||
| Number of shares | granted (\u00a3) | |
| Group and Company | 2024 | |
Rights outstanding at beginning of the period | \u2013 | N/A |
Granted | 49,993,600 | 3.03 |
Forfeited | \u2013 | N/A |
Vested | (7,613,825) | 3.03 |
Rights outstanding (unvested) at the end of the period | 42,379,775 | 3.03 |
A3 Share Award | A3 Share Award (\u00a3 per share) | |||
Group and Company | 2024 | 2023 | 2024 | 2023 |
Opening | 440,400 | 528,975 | 3.96 | 3.96 |
Vested | \u2013 | (56,550) | N/A | 3.96 |
Forfeited | (51,200) | (32,025) | 3.96 | 3.96 |
Outstanding at year end | 389,200 | 440,400 | 3.96 | 3.96 |
| Weighted average fair value | ||||
| Number of shares | per share granted (\u00a3) | |||
| Group and Company | 2024 | 2023 | 2024 | 2023 |
Rights outstanding at beginning of the period | 1,859,348 | \u2013 | 2.14 | N/A |
Granted | 2,423,489 | 2,619,773 | 2.58 | 2.15 |
Granted \u2013 dividend equivalents | 81,403 | 75,571 | 2.48 | 2.17 |
Forfeited | (243,754) | (91,298) | 2.35 | 2.17 |
Forfeited \u2013 dividend equivalents | (5,533) | (1,225) | 2.25 | 2.17 |
Vested | (1,364,201) | (730,302) | 2.31 | 2.17 |
Vested \u2013 dividend equivalents | (41,330) | (13,171) | 2.27 | 2.17 |
Rights outstanding (unvested) at the end of the period | 2,709,422 | 1,859,348 | 2.40 | 2.14 |
| Group | ||
| 2024 | 2023 | |
| No. | No. | |
UK | 246 | 226 |
Other | 252 | 152 |
Total | 498 | 378 |
| Weighted average fair | ||
| value per share | ||
| Number of units | granted (\u00a3) | |
| Group and Company | 2024 | |
Rights outstanding at beginning of the period | \u2013 | N/A |
Granted | 14,929,500 | 3.03 |
Forfeited | \u2013 | N/A |
Vested | \u2013 | N/A |
Rights outstanding (unvested) at the end of the period | 14,929,500 | 3.03 |
| Weighted average fair | ||
| value per share | ||
| Number of shares | granted (\u00a3) | |
| Group and Company | 2024 | |
Rights outstanding at beginning of the period | \u2013 | N/A |
Granted | 49,993,600 | 3.03 |
Forfeited | \u2013 | N/A |
Vested | (7,613,825) | 3.03 |
Rights outstanding (unvested) at the end of the period | 42,379,775 | 3.03 |
A3 Share Award | A3 Share Award (\u00a3 per share) | |||
Group and Company | 2024 | 2023 | 2024 | 2023 |
Opening | 440,400 | 528,975 | 3.96 | 3.96 |
Vested | \u2013 | (56,550) | N/A | 3.96 |
Forfeited | (51,200) | (32,025) | 3.96 | 3.96 |
Outstanding at year end | 389,200 | 440,400 | 3.96 | 3.96 |
| Weighted average fair value | ||||
| Number of shares | per share granted (\u00a3) | |||
| Group and Company | 2024 | 2023 | 2024 | 2023 |
Rights outstanding at beginning of the period | 1,859,348 | \u2013 | 2.14 | N/A |
Granted | 2,423,489 | 2,619,773 | 2.58 | 2.15 |
Granted \u2013 dividend equivalents | 81,403 | 75,571 | 2.48 | 2.17 |
Forfeited | (243,754) | (91,298) | 2.35 | 2.17 |
Forfeited \u2013 dividend equivalents | (5,533) | (1,225) | 2.25 | 2.17 |
Vested | (1,364,201) | (730,302) | 2.31 | 2.17 |
Vested \u2013 dividend equivalents | (41,330) | (13,171) | 2.27 | 2.17 |
Rights outstanding (unvested) at the end of the period | 2,709,422 | 1,859,348 | 2.40 | 2.14 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Audit fees | ||
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements | 1.0 | 0.5 |
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries | 1.1 | 0.9 |
Total audit fees | 2.1 | 1.4 |
| Non-audit fees | ||
Audit-related assurance services | 0.2 | 0.2 |
Other non-audit services | \u2013 | 0.3 |
Total non-audit fees | 0.2 | 0.5 |
Total auditor\u2019s remuneration | 2.3 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Expense relating to low-value asset leases | ||
Low-value asset leases | 0.4 | 0.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Audit fees | ||
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements | 1.0 | 0.5 |
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries | 1.1 | 0.9 |
Total audit fees | 2.1 | 1.4 |
| Non-audit fees | ||
Audit-related assurance services | 0.2 | 0.2 |
Other non-audit services | \u2013 | 0.3 |
Total non-audit fees | 0.2 | 0.5 |
Total auditor\u2019s remuneration | 2.3 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Expense relating to low-value asset leases | ||
Low-value asset leases | 0.4 | 0.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Audit fees | ||
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements | 1.0 | 0.5 |
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries | 1.1 | 0.9 |
Total audit fees | 2.1 | 1.4 |
| Non-audit fees | ||
Audit-related assurance services | 0.2 | 0.2 |
Other non-audit services | \u2013 | 0.3 |
Total non-audit fees | 0.2 | 0.5 |
Total auditor\u2019s remuneration | 2.3 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Personnel expenses | (50.9) | (0.9) |
Other operating expenses | (10.9) | (46.8) |
Total exceptional expenses within EBITDA | (61.8) | (47.7) |
Finance and other expenses | (0.8) | \u2013 |
Total exceptional expenses | (62.6) | (47.7) |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Finance and other income | \u2013 | 6.9 |
Total exceptional income | \u2013 | 6.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Depreciation on property, plant and equipment | 15.1 | 14.9 |
Amortisation of intangible assets | 21.1 | 3.8 |
Total depreciation and amortisation expense | 36.2 | 18.7 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest income on term deposits | 6.9 | 9.0 |
Finance income on subleases | 0.9 | 0.7 |
Finance income on amounts receivable from third party investors | \u2013 | 0.1 |
Other income | \u2013 | 6.9 |
Total finance and other income | 7.8 | 16.7 |
Interest expense on bank overdrafts and borrowings | (17.5) | (1.8) |
Interest expense on lease liabilities | (3.6) | (3.5) |
Net foreign exchange losses | (12.3) | (2.4) |
Finance expense on amounts payable to related party investors | (0.5) | (0.4) |
Other expenses | (3.2) | (1.0) |
Total finance and other expenses | (37.1) | (9.1) |
Net finance and other income, including exceptional items | (29.3) | 7.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest income on term deposits | 6.9 | 9.0 |
Finance income on subleases | 0.9 | 0.7 |
Finance income on amounts receivable from third party investors | \u2013 | 0.1 |
Other income | \u2013 | 6.9 |
Total finance and other income | 7.8 | 16.7 |
Interest expense on bank overdrafts and borrowings | (17.5) | (1.8) |
Interest expense on lease liabilities | (3.6) | (3.5) |
Net foreign exchange losses | (12.3) | (2.4) |
Finance expense on amounts payable to related party investors | (0.5) | (0.4) |
Other expenses | (3.2) | (1.0) |
Total finance and other expenses | (37.1) | (9.1) |
Net finance and other income, including exceptional items | (29.3) | 7.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest income on term deposits | 6.9 | 9.0 |
Finance income on subleases | 0.9 | 0.7 |
Finance income on amounts receivable from third party investors | \u2013 | 0.1 |
Other income | \u2013 | 6.9 |
Total finance and other income | 7.8 | 16.7 |
Interest expense on bank overdrafts and borrowings | (17.5) | (1.8) |
Interest expense on lease liabilities | (3.6) | (3.5) |
Net foreign exchange losses | (12.3) | (2.4) |
Finance expense on amounts payable to related party investors | (0.5) | (0.4) |
Other expenses | (3.2) | (1.0) |
Total finance and other expenses | (37.1) | (9.1) |
Net finance and other income, including exceptional items | (29.3) | 7.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 67.3 | 42.0 |
Additions from acquired subsidiaries | 29.1 | \u2013 |
Income recognised in the year | 59.1 | 29.8 |
Foreign exchange movements recognised as profit or loss | (0.3) | (0.4) |
Foreign exchange movements recognised as other comprehensive income | 1.5 | (0.1) |
Receipts of carried interest | (43.4) | (4.0) |
Closing balance | 113.3 | 67.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest income on term deposits | 6.9 | 9.0 |
Finance income on subleases | 0.9 | 0.7 |
Finance income on amounts receivable from third party investors | \u2013 | 0.1 |
Other income | \u2013 | 6.9 |
Total finance and other income | 7.8 | 16.7 |
Interest expense on bank overdrafts and borrowings | (17.5) | (1.8) |
Interest expense on lease liabilities | (3.6) | (3.5) |
Net foreign exchange losses | (12.3) | (2.4) |
Finance expense on amounts payable to related party investors | (0.5) | (0.4) |
Other expenses | (3.2) | (1.0) |
Total finance and other expenses | (37.1) | (9.1) |
Net finance and other income, including exceptional items | (29.3) | 7.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest income on term deposits | 6.9 | 9.0 |
Finance income on subleases | 0.9 | 0.7 |
Finance income on amounts receivable from third party investors | \u2013 | 0.1 |
Other income | \u2013 | 6.9 |
Total finance and other income | 7.8 | 16.7 |
Interest expense on bank overdrafts and borrowings | (17.5) | (1.8) |
Interest expense on lease liabilities | (3.6) | (3.5) |
Net foreign exchange losses | (12.3) | (2.4) |
Finance expense on amounts payable to related party investors | (0.5) | (0.4) |
Other expenses | (3.2) | (1.0) |
Total finance and other expenses | (37.1) | (9.1) |
Net finance and other income, including exceptional items | (29.3) | 7.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest income on term deposits | 6.9 | 9.0 |
Finance income on subleases | 0.9 | 0.7 |
Finance income on amounts receivable from third party investors | \u2013 | 0.1 |
Other income | \u2013 | 6.9 |
Total finance and other income | 7.8 | 16.7 |
Interest expense on bank overdrafts and borrowings | (17.5) | (1.8) |
Interest expense on lease liabilities | (3.6) | (3.5) |
Net foreign exchange losses | (12.3) | (2.4) |
Finance expense on amounts payable to related party investors | (0.5) | (0.4) |
Other expenses | (3.2) | (1.0) |
Total finance and other expenses | (37.1) | (9.1) |
Net finance and other income, including exceptional items | (29.3) | 7.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Current taxation | ||
Current tax \u2013 current year | 3.7 | 3.2 |
Current tax \u2013 prior year | 0.3 | (0.2) |
Total current tax expense | 4.0 | 3.0 |
| Deferred tax | ||
Deferred tax \u2013 current year | 7.8 | 14.9 |
Deferred tax \u2013 prior year | (0.2) | (2.6) |
Total deferred tax expense | 7.6 | 12.3 |
Total tax expense for the year | 11.6 | 15.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Profit before tax | 80.7 | 86.0 |
Tax on profit before taxation at the standard rate of corporation tax in the UK of 25% (2023: 23.5%) | 20.2 | 20.2 |
Non-taxable and non-deductible items | (40.2) | 11.4 |
Adjustments regarding management fee income and investments | 6.8 | (16.2) |
Effect of foreign tax rates | (0.7) | (1.1) |
Deferred tax not recognised | 25.5 | 3.8 |
Prior year adjustment | \u2013 | (2.8) |
Total tax expense for the year | 11.6 | 15.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
Tax on amounts recognised in other comprehensive income | (3.3) | (2.2) |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Deferred tax assets | 76.5 | 74.6 |
Deferred tax liabilities | (121.2) | (108.5) |
Net deferred tax liability | (44.7) | (33.9) |
| Other timing | Management | Losses carried | ||
| Deferred tax assets | differences | fee hedges | forward | Total |
As at 31 December 2023 | 24.6 | \u2013 | 50.0 | 74.6 |
(Charge) to other comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (1.2) | \u2013 | 3.1 | 1.9 |
As at 31 December 2024 | 23.4 | \u2013 | 53.1 | 76.5 |
| Management | |||||
| Other timing | Management | fee income and | Capital | ||
| Deferred tax liabilities | differences | fee hedges | investments | allowance | Total |
As at 31 December 2023 | (14.3) | (0.2) | (91.0) | (3.0) | (108.5) |
(Charge) to other comprehensive income | \u2013 | (3.3) | \u2013 | \u2013 | (3.3) |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (4.5) | \u2013 | (6.5) | 1.6 | (9.4) |
As at 31 December 2024 | (18.8) | (3.5) | (97.5) | (1.4) | (121.2) |
| Group | ||
2024 | 2023 | |
| Earnings | ||
Profit attributable to ordinary equity holders of the parent (\u00a3m) | 64.8 | 70.7 |
| Number of shares | ||
Weighted average number of ordinary shares for purposes of basic earnings per share (m) | 805.1 | 808.5 |
Effect of dilutive potential ordinary share conversion (m) | 212.5 | N/A |
Number of ordinary shares for the purposes of diluted earnings per share (m) | 1,017.6 | 808.5 |
Basic earnings per share (pence) | 8.0 | 8.7 |
Diluted earnings per share (pence) | 6.4 | N/A |
Underlying profit attributable to equity holders of the parent* (\u00a3m) | 156.6 | N/A |
Underlying basic earnings per share* (pence) | 19.5 | N/A |
Underlying diluted earnings per share* (pence) | 15.5 | N/A |
| Group | ||||
| Computers, | ||||
| Right-of-use | Leasehold | furniture and | ||
| assets | improvements | other | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | ||||
As at 1 January 2024 | 71.9 | 30.2 | 12.0 | 114.1 |
Additions from acquired subsidiaries | 12.7 | 9.3 | 1.8 | 23.8 |
Other additions | 2.0 | 1.5 | 1.4 | 4.9 |
Foreign exchange | 0.6 | 0.4 | 0.1 | 1.1 |
Disposals | \u2013 | \u2013 | (1.0) | (1.0) |
As at 31 December 2024 | 87.2 | 41.4 | 14.3 | 142.9 |
| Accumulated depreciation | ||||
As at 1 January 2024 | (26.0) | (7.2) | (7.2) | (40.4) |
Foreign exchange | \u2013 | (0.1) | \u2013 | (0.1) |
Depreciation | (8.8) | (4.1) | (2.2) | (15.1) |
Disposals | \u2013 | \u2013 | 1.0 | 1.0 |
As at 31 December 2024 | (34.8) | (11.4) | (8.4) | (54.6) |
Carrying value at 31 December 2024 | 52.4 | 30.0 | 5.9 | 88.3 |
| Group | ||||
| Leasehold | Computers, furniture | |||
| Right-of-use assets | improvements | and other | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | ||||
As at 1 January 2023 | 73.1 | 29.8 | 10.5 | 113.4 |
Foreign exchange | \u2013 | (0.2) | (0.1) | (0.3) |
Additions | 5.0 | 0.9 | 2.3 | 8.2 |
Disposals | (6.2) | (0.3) | (0.7) | (7.2) |
As at 31 December 2023 | 71.9 | 30.2 | 12.0 | 114.1 |
| Accumulated depreciation | ||||
As at 1 January 2023 | (17.6) | (4.2) | (6.1) | (27.9) |
Foreign exchange | \u2013 | 0.1 | 0.1 | 0.2 |
Depreciation | (9.6) | (3.4) | (1.9) | (14.9) |
Disposals | 1.2 | 0.3 | 0.7 | 2.2 |
As at 31 December 2023 | (26.0) | (7.2) | (7.2) | (40.4) |
Carrying value at 31 December 2023 | 45.9 | 23.0 | 4.8 | 73.7 |
| Group | ||||
| Intangible assets | Intangible assets | |||
| \u2014 customer | \u2014 acquired | |||
| Goodwill | relationship | carried interest | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | ||||
As at 1 January 2024 | 105.1 | 21.2 | \u2013 | 126.3 |
Additions from acquired subsidiaries | 436.3 | 132.1 | 97.5 | 665.9 |
Foreign exchange | 17.7 | 5.4 | 3.9 | 27.0 |
As at 31 December 2024 | 559.1 | 158.7 | 101.4 | 819.2 |
| Accumulated amortisation and impairment | ||||
As at 1 January 2024 | \u2013 | (9.7) | \u2013 | (9.7) |
Amortisation | \u2013 | (9.9) | (9.5) | (19.4) |
Foreign exchange | \u2013 | (0.1) | (0.1) | (0.2) |
As at 31 December 2024 | \u2013 | (19.7) | (9.6) | (29.3) |
| Carrying value | ||||
As at 1 January 2024 | 105.1 | 11.5 | \u2013 | 116.6 |
As at 31 December 2024 | 559.1 | 139.0 | 91.8 | 789.9 |
| Group | |||
| Goodwill | Intangible assets | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | |||
As at 1 January 2023 | 105.1 | 21.2 | 126.3 |
As at 31 December 2023 | 105.1 | 21.2 | 126.3 |
| Accumulated amortisation and impairment | |||
As at 1 January 2023 | \u2013 | (6.7) | (6.7) |
Amortisation | \u2013 | (3.0) | (3.0) |
As at 31 December 2023 | \u2013 | (9.7) | (9.7) |
| Carrying value | |||
As at 1 January 2023 | 105.1 | 14.5 | 119.6 |
As at 31 December 2023 | 105.1 | 11.5 | 116.6 |
| Carrying value of goodwill | |||
| 2024 | 2023 | ||
CGU | Goodwill arose from | \u00a3m | \u00a3m |
Credit | Acquisition of EQT Credit | 105.1 | 105.1 |
Infrastructure | Acquisition of ECP | 454.0 | \u2013 |
Total goodwill as at 31 December | 559.1 | 105.1 |
Assumption | Determination of assumption | |
| Short and medium-term cash | The cash flows are projected based on the actual operating results and a five-year estimate from 2025 | |
| flows (revenue and cost | to 2029. | Cash flows for the time thereafter are taken into account by calculating a terminal value. |
| growth) | Operating profits are based on management approved income, future fundraising, deployment of capital | |
| and costs of the business, taking into account growth plans for each business as well as past experience. | ||
| Long-term economic growth | Cash flows beyond an initial five-year period are extrapolated using estimated long-term growth rates, | |
| rates (used to determine | which are based on external estimates of GDP and inflation. | |
| terminal values) | ||
Pre-tax discount rates | Weighted average cost of capital is determined using market risk free rates based on the yields | |
| of government bonds that are most relevant to the operations of the CGU, adjusted for country | ||
| and operational risk and the cost of borrowing for the Group. |
| Change required for value-in-use to equal carrying amount | ||||
Credit | Infrastructure | |||
Key assumptions | 2024 | 2023 | 2024 | 2023 |
Reduction in profit margin (%) | 59.8% | 50.8% | 18.9% | N/A |
Reduction in long-term growth rates (percentage points) | 1.0ppts | 2.0ppts | 1.0ppts | N/A |
Increase in pre-tax discount rates (percentage points) | 23.1ppts | 18.9ppts | 7.0ppts | N/A |
Carrying value of acquired intangible assets | Remaining amortisation period | |||
| 2024 | 2023 | 2024 | 2023 | |
| Acquired intangible assets | \u00a3m | \u00a3m | (Weighted avg. years) | (Weighted avg. years) |
Customer relationship \u2013 EQT Credit | 8.4 | 11.5 | 2.8 | 3.8 |
Customer relationship \u2013 ECP | 130.6 | \u2013 | 6.6 | \u2013 |
Acquired rights to future carried interest \u2013 ECP | 91.8 | \u2013 | 4.6 | \u2013 |
Credit | Infrastructure | |||
| 2024 | 2023 | 2024 | 2023 | |
| Key assumptions | % | % | % | % |
Pre-tax discount rates | 15.9% | 16.1% | 17.0% | \u2013 |
| Group | ||||
| Intangible assets | Intangible assets | |||
| \u2014 customer | \u2014 acquired | |||
| Goodwill | relationship | carried interest | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | ||||
As at 1 January 2024 | 105.1 | 21.2 | \u2013 | 126.3 |
Additions from acquired subsidiaries | 436.3 | 132.1 | 97.5 | 665.9 |
Foreign exchange | 17.7 | 5.4 | 3.9 | 27.0 |
As at 31 December 2024 | 559.1 | 158.7 | 101.4 | 819.2 |
| Accumulated amortisation and impairment | ||||
As at 1 January 2024 | \u2013 | (9.7) | \u2013 | (9.7) |
Amortisation | \u2013 | (9.9) | (9.5) | (19.4) |
Foreign exchange | \u2013 | (0.1) | (0.1) | (0.2) |
As at 31 December 2024 | \u2013 | (19.7) | (9.6) | (29.3) |
| Carrying value | ||||
As at 1 January 2024 | 105.1 | 11.5 | \u2013 | 116.6 |
As at 31 December 2024 | 559.1 | 139.0 | 91.8 | 789.9 |
| Group | |||
| Goodwill | Intangible assets | Total | |
| \u00a3 m | \u00a3 m | \u00a3 m | |
| Cost | |||
As at 1 January 2023 | 105.1 | 21.2 | 126.3 |
As at 31 December 2023 | 105.1 | 21.2 | 126.3 |
| Accumulated amortisation and impairment | |||
As at 1 January 2023 | \u2013 | (6.7) | (6.7) |
Amortisation | \u2013 | (3.0) | (3.0) |
As at 31 December 2023 | \u2013 | (9.7) | (9.7) |
| Carrying value | |||
As at 1 January 2023 | 105.1 | 14.5 | 119.6 |
As at 31 December 2023 | 105.1 | 11.5 | 116.6 |
| Carrying value of goodwill | |||
| 2024 | 2023 | ||
CGU | Goodwill arose from | \u00a3m | \u00a3m |
Credit | Acquisition of EQT Credit | 105.1 | 105.1 |
Infrastructure | Acquisition of ECP | 454.0 | \u2013 |
Total goodwill as at 31 December | 559.1 | 105.1 |
Assumption | Determination of assumption | |
| Short and medium-term cash | The cash flows are projected based on the actual operating results and a five-year estimate from 2025 | |
| flows (revenue and cost | to 2029. | Cash flows for the time thereafter are taken into account by calculating a terminal value. |
| growth) | Operating profits are based on management approved income, future fundraising, deployment of capital | |
| and costs of the business, taking into account growth plans for each business as well as past experience. | ||
| Long-term economic growth | Cash flows beyond an initial five-year period are extrapolated using estimated long-term growth rates, | |
| rates (used to determine | which are based on external estimates of GDP and inflation. | |
| terminal values) | ||
Pre-tax discount rates | Weighted average cost of capital is determined using market risk free rates based on the yields | |
| of government bonds that are most relevant to the operations of the CGU, adjusted for country | ||
| and operational risk and the cost of borrowing for the Group. |
| Change required for value-in-use to equal carrying amount | ||||
Credit | Infrastructure | |||
Key assumptions | 2024 | 2023 | 2024 | 2023 |
Reduction in profit margin (%) | 59.8% | 50.8% | 18.9% | N/A |
Reduction in long-term growth rates (percentage points) | 1.0ppts | 2.0ppts | 1.0ppts | N/A |
Increase in pre-tax discount rates (percentage points) | 23.1ppts | 18.9ppts | 7.0ppts | N/A |
Carrying value of acquired intangible assets | Remaining amortisation period | |||
| 2024 | 2023 | 2024 | 2023 | |
| Acquired intangible assets | \u00a3m | \u00a3m | (Weighted avg. years) | (Weighted avg. years) |
Customer relationship \u2013 EQT Credit | 8.4 | 11.5 | 2.8 | 3.8 |
Customer relationship \u2013 ECP | 130.6 | \u2013 | 6.6 | \u2013 |
Acquired rights to future carried interest \u2013 ECP | 91.8 | \u2013 | 4.6 | \u2013 |
Credit | Infrastructure | |||
| 2024 | 2023 | 2024 | 2023 | |
| Key assumptions | % | % | % | % |
Pre-tax discount rates | 15.9% | 16.1% | 17.0% | \u2013 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 765.6 | \u2013 | \u2013 | \u2013 | 765.6 |
Consolidated CLO assets | 1,955.0 | \u2013 | 23.2 | \u2013 | 1,978.2 |
Trade and other receivables | \u2013 | \u2013 | 143.6 | 29.8 | 173.4 |
Derivative financial instruments | \u2013 | 26.4 | \u2013 | \u2013 | 26.4 |
Other investment | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Cash and cash equivalents | \u2013 | \u2013 | 90.8 | \u2013 | 90.8 |
Consolidated CLO cash | \u2013 | \u2013 | 69.0 | \u2013 | 69.0 |
Total | 2,720.6 | 26.4 | 326.6 | 29.8 | 3,103.4 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 301.4 | \u2013 | \u2013 | \u2013 | 301.4 |
Consolidated CLO assets | 1,313.0 | \u2013 | 35.8 | \u2013 | 1,348.8 |
Trade and other receivables | \u2013 | \u2013 | 124.4 | 17.0 | 141.4 |
Derivative financial instruments | \u2013 | 6.2 | \u2013 | \u2013 | 6.2 |
Other investment | \u2013 | \u2013 | 7.5 | \u2013 | 7.5 |
Cash and cash equivalents | \u2013 | \u2013 | 238.8 | \u2013 | 238.8 |
Consolidated CLO cash | \u2013 | \u2013 | 76.0 | \u2013 | 76.0 |
Total | 1,614.4 | 6.2 | 482.5 | 17.0 | 2,120.1 |
| Company | ||||
| Fair value | Financial | Assets which | ||
| through | assets at | are not | ||
| profit or loss | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | 39.2 | \u2013 | 39.2 |
Cash and cash equivalents | \u2013 | 0.7 | \u2013 | 0.7 |
Total | \u2013 | 39.9 | \u2013 | 39.9 |
| Company | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | \u2013 | 8.0 | 0.4 | 8.4 |
Cash and cash equivalents | \u2013 | \u2013 | 139.7 | \u2013 | 139.7 |
Derivative financial instruments | \u2013 | 3.9 | \u2013 | \u2013 | 3.9 |
Total | \u2013 | 3.9 | 147.7 | 0.4 | 152.0 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 392.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised in profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised in other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Closing balance | 765.6 | 301.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Consolidated CLO assets held by the Group | 2,047.2 | 1,424.8 |
Consolidated CLO assets attributable to third-party investors | (1,929.5) | (1,343.7) |
Group\u2019s exposure to consolidated CLO assets | 117.7 | 81.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Derivative financial assets | ||
Forward contracts | 26.4 | 2.3 |
Foreign currency options | \u2013 | 3.9 |
Total derivative financial assets | 26.4 | 6.2 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 4.9 | 2.8 |
Additions from acquired subsidiaries | 5.5 | \u2013 |
Other additions | 11.6 | 4.0 |
Amortisation | (8.0) | (1.9) |
Foreign exchange | 0.2 | \u2013 |
Closing balance | 14.2 | 4.9 |
| Group | ||
| 2024 | 2023 | |
| Lease receivables | \u00a3 m | \u00a3 m |
Due within 1 year | 3.8 | 3.1 |
Due between 1 and 2 years | 3.7 | 3.6 |
Due between 2 and 3 years | 3.6 | 3.6 |
Due between 3 and 4 years | 2.0 | 3.6 |
Due between 4 and 5 years | 2.5 | 2.0 |
Due after more than 5 years | 3.5 | 6.0 |
Total undiscounted lease payments receivables | 19.1 | 21.9 |
Unearned finance income | (2.5) | (3.4) |
Net investment in leases | 16.6 | 18.5 |
Current | 2.6 | 2.2 |
Non-current | 14.0 | 16.3 |
16.6 | 18.5 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Cash at bank and in hand | 73.7 | 67.0 | 0.7 | 4.7 |
Money market funds | 16.3 | 170.9 | \u2013 | 135.0 |
Deposits with original maturities of less than three months | 0.8 | 0.9 | \u2013 | \u2013 |
Total cash and cash equivalents | 90.8 | 238.8 | 0.7 | 139.7 |
Consolidated CLO cash | 69.0 | 76.0 | \u2013 | \u2013 |
Total cash | 159.8 | 314.8 | 0.7 | 139.7 |
| Group | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 9.8 | \u2013 | 98.0 | 84.9 | 192.7 |
Other financial liabilities | 159.4 | \u2013 | \u2013 | \u2013 | 159.4 |
Lease liabilities | \u2013 | \u2013 | 87.9 | \u2013 | 87.9 |
Borrowings | \u2013 | \u2013 | 485.3 | \u2013 | 485.3 |
Derivative financial instruments | \u2013 | 4.2 | \u2013 | \u2013 | 4.2 |
Consolidated CLO liabilities | 1,696.2 | \u2013 | 20.6 | \u2013 | 1,716.8 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 212.7 | \u2013 | 212.7 |
Total | 1,865.4 | 4.2 | 904.5 | 84.9 | 2,859.0 |
| Group | |||||
| Fair value | Financial | Liabilities which | |||
| through profit | Hedging | liabilities at | are not financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 47.6 | 98.0 | 145.6 |
Other financial liabilities | 50.1 | \u2013 | \u2013 | \u2013 | 50.1 |
Lease liabilities | \u2013 | \u2013 | 81.6 | \u2013 | 81.6 |
Derivative financial instruments | \u2013 | 1.6 | \u2013 | \u2013 | 1.6 |
Consolidated CLO liabilities | 1,152.0 | \u2013 | 14.9 | \u2013 | 1,166.9 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 176.8 | \u2013 | 176.8 |
Total | 1,202.1 | 1.6 | 320.9 | 98.0 | 1,622.6 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
Total financial liabilities | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| (Restated) | or loss | derivatives | amortised cost | liabilities | Total |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Total financial liabilities | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Group | Company | |||
| (Restated) | ||||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Amounts due in more than one year: | ||||
Management incentive scheme | 13.5 | 12.6 | \u2013 | \u2013 |
Deferred contingent consideration payable | 9.8 | \u2013 | \u2013 | \u2013 |
Other payables | 8.6 | \u2013 | \u2013 | \u2013 |
Accrued expenses | 3.7 | 0.5 | \u2013 | \u2013 |
35.6 | 13.1 | \u2013 | \u2013 | |
| Amounts due within one year: | ||||
Trade payables | 21.0 | 9.1 | 0.8 | \u2013 |
Accrued expenses | 97.0 | 110.9 | 0.8 | 25.5 |
Amounts due to related parties | \u2013 | \u2013 | \u2013 | 115.1 |
Social security and other taxes | 2.9 | 2.9 | \u2013 | \u2013 |
Deferred income | 7.8 | \u2013 | \u2013 | \u2013 |
Other payables | 28.4 | 9.6 | 6.9 | 0.2 |
157.1 | 132.5 | 8.5 | 140.8 | |
Total trade and other payables | 192.7 | 145.6 | 8.5 | 140.8 |
| Group | |||
Non-current: | 2024 | ||
| Principal | Fixed interest | Maturity | |
| \u00a3m | % | date | |
| ECP private placement debt | |||
Series A Notes | 17.6 | 5.70 | 7 July 2027 |
Series B Notes | 69.5 | 5.79 | 7 July 2029 |
Series C Notes | 59.9 | 5.94 | 7 July 2032 |
Sub-total / weighted coupon | 147.0 | 5.84 | |
| New US private placement debt | |||
Series A Notes | 39.9 | 6.18 | 7 June 2027 |
Series B Notes | 103.8 | 6.20 | 6 June 2029 |
Series C Notes | 139.7 | 6.31 | 6 June 2031 |
Series D Notes | 59.9 | 6.46 | 6 June 2034 |
Sub-total / weighted coupon | 343.3 | 6.29 | |
Borrowings at 31 December / weighted coupon | 490.3 | 6.16 | |
Capitalised facility costs | (5.0) | ||
Total borrowings at 31 December / weighted coupon | 485.3 | 6.16 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Liabilities held at fair value through profit and loss: | ||
CLO repurchase agreements | 27.5 | 28.5 |
Amount payable to third party investors | 110.6 | \u2013 |
Amount payable to related party investors | 21.3 | 21.6 |
Total | 159.4 | 50.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Liabilities of CLOs consolidated by the Group (non-current) | 1,696.2 | 1,152.0 |
Liabilities of CLOs consolidated by the Group (current) | 20.6 | 14.9 |
Total | 1,716.8 | 1,166.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Consolidated CLO purchases awaiting settlement | 212.7 | 176.8 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Derivative financial liabilities: | ||
Forward contracts | 4.2 | 1.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Private equity funds | 325.9 | 257.0 |
Infrastructure funds | 35.8 | \u2013 |
Credit funds | 20.5 | 30.3 |
Total committed capital | 382.2 | 287.3 |
2024 | 2023 | |||||||
Group | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
| Fair value of fund | ||||||||
investments | \u2013 | 13.0 | 752.6 | 765.6 | \u2013 | \u2013 | 301.4 | 301.4 |
Consolidated CLO assets | \u2013 | 1,955.0 | \u2013 | 1,955.0 | \u2013 | 1,313.0 | \u2013 | 1,313.0 |
Derivative financial assets | \u2013 | 26.4 | \u2013 | 26.4 | \u2013 | 6.2 | \u2013 | 6.2 |
Total | \u2013 | 1,994.4 | 752.6 | 2,747.0 | \u2013 | 1,319.2 | 301.4 | 1,620.6 |
| Financial Liabilities | ||||||||
| Deferred contingent | ||||||||
consideration payable | \u2013 | \u2013 | 9.8 | 9.8 | \u2013 | \u2013 | \u2013 | \u2013 |
Other financial liabilities | \u2013 | \u2013 | 159.4 | 159.4 | \u2013 | \u2013 | 50.1 | 50.1 |
Consolidated CLO liabilities | \u2013 | \u2013 | 1,696.2 | 1,696.2 | \u2013 | \u2013 | 1,152.0 | 1,152.0 |
Derivative financial liabilities | \u2013 | 4.2 | \u2013 | 4.2 | \u2013 | 1.6 | \u2013 | 1.6 |
Total | \u2013 | 4.2 | 1,865.4 | 1,869.6 | \u2013 | 1.6 | 1,202.1 | 1,203.7 |
2024 | 2023 | |||||||
Company | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
Derivative financial assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
| Financial Liabilities | ||||||||
Derivative financial liabilities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Level 3 financial assets at fair value through profit or loss: | ||
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 379.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised as profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised as other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 752.6 | 301.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Movement in CLO liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 1,152.0 | 597.5 |
Additions | 616.3 | 582.5 |
Change in fair value | 0.8 | 38.6 |
Foreign exchange movements recognised as profit or loss | (52.9) | (14.0) |
Foreign exchange movements recognised as other comprehensive income | \u2013 | \u2013 |
Disposals | (20.0) | (52.6) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 1,696.2 | 1,152.0 |
| Group | ||
| 2024 | 2023 | |
| Group | \u00a3m | \u00a3m |
| Movement in other financial liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 21.6 | 21.4 |
Additions from acquired subsidiaries | 0.2 | \u2013 |
Additions | 124.1 | 1.3 |
Change in fair value | (0.3) | 0.5 |
Foreign exchange movements recognised as profit or loss | \u2013 | (0.7) |
Foreign exchange movements recognised as other comprehensive income | (2.7) | \u2013 |
Disposals | (11.0) | (0.9) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 131.9 | 21.6 |
| Valuation Approach | |
Earnings | The Group primarily uses an earnings approach for private equity fund investments where a set of relevant listed |
| companies and precedent transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments to | |
| arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earning multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any relevant assets or liabilities such as cash or debt. The fund\u2019s share of the value is calculated by | |
| calculating its holding. |
| Valuation Approach | |
| Amortising to | Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there are no |
| par method | circumstances which indicate material underperformance or inability of the borrower to pay interest or repay the |
| principal, the valuation of loans that have been originated is determined by apportioning any arrangement fees, similar | |
| fees or discount on a linear basis over the anticipated holding period (which is typically three years). | |
Market price | Where a loan is traded in the market, market prices can be obtained for use in pricing. Market prices can be obtained |
| from third-party market price aggregation services or broker quotes where there is an active market. The extent to | |
| which a market is active will depend on the \u2018depth\u2019 of the pricing (being the number of distinct price quotations | |
| available from different sources). Before the use of market pricing, consideration is given to anomalies or other | |
| inaccuracies in market pricing and whether there are other factors that should be considered (for example, recent | |
| transactions). | |
Earnings | Where a loan may be impaired an earnings basis is typically used to determine the enterprise value of the borrower, |
| following which a waterfall approach is used to determine the value of the loan. Where there are circumstances which | |
| indicate there is risk of non-performance of the borrower, the enterprise value of the borrower will typically be | |
| determined in accordance with an earnings methodology (as described above), following which a waterfall approach is | |
| used to determine the value of the loan. | |
| Discounted cash | Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the |
| flows | valuation. Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected |
| cash flows relating to the CLO\u2019s underlying asset portfolio including annual loan default rates and associated recovery | |
| rates, prepayment rates, reinvestment rates and spreads. | |
| Other | Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for other |
| approaches | valuation techniques to be utilised in certain cases. |
| Valuation Approach | |
Earnings | The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed companies |
| and relevant transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments | |
| to arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earnings multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples or transaction multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any assets or liabilities such as cash or debt that should be included. The fund\u2019s share of the value is | |
| calculated by calculating its holding. | |
| Discounted cash | Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected cash |
| flows | flows relating to the infrastructure portfolio company. |
| Effect on fair | ||||||||
| Fair value at | Fair value at | Number | value at | |||||
| 31 December | 31 December | of unique | Valuation | Significant | 31 December | |||
| Description | 2024 (\u00a3m) | 2023 (\u00a3m) | investments | technique | unobservable inputs | Range | Sensitivity | 2024 (\u00a3m) |
| Private equity | 581.4 | 260.9 | 80 | Market | Earnings multiple | 3.4x \u201327.5x | +10% Earnings multiple | 60.3 |
| fund | Approach | Revenue multiple | 4.0x \u2013 27.5x | \u201310% Earnings multiple | (61.9) | |||
| investments | ||||||||
| Infrastructure | 127.1 | \u2013 | 16 | Market | Earnings multiple | 4.5x \u201310.5x | Upside case** | 87.2 |
| fund investments | Approach | Cash flow yield | 8.3% | Downside case** | (90.2) | |||
| Discounted | Discount rate | 8.3% \u201322.8% | Upside case** | 7.1 | ||||
| Cash Flow | Downside case** | (3.6) | ||||||
| Credit fund | 29.5 | 25.3 | 26 | Market | Earnings multiple | 5.0x \u2013 26.4x | +10% Earnings multiple | 0.2 |
| investments | Approach | Revenue multiple | 3.0x \u2013 11.7x | \u201310% Earnings multiple | (0.3) | |||
479 | Other | n/a | n/a | n/a | n/a | |||
| Group\u2019s | 14.6 | 15.2 | 8 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| investments in | Cash Flow | Default rate | 2.0% | Upside case** | 1.1 | |||
| CLOs that are | Recovery rate | 35.0% \u2013 65.0% | ||||||
| not | Prepayment rate | 20.0% | ||||||
| consolidated* | Reinvestment | 97.5% \u2013 99.5% | Downside case** | |||||
| price | (0.9) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
Total assets | 752.6 | 301.4 | ||||||
| Consolidated | 1,696.2 | 1,152.0 | 47 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| CLO liabilities* | Cash Flow | Default rate | 2.0% | Upside case** | 102.9 | |||
Recovery rate | 35.0% \u2013 65.0% | |||||||
Prepayment rate | 20.0% | |||||||
| Reinvestment | 97.5% \u2013 99.5% | Downside case** | ||||||
| price | (59.7) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
| CLO repurchase | 27.5 | 28.5 | 11 | Discounted | Discount rate | 1.6% \u2013 9.3% | +10% discount rate | 0.4 |
| agreements | Cash Flow | \u201310% discount rate | (0.3) | |||||
| Deferred | 9.8 | \u2013 | n/a | Probability | Discount rate | 10.3% | ||
| contingent | Weighted | +1% discount rate | 0.3 | |||||
| consideration | Expected | Scenario | 5.0% \u2013 70.0% | -1% discount rate | (0.3) | |||
| Return | probabilities | |||||||
| Other financial | 131.9 | 21.6 | n/a | Other | Net asset value | n/a | +10% of NAV | 13.2 |
| liabilities | (NAV) | \u201310% of NAV | (13.2) | |||||
Total liabilities | 1,865.4 | 1,202.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pound sterling | 534.0 | 362.7 |
Mark-to-market value at year end | 14.5 | 0.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Ineffective portion recognised as profit or loss | \u2013 | \u2013 |
Effective portion recognised as other comprehensive income | 14.0 | 8.6 |
Reclassified to profit or loss upon settlement of hedges | 0.3 | 1.3 |
| Group | ||
2024 | 2023 | |
Euro denominated investments (\u20acm) | 662.7 | 400.7 |
Investment hedges (\u20acm) | (260.8) | (83.3) |
EUR denominated investments, net (\u20acm) | 401.9 | 317.4 |
+/- 5% sensitivity (\u00a3m) impact on profit and net assets | 16.6 | 13.7 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pound sterling | 282.8 | 74.7 |
Mark-to-market value at year end | 5.4 | 0.6 |
| Group | ||
2024 | 2023 | |
US dollar borrowing ($m) | (281.1) | \u2013 |
Investment hedges ($m) | 195.5 | \u2013 |
Un-hedged US dollar liabilities, net ($m) | (85.6) | \u2013 |
+/- 5% sensitivity (\u00a3m) impact on profit and net assets | (3.4) | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pounds sterling | 195.5 | \u2013 |
Mark-to-market value at year end | 2.3 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| (+/-) | (+/-) | |
Increase or decrease of 1% | 5.0 | \u2013 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.3 | \u2013 | 138.1 | 159.4 |
Derivative financial liabilities | 3.6 | 0.2 | 0.4 | \u2013 | 4.2 |
Trade and other payables | 97.0 | 10.8 | \u2013 | \u2013 | 107.8 |
Borrowings (excluding capitalised facility costs) | \u2013 | \u2013 | 230.8 | 259.5 | 490.3 |
Lease liabilities | 17.0 | 16.7 | 43.1 | 24.5 | 101.3 |
Consolidated CLO liabilities | 120.8 | 309.1 | 1,062.6 | 612.6 | 2,105.1 |
Consolidated CLO purchases awaiting settlement | 212.7 | \u2013 | \u2013 | \u2013 | 212.7 |
451.1 | 358.1 | 1,336.9 | 1,034.7 | 3,180.8 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.6 | \u2013 | 29.0 | 50.6 |
Derivative financial liabilities | 1.2 | 0.4 | \u2013 | \u2013 | 1.6 |
Trade and other payables | 47.6 | \u2013 | \u2013 | \u2013 | 47.6 |
Lease liabilities | 15.0 | 14.1 | 38.7 | 25.7 | 93.5 |
Consolidated CLO liabilities | 96.4 | 63.6 | 1,271.5 | \u2013 | 1,431.5 |
Consolidated CLO purchases awaiting settlement | 176.8 | \u2013 | \u2013 | \u2013 | 176.8 |
337.0 | 99.7 | 1,310.2 | 54.7 | 1,801.6 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 131.7 | \u2013 | \u2013 | \u2013 | 131.7 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 765.6 | \u2013 | \u2013 | \u2013 | 765.6 |
Consolidated CLO assets | 1,955.0 | \u2013 | 23.2 | \u2013 | 1,978.2 |
Trade and other receivables | \u2013 | \u2013 | 143.6 | 29.8 | 173.4 |
Derivative financial instruments | \u2013 | 26.4 | \u2013 | \u2013 | 26.4 |
Other investment | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Cash and cash equivalents | \u2013 | \u2013 | 90.8 | \u2013 | 90.8 |
Consolidated CLO cash | \u2013 | \u2013 | 69.0 | \u2013 | 69.0 |
Total | 2,720.6 | 26.4 | 326.6 | 29.8 | 3,103.4 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 301.4 | \u2013 | \u2013 | \u2013 | 301.4 |
Consolidated CLO assets | 1,313.0 | \u2013 | 35.8 | \u2013 | 1,348.8 |
Trade and other receivables | \u2013 | \u2013 | 124.4 | 17.0 | 141.4 |
Derivative financial instruments | \u2013 | 6.2 | \u2013 | \u2013 | 6.2 |
Other investment | \u2013 | \u2013 | 7.5 | \u2013 | 7.5 |
Cash and cash equivalents | \u2013 | \u2013 | 238.8 | \u2013 | 238.8 |
Consolidated CLO cash | \u2013 | \u2013 | 76.0 | \u2013 | 76.0 |
Total | 1,614.4 | 6.2 | 482.5 | 17.0 | 2,120.1 |
| Company | ||||
| Fair value | Financial | Assets which | ||
| through | assets at | are not | ||
| profit or loss | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | 39.2 | \u2013 | 39.2 |
Cash and cash equivalents | \u2013 | 0.7 | \u2013 | 0.7 |
Total | \u2013 | 39.9 | \u2013 | 39.9 |
| Company | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | \u2013 | 8.0 | 0.4 | 8.4 |
Cash and cash equivalents | \u2013 | \u2013 | 139.7 | \u2013 | 139.7 |
Derivative financial instruments | \u2013 | 3.9 | \u2013 | \u2013 | 3.9 |
Total | \u2013 | 3.9 | 147.7 | 0.4 | 152.0 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 392.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised in profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised in other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Closing balance | 765.6 | 301.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Consolidated CLO assets held by the Group | 2,047.2 | 1,424.8 |
Consolidated CLO assets attributable to third-party investors | (1,929.5) | (1,343.7) |
Group\u2019s exposure to consolidated CLO assets | 117.7 | 81.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Derivative financial assets | ||
Forward contracts | 26.4 | 2.3 |
Foreign currency options | \u2013 | 3.9 |
Total derivative financial assets | 26.4 | 6.2 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 4.9 | 2.8 |
Additions from acquired subsidiaries | 5.5 | \u2013 |
Other additions | 11.6 | 4.0 |
Amortisation | (8.0) | (1.9) |
Foreign exchange | 0.2 | \u2013 |
Closing balance | 14.2 | 4.9 |
| Group | ||
| 2024 | 2023 | |
| Lease receivables | \u00a3 m | \u00a3 m |
Due within 1 year | 3.8 | 3.1 |
Due between 1 and 2 years | 3.7 | 3.6 |
Due between 2 and 3 years | 3.6 | 3.6 |
Due between 3 and 4 years | 2.0 | 3.6 |
Due between 4 and 5 years | 2.5 | 2.0 |
Due after more than 5 years | 3.5 | 6.0 |
Total undiscounted lease payments receivables | 19.1 | 21.9 |
Unearned finance income | (2.5) | (3.4) |
Net investment in leases | 16.6 | 18.5 |
Current | 2.6 | 2.2 |
Non-current | 14.0 | 16.3 |
16.6 | 18.5 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Cash at bank and in hand | 73.7 | 67.0 | 0.7 | 4.7 |
Money market funds | 16.3 | 170.9 | \u2013 | 135.0 |
Deposits with original maturities of less than three months | 0.8 | 0.9 | \u2013 | \u2013 |
Total cash and cash equivalents | 90.8 | 238.8 | 0.7 | 139.7 |
Consolidated CLO cash | 69.0 | 76.0 | \u2013 | \u2013 |
Total cash | 159.8 | 314.8 | 0.7 | 139.7 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 765.6 | \u2013 | \u2013 | \u2013 | 765.6 |
Consolidated CLO assets | 1,955.0 | \u2013 | 23.2 | \u2013 | 1,978.2 |
Trade and other receivables | \u2013 | \u2013 | 143.6 | 29.8 | 173.4 |
Derivative financial instruments | \u2013 | 26.4 | \u2013 | \u2013 | 26.4 |
Other investment | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Cash and cash equivalents | \u2013 | \u2013 | 90.8 | \u2013 | 90.8 |
Consolidated CLO cash | \u2013 | \u2013 | 69.0 | \u2013 | 69.0 |
Total | 2,720.6 | 26.4 | 326.6 | 29.8 | 3,103.4 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 301.4 | \u2013 | \u2013 | \u2013 | 301.4 |
Consolidated CLO assets | 1,313.0 | \u2013 | 35.8 | \u2013 | 1,348.8 |
Trade and other receivables | \u2013 | \u2013 | 124.4 | 17.0 | 141.4 |
Derivative financial instruments | \u2013 | 6.2 | \u2013 | \u2013 | 6.2 |
Other investment | \u2013 | \u2013 | 7.5 | \u2013 | 7.5 |
Cash and cash equivalents | \u2013 | \u2013 | 238.8 | \u2013 | 238.8 |
Consolidated CLO cash | \u2013 | \u2013 | 76.0 | \u2013 | 76.0 |
Total | 1,614.4 | 6.2 | 482.5 | 17.0 | 2,120.1 |
| Company | ||||
| Fair value | Financial | Assets which | ||
| through | assets at | are not | ||
| profit or loss | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | 39.2 | \u2013 | 39.2 |
Cash and cash equivalents | \u2013 | 0.7 | \u2013 | 0.7 |
Total | \u2013 | 39.9 | \u2013 | 39.9 |
| Company | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | \u2013 | 8.0 | 0.4 | 8.4 |
Cash and cash equivalents | \u2013 | \u2013 | 139.7 | \u2013 | 139.7 |
Derivative financial instruments | \u2013 | 3.9 | \u2013 | \u2013 | 3.9 |
Total | \u2013 | 3.9 | 147.7 | 0.4 | 152.0 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 392.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised in profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised in other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Closing balance | 765.6 | 301.4 |
| Group | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 9.8 | \u2013 | 98.0 | 84.9 | 192.7 |
Other financial liabilities | 159.4 | \u2013 | \u2013 | \u2013 | 159.4 |
Lease liabilities | \u2013 | \u2013 | 87.9 | \u2013 | 87.9 |
Borrowings | \u2013 | \u2013 | 485.3 | \u2013 | 485.3 |
Derivative financial instruments | \u2013 | 4.2 | \u2013 | \u2013 | 4.2 |
Consolidated CLO liabilities | 1,696.2 | \u2013 | 20.6 | \u2013 | 1,716.8 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 212.7 | \u2013 | 212.7 |
Total | 1,865.4 | 4.2 | 904.5 | 84.9 | 2,859.0 |
| Group | |||||
| Fair value | Financial | Liabilities which | |||
| through profit | Hedging | liabilities at | are not financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 47.6 | 98.0 | 145.6 |
Other financial liabilities | 50.1 | \u2013 | \u2013 | \u2013 | 50.1 |
Lease liabilities | \u2013 | \u2013 | 81.6 | \u2013 | 81.6 |
Derivative financial instruments | \u2013 | 1.6 | \u2013 | \u2013 | 1.6 |
Consolidated CLO liabilities | 1,152.0 | \u2013 | 14.9 | \u2013 | 1,166.9 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 176.8 | \u2013 | 176.8 |
Total | 1,202.1 | 1.6 | 320.9 | 98.0 | 1,622.6 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
Total financial liabilities | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| (Restated) | or loss | derivatives | amortised cost | liabilities | Total |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Total financial liabilities | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Liabilities held at fair value through profit and loss: | ||
CLO repurchase agreements | 27.5 | 28.5 |
Amount payable to third party investors | 110.6 | \u2013 |
Amount payable to related party investors | 21.3 | 21.6 |
Total | 159.4 | 50.1 |
2024 | 2023 | |||||||
Group | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
| Fair value of fund | ||||||||
investments | \u2013 | 13.0 | 752.6 | 765.6 | \u2013 | \u2013 | 301.4 | 301.4 |
Consolidated CLO assets | \u2013 | 1,955.0 | \u2013 | 1,955.0 | \u2013 | 1,313.0 | \u2013 | 1,313.0 |
Derivative financial assets | \u2013 | 26.4 | \u2013 | 26.4 | \u2013 | 6.2 | \u2013 | 6.2 |
Total | \u2013 | 1,994.4 | 752.6 | 2,747.0 | \u2013 | 1,319.2 | 301.4 | 1,620.6 |
| Financial Liabilities | ||||||||
| Deferred contingent | ||||||||
consideration payable | \u2013 | \u2013 | 9.8 | 9.8 | \u2013 | \u2013 | \u2013 | \u2013 |
Other financial liabilities | \u2013 | \u2013 | 159.4 | 159.4 | \u2013 | \u2013 | 50.1 | 50.1 |
Consolidated CLO liabilities | \u2013 | \u2013 | 1,696.2 | 1,696.2 | \u2013 | \u2013 | 1,152.0 | 1,152.0 |
Derivative financial liabilities | \u2013 | 4.2 | \u2013 | 4.2 | \u2013 | 1.6 | \u2013 | 1.6 |
Total | \u2013 | 4.2 | 1,865.4 | 1,869.6 | \u2013 | 1.6 | 1,202.1 | 1,203.7 |
2024 | 2023 | |||||||
Company | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
Derivative financial assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
| Financial Liabilities | ||||||||
Derivative financial liabilities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Level 3 financial assets at fair value through profit or loss: | ||
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 379.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised as profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised as other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 752.6 | 301.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Movement in CLO liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 1,152.0 | 597.5 |
Additions | 616.3 | 582.5 |
Change in fair value | 0.8 | 38.6 |
Foreign exchange movements recognised as profit or loss | (52.9) | (14.0) |
Foreign exchange movements recognised as other comprehensive income | \u2013 | \u2013 |
Disposals | (20.0) | (52.6) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 1,696.2 | 1,152.0 |
| Group | ||
| 2024 | 2023 | |
| Group | \u00a3m | \u00a3m |
| Movement in other financial liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 21.6 | 21.4 |
Additions from acquired subsidiaries | 0.2 | \u2013 |
Additions | 124.1 | 1.3 |
Change in fair value | (0.3) | 0.5 |
Foreign exchange movements recognised as profit or loss | \u2013 | (0.7) |
Foreign exchange movements recognised as other comprehensive income | (2.7) | \u2013 |
Disposals | (11.0) | (0.9) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 131.9 | 21.6 |
| Valuation Approach | |
Earnings | The Group primarily uses an earnings approach for private equity fund investments where a set of relevant listed |
| companies and precedent transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments to | |
| arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earning multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any relevant assets or liabilities such as cash or debt. The fund\u2019s share of the value is calculated by | |
| calculating its holding. |
| Valuation Approach | |
| Amortising to | Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there are no |
| par method | circumstances which indicate material underperformance or inability of the borrower to pay interest or repay the |
| principal, the valuation of loans that have been originated is determined by apportioning any arrangement fees, similar | |
| fees or discount on a linear basis over the anticipated holding period (which is typically three years). | |
Market price | Where a loan is traded in the market, market prices can be obtained for use in pricing. Market prices can be obtained |
| from third-party market price aggregation services or broker quotes where there is an active market. The extent to | |
| which a market is active will depend on the \u2018depth\u2019 of the pricing (being the number of distinct price quotations | |
| available from different sources). Before the use of market pricing, consideration is given to anomalies or other | |
| inaccuracies in market pricing and whether there are other factors that should be considered (for example, recent | |
| transactions). | |
Earnings | Where a loan may be impaired an earnings basis is typically used to determine the enterprise value of the borrower, |
| following which a waterfall approach is used to determine the value of the loan. Where there are circumstances which | |
| indicate there is risk of non-performance of the borrower, the enterprise value of the borrower will typically be | |
| determined in accordance with an earnings methodology (as described above), following which a waterfall approach is | |
| used to determine the value of the loan. | |
| Discounted cash | Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the |
| flows | valuation. Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected |
| cash flows relating to the CLO\u2019s underlying asset portfolio including annual loan default rates and associated recovery | |
| rates, prepayment rates, reinvestment rates and spreads. | |
| Other | Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for other |
| approaches | valuation techniques to be utilised in certain cases. |
| Valuation Approach | |
Earnings | The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed companies |
| and relevant transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments | |
| to arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earnings multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples or transaction multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any assets or liabilities such as cash or debt that should be included. The fund\u2019s share of the value is | |
| calculated by calculating its holding. | |
| Discounted cash | Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected cash |
| flows | flows relating to the infrastructure portfolio company. |
| Effect on fair | ||||||||
| Fair value at | Fair value at | Number | value at | |||||
| 31 December | 31 December | of unique | Valuation | Significant | 31 December | |||
| Description | 2024 (\u00a3m) | 2023 (\u00a3m) | investments | technique | unobservable inputs | Range | Sensitivity | 2024 (\u00a3m) |
| Private equity | 581.4 | 260.9 | 80 | Market | Earnings multiple | 3.4x \u201327.5x | +10% Earnings multiple | 60.3 |
| fund | Approach | Revenue multiple | 4.0x \u2013 27.5x | \u201310% Earnings multiple | (61.9) | |||
| investments | ||||||||
| Infrastructure | 127.1 | \u2013 | 16 | Market | Earnings multiple | 4.5x \u201310.5x | Upside case** | 87.2 |
| fund investments | Approach | Cash flow yield | 8.3% | Downside case** | (90.2) | |||
| Discounted | Discount rate | 8.3% \u201322.8% | Upside case** | 7.1 | ||||
| Cash Flow | Downside case** | (3.6) | ||||||
| Credit fund | 29.5 | 25.3 | 26 | Market | Earnings multiple | 5.0x \u2013 26.4x | +10% Earnings multiple | 0.2 |
| investments | Approach | Revenue multiple | 3.0x \u2013 11.7x | \u201310% Earnings multiple | (0.3) | |||
479 | Other | n/a | n/a | n/a | n/a | |||
| Group\u2019s | 14.6 | 15.2 | 8 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| investments in | Cash Flow | Default rate | 2.0% | Upside case** | 1.1 | |||
| CLOs that are | Recovery rate | 35.0% \u2013 65.0% | ||||||
| not | Prepayment rate | 20.0% | ||||||
| consolidated* | Reinvestment | 97.5% \u2013 99.5% | Downside case** | |||||
| price | (0.9) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
Total assets | 752.6 | 301.4 | ||||||
| Consolidated | 1,696.2 | 1,152.0 | 47 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| CLO liabilities* | Cash Flow | Default rate | 2.0% | Upside case** | 102.9 | |||
Recovery rate | 35.0% \u2013 65.0% | |||||||
Prepayment rate | 20.0% | |||||||
| Reinvestment | 97.5% \u2013 99.5% | Downside case** | ||||||
| price | (59.7) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
| CLO repurchase | 27.5 | 28.5 | 11 | Discounted | Discount rate | 1.6% \u2013 9.3% | +10% discount rate | 0.4 |
| agreements | Cash Flow | \u201310% discount rate | (0.3) | |||||
| Deferred | 9.8 | \u2013 | n/a | Probability | Discount rate | 10.3% | ||
| contingent | Weighted | +1% discount rate | 0.3 | |||||
| consideration | Expected | Scenario | 5.0% \u2013 70.0% | -1% discount rate | (0.3) | |||
| Return | probabilities | |||||||
| Other financial | 131.9 | 21.6 | n/a | Other | Net asset value | n/a | +10% of NAV | 13.2 |
| liabilities | (NAV) | \u201310% of NAV | (13.2) | |||||
Total liabilities | 1,865.4 | 1,202.1 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 765.6 | \u2013 | \u2013 | \u2013 | 765.6 |
Consolidated CLO assets | 1,955.0 | \u2013 | 23.2 | \u2013 | 1,978.2 |
Trade and other receivables | \u2013 | \u2013 | 143.6 | 29.8 | 173.4 |
Derivative financial instruments | \u2013 | 26.4 | \u2013 | \u2013 | 26.4 |
Other investment | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Cash and cash equivalents | \u2013 | \u2013 | 90.8 | \u2013 | 90.8 |
Consolidated CLO cash | \u2013 | \u2013 | 69.0 | \u2013 | 69.0 |
Total | 2,720.6 | 26.4 | 326.6 | 29.8 | 3,103.4 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 301.4 | \u2013 | \u2013 | \u2013 | 301.4 |
Consolidated CLO assets | 1,313.0 | \u2013 | 35.8 | \u2013 | 1,348.8 |
Trade and other receivables | \u2013 | \u2013 | 124.4 | 17.0 | 141.4 |
Derivative financial instruments | \u2013 | 6.2 | \u2013 | \u2013 | 6.2 |
Other investment | \u2013 | \u2013 | 7.5 | \u2013 | 7.5 |
Cash and cash equivalents | \u2013 | \u2013 | 238.8 | \u2013 | 238.8 |
Consolidated CLO cash | \u2013 | \u2013 | 76.0 | \u2013 | 76.0 |
Total | 1,614.4 | 6.2 | 482.5 | 17.0 | 2,120.1 |
| Company | ||||
| Fair value | Financial | Assets which | ||
| through | assets at | are not | ||
| profit or loss | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | 39.2 | \u2013 | 39.2 |
Cash and cash equivalents | \u2013 | 0.7 | \u2013 | 0.7 |
Total | \u2013 | 39.9 | \u2013 | 39.9 |
| Company | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | \u2013 | 8.0 | 0.4 | 8.4 |
Cash and cash equivalents | \u2013 | \u2013 | 139.7 | \u2013 | 139.7 |
Derivative financial instruments | \u2013 | 3.9 | \u2013 | \u2013 | 3.9 |
Total | \u2013 | 3.9 | 147.7 | 0.4 | 152.0 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 392.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised in profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised in other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Closing balance | 765.6 | 301.4 |
| Group | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 9.8 | \u2013 | 98.0 | 84.9 | 192.7 |
Other financial liabilities | 159.4 | \u2013 | \u2013 | \u2013 | 159.4 |
Lease liabilities | \u2013 | \u2013 | 87.9 | \u2013 | 87.9 |
Borrowings | \u2013 | \u2013 | 485.3 | \u2013 | 485.3 |
Derivative financial instruments | \u2013 | 4.2 | \u2013 | \u2013 | 4.2 |
Consolidated CLO liabilities | 1,696.2 | \u2013 | 20.6 | \u2013 | 1,716.8 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 212.7 | \u2013 | 212.7 |
Total | 1,865.4 | 4.2 | 904.5 | 84.9 | 2,859.0 |
| Group | |||||
| Fair value | Financial | Liabilities which | |||
| through profit | Hedging | liabilities at | are not financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 47.6 | 98.0 | 145.6 |
Other financial liabilities | 50.1 | \u2013 | \u2013 | \u2013 | 50.1 |
Lease liabilities | \u2013 | \u2013 | 81.6 | \u2013 | 81.6 |
Derivative financial instruments | \u2013 | 1.6 | \u2013 | \u2013 | 1.6 |
Consolidated CLO liabilities | 1,152.0 | \u2013 | 14.9 | \u2013 | 1,166.9 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 176.8 | \u2013 | 176.8 |
Total | 1,202.1 | 1.6 | 320.9 | 98.0 | 1,622.6 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
Total financial liabilities | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| (Restated) | or loss | derivatives | amortised cost | liabilities | Total |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Total financial liabilities | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Liabilities held at fair value through profit and loss: | ||
CLO repurchase agreements | 27.5 | 28.5 |
Amount payable to third party investors | 110.6 | \u2013 |
Amount payable to related party investors | 21.3 | 21.6 |
Total | 159.4 | 50.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Derivative financial liabilities: | ||
Forward contracts | 4.2 | 1.6 |
2024 | 2023 | |||||||
Group | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
| Fair value of fund | ||||||||
investments | \u2013 | 13.0 | 752.6 | 765.6 | \u2013 | \u2013 | 301.4 | 301.4 |
Consolidated CLO assets | \u2013 | 1,955.0 | \u2013 | 1,955.0 | \u2013 | 1,313.0 | \u2013 | 1,313.0 |
Derivative financial assets | \u2013 | 26.4 | \u2013 | 26.4 | \u2013 | 6.2 | \u2013 | 6.2 |
Total | \u2013 | 1,994.4 | 752.6 | 2,747.0 | \u2013 | 1,319.2 | 301.4 | 1,620.6 |
| Financial Liabilities | ||||||||
| Deferred contingent | ||||||||
consideration payable | \u2013 | \u2013 | 9.8 | 9.8 | \u2013 | \u2013 | \u2013 | \u2013 |
Other financial liabilities | \u2013 | \u2013 | 159.4 | 159.4 | \u2013 | \u2013 | 50.1 | 50.1 |
Consolidated CLO liabilities | \u2013 | \u2013 | 1,696.2 | 1,696.2 | \u2013 | \u2013 | 1,152.0 | 1,152.0 |
Derivative financial liabilities | \u2013 | 4.2 | \u2013 | 4.2 | \u2013 | 1.6 | \u2013 | 1.6 |
Total | \u2013 | 4.2 | 1,865.4 | 1,869.6 | \u2013 | 1.6 | 1,202.1 | 1,203.7 |
2024 | 2023 | |||||||
Company | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
Derivative financial assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
| Financial Liabilities | ||||||||
Derivative financial liabilities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Level 3 financial assets at fair value through profit or loss: | ||
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 379.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised as profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised as other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 752.6 | 301.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Movement in CLO liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 1,152.0 | 597.5 |
Additions | 616.3 | 582.5 |
Change in fair value | 0.8 | 38.6 |
Foreign exchange movements recognised as profit or loss | (52.9) | (14.0) |
Foreign exchange movements recognised as other comprehensive income | \u2013 | \u2013 |
Disposals | (20.0) | (52.6) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 1,696.2 | 1,152.0 |
| Group | ||
| 2024 | 2023 | |
| Group | \u00a3m | \u00a3m |
| Movement in other financial liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 21.6 | 21.4 |
Additions from acquired subsidiaries | 0.2 | \u2013 |
Additions | 124.1 | 1.3 |
Change in fair value | (0.3) | 0.5 |
Foreign exchange movements recognised as profit or loss | \u2013 | (0.7) |
Foreign exchange movements recognised as other comprehensive income | (2.7) | \u2013 |
Disposals | (11.0) | (0.9) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 131.9 | 21.6 |
| Valuation Approach | |
Earnings | The Group primarily uses an earnings approach for private equity fund investments where a set of relevant listed |
| companies and precedent transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments to | |
| arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earning multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any relevant assets or liabilities such as cash or debt. The fund\u2019s share of the value is calculated by | |
| calculating its holding. |
| Valuation Approach | |
| Amortising to | Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there are no |
| par method | circumstances which indicate material underperformance or inability of the borrower to pay interest or repay the |
| principal, the valuation of loans that have been originated is determined by apportioning any arrangement fees, similar | |
| fees or discount on a linear basis over the anticipated holding period (which is typically three years). | |
Market price | Where a loan is traded in the market, market prices can be obtained for use in pricing. Market prices can be obtained |
| from third-party market price aggregation services or broker quotes where there is an active market. The extent to | |
| which a market is active will depend on the \u2018depth\u2019 of the pricing (being the number of distinct price quotations | |
| available from different sources). Before the use of market pricing, consideration is given to anomalies or other | |
| inaccuracies in market pricing and whether there are other factors that should be considered (for example, recent | |
| transactions). | |
Earnings | Where a loan may be impaired an earnings basis is typically used to determine the enterprise value of the borrower, |
| following which a waterfall approach is used to determine the value of the loan. Where there are circumstances which | |
| indicate there is risk of non-performance of the borrower, the enterprise value of the borrower will typically be | |
| determined in accordance with an earnings methodology (as described above), following which a waterfall approach is | |
| used to determine the value of the loan. | |
| Discounted cash | Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the |
| flows | valuation. Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected |
| cash flows relating to the CLO\u2019s underlying asset portfolio including annual loan default rates and associated recovery | |
| rates, prepayment rates, reinvestment rates and spreads. | |
| Other | Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for other |
| approaches | valuation techniques to be utilised in certain cases. |
| Valuation Approach | |
Earnings | The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed companies |
| and relevant transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments | |
| to arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earnings multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples or transaction multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any assets or liabilities such as cash or debt that should be included. The fund\u2019s share of the value is | |
| calculated by calculating its holding. | |
| Discounted cash | Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected cash |
| flows | flows relating to the infrastructure portfolio company. |
| Effect on fair | ||||||||
| Fair value at | Fair value at | Number | value at | |||||
| 31 December | 31 December | of unique | Valuation | Significant | 31 December | |||
| Description | 2024 (\u00a3m) | 2023 (\u00a3m) | investments | technique | unobservable inputs | Range | Sensitivity | 2024 (\u00a3m) |
| Private equity | 581.4 | 260.9 | 80 | Market | Earnings multiple | 3.4x \u201327.5x | +10% Earnings multiple | 60.3 |
| fund | Approach | Revenue multiple | 4.0x \u2013 27.5x | \u201310% Earnings multiple | (61.9) | |||
| investments | ||||||||
| Infrastructure | 127.1 | \u2013 | 16 | Market | Earnings multiple | 4.5x \u201310.5x | Upside case** | 87.2 |
| fund investments | Approach | Cash flow yield | 8.3% | Downside case** | (90.2) | |||
| Discounted | Discount rate | 8.3% \u201322.8% | Upside case** | 7.1 | ||||
| Cash Flow | Downside case** | (3.6) | ||||||
| Credit fund | 29.5 | 25.3 | 26 | Market | Earnings multiple | 5.0x \u2013 26.4x | +10% Earnings multiple | 0.2 |
| investments | Approach | Revenue multiple | 3.0x \u2013 11.7x | \u201310% Earnings multiple | (0.3) | |||
479 | Other | n/a | n/a | n/a | n/a | |||
| Group\u2019s | 14.6 | 15.2 | 8 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| investments in | Cash Flow | Default rate | 2.0% | Upside case** | 1.1 | |||
| CLOs that are | Recovery rate | 35.0% \u2013 65.0% | ||||||
| not | Prepayment rate | 20.0% | ||||||
| consolidated* | Reinvestment | 97.5% \u2013 99.5% | Downside case** | |||||
| price | (0.9) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
Total assets | 752.6 | 301.4 | ||||||
| Consolidated | 1,696.2 | 1,152.0 | 47 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| CLO liabilities* | Cash Flow | Default rate | 2.0% | Upside case** | 102.9 | |||
Recovery rate | 35.0% \u2013 65.0% | |||||||
Prepayment rate | 20.0% | |||||||
| Reinvestment | 97.5% \u2013 99.5% | Downside case** | ||||||
| price | (59.7) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
| CLO repurchase | 27.5 | 28.5 | 11 | Discounted | Discount rate | 1.6% \u2013 9.3% | +10% discount rate | 0.4 |
| agreements | Cash Flow | \u201310% discount rate | (0.3) | |||||
| Deferred | 9.8 | \u2013 | n/a | Probability | Discount rate | 10.3% | ||
| contingent | Weighted | +1% discount rate | 0.3 | |||||
| consideration | Expected | Scenario | 5.0% \u2013 70.0% | -1% discount rate | (0.3) | |||
| Return | probabilities | |||||||
| Other financial | 131.9 | 21.6 | n/a | Other | Net asset value | n/a | +10% of NAV | 13.2 |
| liabilities | (NAV) | \u201310% of NAV | (13.2) | |||||
Total liabilities | 1,865.4 | 1,202.1 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 765.6 | \u2013 | \u2013 | \u2013 | 765.6 |
Consolidated CLO assets | 1,955.0 | \u2013 | 23.2 | \u2013 | 1,978.2 |
Trade and other receivables | \u2013 | \u2013 | 143.6 | 29.8 | 173.4 |
Derivative financial instruments | \u2013 | 26.4 | \u2013 | \u2013 | 26.4 |
Other investment | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Cash and cash equivalents | \u2013 | \u2013 | 90.8 | \u2013 | 90.8 |
Consolidated CLO cash | \u2013 | \u2013 | 69.0 | \u2013 | 69.0 |
Total | 2,720.6 | 26.4 | 326.6 | 29.8 | 3,103.4 |
| Group | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Fair value of fund investments | 301.4 | \u2013 | \u2013 | \u2013 | 301.4 |
Consolidated CLO assets | 1,313.0 | \u2013 | 35.8 | \u2013 | 1,348.8 |
Trade and other receivables | \u2013 | \u2013 | 124.4 | 17.0 | 141.4 |
Derivative financial instruments | \u2013 | 6.2 | \u2013 | \u2013 | 6.2 |
Other investment | \u2013 | \u2013 | 7.5 | \u2013 | 7.5 |
Cash and cash equivalents | \u2013 | \u2013 | 238.8 | \u2013 | 238.8 |
Consolidated CLO cash | \u2013 | \u2013 | 76.0 | \u2013 | 76.0 |
Total | 1,614.4 | 6.2 | 482.5 | 17.0 | 2,120.1 |
| Company | ||||
| Fair value | Financial | Assets which | ||
| through | assets at | are not | ||
| profit or loss | amortised cost | financial assets | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | 39.2 | \u2013 | 39.2 |
Cash and cash equivalents | \u2013 | 0.7 | \u2013 | 0.7 |
Total | \u2013 | 39.9 | \u2013 | 39.9 |
| Company | |||||
| Fair value | Financial | Assets which | |||
| through | Hedging | assets at | are not | ||
| profit or loss | derivatives | amortised cost | financial assets | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other receivables | \u2013 | \u2013 | 8.0 | 0.4 | 8.4 |
Cash and cash equivalents | \u2013 | \u2013 | 139.7 | \u2013 | 139.7 |
Derivative financial instruments | \u2013 | 3.9 | \u2013 | \u2013 | 3.9 |
Total | \u2013 | 3.9 | 147.7 | 0.4 | 152.0 |
| Group | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 9.8 | \u2013 | 98.0 | 84.9 | 192.7 |
Other financial liabilities | 159.4 | \u2013 | \u2013 | \u2013 | 159.4 |
Lease liabilities | \u2013 | \u2013 | 87.9 | \u2013 | 87.9 |
Borrowings | \u2013 | \u2013 | 485.3 | \u2013 | 485.3 |
Derivative financial instruments | \u2013 | 4.2 | \u2013 | \u2013 | 4.2 |
Consolidated CLO liabilities | 1,696.2 | \u2013 | 20.6 | \u2013 | 1,716.8 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 212.7 | \u2013 | 212.7 |
Total | 1,865.4 | 4.2 | 904.5 | 84.9 | 2,859.0 |
| Group | |||||
| Fair value | Financial | Liabilities which | |||
| through profit | Hedging | liabilities at | are not financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 47.6 | 98.0 | 145.6 |
Other financial liabilities | 50.1 | \u2013 | \u2013 | \u2013 | 50.1 |
Lease liabilities | \u2013 | \u2013 | 81.6 | \u2013 | 81.6 |
Derivative financial instruments | \u2013 | 1.6 | \u2013 | \u2013 | 1.6 |
Consolidated CLO liabilities | 1,152.0 | \u2013 | 14.9 | \u2013 | 1,166.9 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 176.8 | \u2013 | 176.8 |
Total | 1,202.1 | 1.6 | 320.9 | 98.0 | 1,622.6 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
Total financial liabilities | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| (Restated) | or loss | derivatives | amortised cost | liabilities | Total |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Total financial liabilities | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
2024 | 2023 | |||||||
Group | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
| Fair value of fund | ||||||||
investments | \u2013 | 13.0 | 752.6 | 765.6 | \u2013 | \u2013 | 301.4 | 301.4 |
Consolidated CLO assets | \u2013 | 1,955.0 | \u2013 | 1,955.0 | \u2013 | 1,313.0 | \u2013 | 1,313.0 |
Derivative financial assets | \u2013 | 26.4 | \u2013 | 26.4 | \u2013 | 6.2 | \u2013 | 6.2 |
Total | \u2013 | 1,994.4 | 752.6 | 2,747.0 | \u2013 | 1,319.2 | 301.4 | 1,620.6 |
| Financial Liabilities | ||||||||
| Deferred contingent | ||||||||
consideration payable | \u2013 | \u2013 | 9.8 | 9.8 | \u2013 | \u2013 | \u2013 | \u2013 |
Other financial liabilities | \u2013 | \u2013 | 159.4 | 159.4 | \u2013 | \u2013 | 50.1 | 50.1 |
Consolidated CLO liabilities | \u2013 | \u2013 | 1,696.2 | 1,696.2 | \u2013 | \u2013 | 1,152.0 | 1,152.0 |
Derivative financial liabilities | \u2013 | 4.2 | \u2013 | 4.2 | \u2013 | 1.6 | \u2013 | 1.6 |
Total | \u2013 | 4.2 | 1,865.4 | 1,869.6 | \u2013 | 1.6 | 1,202.1 | 1,203.7 |
2024 | 2023 | |||||||
Company | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets | ||||||||
Derivative financial assets | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3.9 | \u2013 | 3.9 |
| Financial Liabilities | ||||||||
Derivative financial liabilities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Level 3 financial assets at fair value through profit or loss: | ||
Opening balance | 301.4 | 273.0 |
Additions from acquired subsidiaries | 108.7 | \u2013 |
Other additions | 379.2 | 36.3 |
Change in fair value | 24.0 | 18.5 |
Foreign exchange movements recognised as profit or loss | (6.4) | (1.3) |
Foreign exchange movements recognised as other comprehensive income | (7.5) | (5.1) |
Disposals | (46.8) | (20.0) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 752.6 | 301.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3m | \u00a3m | |
| Movement in CLO liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 1,152.0 | 597.5 |
Additions | 616.3 | 582.5 |
Change in fair value | 0.8 | 38.6 |
Foreign exchange movements recognised as profit or loss | (52.9) | (14.0) |
Foreign exchange movements recognised as other comprehensive income | \u2013 | \u2013 |
Disposals | (20.0) | (52.6) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 1,696.2 | 1,152.0 |
| Group | ||
| 2024 | 2023 | |
| Group | \u00a3m | \u00a3m |
| Movement in other financial liabilities at fair value through profit or loss which are level 3: | ||
Opening balance | 21.6 | 21.4 |
Additions from acquired subsidiaries | 0.2 | \u2013 |
Additions | 124.1 | 1.3 |
Change in fair value | (0.3) | 0.5 |
Foreign exchange movements recognised as profit or loss | \u2013 | (0.7) |
Foreign exchange movements recognised as other comprehensive income | (2.7) | \u2013 |
Disposals | (11.0) | (0.9) |
Transfer (to)/from level 1 or 2 | \u2013 | \u2013 |
Closing balance | 131.9 | 21.6 |
| Valuation Approach | |
Earnings | The Group primarily uses an earnings approach for private equity fund investments where a set of relevant listed |
| companies and precedent transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments to | |
| arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earning multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any relevant assets or liabilities such as cash or debt. The fund\u2019s share of the value is calculated by | |
| calculating its holding. |
| Valuation Approach | |
| Amortising to | Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there are no |
| par method | circumstances which indicate material underperformance or inability of the borrower to pay interest or repay the |
| principal, the valuation of loans that have been originated is determined by apportioning any arrangement fees, similar | |
| fees or discount on a linear basis over the anticipated holding period (which is typically three years). | |
Market price | Where a loan is traded in the market, market prices can be obtained for use in pricing. Market prices can be obtained |
| from third-party market price aggregation services or broker quotes where there is an active market. The extent to | |
| which a market is active will depend on the \u2018depth\u2019 of the pricing (being the number of distinct price quotations | |
| available from different sources). Before the use of market pricing, consideration is given to anomalies or other | |
| inaccuracies in market pricing and whether there are other factors that should be considered (for example, recent | |
| transactions). | |
Earnings | Where a loan may be impaired an earnings basis is typically used to determine the enterprise value of the borrower, |
| following which a waterfall approach is used to determine the value of the loan. Where there are circumstances which | |
| indicate there is risk of non-performance of the borrower, the enterprise value of the borrower will typically be | |
| determined in accordance with an earnings methodology (as described above), following which a waterfall approach is | |
| used to determine the value of the loan. | |
| Discounted cash | Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the |
| flows | valuation. Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected |
| cash flows relating to the CLO\u2019s underlying asset portfolio including annual loan default rates and associated recovery | |
| rates, prepayment rates, reinvestment rates and spreads. | |
| Other | Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for other |
| approaches | valuation techniques to be utilised in certain cases. |
| Valuation Approach | |
Earnings | The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed companies |
| and relevant transactions are available. | |
| Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most | |
| common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments | |
| to arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or | |
| forecast/budgeted earnings, as considered appropriate. When selecting earnings multiples consideration is given to: | |
| \u2212 the original transaction price/entry multiple; | |
| \u2212 recent transactions in the same or similar instruments; | |
| \u2212 relevant comparable listed company multiples or transaction multiples; and | |
| \u2212 exit expectations and other company specific factors. | |
| The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, | |
| including any assets or liabilities such as cash or debt that should be included. The fund\u2019s share of the value is | |
| calculated by calculating its holding. | |
| Discounted cash | Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected cash |
| flows | flows relating to the infrastructure portfolio company. |
| Effect on fair | ||||||||
| Fair value at | Fair value at | Number | value at | |||||
| 31 December | 31 December | of unique | Valuation | Significant | 31 December | |||
| Description | 2024 (\u00a3m) | 2023 (\u00a3m) | investments | technique | unobservable inputs | Range | Sensitivity | 2024 (\u00a3m) |
| Private equity | 581.4 | 260.9 | 80 | Market | Earnings multiple | 3.4x \u201327.5x | +10% Earnings multiple | 60.3 |
| fund | Approach | Revenue multiple | 4.0x \u2013 27.5x | \u201310% Earnings multiple | (61.9) | |||
| investments | ||||||||
| Infrastructure | 127.1 | \u2013 | 16 | Market | Earnings multiple | 4.5x \u201310.5x | Upside case** | 87.2 |
| fund investments | Approach | Cash flow yield | 8.3% | Downside case** | (90.2) | |||
| Discounted | Discount rate | 8.3% \u201322.8% | Upside case** | 7.1 | ||||
| Cash Flow | Downside case** | (3.6) | ||||||
| Credit fund | 29.5 | 25.3 | 26 | Market | Earnings multiple | 5.0x \u2013 26.4x | +10% Earnings multiple | 0.2 |
| investments | Approach | Revenue multiple | 3.0x \u2013 11.7x | \u201310% Earnings multiple | (0.3) | |||
479 | Other | n/a | n/a | n/a | n/a | |||
| Group\u2019s | 14.6 | 15.2 | 8 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| investments in | Cash Flow | Default rate | 2.0% | Upside case** | 1.1 | |||
| CLOs that are | Recovery rate | 35.0% \u2013 65.0% | ||||||
| not | Prepayment rate | 20.0% | ||||||
| consolidated* | Reinvestment | 97.5% \u2013 99.5% | Downside case** | |||||
| price | (0.9) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
Total assets | 752.6 | 301.4 | ||||||
| Consolidated | 1,696.2 | 1,152.0 | 47 | Discounted | Discount rate | 1.6% \u201316.0% | ||
| CLO liabilities* | Cash Flow | Default rate | 2.0% | Upside case** | 102.9 | |||
Recovery rate | 35.0% \u2013 65.0% | |||||||
Prepayment rate | 20.0% | |||||||
| Reinvestment | 97.5% \u2013 99.5% | Downside case** | ||||||
| price | (59.7) | |||||||
Spread | 3.75% \u2013 8.0% | |||||||
| CLO repurchase | 27.5 | 28.5 | 11 | Discounted | Discount rate | 1.6% \u2013 9.3% | +10% discount rate | 0.4 |
| agreements | Cash Flow | \u201310% discount rate | (0.3) | |||||
| Deferred | 9.8 | \u2013 | n/a | Probability | Discount rate | 10.3% | ||
| contingent | Weighted | +1% discount rate | 0.3 | |||||
| consideration | Expected | Scenario | 5.0% \u2013 70.0% | -1% discount rate | (0.3) | |||
| Return | probabilities | |||||||
| Other financial | 131.9 | 21.6 | n/a | Other | Net asset value | n/a | +10% of NAV | 13.2 |
| liabilities | (NAV) | \u201310% of NAV | (13.2) | |||||
Total liabilities | 1,865.4 | 1,202.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Derivative financial assets | ||
Forward contracts | 26.4 | 2.3 |
Foreign currency options | \u2013 | 3.9 |
Total derivative financial assets | 26.4 | 6.2 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 4.9 | 2.8 |
Additions from acquired subsidiaries | 5.5 | \u2013 |
Other additions | 11.6 | 4.0 |
Amortisation | (8.0) | (1.9) |
Foreign exchange | 0.2 | \u2013 |
Closing balance | 14.2 | 4.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Deferred tax assets | 76.5 | 74.6 |
Deferred tax liabilities | (121.2) | (108.5) |
Net deferred tax liability | (44.7) | (33.9) |
| Other timing | Management | Losses carried | ||
| Deferred tax assets | differences | fee hedges | forward | Total |
As at 31 December 2023 | 24.6 | \u2013 | 50.0 | 74.6 |
(Charge) to other comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (1.2) | \u2013 | 3.1 | 1.9 |
As at 31 December 2024 | 23.4 | \u2013 | 53.1 | 76.5 |
| Management | |||||
| Other timing | Management | fee income and | Capital | ||
| Deferred tax liabilities | differences | fee hedges | investments | allowance | Total |
As at 31 December 2023 | (14.3) | (0.2) | (91.0) | (3.0) | (108.5) |
(Charge) to other comprehensive income | \u2013 | (3.3) | \u2013 | \u2013 | (3.3) |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (4.5) | \u2013 | (6.5) | 1.6 | (9.4) |
As at 31 December 2024 | (18.8) | (3.5) | (97.5) | (1.4) | (121.2) |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 4.9 | 2.8 |
Additions from acquired subsidiaries | 5.5 | \u2013 |
Other additions | 11.6 | 4.0 |
Amortisation | (8.0) | (1.9) |
Foreign exchange | 0.2 | \u2013 |
Closing balance | 14.2 | 4.9 |
| Group | ||
| 2024 | 2023 | |
| Lease receivables | \u00a3 m | \u00a3 m |
Due within 1 year | 3.8 | 3.1 |
Due between 1 and 2 years | 3.7 | 3.6 |
Due between 2 and 3 years | 3.6 | 3.6 |
Due between 3 and 4 years | 2.0 | 3.6 |
Due between 4 and 5 years | 2.5 | 2.0 |
Due after more than 5 years | 3.5 | 6.0 |
Total undiscounted lease payments receivables | 19.1 | 21.9 |
Unearned finance income | (2.5) | (3.4) |
Net investment in leases | 16.6 | 18.5 |
Current | 2.6 | 2.2 |
Non-current | 14.0 | 16.3 |
16.6 | 18.5 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Non-current | ||||
Prepayments | 1.6 | \u2013 | \u2013 | \u2013 |
Deferred cost of acquisition | 10.3 | 1.7 | \u2013 | \u2013 |
Trade and other receivables | 22.0 | 21.5 | \u2013 | \u2013 |
33.9 | 23.2 | \u2013 | \u2013 | |
| Current | ||||
Trade receivables | 25.6 | 17.5 | \u2013 | 4.7 |
Accrued income | 19.7 | 20.6 | \u2013 | \u2013 |
Prepayments | 9.8 | 8.2 | \u2013 | \u2013 |
Deferred cost of acquisition | 3.9 | 3.2 | \u2013 | \u2013 |
Other receivables | 80.5 | 68.7 | 39.2 | 3.7 |
139.5 | 118.2 | 39.2 | 8.4 | |
Total trade and other receivables | 173.4 | 141.4 | 39.2 | 8.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Opening balance | 4.9 | 2.8 |
Additions from acquired subsidiaries | 5.5 | \u2013 |
Other additions | 11.6 | 4.0 |
Amortisation | (8.0) | (1.9) |
Foreign exchange | 0.2 | \u2013 |
Closing balance | 14.2 | 4.9 |
| Group | ||
| 2024 | 2023 | |
| Lease receivables | \u00a3 m | \u00a3 m |
Due within 1 year | 3.8 | 3.1 |
Due between 1 and 2 years | 3.7 | 3.6 |
Due between 2 and 3 years | 3.6 | 3.6 |
Due between 3 and 4 years | 2.0 | 3.6 |
Due between 4 and 5 years | 2.5 | 2.0 |
Due after more than 5 years | 3.5 | 6.0 |
Total undiscounted lease payments receivables | 19.1 | 21.9 |
Unearned finance income | (2.5) | (3.4) |
Net investment in leases | 16.6 | 18.5 |
Current | 2.6 | 2.2 |
Non-current | 14.0 | 16.3 |
16.6 | 18.5 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Cash at bank and in hand | 73.7 | 67.0 | 0.7 | 4.7 |
Money market funds | 16.3 | 170.9 | \u2013 | 135.0 |
Deposits with original maturities of less than three months | 0.8 | 0.9 | \u2013 | \u2013 |
Total cash and cash equivalents | 90.8 | 238.8 | 0.7 | 139.7 |
Consolidated CLO cash | 69.0 | 76.0 | \u2013 | \u2013 |
Total cash | 159.8 | 314.8 | 0.7 | 139.7 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Cash at bank and in hand | 73.7 | 67.0 | 0.7 | 4.7 |
Money market funds | 16.3 | 170.9 | \u2013 | 135.0 |
Deposits with original maturities of less than three months | 0.8 | 0.9 | \u2013 | \u2013 |
Total cash and cash equivalents | 90.8 | 238.8 | 0.7 | 139.7 |
Consolidated CLO cash | 69.0 | 76.0 | \u2013 | \u2013 |
Total cash | 159.8 | 314.8 | 0.7 | 139.7 |
| Group | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 9.8 | \u2013 | 98.0 | 84.9 | 192.7 |
Other financial liabilities | 159.4 | \u2013 | \u2013 | \u2013 | 159.4 |
Lease liabilities | \u2013 | \u2013 | 87.9 | \u2013 | 87.9 |
Borrowings | \u2013 | \u2013 | 485.3 | \u2013 | 485.3 |
Derivative financial instruments | \u2013 | 4.2 | \u2013 | \u2013 | 4.2 |
Consolidated CLO liabilities | 1,696.2 | \u2013 | 20.6 | \u2013 | 1,716.8 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 212.7 | \u2013 | 212.7 |
Total | 1,865.4 | 4.2 | 904.5 | 84.9 | 2,859.0 |
| Group | |||||
| Fair value | Financial | Liabilities which | |||
| through profit | Hedging | liabilities at | are not financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 47.6 | 98.0 | 145.6 |
Other financial liabilities | 50.1 | \u2013 | \u2013 | \u2013 | 50.1 |
Lease liabilities | \u2013 | \u2013 | 81.6 | \u2013 | 81.6 |
Derivative financial instruments | \u2013 | 1.6 | \u2013 | \u2013 | 1.6 |
Consolidated CLO liabilities | 1,152.0 | \u2013 | 14.9 | \u2013 | 1,166.9 |
Consolidated CLO purchases awaiting settlement | \u2013 | \u2013 | 176.8 | \u2013 | 176.8 |
Total | 1,202.1 | 1.6 | 320.9 | 98.0 | 1,622.6 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| or loss | derivatives | amortised cost | liabilities | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
Total financial liabilities | \u2013 | \u2013 | 8.3 | 0.2 | 8.5 |
| Company | |||||
| Liabilities | |||||
| Fair value | Financial | which are not | |||
| through profit | Hedging | liabilities at | financial | ||
| (Restated) | or loss | derivatives | amortised cost | liabilities | Total |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Total financial liabilities | \u2013 | \u2013 | 121.3 | 19.5 | 140.8 |
Group | Company | |||
| (Restated) | ||||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Amounts due in more than one year: | ||||
Management incentive scheme | 13.5 | 12.6 | \u2013 | \u2013 |
Deferred contingent consideration payable | 9.8 | \u2013 | \u2013 | \u2013 |
Other payables | 8.6 | \u2013 | \u2013 | \u2013 |
Accrued expenses | 3.7 | 0.5 | \u2013 | \u2013 |
35.6 | 13.1 | \u2013 | \u2013 | |
| Amounts due within one year: | ||||
Trade payables | 21.0 | 9.1 | 0.8 | \u2013 |
Accrued expenses | 97.0 | 110.9 | 0.8 | 25.5 |
Amounts due to related parties | \u2013 | \u2013 | \u2013 | 115.1 |
Social security and other taxes | 2.9 | 2.9 | \u2013 | \u2013 |
Deferred income | 7.8 | \u2013 | \u2013 | \u2013 |
Other payables | 28.4 | 9.6 | 6.9 | 0.2 |
157.1 | 132.5 | 8.5 | 140.8 | |
Total trade and other payables | 192.7 | 145.6 | 8.5 | 140.8 |
| Group | |||
Non-current: | 2024 | ||
| Principal | Fixed interest | Maturity | |
| \u00a3m | % | date | |
| ECP private placement debt | |||
Series A Notes | 17.6 | 5.70 | 7 July 2027 |
Series B Notes | 69.5 | 5.79 | 7 July 2029 |
Series C Notes | 59.9 | 5.94 | 7 July 2032 |
Sub-total / weighted coupon | 147.0 | 5.84 | |
| New US private placement debt | |||
Series A Notes | 39.9 | 6.18 | 7 June 2027 |
Series B Notes | 103.8 | 6.20 | 6 June 2029 |
Series C Notes | 139.7 | 6.31 | 6 June 2031 |
Series D Notes | 59.9 | 6.46 | 6 June 2034 |
Sub-total / weighted coupon | 343.3 | 6.29 | |
Borrowings at 31 December / weighted coupon | 490.3 | 6.16 | |
Capitalised facility costs | (5.0) | ||
Total borrowings at 31 December / weighted coupon | 485.3 | 6.16 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Liabilities held at fair value through profit and loss: | ||
CLO repurchase agreements | 27.5 | 28.5 |
Amount payable to third party investors | 110.6 | \u2013 |
Amount payable to related party investors | 21.3 | 21.6 |
Total | 159.4 | 50.1 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Liabilities of CLOs consolidated by the Group (non-current) | 1,696.2 | 1,152.0 |
Liabilities of CLOs consolidated by the Group (current) | 20.6 | 14.9 |
Total | 1,716.8 | 1,166.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Consolidated CLO purchases awaiting settlement | 212.7 | 176.8 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Derivative financial liabilities: | ||
Forward contracts | 4.2 | 1.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Private equity funds | 325.9 | 257.0 |
Infrastructure funds | 35.8 | \u2013 |
Credit funds | 20.5 | 30.3 |
Total committed capital | 382.2 | 287.3 |
Group | Company | |||
| (Restated) | ||||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Amounts due in more than one year: | ||||
Management incentive scheme | 13.5 | 12.6 | \u2013 | \u2013 |
Deferred contingent consideration payable | 9.8 | \u2013 | \u2013 | \u2013 |
Other payables | 8.6 | \u2013 | \u2013 | \u2013 |
Accrued expenses | 3.7 | 0.5 | \u2013 | \u2013 |
35.6 | 13.1 | \u2013 | \u2013 | |
| Amounts due within one year: | ||||
Trade payables | 21.0 | 9.1 | 0.8 | \u2013 |
Accrued expenses | 97.0 | 110.9 | 0.8 | 25.5 |
Amounts due to related parties | \u2013 | \u2013 | \u2013 | 115.1 |
Social security and other taxes | 2.9 | 2.9 | \u2013 | \u2013 |
Deferred income | 7.8 | \u2013 | \u2013 | \u2013 |
Other payables | 28.4 | 9.6 | 6.9 | 0.2 |
157.1 | 132.5 | 8.5 | 140.8 | |
Total trade and other payables | 192.7 | 145.6 | 8.5 | 140.8 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Deferred tax assets | 76.5 | 74.6 |
Deferred tax liabilities | (121.2) | (108.5) |
Net deferred tax liability | (44.7) | (33.9) |
| Other timing | Management | Losses carried | ||
| Deferred tax assets | differences | fee hedges | forward | Total |
As at 31 December 2023 | 24.6 | \u2013 | 50.0 | 74.6 |
(Charge) to other comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (1.2) | \u2013 | 3.1 | 1.9 |
As at 31 December 2024 | 23.4 | \u2013 | 53.1 | 76.5 |
| Management | |||||
| Other timing | Management | fee income and | Capital | ||
| Deferred tax liabilities | differences | fee hedges | investments | allowance | Total |
As at 31 December 2023 | (14.3) | (0.2) | (91.0) | (3.0) | (108.5) |
(Charge) to other comprehensive income | \u2013 | (3.3) | \u2013 | \u2013 | (3.3) |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (4.5) | \u2013 | (6.5) | 1.6 | (9.4) |
As at 31 December 2024 | (18.8) | (3.5) | (97.5) | (1.4) | (121.2) |
Group | Company | |||
| (Restated) | ||||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Amounts due in more than one year: | ||||
Management incentive scheme | 13.5 | 12.6 | \u2013 | \u2013 |
Deferred contingent consideration payable | 9.8 | \u2013 | \u2013 | \u2013 |
Other payables | 8.6 | \u2013 | \u2013 | \u2013 |
Accrued expenses | 3.7 | 0.5 | \u2013 | \u2013 |
35.6 | 13.1 | \u2013 | \u2013 | |
| Amounts due within one year: | ||||
Trade payables | 21.0 | 9.1 | 0.8 | \u2013 |
Accrued expenses | 97.0 | 110.9 | 0.8 | 25.5 |
Amounts due to related parties | \u2013 | \u2013 | \u2013 | 115.1 |
Social security and other taxes | 2.9 | 2.9 | \u2013 | \u2013 |
Deferred income | 7.8 | \u2013 | \u2013 | \u2013 |
Other payables | 28.4 | 9.6 | 6.9 | 0.2 |
157.1 | 132.5 | 8.5 | 140.8 | |
Total trade and other payables | 192.7 | 145.6 | 8.5 | 140.8 |
Group | Company | |||
| (Restated) | ||||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
| Amounts due in more than one year: | ||||
Management incentive scheme | 13.5 | 12.6 | \u2013 | \u2013 |
Deferred contingent consideration payable | 9.8 | \u2013 | \u2013 | \u2013 |
Other payables | 8.6 | \u2013 | \u2013 | \u2013 |
Accrued expenses | 3.7 | 0.5 | \u2013 | \u2013 |
35.6 | 13.1 | \u2013 | \u2013 | |
| Amounts due within one year: | ||||
Trade payables | 21.0 | 9.1 | 0.8 | \u2013 |
Accrued expenses | 97.0 | 110.9 | 0.8 | 25.5 |
Amounts due to related parties | \u2013 | \u2013 | \u2013 | 115.1 |
Social security and other taxes | 2.9 | 2.9 | \u2013 | \u2013 |
Deferred income | 7.8 | \u2013 | \u2013 | \u2013 |
Other payables | 28.4 | 9.6 | 6.9 | 0.2 |
157.1 | 132.5 | 8.5 | 140.8 | |
Total trade and other payables | 192.7 | 145.6 | 8.5 | 140.8 |
| Group | |||
Non-current: | 2024 | ||
| Principal | Fixed interest | Maturity | |
| \u00a3m | % | date | |
| ECP private placement debt | |||
Series A Notes | 17.6 | 5.70 | 7 July 2027 |
Series B Notes | 69.5 | 5.79 | 7 July 2029 |
Series C Notes | 59.9 | 5.94 | 7 July 2032 |
Sub-total / weighted coupon | 147.0 | 5.84 | |
| New US private placement debt | |||
Series A Notes | 39.9 | 6.18 | 7 June 2027 |
Series B Notes | 103.8 | 6.20 | 6 June 2029 |
Series C Notes | 139.7 | 6.31 | 6 June 2031 |
Series D Notes | 59.9 | 6.46 | 6 June 2034 |
Sub-total / weighted coupon | 343.3 | 6.29 | |
Borrowings at 31 December / weighted coupon | 490.3 | 6.16 | |
Capitalised facility costs | (5.0) | ||
Total borrowings at 31 December / weighted coupon | 485.3 | 6.16 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Private equity funds | 325.9 | 257.0 |
Infrastructure funds | 35.8 | \u2013 |
Credit funds | 20.5 | 30.3 |
Total committed capital | 382.2 | 287.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Private equity funds | 325.9 | 257.0 |
Infrastructure funds | 35.8 | \u2013 |
Credit funds | 20.5 | 30.3 |
Total committed capital | 382.2 | 287.3 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| Lease liabilities | ||
Current | 13.5 | 11.9 |
Non-current | 74.4 | 69.7 |
Total | 87.9 | 81.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Increase of 1% | (2.1) | (2.5) |
Decrease of 1% | 3.1 | 2.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Interest on lease liability | 3.6 | 3.5 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pound sterling | 534.0 | 362.7 |
Mark-to-market value at year end | 14.5 | 0.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Ineffective portion recognised as profit or loss | \u2013 | \u2013 |
Effective portion recognised as other comprehensive income | 14.0 | 8.6 |
Reclassified to profit or loss upon settlement of hedges | 0.3 | 1.3 |
| Group | ||
2024 | 2023 | |
Euro denominated investments (\u20acm) | 662.7 | 400.7 |
Investment hedges (\u20acm) | (260.8) | (83.3) |
EUR denominated investments, net (\u20acm) | 401.9 | 317.4 |
+/- 5% sensitivity (\u00a3m) impact on profit and net assets | 16.6 | 13.7 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pound sterling | 282.8 | 74.7 |
Mark-to-market value at year end | 5.4 | 0.6 |
| Group | ||
2024 | 2023 | |
US dollar borrowing ($m) | (281.1) | \u2013 |
Investment hedges ($m) | 195.5 | \u2013 |
Un-hedged US dollar liabilities, net ($m) | (85.6) | \u2013 |
+/- 5% sensitivity (\u00a3m) impact on profit and net assets | (3.4) | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pounds sterling | 195.5 | \u2013 |
Mark-to-market value at year end | 2.3 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| (+/-) | (+/-) | |
Increase or decrease of 1% | 5.0 | \u2013 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.3 | \u2013 | 138.1 | 159.4 |
Derivative financial liabilities | 3.6 | 0.2 | 0.4 | \u2013 | 4.2 |
Trade and other payables | 97.0 | 10.8 | \u2013 | \u2013 | 107.8 |
Borrowings (excluding capitalised facility costs) | \u2013 | \u2013 | 230.8 | 259.5 | 490.3 |
Lease liabilities | 17.0 | 16.7 | 43.1 | 24.5 | 101.3 |
Consolidated CLO liabilities | 120.8 | 309.1 | 1,062.6 | 612.6 | 2,105.1 |
Consolidated CLO purchases awaiting settlement | 212.7 | \u2013 | \u2013 | \u2013 | 212.7 |
451.1 | 358.1 | 1,336.9 | 1,034.7 | 3,180.8 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.6 | \u2013 | 29.0 | 50.6 |
Derivative financial liabilities | 1.2 | 0.4 | \u2013 | \u2013 | 1.6 |
Trade and other payables | 47.6 | \u2013 | \u2013 | \u2013 | 47.6 |
Lease liabilities | 15.0 | 14.1 | 38.7 | 25.7 | 93.5 |
Consolidated CLO liabilities | 96.4 | 63.6 | 1,271.5 | \u2013 | 1,431.5 |
Consolidated CLO purchases awaiting settlement | 176.8 | \u2013 | \u2013 | \u2013 | 176.8 |
337.0 | 99.7 | 1,310.2 | 54.7 | 1,801.6 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 131.7 | \u2013 | \u2013 | \u2013 | 131.7 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pound sterling | 534.0 | 362.7 |
Mark-to-market value at year end | 14.5 | 0.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Ineffective portion recognised as profit or loss | \u2013 | \u2013 |
Effective portion recognised as other comprehensive income | 14.0 | 8.6 |
Reclassified to profit or loss upon settlement of hedges | 0.3 | 1.3 |
| Group | ||
2024 | 2023 | |
Euro denominated investments (\u20acm) | 662.7 | 400.7 |
Investment hedges (\u20acm) | (260.8) | (83.3) |
EUR denominated investments, net (\u20acm) | 401.9 | 317.4 |
+/- 5% sensitivity (\u00a3m) impact on profit and net assets | 16.6 | 13.7 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pound sterling | 282.8 | 74.7 |
Mark-to-market value at year end | 5.4 | 0.6 |
| Group | ||
2024 | 2023 | |
US dollar borrowing ($m) | (281.1) | \u2013 |
Investment hedges ($m) | 195.5 | \u2013 |
Un-hedged US dollar liabilities, net ($m) | (85.6) | \u2013 |
+/- 5% sensitivity (\u00a3m) impact on profit and net assets | (3.4) | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Nominal value of forward trades and swap agreements in pounds sterling | 195.5 | \u2013 |
Mark-to-market value at year end | 2.3 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| (+/-) | (+/-) | |
Increase or decrease of 1% | 5.0 | \u2013 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
| (+/-) | (+/-) | |
Increase or decrease of 1% | 5.0 | \u2013 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.3 | \u2013 | 138.1 | 159.4 |
Derivative financial liabilities | 3.6 | 0.2 | 0.4 | \u2013 | 4.2 |
Trade and other payables | 97.0 | 10.8 | \u2013 | \u2013 | 107.8 |
Borrowings (excluding capitalised facility costs) | \u2013 | \u2013 | 230.8 | 259.5 | 490.3 |
Lease liabilities | 17.0 | 16.7 | 43.1 | 24.5 | 101.3 |
Consolidated CLO liabilities | 120.8 | 309.1 | 1,062.6 | 612.6 | 2,105.1 |
Consolidated CLO purchases awaiting settlement | 212.7 | \u2013 | \u2013 | \u2013 | 212.7 |
451.1 | 358.1 | 1,336.9 | 1,034.7 | 3,180.8 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.6 | \u2013 | 29.0 | 50.6 |
Derivative financial liabilities | 1.2 | 0.4 | \u2013 | \u2013 | 1.6 |
Trade and other payables | 47.6 | \u2013 | \u2013 | \u2013 | 47.6 |
Lease liabilities | 15.0 | 14.1 | 38.7 | 25.7 | 93.5 |
Consolidated CLO liabilities | 96.4 | 63.6 | 1,271.5 | \u2013 | 1,431.5 |
Consolidated CLO purchases awaiting settlement | 176.8 | \u2013 | \u2013 | \u2013 | 176.8 |
337.0 | 99.7 | 1,310.2 | 54.7 | 1,801.6 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 131.7 | \u2013 | \u2013 | \u2013 | 131.7 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.3 | \u2013 | 138.1 | 159.4 |
Derivative financial liabilities | 3.6 | 0.2 | 0.4 | \u2013 | 4.2 |
Trade and other payables | 97.0 | 10.8 | \u2013 | \u2013 | 107.8 |
Borrowings (excluding capitalised facility costs) | \u2013 | \u2013 | 230.8 | 259.5 | 490.3 |
Lease liabilities | 17.0 | 16.7 | 43.1 | 24.5 | 101.3 |
Consolidated CLO liabilities | 120.8 | 309.1 | 1,062.6 | 612.6 | 2,105.1 |
Consolidated CLO purchases awaiting settlement | 212.7 | \u2013 | \u2013 | \u2013 | 212.7 |
451.1 | 358.1 | 1,336.9 | 1,034.7 | 3,180.8 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.6 | \u2013 | 29.0 | 50.6 |
Derivative financial liabilities | 1.2 | 0.4 | \u2013 | \u2013 | 1.6 |
Trade and other payables | 47.6 | \u2013 | \u2013 | \u2013 | 47.6 |
Lease liabilities | 15.0 | 14.1 | 38.7 | 25.7 | 93.5 |
Consolidated CLO liabilities | 96.4 | 63.6 | 1,271.5 | \u2013 | 1,431.5 |
Consolidated CLO purchases awaiting settlement | 176.8 | \u2013 | \u2013 | \u2013 | 176.8 |
337.0 | 99.7 | 1,310.2 | 54.7 | 1,801.6 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.3 | \u2013 | 138.1 | 159.4 |
Derivative financial liabilities | 3.6 | 0.2 | 0.4 | \u2013 | 4.2 |
Trade and other payables | 97.0 | 10.8 | \u2013 | \u2013 | 107.8 |
Borrowings (excluding capitalised facility costs) | \u2013 | \u2013 | 230.8 | 259.5 | 490.3 |
Lease liabilities | 17.0 | 16.7 | 43.1 | 24.5 | 101.3 |
Consolidated CLO liabilities | 120.8 | 309.1 | 1,062.6 | 612.6 | 2,105.1 |
Consolidated CLO purchases awaiting settlement | 212.7 | \u2013 | \u2013 | \u2013 | 212.7 |
451.1 | 358.1 | 1,336.9 | 1,034.7 | 3,180.8 |
| Group | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2023 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Other financial liabilities | \u2013 | 21.6 | \u2013 | 29.0 | 50.6 |
Derivative financial liabilities | 1.2 | 0.4 | \u2013 | \u2013 | 1.6 |
Trade and other payables | 47.6 | \u2013 | \u2013 | \u2013 | 47.6 |
Lease liabilities | 15.0 | 14.1 | 38.7 | 25.7 | 93.5 |
Consolidated CLO liabilities | 96.4 | 63.6 | 1,271.5 | \u2013 | 1,431.5 |
Consolidated CLO purchases awaiting settlement | 176.8 | \u2013 | \u2013 | \u2013 | 176.8 |
337.0 | 99.7 | 1,310.2 | 54.7 | 1,801.6 |
| Company | |||||
| Due within | Due between | Due within | Due more than | ||
| 1 year | 1 and 2 years | 2 and 5 years | 5 years | Total | |
| As at 31 December 2024 | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m |
Trade and other payables | 8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
8.5 | \u2013 | \u2013 | \u2013 | 8.5 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Cash and cash equivalents (for use within the Group) | 90.8 | 238.8 |
Total cash and cash equivalents | 90.8 | 238.8 |
Share capital | 0.1 | 0.1 |
Share premium | 375.1 | 289.8 |
Capital redemption reserve | 0.0 | 0.0 |
Share-based payment reserve | 19.8 | 3.0 |
Cash flow hedge reserve | 14.7 | 0.9 |
Foreign exchange option time value reserve | \u2013 | 0.1 |
Net exchange differences reserve | 16.6 | 8.6 |
Retained earnings | 557.1 | 418.7 |
Equity attributable to owners of the Company | 983.4 | 721.2 |
Non-controlling interests | 207.8 | \u2013 |
Total equity | 1,191.2 | 721.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Deferred tax assets | 76.5 | 74.6 |
Deferred tax liabilities | (121.2) | (108.5) |
Net deferred tax liability | (44.7) | (33.9) |
| Other timing | Management | Losses carried | ||
| Deferred tax assets | differences | fee hedges | forward | Total |
As at 31 December 2023 | 24.6 | \u2013 | 50.0 | 74.6 |
(Charge) to other comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (1.2) | \u2013 | 3.1 | 1.9 |
As at 31 December 2024 | 23.4 | \u2013 | 53.1 | 76.5 |
| Management | |||||
| Other timing | Management | fee income and | Capital | ||
| Deferred tax liabilities | differences | fee hedges | investments | allowance | Total |
As at 31 December 2023 | (14.3) | (0.2) | (91.0) | (3.0) | (108.5) |
(Charge) to other comprehensive income | \u2013 | (3.3) | \u2013 | \u2013 | (3.3) |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (4.5) | \u2013 | (6.5) | 1.6 | (9.4) |
As at 31 December 2024 | (18.8) | (3.5) | (97.5) | (1.4) | (121.2) |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Deferred tax assets | 76.5 | 74.6 |
Deferred tax liabilities | (121.2) | (108.5) |
Net deferred tax liability | (44.7) | (33.9) |
| Other timing | Management | Losses carried | ||
| Deferred tax assets | differences | fee hedges | forward | Total |
As at 31 December 2023 | 24.6 | \u2013 | 50.0 | 74.6 |
(Charge) to other comprehensive income | \u2013 | \u2013 | \u2013 | \u2013 |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (1.2) | \u2013 | 3.1 | 1.9 |
As at 31 December 2024 | 23.4 | \u2013 | 53.1 | 76.5 |
| Management | |||||
| Other timing | Management | fee income and | Capital | ||
| Deferred tax liabilities | differences | fee hedges | investments | allowance | Total |
As at 31 December 2023 | (14.3) | (0.2) | (91.0) | (3.0) | (108.5) |
(Charge) to other comprehensive income | \u2013 | (3.3) | \u2013 | \u2013 | (3.3) |
Credit/(charge) to the Consolidated Statement of Profit or Loss | (4.5) | \u2013 | (6.5) | 1.6 | (9.4) |
As at 31 December 2024 | (18.8) | (3.5) | (97.5) | (1.4) | (121.2) |
| Company | ||||
2024 | 2023 | |||
No. | \u00a3 | No. | \u00a3 | |
Ordinary of \u00a30.00005 each | 823,930,986 | 41,197 | 794,637,730 | 39,732 |
Deferred of \u00a381 each | 500 | 40,500 | 500 | 40,500 |
Deferred of \u00a31 each | 1 | 1 | 1 | 1 |
Deferred of \u00a30.01 each | 1 | 0.01 | 1 | 0.01 |
Total | 823,931,488 | 81,698 | 794,638,232 | 80,233 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Cash flow hedge reserve | 14.7 | 0.9 | \u2013 | \u2013 |
Foreign exchange option time value reserve | \u2013 | 0.1 | \u2013 | 0.1 |
Net exchange differences reserve | 16.6 | 8.6 | \u2013 | \u2013 |
Share-based payment reserve | 19.8 | 3.0 | 25.3 | 2.9 |
Merger reserve | \u2013 | \u2013 | 571.4 | 571.4 |
Capital redemption reserve | 0.0 | 0.0 | \u2013 | \u2013 |
Total | 51.1 | 12.6 | 596.7 | 574.4 |
| Proportion of economic interest | Profit/(loss) allocated to | Carrying value of | ||||
| held by non-controlling interests | non-controlling interests | non-controlling interests | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| At 31 December | % | % | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Bridgepoint OP LP | 15.0% | \u2013 | 4.0 | \u2013 | 175.0 | \u2013 |
Bridgepoint European CLO Management I SCSp | 31.8% | \u2013 | 0.3 | \u2013 | 32.8 | \u2013 |
4.3 | \u2013 | 207.8 | \u2013 |
| 2024 | |
| Summarised financial information attributable to non-controlling interests (ECP transaction) | |
Profit for the year attributable to non-controlling interests | 4.3 |
Total comprehensive income for the year attributable to non-controlling interests | 7.4 |
Dividend equivalents paid to non-controlling interests in the year | 6.8 |
| 2024 | |
| Summarised financial information attributable to non-controlling interests (Partnership restructure) | |
Profit for the year attributable to non-controlling interests | 0.3 |
Total comprehensive income for the year attributable to non-controlling interests | \u2013 |
Dividends paid to non-controlling interests in the year | \u2013 |
2024 | 2023 | |||
Ordinary dividends and dividend equivalents | \u00a3 m | Pence per share | \u00a3 m | Pence per share |
Proposed final dividends and dividend equivalents | 45.3 | 4.6 | 34.9 | 4.4 |
Interim dividends and dividend equivalents | 45.2 | 4.6 | 35.3 | 4.4 |
| Company | ||||
2024 | 2023 | |||
No. | \u00a3 | No. | \u00a3 | |
Ordinary of \u00a30.00005 each | 823,930,986 | 41,197 | 794,637,730 | 39,732 |
Deferred of \u00a381 each | 500 | 40,500 | 500 | 40,500 |
Deferred of \u00a31 each | 1 | 1 | 1 | 1 |
Deferred of \u00a30.01 each | 1 | 0.01 | 1 | 0.01 |
Total | 823,931,488 | 81,698 | 794,638,232 | 80,233 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Cash flow hedge reserve | 14.7 | 0.9 | \u2013 | \u2013 |
Foreign exchange option time value reserve | \u2013 | 0.1 | \u2013 | 0.1 |
Net exchange differences reserve | 16.6 | 8.6 | \u2013 | \u2013 |
Share-based payment reserve | 19.8 | 3.0 | 25.3 | 2.9 |
Merger reserve | \u2013 | \u2013 | 571.4 | 571.4 |
Capital redemption reserve | 0.0 | 0.0 | \u2013 | \u2013 |
Total | 51.1 | 12.6 | 596.7 | 574.4 |
| Proportion of economic interest | Profit/(loss) allocated to | Carrying value of | ||||
| held by non-controlling interests | non-controlling interests | non-controlling interests | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| At 31 December | % | % | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Bridgepoint OP LP | 15.0% | \u2013 | 4.0 | \u2013 | 175.0 | \u2013 |
Bridgepoint European CLO Management I SCSp | 31.8% | \u2013 | 0.3 | \u2013 | 32.8 | \u2013 |
4.3 | \u2013 | 207.8 | \u2013 |
| 2024 | |
| Summarised financial information attributable to non-controlling interests (ECP transaction) | |
Profit for the year attributable to non-controlling interests | 4.3 |
Total comprehensive income for the year attributable to non-controlling interests | 7.4 |
Dividend equivalents paid to non-controlling interests in the year | 6.8 |
| 2024 | |
| Summarised financial information attributable to non-controlling interests (Partnership restructure) | |
Profit for the year attributable to non-controlling interests | 0.3 |
Total comprehensive income for the year attributable to non-controlling interests | \u2013 |
Dividends paid to non-controlling interests in the year | \u2013 |
2024 | 2023 | |||
Ordinary dividends and dividend equivalents | \u00a3 m | Pence per share | \u00a3 m | Pence per share |
Proposed final dividends and dividend equivalents | 45.3 | 4.6 | 34.9 | 4.4 |
Interim dividends and dividend equivalents | 45.2 | 4.6 | 35.3 | 4.4 |
Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Profit/(loss) before tax | 80.7 | 86.0 | 327.6 | (34.6) |
| Adjustments for: | ||||
Dividend income | \u2013 | \u2013 | (325.7) | \u2013 |
Share-based payments (exceptional) | 32.4 | 3.3 | \u2013 | \u2013 |
Share-based payments (non-exceptional) | 6.2 | 4.2 | \u2013 | \u2013 |
Loss on disposal of right-of-use asset | \u2013 | 1.2 | \u2013 | \u2013 |
Depreciation and amortisation expense | 36.2 | 17.5 | \u2013 | \u2013 |
Net other finance and other income or expenses | 17.0 | (10.0) | (4.3) | (2.7) |
Carried interest | (59.1) | (30.0) | \u2013 | \u2013 |
Fair value remeasurement of investments | (38.8) | (25.3) | \u2013 | \u2013 |
Net foreign exchange losses/(gains) | 12.3 | 2.4 | 3.0 | 3.4 |
(Increase)/decrease in trade and other receivables | (6.9) | (5.6) | (5.8) | 117.3 |
Increase/(decrease) in trade and other payables | (67.7) | 56.0 | (71.7) | 23.8 |
Cash generated from operations | 12.3 | 99.7 | (76.9) | 107.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Financing | 18.5 | 10.1 |
Operating | 0.2 | 0.3 |
Cash outflows from leases | 18.7 | 10.4 |
| Group | ||||||
| Foreign | ||||||
| 1 January | Net additions/ | Fair value | exchange | 31 December | ||
| 2024 | Cash flows | (disposals) | movements | movements | 2024 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Borrowings | \u2013 | 293.3 | 172.6 | \u2013 | 19.4 | 485.3 |
Fair value of consolidated CLO liabilities | 1,152.0 | 607.7 | (11.4) | 0.8 | (52.9) | 1,696.2 |
Lease liabilities | 81.6 | (18.5) | 24.8 | \u2013 | \u2013 | 87.9 |
Total | 1,233.6 | 882.5 | 186.0 | 0.8 | (33.5) | 2,269.4 |
| Group | ||||||
| Foreign | ||||||
| 1 January | Net additions/ | Fair value | exchange | 31 December | ||
| 2023 | Cash flows | (disposals) | movements | movements | 2023 | |
| \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | \u00a3 m | |
Borrowings | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Fair value of consolidated CLO liabilities | 597.5 | \u2013 | 529.9 | 38.6 | (14.0) | 1,152.0 |
Lease liabilities | 83.2 | (10.1) | 8.5 | \u2013 | \u2013 | 81.6 |
Total | 680.7 | (10.1) | 538.4 | 38.6 | (14.0) | 1,233.6 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 4.7 | 1.9 |
Total | 4.7 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 5.3 | 2.4 |
Total | 5.3 | 2.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Amounts received from funds | 311.0 | 298.2 |
Amounts paid on behalf of the funds | 31.8 | 28.4 |
Amounts receivable from funds | 20.3 | 41.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 4.7 | 1.9 |
Total | 4.7 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 5.3 | 2.4 |
Total | 5.3 | 2.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Amounts received from funds | 311.0 | 298.2 |
Amounts paid on behalf of the funds | 31.8 | 28.4 |
Amounts receivable from funds | 20.3 | 41.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 4.7 | 1.9 |
Total | 4.7 | 1.9 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 5.3 | 2.4 |
Total | 5.3 | 2.4 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Amounts received from funds | 311.0 | 298.2 |
Amounts paid on behalf of the funds | 31.8 | 28.4 |
Amounts receivable from funds | 20.3 | 41.2 |
| Group | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Salary, bonus and other benefits | 4.7 | 1.9 |
Total | 4.7 | 1.9 |
| Company | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Balance as at 1 January | 1,026.9 | 1,023.0 |
Increase in investment in subsidiary and other Group affiliates | 348.1 | 3.9 |
At 31 December | 1,375.0 | 1,026.9 |
| Company\u2019s | ||||||
| proportion of | ||||||
| Country of | ownership | |||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest | |
101 | Investments (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Atlantic GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BBTPS GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BC II FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BC II FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC II GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BC II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC MLP UK Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC SMA Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% | |
BC SMA II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC SMA II FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BCLO Credit Investments I S.\u00e0 r.l. | 3 | Luxembourg | CLO management company | Ordinary shares | 85.0% | |
BCO II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BCO V Carry GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II (SGP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC III Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC III Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC IV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion of | |||||
| Country of | ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance 1 Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC V GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC V GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BDC V GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC V SLP GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 1 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 2 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDCP II GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDCP II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDCP II SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDL I Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL II Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
BDL III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL III LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BEP IV (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDL IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEP IV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Germany GP Co Limited | 4 | Guernsey | General Partner | Ordinary shares | 85.0% |
BEV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEV GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BEV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV GPC Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BEV Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BE VI FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BE VI GP LP | 2 | UK | General Partner | N/A | \u2013 |
BE VI MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BE VI Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BE VI Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 1 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 2 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 3 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VII GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BE VII Co-Investment (Feeder) Partnership LP | 2 | UK | Limited Partner | N/A | \u2013 |
BG II GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BG II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Singapore Pte. Ltd | 16 | Singapore | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint AB | 5 | Sweden | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advantage Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Europe Limited | 1 | UK | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advisers Group Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers Holdings | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers II Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers UK Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint AIV Holdings Corp. | 14 | United States | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Doolittle) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Capital Directorships Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital General Partner LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Capital Group Limited Employee Benefit Trust | 1 | UK | Employee Benefit Trust | N/A | \u2013 |
Bridgepoint Capital Scottish GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Capital Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit AD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Advisers UK Limited | 1 | UK | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Carry LP | 2 | UK | Investment holding company | N/A | \u2013 |
Bridgepoint Credit Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit CLO GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Empire GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit France SAS | 12 | France | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit GP Verwaltungs GmbH | 13 | Germany | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Holdings Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Credit Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit Management Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit MSPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit MPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities II GP GmbH & Co. KG | 13 | Germany | General Partner | N/A | \u2013 |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Credit Opportunities III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities III GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit PPF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit PS GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Services S.\u00e0 r.l. | 3 | Luxembourg | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Debt Funding Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Debt Management Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Debt Managers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital V GP S.a r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Development Capital V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending II GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending III GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe (SGP) Ltd | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV (Nominees) 1 Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV (Nominees) Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe IV General Partner L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV General Partner \u2018F\u2019 L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe Managerial LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe V Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe V Finance GP LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 2 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 3 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge Holding GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VI Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII (GP) S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP SGP Limited | 2 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Europe VII MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint European CLO Management I SCSp | 3 | Luxembourg | Limited Partner | N/A | \u2013 |
Bridgepoint Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Fund Management S.\u00e0 r.l. | 3 | Luxembourg | Private equity management company | Ordinary Shares | 85.0% |
Bridgepoint GmbH | 6 | Germany | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint GP2 LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Growth I GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V Nominees Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Growth Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Group Holdings Limited | 1 | UK | Holding company | Ordinary shares | 85.0% |
Bridgepoint Growth Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Holdco 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint International Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Investment Consultants (Shanghai) Co Ltd | 8 | China | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Loan Fund GP S.\u00e0.r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Netherlands B.V. | 9 | Netherlands | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint OP GP Limited | 1 | UK | General Partner | Ordinary shares | 100% |
Bridgepoint OP LP | 1 | UK | Investment holding partnership | N/A | \u2013 |
Bridgepoint Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint PC SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint SAS | 7 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services France SAS | 12 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Private Equity Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Growth Fund Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint SA | 10 | Spain | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services S.\u00e0.r.l. | 3 | Luxembourg | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo (in liquidation) | 11 | Poland | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo sp.k (in liquidation) | 11 | Poland | General Partner | N/A | \u2013 |
Bridgepoint Structured Credit Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint UK Holdco Limited | 1 | UK | Dormant entity | Ordinary shares | 100% |
Bridgepoint UK Midco Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdco Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Holdco 2 Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Ventures Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint, LLC | 17 | United States | Private equity advisory company | Ordinary shares | 85.0% |
Burgundy GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Burgundy GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Energy Capital Partners Holdings, LP | 14 | United States | Limited Partner | N/A | \u2013 |
Energy Capital Partners Management, LP | 14 | United States | Limited Partner | N/A | \u2013 |
GeorgeTown (Nominees) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horninghaven Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horningway Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
HPE SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
LORAC 5 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 6 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BC Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
LORAC BC II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC III Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BEP IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VI Co-investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BG I Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BC SMA II Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO IV Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BDL III Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC Eagle Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC KITE Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC (1998) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 3 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 4 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 5991 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BBTPS Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BPC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BDL IV Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC ECP V Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
New HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Opal Investments LP | 2 | UK | Investment holding partnership | N/A | \u2013 |
PEPCO Services LLP | 1 | UK | Collective purchasing negotiator | N/A | \u2013 |
Ruby Investments (UK) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Sapphire Investments (Guernsey) Limited | 4 | Guernsey | Investment holding company | Ordinary shares | 85.0% |
Throttle Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Thompson Trustees Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Vigny Advisory | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Participation | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Holding | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Wigeavenmore GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Ref | Registered office | |
1 | 5 Marble Arch, London, W1H 7EJ, United Kingdom | |
2 | 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland, United Kingdom | |
3 | 6B Rue du Fort Niedergr\u00fcnewald, Luxembourg, L-2226, Luxembourg | |
4 | 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL, Guernsey | |
5 | M\u00e4ster Samuelsgatan 1, S-111 44 Stockholm, Sweden | |
6 | Nextower, Thurn-und-Taxis-Platz 6, 60313 Frankfurt, Germany | |
7 | 21 Avenue Kleber, 75116, Paris, France | |
8 | Unit 2103-05, ONE ICC, No 999 Middle Huaihai Road, Shanghai, Xuhui District, China | |
9 | Paulus Potterstraat 22A, 1071 DA, Amsterdam, Netherlands | |
10 | Calle Rafael Calvo, 39A-4\u00b0 \u2013 28010 Madrid, Spain | |
11 | ul. Rondo ONZ 1, 00-124, Warsaw, Poland | |
12 | 21 rue La P\u00e9rouse, 75116, Paris, France | |
13 | C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany | |
14 | 40 Beechwood Rd, Summit, NJ 07901, USA | |
15 | 21 rue La P\u00e9rouse, 75017, Paris, France | |
16 | 10 Anson Road, #22-02, International Plaza, Singapore (079903) | |
17 | 251 | Little Falls Drive, City of Wilmington 19808, County of New Castle, USA |
| Country of | Proportion of | ||||
Name of subsidiary: | Ref | incorporation | Principal activity | Share class | ownership interest |
Bridgepoint PE CI Limited | 1 | UK | Investment holding company | Ordinary shares | 49.1% |
Sapphire Sub II A Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub II B Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III A Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III B Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III C Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub South Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 25% |
| Group\u2019s | ||||
| proportion of | ||||
| Country of | ownership | |||
| Name of structured entities: | incorporation | interest | Nature of interest | Periods consolidated |
BE VI (French) Co-Invest LP | UK | 86.2% | Limited partner | All periods |
BDC IV (French) Co-Investment LP | UK | 51.9% | Limited partner | All periods |
BE VII Co-Investment (Feeder) Partnership LP | UK | 50.0% | Limited partner | Year ended 31 December 2024 |
Bridgepoint CLO 1 DAC | Ireland | 55.2% | Subordinated note in the residual class | All periods |
Bridgepoint CLO 3 DAC | Ireland | 58.8% | Subordinated note in the residual class | All periods |
Bridgepoint CLO IV DAC | Ireland | 74.9% | Subordinated note in the residual class | All periods |
Bridgepoint CLO V DAC | Ireland | 66.3% | Subordinated note in the residual class | All periods |
Bridgepoint CLO VI DAC | Ireland | 68.4% | Subordinated note in the residual class | All periods |
Bridgepoint CLO VII DAC | Ireland | 64.6% | Subordinated note in the residual class | Year ended 31 December 2024 |
Bridgepoint CLO VIII DAC | Ireland | 50.0% | Warehouse entity | Year ended 31 December 2024 |
Opal Investments LP | UK | 85.0% | Limited partner | All periods |
Maple Tree VII LP | UK | 21.7%* | Limited partner | All periods |
| Proportion of ownership | |||||||
| interest/voting rights held by | Income distributions | ||||||
| the Group | received from associate | ||||||
| Country of | 2024 | 2023 | |||||
Name of associates: | Ref | incorporation | Principal activity | 2023 | 2024 | \u00a3 m | \u00a3 m |
Bridgepoint Growth I SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDC III SFP LP* | 1 | UK | Investment holding vehicle | 25.9% | 25.0% | 39.0 | \u2013 |
BDC IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDCP II SFP LP* | 1 | UK | Investment holding vehicle | 20.0% | 20.0% | \u2013 | \u2013 |
Bridgepoint Europe IV FP LP | 1 | UK | Investment holding vehicle | 28.1% | 28.1% | \u2013 | \u2013 |
BEP IV SFP LP* | 1 | UK | Investment holding vehicle | 49.7% | 31.8% | 2.1 | 1.9 |
BE VI SFP LP* | 1 | UK | Investment holding vehicle | 5.0% | 22.5% | \u2013 | \u2013 |
BCO IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDL Ill SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | |
BC SMA II SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BE VI Co-Investment (Feeder) Partnership LP | 1 | UK | Investment holding vehicle | 45.2% | 45.2% | 0.6 | 0.9 |
| ECP GP IV, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | 0.4 | \u2013 |
| ECP GP V, LP* | 2 | USA | Investment holding vehicle | \u2013 | 13.3% | 1.8 | \u2013 |
| ECP Calpine Fund GP LP* | 2 | USA | Investment holding vehicle | \u2013 | 12.4% | 0.8 | \u2013 |
| ECP Credit Solutions GP II LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP IV (Liberty Recycling Co-invest), LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
ECP FBO Energy Infra, LLC* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Renewables GP, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Energy Transition Opportunities GP LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
101 | Investments (GP) Limited | BDC III GP 2 Limited | BDL I Carry GP LLP | Bridgepoint Europe Managerial LLP |
Atlantic GP 1 Limited | BDC III Limited | BDL III Carry GP LLP | Bridgepoint Credit Carry GP LLP | |
Atlantic GP LLP | BDC III SFP GP Limited | BDL IV Carry GP LLP | Bridgepoint Europe III FP (GP) Limited | |
BBTPS FP GP Limited | BDC IV MLP Limited | BE VI FP SGP Limited | Bridgepoint Europe IV FP (GP) Limited | |
BC GP 2 Limited | BDC IV SFP GP Limited | BE VI GP 2 Limited | Bridgepoint Europe VII FP SGP Limited | |
BC II FP SGP Limited | BDC V MLP Limited | BE VI MLP Limited | Bridgepoint Europe VII GP 2 Limited | |
BC MLP UK Limited | BDC V SLP GP Limited | BEP IV FP SGP Limited | Bridgepoint Europe VII MLP Limited | |
| Bridgepoint Private Equity Growth Fund | ||||
BC SMA II Carry GP LLP | BDC V GP 2 Limited | BEP IV GP 2 Limited | Limited | |
BC II MLP Limited | BDC Special 1 Limited | BEP IV MLP Limited | Burgundy GP LLP | |
BCO II Carry GP LLP | BDC Special 2 Limited | BEV FP SGP Limited | ||
BCO III Carry GP LLP | BDC Special GP LLP | BEV MLP Limited | ||
BCO IV Carry GP LLP | BDCP II GP 2 Limited | Bridgepoint PC SGP Limited | ||
BDC II FP GP Limited | BDCP II MLP Limited | |||
BDC II Limited | BDCP II SFP GP Limited |
| Company | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Balance as at 1 January | 1,026.9 | 1,023.0 |
Increase in investment in subsidiary and other Group affiliates | 348.1 | 3.9 |
At 31 December | 1,375.0 | 1,026.9 |
| Company\u2019s | ||||||
| proportion of | ||||||
| Country of | ownership | |||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest | |
101 | Investments (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Atlantic GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BBTPS GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BC II FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BC II FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC II GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BC II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC MLP UK Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC SMA Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% | |
BC SMA II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC SMA II FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BCLO Credit Investments I S.\u00e0 r.l. | 3 | Luxembourg | CLO management company | Ordinary shares | 85.0% | |
BCO II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BCO V Carry GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II (SGP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC III Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC III Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC IV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion of | |||||
| Country of | ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance 1 Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC V GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC V GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BDC V GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC V SLP GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 1 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 2 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDCP II GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDCP II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDCP II SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDL I Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL II Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
BDL III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL III LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BEP IV (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDL IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEP IV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Germany GP Co Limited | 4 | Guernsey | General Partner | Ordinary shares | 85.0% |
BEV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEV GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BEV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV GPC Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BEV Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BE VI FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BE VI GP LP | 2 | UK | General Partner | N/A | \u2013 |
BE VI MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BE VI Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BE VI Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 1 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 2 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 3 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VII GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BE VII Co-Investment (Feeder) Partnership LP | 2 | UK | Limited Partner | N/A | \u2013 |
BG II GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BG II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Singapore Pte. Ltd | 16 | Singapore | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint AB | 5 | Sweden | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advantage Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Europe Limited | 1 | UK | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advisers Group Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers Holdings | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers II Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers UK Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint AIV Holdings Corp. | 14 | United States | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Doolittle) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Capital Directorships Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital General Partner LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Capital Group Limited Employee Benefit Trust | 1 | UK | Employee Benefit Trust | N/A | \u2013 |
Bridgepoint Capital Scottish GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Capital Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit AD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Advisers UK Limited | 1 | UK | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Carry LP | 2 | UK | Investment holding company | N/A | \u2013 |
Bridgepoint Credit Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit CLO GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Empire GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit France SAS | 12 | France | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit GP Verwaltungs GmbH | 13 | Germany | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Holdings Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Credit Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit Management Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit MSPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit MPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities II GP GmbH & Co. KG | 13 | Germany | General Partner | N/A | \u2013 |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Credit Opportunities III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities III GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit PPF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit PS GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Services S.\u00e0 r.l. | 3 | Luxembourg | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Debt Funding Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Debt Management Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Debt Managers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital V GP S.a r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Development Capital V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending II GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending III GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe (SGP) Ltd | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV (Nominees) 1 Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV (Nominees) Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe IV General Partner L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV General Partner \u2018F\u2019 L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe Managerial LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe V Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe V Finance GP LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 2 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 3 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge Holding GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VI Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII (GP) S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP SGP Limited | 2 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Europe VII MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint European CLO Management I SCSp | 3 | Luxembourg | Limited Partner | N/A | \u2013 |
Bridgepoint Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Fund Management S.\u00e0 r.l. | 3 | Luxembourg | Private equity management company | Ordinary Shares | 85.0% |
Bridgepoint GmbH | 6 | Germany | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint GP2 LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Growth I GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V Nominees Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Growth Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Group Holdings Limited | 1 | UK | Holding company | Ordinary shares | 85.0% |
Bridgepoint Growth Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Holdco 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint International Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Investment Consultants (Shanghai) Co Ltd | 8 | China | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Loan Fund GP S.\u00e0.r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Netherlands B.V. | 9 | Netherlands | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint OP GP Limited | 1 | UK | General Partner | Ordinary shares | 100% |
Bridgepoint OP LP | 1 | UK | Investment holding partnership | N/A | \u2013 |
Bridgepoint Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint PC SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint SAS | 7 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services France SAS | 12 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Private Equity Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Growth Fund Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint SA | 10 | Spain | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services S.\u00e0.r.l. | 3 | Luxembourg | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo (in liquidation) | 11 | Poland | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo sp.k (in liquidation) | 11 | Poland | General Partner | N/A | \u2013 |
Bridgepoint Structured Credit Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint UK Holdco Limited | 1 | UK | Dormant entity | Ordinary shares | 100% |
Bridgepoint UK Midco Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdco Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Holdco 2 Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Ventures Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint, LLC | 17 | United States | Private equity advisory company | Ordinary shares | 85.0% |
Burgundy GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Burgundy GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Energy Capital Partners Holdings, LP | 14 | United States | Limited Partner | N/A | \u2013 |
Energy Capital Partners Management, LP | 14 | United States | Limited Partner | N/A | \u2013 |
GeorgeTown (Nominees) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horninghaven Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horningway Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
HPE SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
LORAC 5 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 6 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BC Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
LORAC BC II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC III Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BEP IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VI Co-investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BG I Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BC SMA II Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO IV Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BDL III Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC Eagle Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC KITE Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC (1998) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 3 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 4 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 5991 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BBTPS Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BPC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BDL IV Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC ECP V Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
New HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Opal Investments LP | 2 | UK | Investment holding partnership | N/A | \u2013 |
PEPCO Services LLP | 1 | UK | Collective purchasing negotiator | N/A | \u2013 |
Ruby Investments (UK) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Sapphire Investments (Guernsey) Limited | 4 | Guernsey | Investment holding company | Ordinary shares | 85.0% |
Throttle Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Thompson Trustees Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Vigny Advisory | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Participation | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Holding | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Wigeavenmore GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Ref | Registered office | |
1 | 5 Marble Arch, London, W1H 7EJ, United Kingdom | |
2 | 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland, United Kingdom | |
3 | 6B Rue du Fort Niedergr\u00fcnewald, Luxembourg, L-2226, Luxembourg | |
4 | 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL, Guernsey | |
5 | M\u00e4ster Samuelsgatan 1, S-111 44 Stockholm, Sweden | |
6 | Nextower, Thurn-und-Taxis-Platz 6, 60313 Frankfurt, Germany | |
7 | 21 Avenue Kleber, 75116, Paris, France | |
8 | Unit 2103-05, ONE ICC, No 999 Middle Huaihai Road, Shanghai, Xuhui District, China | |
9 | Paulus Potterstraat 22A, 1071 DA, Amsterdam, Netherlands | |
10 | Calle Rafael Calvo, 39A-4\u00b0 \u2013 28010 Madrid, Spain | |
11 | ul. Rondo ONZ 1, 00-124, Warsaw, Poland | |
12 | 21 rue La P\u00e9rouse, 75116, Paris, France | |
13 | C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany | |
14 | 40 Beechwood Rd, Summit, NJ 07901, USA | |
15 | 21 rue La P\u00e9rouse, 75017, Paris, France | |
16 | 10 Anson Road, #22-02, International Plaza, Singapore (079903) | |
17 | 251 | Little Falls Drive, City of Wilmington 19808, County of New Castle, USA |
| Country of | Proportion of | ||||
Name of subsidiary: | Ref | incorporation | Principal activity | Share class | ownership interest |
Bridgepoint PE CI Limited | 1 | UK | Investment holding company | Ordinary shares | 49.1% |
Sapphire Sub II A Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub II B Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III A Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III B Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III C Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub South Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 25% |
| Group\u2019s | ||||
| proportion of | ||||
| Country of | ownership | |||
| Name of structured entities: | incorporation | interest | Nature of interest | Periods consolidated |
BE VI (French) Co-Invest LP | UK | 86.2% | Limited partner | All periods |
BDC IV (French) Co-Investment LP | UK | 51.9% | Limited partner | All periods |
BE VII Co-Investment (Feeder) Partnership LP | UK | 50.0% | Limited partner | Year ended 31 December 2024 |
Bridgepoint CLO 1 DAC | Ireland | 55.2% | Subordinated note in the residual class | All periods |
Bridgepoint CLO 3 DAC | Ireland | 58.8% | Subordinated note in the residual class | All periods |
Bridgepoint CLO IV DAC | Ireland | 74.9% | Subordinated note in the residual class | All periods |
Bridgepoint CLO V DAC | Ireland | 66.3% | Subordinated note in the residual class | All periods |
Bridgepoint CLO VI DAC | Ireland | 68.4% | Subordinated note in the residual class | All periods |
Bridgepoint CLO VII DAC | Ireland | 64.6% | Subordinated note in the residual class | Year ended 31 December 2024 |
Bridgepoint CLO VIII DAC | Ireland | 50.0% | Warehouse entity | Year ended 31 December 2024 |
Opal Investments LP | UK | 85.0% | Limited partner | All periods |
Maple Tree VII LP | UK | 21.7%* | Limited partner | All periods |
| Proportion of ownership | |||||||
| interest/voting rights held by | Income distributions | ||||||
| the Group | received from associate | ||||||
| Country of | 2024 | 2023 | |||||
Name of associates: | Ref | incorporation | Principal activity | 2023 | 2024 | \u00a3 m | \u00a3 m |
Bridgepoint Growth I SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDC III SFP LP* | 1 | UK | Investment holding vehicle | 25.9% | 25.0% | 39.0 | \u2013 |
BDC IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDCP II SFP LP* | 1 | UK | Investment holding vehicle | 20.0% | 20.0% | \u2013 | \u2013 |
Bridgepoint Europe IV FP LP | 1 | UK | Investment holding vehicle | 28.1% | 28.1% | \u2013 | \u2013 |
BEP IV SFP LP* | 1 | UK | Investment holding vehicle | 49.7% | 31.8% | 2.1 | 1.9 |
BE VI SFP LP* | 1 | UK | Investment holding vehicle | 5.0% | 22.5% | \u2013 | \u2013 |
BCO IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDL Ill SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | |
BC SMA II SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BE VI Co-Investment (Feeder) Partnership LP | 1 | UK | Investment holding vehicle | 45.2% | 45.2% | 0.6 | 0.9 |
| ECP GP IV, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | 0.4 | \u2013 |
| ECP GP V, LP* | 2 | USA | Investment holding vehicle | \u2013 | 13.3% | 1.8 | \u2013 |
| ECP Calpine Fund GP LP* | 2 | USA | Investment holding vehicle | \u2013 | 12.4% | 0.8 | \u2013 |
| ECP Credit Solutions GP II LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP IV (Liberty Recycling Co-invest), LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
ECP FBO Energy Infra, LLC* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Renewables GP, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Energy Transition Opportunities GP LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
101 | Investments (GP) Limited | BDC III GP 2 Limited | BDL I Carry GP LLP | Bridgepoint Europe Managerial LLP |
Atlantic GP 1 Limited | BDC III Limited | BDL III Carry GP LLP | Bridgepoint Credit Carry GP LLP | |
Atlantic GP LLP | BDC III SFP GP Limited | BDL IV Carry GP LLP | Bridgepoint Europe III FP (GP) Limited | |
BBTPS FP GP Limited | BDC IV MLP Limited | BE VI FP SGP Limited | Bridgepoint Europe IV FP (GP) Limited | |
BC GP 2 Limited | BDC IV SFP GP Limited | BE VI GP 2 Limited | Bridgepoint Europe VII FP SGP Limited | |
BC II FP SGP Limited | BDC V MLP Limited | BE VI MLP Limited | Bridgepoint Europe VII GP 2 Limited | |
BC MLP UK Limited | BDC V SLP GP Limited | BEP IV FP SGP Limited | Bridgepoint Europe VII MLP Limited | |
| Bridgepoint Private Equity Growth Fund | ||||
BC SMA II Carry GP LLP | BDC V GP 2 Limited | BEP IV GP 2 Limited | Limited | |
BC II MLP Limited | BDC Special 1 Limited | BEP IV MLP Limited | Burgundy GP LLP | |
BCO II Carry GP LLP | BDC Special 2 Limited | BEV FP SGP Limited | ||
BCO III Carry GP LLP | BDC Special GP LLP | BEV MLP Limited | ||
BCO IV Carry GP LLP | BDCP II GP 2 Limited | Bridgepoint PC SGP Limited | ||
BDC II FP GP Limited | BDCP II MLP Limited | |||
BDC II Limited | BDCP II SFP GP Limited |
| Group | ||||||||||
| Value of the | accrued | Group | ||||||||
| Group\u2019s | Typical | Net asset | Management | Typical | carried | maximum | ||||
| co- | Group | value of the | fees | Typical | Group share | interest | exposure to | |||
| investments* | commitment | Total investor | funds at | recognised | management | Carried interest rate | of carried | receivable | loss at year | |
| at year end | to the fund as | commitments | year end | by the Group | fee range | % | interest | at year end | end | |
| at 31 December | \u00a3 m | % | \u00a3 bn | \u00a3 bn | \u00a3 m | % | (where applicable) | % | \u00a3 m | \u00a3 m |
| 2024 | Generally up to | |||||||||
| Private equity | 0.75 to | 20% of profits | Up to | |||||||
funds | 470.8 | \u22482% | 31.9 | 18.2 | 238.8 | 2.00% | over threshold | 35% | 49.0 | 519.8 |
| Generally up to | ||||||||||
| 0.50 to | 20% of profits | Up to | ||||||||
Credit funds | 129.1 | \u22482% | 7.2 | 4.4 | 61.3 | 1.75% | over threshold | 35% | 2.5 | 131.6 |
| Generally up to | ||||||||||
| Infrastructure | 0.75 to | 20% of profits | ||||||||
funds | 140.6 | \u22483% | 9.9 | 11.6 | 33.0 | 1.5% | over threshold | 12-15% | 61.8 | 202.4 |
740.5 | 49.0 | 34.2 | 333.1 | 113.3 | 853.8 |
| Group | ||||||||||
| Value of the | accrued | Group | ||||||||
| Group\u2019s | Typical | Net asset | Typical | carried | maximum | |||||
| co- | Group | value of the | Management | Typical | Group share | interest | exposure to | |||
| investments | commitment | Total investor | funds at | fees received | management | Carried interest rate | of carried | receivable | loss at year | |
| at year end | to the fund as | commitments | year end | by the Group | fee range | % | interest | at year end | end | |
| at 31 December | \u00a3 m | % | \u00a3 bn | \u00a3 bn | \u00a3 m | % | (where applicable) | % | \u00a3 m | \u00a3 m |
| 2023 | Generally up to | |||||||||
| Private equity | 0.75 to | 20% of profits | Up to | |||||||
funds | 260.9 | \u22482% | 28.9 | 16.7 | 205.0 | 2.00% | over threshold | 35% | 64.7 | 325.6 |
| Generally up to | ||||||||||
| 0.50 to | 20% of profits | Up to | ||||||||
Credit funds | 121.6 | \u22489% | 6.9 | 4.4 | 56.5 | 1.75% | over threshold | 35% | 2.6 | 124.2 |
382.5 | 35.8 | 21.1 | 261.5 | 67.3 | 449.8 |
| Company | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Balance as at 1 January | 1,026.9 | 1,023.0 |
Increase in investment in subsidiary and other Group affiliates | 348.1 | 3.9 |
At 31 December | 1,375.0 | 1,026.9 |
| Company\u2019s | ||||||
| proportion of | ||||||
| Country of | ownership | |||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest | |
101 | Investments (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Atlantic GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BBTPS GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BC II FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BC II FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC II GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BC II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC MLP UK Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC SMA Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% | |
BC SMA II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC SMA II FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BCLO Credit Investments I S.\u00e0 r.l. | 3 | Luxembourg | CLO management company | Ordinary shares | 85.0% | |
BCO II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BCO V Carry GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II (SGP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC III Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC III Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC IV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion of | |||||
| Country of | ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance 1 Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC V GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC V GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BDC V GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC V SLP GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 1 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 2 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDCP II GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDCP II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDCP II SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDL I Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL II Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
BDL III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL III LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BEP IV (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDL IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEP IV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Germany GP Co Limited | 4 | Guernsey | General Partner | Ordinary shares | 85.0% |
BEV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEV GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BEV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV GPC Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BEV Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BE VI FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BE VI GP LP | 2 | UK | General Partner | N/A | \u2013 |
BE VI MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BE VI Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BE VI Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 1 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 2 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 3 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VII GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BE VII Co-Investment (Feeder) Partnership LP | 2 | UK | Limited Partner | N/A | \u2013 |
BG II GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BG II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Singapore Pte. Ltd | 16 | Singapore | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint AB | 5 | Sweden | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advantage Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Europe Limited | 1 | UK | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advisers Group Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers Holdings | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers II Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers UK Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint AIV Holdings Corp. | 14 | United States | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Doolittle) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Capital Directorships Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital General Partner LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Capital Group Limited Employee Benefit Trust | 1 | UK | Employee Benefit Trust | N/A | \u2013 |
Bridgepoint Capital Scottish GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Capital Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit AD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Advisers UK Limited | 1 | UK | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Carry LP | 2 | UK | Investment holding company | N/A | \u2013 |
Bridgepoint Credit Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit CLO GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Empire GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit France SAS | 12 | France | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit GP Verwaltungs GmbH | 13 | Germany | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Holdings Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Credit Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit Management Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit MSPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit MPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities II GP GmbH & Co. KG | 13 | Germany | General Partner | N/A | \u2013 |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Credit Opportunities III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities III GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit PPF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit PS GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Services S.\u00e0 r.l. | 3 | Luxembourg | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Debt Funding Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Debt Management Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Debt Managers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital V GP S.a r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Development Capital V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending II GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending III GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe (SGP) Ltd | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV (Nominees) 1 Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV (Nominees) Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe IV General Partner L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV General Partner \u2018F\u2019 L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe Managerial LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe V Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe V Finance GP LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 2 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 3 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge Holding GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VI Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII (GP) S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP SGP Limited | 2 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Europe VII MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint European CLO Management I SCSp | 3 | Luxembourg | Limited Partner | N/A | \u2013 |
Bridgepoint Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Fund Management S.\u00e0 r.l. | 3 | Luxembourg | Private equity management company | Ordinary Shares | 85.0% |
Bridgepoint GmbH | 6 | Germany | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint GP2 LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Growth I GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V Nominees Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Growth Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Group Holdings Limited | 1 | UK | Holding company | Ordinary shares | 85.0% |
Bridgepoint Growth Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Holdco 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint International Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Investment Consultants (Shanghai) Co Ltd | 8 | China | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Loan Fund GP S.\u00e0.r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Netherlands B.V. | 9 | Netherlands | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint OP GP Limited | 1 | UK | General Partner | Ordinary shares | 100% |
Bridgepoint OP LP | 1 | UK | Investment holding partnership | N/A | \u2013 |
Bridgepoint Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint PC SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint SAS | 7 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services France SAS | 12 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Private Equity Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Growth Fund Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint SA | 10 | Spain | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services S.\u00e0.r.l. | 3 | Luxembourg | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo (in liquidation) | 11 | Poland | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo sp.k (in liquidation) | 11 | Poland | General Partner | N/A | \u2013 |
Bridgepoint Structured Credit Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint UK Holdco Limited | 1 | UK | Dormant entity | Ordinary shares | 100% |
Bridgepoint UK Midco Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdco Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Holdco 2 Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Ventures Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint, LLC | 17 | United States | Private equity advisory company | Ordinary shares | 85.0% |
Burgundy GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Burgundy GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Energy Capital Partners Holdings, LP | 14 | United States | Limited Partner | N/A | \u2013 |
Energy Capital Partners Management, LP | 14 | United States | Limited Partner | N/A | \u2013 |
GeorgeTown (Nominees) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horninghaven Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horningway Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
HPE SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
LORAC 5 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 6 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BC Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
LORAC BC II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC III Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BEP IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VI Co-investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BG I Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BC SMA II Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO IV Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BDL III Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC Eagle Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC KITE Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC (1998) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 3 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 4 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 5991 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BBTPS Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BPC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BDL IV Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC ECP V Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
New HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Opal Investments LP | 2 | UK | Investment holding partnership | N/A | \u2013 |
PEPCO Services LLP | 1 | UK | Collective purchasing negotiator | N/A | \u2013 |
Ruby Investments (UK) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Sapphire Investments (Guernsey) Limited | 4 | Guernsey | Investment holding company | Ordinary shares | 85.0% |
Throttle Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Thompson Trustees Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Vigny Advisory | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Participation | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Holding | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Wigeavenmore GP LLP | 1 | UK | General Partner | N/A | \u2013 |
| Company | ||
| 2024 | 2023 | |
| \u00a3 m | \u00a3 m | |
Balance as at 1 January | 1,026.9 | 1,023.0 |
Increase in investment in subsidiary and other Group affiliates | 348.1 | 3.9 |
At 31 December | 1,375.0 | 1,026.9 |
| Company\u2019s | ||||||
| proportion of | ||||||
| Country of | ownership | |||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest | |
101 | Investments (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Atlantic GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
Atlantic GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BBTPS GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BBTPS Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BC II FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BC II FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BC II GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BC II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC MLP UK Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% | |
BC SMA Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% | |
BC SMA II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BC SMA II FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BCLO Credit Investments I S.\u00e0 r.l. | 3 | Luxembourg | CLO management company | Ordinary shares | 85.0% | |
BCO II Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 | |
BCO IV LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% | |
BCO V Carry GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II (SGP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II FP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC II GP LP | 2 | UK | General Partner | N/A | \u2013 | |
BDC II Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% | |
BDC III GP LLP | 1 | UK | General Partner | N/A | \u2013 | |
BDC III Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% | |
BDC III Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% | |
BDC III SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% | |
BDC IV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion of | |||||
| Country of | ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDC GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance 1 Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BDC IV Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDC IV SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC V GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDC V GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BDC V GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC V SLP GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 1 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special 2 Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDC Special GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDCP II GP 1 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BDCP II GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II GP LP | 2 | UK | General Partner | N/A | \u2013 |
BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BDCP II MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BDCP II SFP GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BDL I Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL II Carry GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
BDL III Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BDL III LORAC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BEP IV (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BDL IV Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEP IV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEP IV GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV GP LP | 2 | UK | General Partner | N/A | \u2013 |
BEP IV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Germany GP Co Limited | 4 | Guernsey | General Partner | Ordinary shares | 85.0% |
BEV FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
BEV GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BEV FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BEV GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV GPC Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BEV MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BEV Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BEV Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
BE VI FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
BE VI GP LLP | 2 | UK | General Partner | N/A | \u2013 |
BE VI GP LP | 2 | UK | General Partner | N/A | \u2013 |
BE VI MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
BE VI Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
BE VI Nominees II Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 1 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 2 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VI Bridge 3 Nominee Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
BE VII GP SCSp | 3 | Luxembourg | General Partner | N/A | \u2013 |
BE VII Co-Investment (Feeder) Partnership LP | 2 | UK | Limited Partner | N/A | \u2013 |
BG II GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BG II Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Singapore Pte. Ltd | 16 | Singapore | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint AB | 5 | Sweden | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advantage Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage FP Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Advantage FP SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Advantage GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Advantage Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Advisers Europe Limited | 1 | UK | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Advisers Group Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers Holdings | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Advisers II Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint Advisers UK Limited | 1 | UK | Private equity management company | Ordinary shares | 85.0% |
Bridgepoint AIV Holdings Corp. | 14 | United States | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Doolittle) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital (Nominees) Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Capital Directorships Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Capital General Partner LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Capital Group Limited Employee Benefit Trust | 1 | UK | Employee Benefit Trust | N/A | \u2013 |
Bridgepoint Capital Scottish GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Capital Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit AD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Advisers UK Limited | 1 | UK | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Carry LP | 2 | UK | Investment holding company | N/A | \u2013 |
Bridgepoint Credit Carry GP LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit CLO GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Empire GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit France SAS | 12 | France | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit GP Verwaltungs GmbH | 13 | Germany | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Holdings Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
Bridgepoint Credit Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit Management Limited | 1 | UK | Credit fund management company | Ordinary shares | 85.0% |
Bridgepoint Credit MSPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit MPD GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities II GP GmbH & Co. KG | 13 | Germany | General Partner | N/A | \u2013 |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Credit Opportunities III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Credit Opportunities III GP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Credit PPF GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit PS GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Credit Services S.\u00e0 r.l. | 3 | Luxembourg | Credit fund advisory company | Ordinary shares | 85.0% |
Bridgepoint Debt Funding Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Debt Management Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Debt Managers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Development Capital V GP S.a r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Development Capital V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending II GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending III GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Direct Lending IV GP S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe (SGP) Ltd | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III (GP) Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe III GP LP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV (Nominees) 1 Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV (Nominees) Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Europe IV FP (GP) Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe IV General Partner L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe IV General Partner \u2018F\u2019 L.P. | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe Managerial LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe V Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe V Finance GP LLP | 1 | UK | Limited Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 2 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge 3 GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Bridge Holding GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VI Finance 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VI Finance GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII (GP) S.\u00e0 r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII FP SGP Limited | 2 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint Europe VII GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Bridgepoint Europe VII Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Europe VII MLP Limited | 1 | UK | Managing Limited Partner | Ordinary shares | 85.0% |
Bridgepoint European CLO Management I SCSp | 3 | Luxembourg | Limited Partner | N/A | \u2013 |
Bridgepoint Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Fund Management S.\u00e0 r.l. | 3 | Luxembourg | Private equity management company | Ordinary Shares | 85.0% |
Bridgepoint GmbH | 6 | Germany | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint GP2 LLP | 2 | UK | General Partner | N/A | \u2013 |
Bridgepoint Growth I GP LLP | 1 | UK | General Partner | N/A | \u2013 |
BDC V Nominees Limited | 1 | UK | Nominee entity | Ordinary shares | 85.0% |
Bridgepoint Growth Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
Bridgepoint Group Holdings Limited | 1 | UK | Holding company | Ordinary shares | 85.0% |
Bridgepoint Growth Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Bridgepoint Holdco 1 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Infrastructure GP Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint International Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Investment Consultants (Shanghai) Co Ltd | 8 | China | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Loan Fund GP S.\u00e0.r.l. | 3 | Luxembourg | General Partner | Ordinary shares | 85.0% |
Bridgepoint Netherlands B.V. | 9 | Netherlands | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint OP GP Limited | 1 | UK | General Partner | Ordinary shares | 100% |
Bridgepoint OP LP | 1 | UK | Investment holding partnership | N/A | \u2013 |
Bridgepoint Partners Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint PC SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
Bridgepoint SAS | 7 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services France SAS | 12 | France | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Private Equity Group Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Growth Fund Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Private Equity Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Property Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Advisers Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Development Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Estate Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint Real Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint SA | 10 | Spain | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Services S.\u00e0.r.l. | 3 | Luxembourg | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo (in liquidation) | 11 | Poland | Private equity advisory company | Ordinary shares | 85.0% |
Bridgepoint Sp Zoo sp.k (in liquidation) | 11 | Poland | General Partner | N/A | \u2013 |
Bridgepoint Structured Credit Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint UK Holdco Limited | 1 | UK | Dormant entity | Ordinary shares | 100% |
Bridgepoint UK Midco Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdings Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint US Holdco Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Holdco 2 Limited | 17 | United States | Investment holding company | Ordinary shares | 100% |
Bridgepoint US Finance Limited | 1 | UK | Financing entity | Ordinary shares | 85.0% |
Bridgepoint Ventures Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Bridgepoint, LLC | 17 | United States | Private equity advisory company | Ordinary shares | 85.0% |
Burgundy GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Burgundy GP 2 Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
Energy Capital Partners Holdings, LP | 14 | United States | Limited Partner | N/A | \u2013 |
Energy Capital Partners Management, LP | 14 | United States | Limited Partner | N/A | \u2013 |
GeorgeTown (Nominees) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horninghaven Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Horningway Limited | 1 | UK | General Partner | Ordinary shares | 85.0% |
HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
HPE SGP Limited | 2 | UK | General Partner | Ordinary shares | 85.0% |
LORAC 5 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 6 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BC Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
| Company\u2019s | |||||
| proportion | |||||
| Country of | of ownership | ||||
Name of subsidiary | Ref | incorporation | Principal activity | Share class | interest |
LORAC BC II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC III Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BDCP II Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BEP IV Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VI Co-investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BG I Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BC SMA II Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO IV Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BDL III Limited | 1 | UK | Investment holding company | Ordinary shares | 85.0% |
LORAC Carry BCO V Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC Eagle Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC KITE Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC (1998) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 3 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 4 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC 5991 Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BBTPS Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BE VII Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC BPC Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
LORAC Carry BDL IV Limited | 1 | UK | Limited Partner | Ordinary shares | 85.0% |
LORAC ECP V Co-Investment Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
New HPE II GP LP | 2 | UK | General Partner | N/A | \u2013 |
Opal Investments LP | 2 | UK | Investment holding partnership | N/A | \u2013 |
PEPCO Services LLP | 1 | UK | Collective purchasing negotiator | N/A | \u2013 |
Ruby Investments (UK) Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Sapphire Investments (Guernsey) Limited | 4 | Guernsey | Investment holding company | Ordinary shares | 85.0% |
Throttle Nominees Limited | 1 | UK | Nominee company | Ordinary shares | 85.0% |
Thompson Trustees Limited | 1 | UK | Dormant entity | Ordinary shares | 85.0% |
Vigny Advisory | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Participation | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Vigny Holding | 15 | France | Dormant entity | Ordinary shares | 85.0% |
Wigeavenmore GP LLP | 1 | UK | General Partner | N/A | \u2013 |
Ref | Registered office | |
1 | 5 Marble Arch, London, W1H 7EJ, United Kingdom | |
2 | 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland, United Kingdom | |
3 | 6B Rue du Fort Niedergr\u00fcnewald, Luxembourg, L-2226, Luxembourg | |
4 | 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL, Guernsey | |
5 | M\u00e4ster Samuelsgatan 1, S-111 44 Stockholm, Sweden | |
6 | Nextower, Thurn-und-Taxis-Platz 6, 60313 Frankfurt, Germany | |
7 | 21 Avenue Kleber, 75116, Paris, France | |
8 | Unit 2103-05, ONE ICC, No 999 Middle Huaihai Road, Shanghai, Xuhui District, China | |
9 | Paulus Potterstraat 22A, 1071 DA, Amsterdam, Netherlands | |
10 | Calle Rafael Calvo, 39A-4\u00b0 \u2013 28010 Madrid, Spain | |
11 | ul. Rondo ONZ 1, 00-124, Warsaw, Poland | |
12 | 21 rue La P\u00e9rouse, 75116, Paris, France | |
13 | C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany | |
14 | 40 Beechwood Rd, Summit, NJ 07901, USA | |
15 | 21 rue La P\u00e9rouse, 75017, Paris, France | |
16 | 10 Anson Road, #22-02, International Plaza, Singapore (079903) | |
17 | 251 | Little Falls Drive, City of Wilmington 19808, County of New Castle, USA |
| Country of | Proportion of | ||||
Name of subsidiary: | Ref | incorporation | Principal activity | Share class | ownership interest |
Bridgepoint PE CI Limited | 1 | UK | Investment holding company | Ordinary shares | 49.1% |
Sapphire Sub II A Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub II B Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III A Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III B Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub III C Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 100% |
Sapphire Sub South Limited* | 4 | Guernsey | Investment holding company | Ordinary shares | 25% |
| Group\u2019s | ||||
| proportion of | ||||
| Country of | ownership | |||
| Name of structured entities: | incorporation | interest | Nature of interest | Periods consolidated |
BE VI (French) Co-Invest LP | UK | 86.2% | Limited partner | All periods |
BDC IV (French) Co-Investment LP | UK | 51.9% | Limited partner | All periods |
BE VII Co-Investment (Feeder) Partnership LP | UK | 50.0% | Limited partner | Year ended 31 December 2024 |
Bridgepoint CLO 1 DAC | Ireland | 55.2% | Subordinated note in the residual class | All periods |
Bridgepoint CLO 3 DAC | Ireland | 58.8% | Subordinated note in the residual class | All periods |
Bridgepoint CLO IV DAC | Ireland | 74.9% | Subordinated note in the residual class | All periods |
Bridgepoint CLO V DAC | Ireland | 66.3% | Subordinated note in the residual class | All periods |
Bridgepoint CLO VI DAC | Ireland | 68.4% | Subordinated note in the residual class | All periods |
Bridgepoint CLO VII DAC | Ireland | 64.6% | Subordinated note in the residual class | Year ended 31 December 2024 |
Bridgepoint CLO VIII DAC | Ireland | 50.0% | Warehouse entity | Year ended 31 December 2024 |
Opal Investments LP | UK | 85.0% | Limited partner | All periods |
Maple Tree VII LP | UK | 21.7%* | Limited partner | All periods |
| Proportion of ownership | |||||||
| interest/voting rights held by | Income distributions | ||||||
| the Group | received from associate | ||||||
| Country of | 2024 | 2023 | |||||
Name of associates: | Ref | incorporation | Principal activity | 2023 | 2024 | \u00a3 m | \u00a3 m |
Bridgepoint Growth I SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDC III SFP LP* | 1 | UK | Investment holding vehicle | 25.9% | 25.0% | 39.0 | \u2013 |
BDC IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDCP II SFP LP* | 1 | UK | Investment holding vehicle | 20.0% | 20.0% | \u2013 | \u2013 |
Bridgepoint Europe IV FP LP | 1 | UK | Investment holding vehicle | 28.1% | 28.1% | \u2013 | \u2013 |
BEP IV SFP LP* | 1 | UK | Investment holding vehicle | 49.7% | 31.8% | 2.1 | 1.9 |
BE VI SFP LP* | 1 | UK | Investment holding vehicle | 5.0% | 22.5% | \u2013 | \u2013 |
BCO IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDL Ill SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | |
BC SMA II SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BE VI Co-Investment (Feeder) Partnership LP | 1 | UK | Investment holding vehicle | 45.2% | 45.2% | 0.6 | 0.9 |
| ECP GP IV, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | 0.4 | \u2013 |
| ECP GP V, LP* | 2 | USA | Investment holding vehicle | \u2013 | 13.3% | 1.8 | \u2013 |
| ECP Calpine Fund GP LP* | 2 | USA | Investment holding vehicle | \u2013 | 12.4% | 0.8 | \u2013 |
| ECP Credit Solutions GP II LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP IV (Liberty Recycling Co-invest), LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
ECP FBO Energy Infra, LLC* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Renewables GP, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Energy Transition Opportunities GP LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
101 | Investments (GP) Limited | BDC III GP 2 Limited | BDL I Carry GP LLP | Bridgepoint Europe Managerial LLP |
Atlantic GP 1 Limited | BDC III Limited | BDL III Carry GP LLP | Bridgepoint Credit Carry GP LLP | |
Atlantic GP LLP | BDC III SFP GP Limited | BDL IV Carry GP LLP | Bridgepoint Europe III FP (GP) Limited | |
BBTPS FP GP Limited | BDC IV MLP Limited | BE VI FP SGP Limited | Bridgepoint Europe IV FP (GP) Limited | |
BC GP 2 Limited | BDC IV SFP GP Limited | BE VI GP 2 Limited | Bridgepoint Europe VII FP SGP Limited | |
BC II FP SGP Limited | BDC V MLP Limited | BE VI MLP Limited | Bridgepoint Europe VII GP 2 Limited | |
BC MLP UK Limited | BDC V SLP GP Limited | BEP IV FP SGP Limited | Bridgepoint Europe VII MLP Limited | |
| Bridgepoint Private Equity Growth Fund | ||||
BC SMA II Carry GP LLP | BDC V GP 2 Limited | BEP IV GP 2 Limited | Limited | |
BC II MLP Limited | BDC Special 1 Limited | BEP IV MLP Limited | Burgundy GP LLP | |
BCO II Carry GP LLP | BDC Special 2 Limited | BEV FP SGP Limited | ||
BCO III Carry GP LLP | BDC Special GP LLP | BEV MLP Limited | ||
BCO IV Carry GP LLP | BDCP II GP 2 Limited | Bridgepoint PC SGP Limited | ||
BDC II FP GP Limited | BDCP II MLP Limited | |||
BDC II Limited | BDCP II SFP GP Limited |
| Proportion of ownership | |||||||
| interest/voting rights held by | Income distributions | ||||||
| the Group | received from associate | ||||||
| Country of | 2024 | 2023 | |||||
Name of associates: | Ref | incorporation | Principal activity | 2023 | 2024 | \u00a3 m | \u00a3 m |
Bridgepoint Growth I SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDC III SFP LP* | 1 | UK | Investment holding vehicle | 25.9% | 25.0% | 39.0 | \u2013 |
BDC IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDCP II SFP LP* | 1 | UK | Investment holding vehicle | 20.0% | 20.0% | \u2013 | \u2013 |
Bridgepoint Europe IV FP LP | 1 | UK | Investment holding vehicle | 28.1% | 28.1% | \u2013 | \u2013 |
BEP IV SFP LP* | 1 | UK | Investment holding vehicle | 49.7% | 31.8% | 2.1 | 1.9 |
BE VI SFP LP* | 1 | UK | Investment holding vehicle | 5.0% | 22.5% | \u2013 | \u2013 |
BCO IV SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BDL Ill SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | |
BC SMA II SFP LP* | 1 | UK | Investment holding vehicle | 35.0% | 35.0% | \u2013 | \u2013 |
BE VI Co-Investment (Feeder) Partnership LP | 1 | UK | Investment holding vehicle | 45.2% | 45.2% | 0.6 | 0.9 |
| ECP GP IV, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | 0.4 | \u2013 |
| ECP GP V, LP* | 2 | USA | Investment holding vehicle | \u2013 | 13.3% | 1.8 | \u2013 |
| ECP Calpine Fund GP LP* | 2 | USA | Investment holding vehicle | \u2013 | 12.4% | 0.8 | \u2013 |
| ECP Credit Solutions GP II LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP IV (Liberty Recycling Co-invest), LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
ECP FBO Energy Infra, LLC* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Renewables GP, LP* | 2 | USA | Investment holding vehicle | \u2013 | 15.0% | \u2013 | \u2013 |
ECP Energy Transition Opportunities GP LP | 2 | USA | Investment holding vehicle | \u2013 | 50.0% | \u2013 | \u2013 |
| Group | ||||||||||
| Value of the | accrued | Group | ||||||||
| Group\u2019s | Typical | Net asset | Management | Typical | carried | maximum | ||||
| co- | Group | value of the | fees | Typical | Group share | interest | exposure to | |||
| investments* | commitment | Total investor | funds at | recognised | management | Carried interest rate | of carried | receivable | loss at year | |
| at year end | to the fund as | commitments | year end | by the Group | fee range | % | interest | at year end | end | |
| at 31 December | \u00a3 m | % | \u00a3 bn | \u00a3 bn | \u00a3 m | % | (where applicable) | % | \u00a3 m | \u00a3 m |
| 2024 | Generally up to | |||||||||
| Private equity | 0.75 to | 20% of profits | Up to | |||||||
funds | 470.8 | \u22482% | 31.9 | 18.2 | 238.8 | 2.00% | over threshold | 35% | 49.0 | 519.8 |
| Generally up to | ||||||||||
| 0.50 to | 20% of profits | Up to | ||||||||
Credit funds | 129.1 | \u22482% | 7.2 | 4.4 | 61.3 | 1.75% | over threshold | 35% | 2.5 | 131.6 |
| Generally up to | ||||||||||
| Infrastructure | 0.75 to | 20% of profits | ||||||||
funds | 140.6 | \u22483% | 9.9 | 11.6 | 33.0 | 1.5% | over threshold | 12-15% | 61.8 | 202.4 |
740.5 | 49.0 | 34.2 | 333.1 | 113.3 | 853.8 |
| Group | ||||||||||
| Value of the | accrued | Group | ||||||||
| Group\u2019s | Typical | Net asset | Typical | carried | maximum | |||||
| co- | Group | value of the | Management | Typical | Group share | interest | exposure to | |||
| investments | commitment | Total investor | funds at | fees received | management | Carried interest rate | of carried | receivable | loss at year | |
| at year end | to the fund as | commitments | year end | by the Group | fee range | % | interest | at year end | end | |
| at 31 December | \u00a3 m | % | \u00a3 bn | \u00a3 bn | \u00a3 m | % | (where applicable) | % | \u00a3 m | \u00a3 m |
| 2023 | Generally up to | |||||||||
| Private equity | 0.75 to | 20% of profits | Up to | |||||||
funds | 260.9 | \u22482% | 28.9 | 16.7 | 205.0 | 2.00% | over threshold | 35% | 64.7 | 325.6 |
| Generally up to | ||||||||||
| 0.50 to | 20% of profits | Up to | ||||||||
Credit funds | 121.6 | \u22489% | 6.9 | 4.4 | 56.5 | 1.75% | over threshold | 35% | 2.6 | 124.2 |
382.5 | 35.8 | 21.1 | 261.5 | 67.3 | 449.8 |