{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "bridgepointgroupplc": "http://bridgepointgroupplc.com/20251231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://bridgepointgroupplc.com/20251231/213800KFNMVI8PDZX472-2025-12-31.xsd" ] }, "facts": { "f-1": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-2": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-3": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-4": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-5": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-6": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-7": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-8": { "value": "416000000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ManagementAndOtherFees", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-9": { "value": "329200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ManagementAndOtherFees", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-10": { "value": "60000000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CarriedInterest", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-11": { "value": "59100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CarriedInterest", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-12": { "value": "153200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:FairValueRemeasurementOfInvestments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-13": { "value": "38800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:FairValueRemeasurementOfInvestments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-14": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-15": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-16": { "value": "629900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-17": { "value": "428100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-18": { "value": "302200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-19": { "value": "214600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-20": { "value": "85000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-21": { "value": "67300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-22": { "value": "242700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:EBITDA", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-23": { "value": "146200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:EBITDA", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-24": { "value": "64900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-25": { "value": "36200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-26": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-27": { "value": "7800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-28": { "value": "96500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-29": { "value": "37100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-30": { "value": "85700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-31": { "value": "80700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-32": { "value": "29000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-33": { "value": "11600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-34": { "value": "56700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-35": { "value": "69100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-36": { "value": "41500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-37": { "value": "64800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-38": { "value": "15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-39": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-40": { "value": "56700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-41": { "value": "69100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-42": { "value": "0.050", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-43": { "value": "0.080", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-44": { "value": "0.049", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-45": { "value": "0.079", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-46": { "value": "86700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ExceptionalExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-47": { "value": "61800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ExceptionalExpense", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-48": { "value": "117400000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ExceptionalExpensesIncludedInProfitBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-49": { "value": "62600000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ExceptionalExpensesIncludedInProfitBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-50": { "value": "56700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-51": { "value": "69100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-52": { "value": "-24100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-53": { "value": "10600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-54": { "value": "-6700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-55": { "value": "14000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-56": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-57": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-58": { "value": "8700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-59": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnChangeInValueOfForwardElementsOfForwardContractsBeforeTax", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-60": { "value": "-3600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-61": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-62": { "value": "-35900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-63": { "value": "21500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-64": { "value": "20800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-65": { "value": "90600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-66": { "value": "8200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-67": { "value": "83200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-68": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-69": { "value": "7400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-70": { "value": "20800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-71": { "value": "90600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-72": { "value": "95600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-73": { "value": "88300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-74": { "value": "711900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-75": { "value": "780900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-76": { "value": "148900000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CarriedInterestReceivable", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-77": { "value": "113300000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CarriedInterestReceivable", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-78": { "value": "853600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-79": { "value": "765600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-80": { "value": "24800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-81": { "value": "33900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-82": { "value": "1834800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-83": { "value": "1782000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-84": { "value": "2878800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ConsolidatedCLOAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-85": { "value": "1978200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ConsolidatedCLOAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-86": { "value": "138500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-87": { "value": "150400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-88": { "value": "5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-89": { "value": "26400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-90": { "value": "24500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-91": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-92": { "value": "193500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-93": { "value": "90800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-94": { "value": "141400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-95": { "value": "69000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-96": { "value": "3381800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-97": { "value": "2314800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-98": { "value": "5216600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-99": { "value": "4096800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-100": { "value": "53500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-101": { "value": "35600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-102": { "value": "317400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-103": { "value": "159400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-104": { "value": "2587800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:FairValueOfConsolidatedCLOLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-105": { "value": "1696200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:FairValueOfConsolidatedCLOLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-106": { "value": "451200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-107": { "value": "485300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPortionOfNoncurrentNotesAndDebenturesIssued", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-108": { "value": "84000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-109": { "value": "74400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-110": { "value": "66200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-111": { "value": "44700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-112": { "value": "3560100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-113": { "value": "2495600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-114": { "value": "193300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-115": { "value": "157100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-116": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-117": { "value": "13500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-118": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-119": { "value": "4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-120": { "value": "25500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ConsolidatedCLOLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-121": { "value": "20600000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ConsolidatedCLOLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-122": { "value": "203600000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ConsolidatedCLOPurchasesAwaitingSettlement", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-123": { "value": "212700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ConsolidatedCLOPurchasesAwaitingSettlement", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-124": { "value": "468500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-125": { "value": "408100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-126": { "value": "4028600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-127": { "value": "2903700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-128": { "value": "1188000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-129": { "value": "1193100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-130": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-131": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-132": { "value": "445300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-133": { "value": "375100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-134": { "value": "65700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-135": { "value": "51100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-136": { "value": "484200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-137": { "value": "558700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-138": { "value": "995300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-139": { "value": "985000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-140": { "value": "192700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-141": { "value": "208100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-142": { "value": "1188000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-143": { "value": "1193100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-144": { "value": "200300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MaximumExposureToCreditRisk", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-145": { "value": "117700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:MaximumExposureToCreditRisk", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-146": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-147": { "value": "15300000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CollateralizedLoanObligationsNonConsolidatedInvestment", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-148": { "value": "14600000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CollateralizedLoanObligationsNonConsolidatedInvestment", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-149": { "value": "170400000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CollateralisedLoanObligationsEquityToParentExposure", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-150": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-151": { "value": "99500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CollateralisedLoanObligationsEquityToParentExposure", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-152": { "value": "45200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CollateralisedLoanObligationsEquityToNonControllingInterestExposure", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-153": { "value": "32800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CollateralisedLoanObligationsEquityToNonControllingInterestExposure", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-154": { "value": "
The financial statements of Bridgepoint Group plc (company registration number: 11443992), which include
the notes, were\u00a0approved\u00a0and authorised by the Board of Directors on 25\u00a0March 2026 and were signed on its
behalf by:
\"Prior_signature.png\"
R C Prior
Director
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-155": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-156": { "value": "375100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-157": { "value": "51100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-158": { "value": "558700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-159": { "value": "985000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-160": { "value": "208100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-161": { "value": "1193100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-162": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-163": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-164": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-165": { "value": "41500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-166": { "value": "41500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-167": { "value": "15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-168": { "value": "56700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-169": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-170": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-171": { "value": "-36600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-172": { "value": "3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-173": { "value": "-33300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-174": { "value": "-2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-175": { "value": "-35900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-176": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-177": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-178": { "value": "-36600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-179": { "value": "44800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-180": { "value": "8200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-181": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-182": { "value": "20800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-183": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-184": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-185": { "value": "55200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-186": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-187": { "value": "55200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-188": { "value": "9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-189": { "value": "64700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-190": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-191": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-192": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-193": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-194": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-195": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-196": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-197": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-198": { "value": "70200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-199": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-200": { "value": "-41100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-201": { "value": "29100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-202": { "value": "-23900000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-203": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-204": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-205": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-206": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-207": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-208": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-209": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-210": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-211": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-212": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-213": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-214": { "value": "78100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-215": { "value": "78100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-216": { "value": "13600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-217": { "value": "91700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-218": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-219": { "value": "445300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-220": { "value": "65700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-221": { "value": "484200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-222": { "value": "995300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-223": { "value": "192700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-224": { "value": "1188000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-225": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-226": { "value": "289800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-227": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-228": { "value": "418700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-229": { "value": "721200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-230": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-231": { "value": "721200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-232": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-233": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-234": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-235": { "value": "64800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-236": { "value": "64800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-237": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-238": { "value": "69100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-239": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-240": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-241": { "value": "21600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-242": { "value": "-3200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-243": { "value": "18400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-244": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-245": { "value": "21500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-246": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-247": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-248": { "value": "21600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-249": { "value": "61600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-250": { "value": "83200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-251": { "value": "7400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-252": { "value": "90600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-253": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-254": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-255": { "value": "33100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-256": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-257": { "value": "33100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-258": { "value": "5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-259": { "value": "38600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-260": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-261": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-262": { "value": "-16200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-263": { "value": "16200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-264": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-265": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-266": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:VestedShareBasedPayments", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-267": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-268": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-269": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-270": { "value": "199600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-271": { "value": "199600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-272": { "value": "233000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-273": { "value": "432600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-274": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-275": { "value": "85300000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-276": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-277": { "value": "-54300000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-278": { "value": "31000000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-279": { "value": "-31000000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-280": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:TransactionWithNonControllingInterestsHolders", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-281": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-282": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-283": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-284": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-285": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-286": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-287": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-288": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-289": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-290": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-291": { "value": "73300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-292": { "value": "73300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-293": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-294": { "value": "80100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-295": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-296": { "value": "375100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f-297": { "value": "51100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f-298": { "value": "558700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-299": { "value": "985000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-300": { "value": "208100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-301": { "value": "1193100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-302": { "value": "139600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-303": { "value": "12300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-304": { "value": "3700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-305": { "value": "1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-306": { "value": "135900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-307": { "value": "10800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-308": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-309": { "value": "162800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-310": { "value": "262100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ReceiptsFromInvestmentsNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-311": { "value": "90100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ReceiptsFromInvestmentsNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-312": { "value": "206700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PurchaseOfInvestmentsNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-313": { "value": "379200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PurchaseOfInvestmentsNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-314": { "value": "24200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PurchaseOfOtherInvestmentsNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-315": { "value": "-7500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PurchaseOfOtherInvestmentsNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-316": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:InterestReceivedNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-317": { "value": "6900000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:InterestReceivedNonCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-318": { "value": "928600000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ReceiptsFromInvestmentsCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-319": { "value": "640700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ReceiptsFromInvestmentsCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-320": { "value": "1548800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PurchaseOfInvestmentsCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-321": { "value": "1129200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PurchaseOfInvestmentsCLOClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-322": { "value": "32300000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PaymentsForPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-323": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:PaymentsForPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-324": { "value": "-618500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-325": { "value": "-928900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-326": { "value": "91700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:DividendsAndDividendEquivalentsPaidToShareholdersOfTheCompanyAndNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-327": { "value": "80100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:DividendsAndDividendEquivalentsPaidToShareholdersOfTheCompanyAndNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-328": { "value": "4100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-329": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-330": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ReceiptsFromDisposalOfSubsidiaryInvestmentsClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-331": { "value": "32500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ReceiptsFromDisposalOfSubsidiaryInvestmentsClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-332": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-333": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-334": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-335": { "value": "325100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-336": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-337": { "value": "31800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-338": { "value": "50900000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ProceedsFromRepurchaseAgreement", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-339": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:ProceedsFromRepurchaseAgreement", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-340": { "value": "78400000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CashAdvancesRepaymentsForLoansFromRelatedParties", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-341": { "value": "113500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CashAdvancesRepaymentsForLoansFromRelatedParties", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-342": { "value": "12500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-343": { "value": "15400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-344": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:DrawingsOnBankFacilitiesNonCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-345": { "value": "189500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:DrawingsOnBankFacilitiesNonCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-346": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:RepaymentOfBankFacilitiesNonCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-347": { "value": "189500000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:RepaymentOfBankFacilitiesNonCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-348": { "value": "307900000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:DrawnFundingCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-349": { "value": "374800000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:DrawnFundingCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-350": { "value": "1358400000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:RepaymentOfCLOBorrowingsCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-351": { "value": "526200000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:RepaymentOfCLOBorrowingsCLOClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-352": { "value": "1702100000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CashFromOrPaidToCLOInvestorsConsolidatedCLOsClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-353": { "value": "607700000.0", "decimals": -5, "dimensions": { "concept": "bridgepointgroupplc:CashFromOrPaidToCLOInvestorsConsolidatedCLOsClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-354": { "value": "26200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-355": { "value": "14200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-356": { "value": "651600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-357": { "value": "776100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-358": { "value": "169000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-359": { "value": "-142000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-360": { "value": "159800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-361": { "value": "314800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-362": { "value": "6100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-363": { "value": "-13000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-364": { "value": "334900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-365": { "value": "159800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-366": { "value": "193500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-367": { "value": "90800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-368": { "value": "141400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-369": { "value": "69000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-370": { "value": "334900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-371": { "value": "159800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-372": { "value": "
General information
Bridgepoint Group plc (the \u201cCompany\u201d) is a public company limited by shares, incorporated, domiciled and registered in England
and Wales. The Company\u2019s registration number is 11443992 and the address of its registered office is 5 Marble Arch, London,
W1H 7EJ, United Kingdom.
The principal activity of the Company and entities controlled by the Company (collectively, the \u201cGroup\u201d or \u201cBridgepoint Group\u201d) is
to\u00a0act as a private equity, credit and infrastructure fund manager. The Strategic Report sets out further details of the Group\u2019s
activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "Bridgepoint Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "Bridgepoint Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "5 Marble Arch, London, W1H 7EJ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "5 Marble Arch, London, W1H 7EJ, United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "The principal activity of the Company and entities controlled by the Company (collectively, the \u201cGroup\u201d or \u201cBridgepoint Group\u201d) is to\u00a0act as a private equity, credit and infrastructure fund manager. The Strategic Report sets out further details of the Group\u2019s activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Basis of preparation
The consolidated financial statements for the year ended 31\u00a0December 2025 comprise the financial statements of the Group and the
Company.
The consolidated financial statements of the Group and the Company\u2019s financial statements have been prepared in accordance with
UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006, as applicable
to companies reporting under those standards. The financial statements have been prepared on a historical cost basis, except for
financial instruments measured at fair value through profit or\u00a0loss.
The principal accounting policies applied in the preparation of the financial statements are set out within note 2. These policies have
been consistently applied to all the periods presented, unless otherwise stated.
The preparation of the financial statements in conformity with international accounting standards requires the use of certain critical
accounting estimates. It also requires management to exercise judgement in the process of applying the Group\u2019s accounting policies.
Details of the critical judgements and key sources of estimation uncertainty are set out in note 3. Actual results may differ from these
estimates.
The financial statements are presented in pounds sterling and all values are rounded to the nearest \u00a30.1m except where otherwise
indicated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
The consolidated financial statements of the Group and the Company\u2019s financial statements have been prepared in accordance with
UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006, as applicable
to companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Adoption of new and amended standards and interpretations
The Group has adopted all relevant amendments to existing standards and interpretations issued by the International Accounting
Standards Board (IASB), and endorsed by the UK, that are effective from 1\u00a0January 2025 with no material impact on its
consolidated results or\u00a0financial position.
There are a number of new accounting pronouncements issued by IASB with an effective date of 1 January 2027, including IFRS 18
\u201cPresentation and Disclosure in Financial Statements\u201d which replaces IAS 1 \u201cPresentation and Disclosure in Financial Statements\u201d.
IFRS 18 introduces additional disclosure obligations in relation to the structure of the income statement, management-defined
performance measures, and the aggregation and disaggregation of financial information. IFRS 18 will have no impact on the Group\u2019s
net profit as it impacts neither recognition nor measurement. The new standard will impact the presentation of the Group\u2019s results as
it requires that operating, investing and financing activities are presented separately. There will also be a change in the Group\u2019s cash
flow statement as IFRS 18 requires that the first line of the cash flow statement is operating profit rather than profit before tax.
The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective 1 January
2026, including Amendments to IFRS 9 \u201cFinancial Instruments and Amendments\u201d to IFRS 7 \u201cFinancial Instruments Disclosures\u201d.
These improvements and amendments are not expected to have a significant impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Adoption of new and amended standards and interpretations
The Group has adopted all relevant amendments to existing standards and interpretations issued by the International Accounting
Standards Board (IASB), and endorsed by the UK, that are effective from 1\u00a0January 2025 with no material impact on its
consolidated results or\u00a0financial position.
There are a number of new accounting pronouncements issued by IASB with an effective date of 1 January 2027, including IFRS 18
\u201cPresentation and Disclosure in Financial Statements\u201d which replaces IAS 1 \u201cPresentation and Disclosure in Financial Statements\u201d.
IFRS 18 introduces additional disclosure obligations in relation to the structure of the income statement, management-defined
performance measures, and the aggregation and disaggregation of financial information. IFRS 18 will have no impact on the Group\u2019s
net profit as it impacts neither recognition nor measurement. The new standard will impact the presentation of the Group\u2019s results as
it requires that operating, investing and financing activities are presented separately. There will also be a change in the Group\u2019s cash
flow statement as IFRS 18 requires that the first line of the cash flow statement is operating profit rather than profit before tax.
The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective 1 January
2026, including Amendments to IFRS 9 \u201cFinancial Instruments and Amendments\u201d to IFRS 7 \u201cFinancial Instruments Disclosures\u201d.
These improvements and amendments are not expected to have a significant impact on the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
Adoption of new and amended standards and interpretations
The Group has adopted all relevant amendments to existing standards and interpretations issued by the International Accounting
Standards Board (IASB), and endorsed by the UK, that are effective from 1\u00a0January 2025 with no material impact on its
consolidated results or\u00a0financial position.
There are a number of new accounting pronouncements issued by IASB with an effective date of 1 January 2027, including IFRS 18
\u201cPresentation and Disclosure in Financial Statements\u201d which replaces IAS 1 \u201cPresentation and Disclosure in Financial Statements\u201d.
IFRS 18 introduces additional disclosure obligations in relation to the structure of the income statement, management-defined
performance measures, and the aggregation and disaggregation of financial information. IFRS 18 will have no impact on the Group\u2019s
net profit as it impacts neither recognition nor measurement. The new standard will impact the presentation of the Group\u2019s results as
it requires that operating, investing and financing activities are presented separately. There will also be a change in the Group\u2019s cash
flow statement as IFRS 18 requires that the first line of the cash flow statement is operating profit rather than profit before tax.
The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective 1 January
2026, including Amendments to IFRS 9 \u201cFinancial Instruments and Amendments\u201d to IFRS 7 \u201cFinancial Instruments Disclosures\u201d.
These improvements and amendments are not expected to have a significant impact on the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Going concern
The consolidated financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation
that the Group and Company have adequate resources to continue in operational existence for a period of at least 12 months from
the date of issue of these financial statements. In forming this conclusion the Directors have assessed the business risks, financial
position and resources of both the Group and Company. Further detail is set out within the viability and going concern statement on
page 62.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
2\u00a0 Accounting policies
(a)\u00a0 Basis of consolidation
The consolidated financial statements include the comprehensive gains or losses, the financial position and the cash flows of the
Company, its subsidiaries and the entities that the Group is deemed to control, drawn up to the end of the relevant period, which
includes elimination of all intra-group transactions. Uniform accounting policies have been adopted across the Group.
Assessment of control
The Group controls an investee (entity) if, and only if, the Group has all of the following:
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more
of\u00a0the three elements of control listed above.
When the Group holds less than a majority of the voting rights of an investee, it has power over the investee when the voting rights
are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all
relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2013 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2013 potential voting rights held by the Group, other vote holders or other parties;
\u2013 rights arising from other contractual arrangements; and
\u2013 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant
activities at the time when decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an
indication that there are changes in facts and circumstances.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control
over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the
Consolidated Statement of Comprehensive Income from the date the Group gains control until the date when the Group ceases to
control the subsidiary.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation.
When the Group consolidates an entity which has an interest held by a third-party, it assesses whether the third-party\u2019s interest
represents equity or a financial liability to the Group, using the substance of the relevant contractual terms. If the profit share is
calculated based on a contractually defined and pre\u2010agreed percentage which is set out within relevant fund partnership agreements,
and the Group does not have discretion regarding the residual payments to third parties, the third-party interests are classified
as\u00a0a\u00a0financial liability and measured at fair value through profit or loss.
A non-controlling interest arises when the Group does not own all of a subsidiary, but the Group retains control. In situations where
the\u00a0contract results in a residual interest in the assets of the investee after deducting all of the investee\u2019s liabilities, a non-controlling
interest in subsidiaries is identified separately from the Group\u2019s equity therein. Interests of non-controlling shareholders that are
present\u00a0ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured
at\u00a0fair\u00a0value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The
choice of\u00a0measurement is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-
controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
(b)\u00a0 Foreign currencies
Presentation currency
The financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and also the presentational
currency for the Company and Group.
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the actual rate at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and
liabilities denominated in foreign currencies at year-end exchange rates, are generally recognised in profit or loss.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional
currency at the applicable foreign currency exchange rate on the date the fair value was determined. Non-monetary items in a
foreign currency that are measured in terms of historical cost are translated using the exchange rate on the date of the transaction.
Foreign operations
The results and financial position of foreign operations that have a functional currency different from the presentational currency
are\u00a0translated into the presentational currency of the Group as follows:
\u2013 assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement
of\u00a0financial position;
\u2013 income and expenses for each statement of profit or loss presented are translated at average rate for the month in which the
transaction occurs; and
\u2013 all resulting exchange differences are recognised in other comprehensive income.
(c)\u00a0 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income from the
management of investments in private equity, infrastructure and credit fund partnerships. The parties to agreements for fund
management services comprise the Group and the investors of each fund as a body. Accordingly, the group of investors of each fund
are identified as a customer for accounting purposes.
Income is measured based on the consideration specified in the contracts and excludes amounts collected on behalf of third parties,
discounts and value added taxes.
Management and other fees
The Group earns management fees from the provision of investment management services to funds. The services are treated as a
single performance obligation because they are substantially the same and have the same pattern of transfer to the customer.
Management fees are recognised over the life of each fund, which is generally 10 to 12 years.
Management fees are based on an agreed percentage of either committed or invested capital, depending on the fund and the stage
of\u00a0its\u00a0life. Fees are billed in accordance with the relevant fund partnership agreement and are either billed semi-annually or quarterly
in\u00a0advance or arrears.
Other fees may also comprise fees and commissions relating to provision of services to third parties.
Carried interest
The Group receives a share of fund profits through its interests in vehicles such as founder partnerships as variable consideration
which is dependent on\u00a0the level of fund returns. The entitlement to carried interest and the amount is determined by the level of
accumulated profits exceeding an agreed threshold (the \u201churdle\u201d) over the lifetime of each fund. The carried interest income is only
recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised by
the end of a fund, for example, due to changes in the expectation of future fund performance. The reversal risk is managed through
the application of discounts. This is explained further within note 3.
The carried interest receivable represents a contract asset under IFRS 15 \u201cRevenue from Contracts with Customers\u201d (\u201cIFRS 15\u201d) as
the services have been transferred to a customer. Amounts are typically presented as non-current assets unless they are\u00a0expected to
be received within the next 12 months.
Fair value remeasurement of investments
Fair value remeasurement of investments primarily derives from the Group\u2019s investments in private equity, infrastructure and credit
funds (including CLOs). Details of the valuation of such investments is explained further within note 3.
Fair value remeasurement of investments also includes the Group\u2019s share of CLO interest income.
Other operating income
Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business and fees in
relation to services provided to fund portfolio companies for board members, where permitted under the relevant fund partnership
agreement. It also includes income earned from other investments including, but not limited to, loans made to fund portfolio
companies. Interest income is accrued on the principal amount of the loans based on the contractual interest rate.
Amounts are recognised in the Consolidated Statement of Profit or Loss on an accrual basis.
(d)\u00a0 Deferred acquisition costs
Professional costs, particularly legal and other adviser costs, are incurred when raising a new fund. Each fund partnership agreement
dictates the aggregate expense that can be recharged to the fund investors on the close of a new fund. Costs in excess of the\u00a0cap and
any fees paid to placement agents are capitalised as a current or non-current asset.
The benefit of the incurred costs for private equity funds is primarily considered to be attributable to the period when the primary
fund investment activity is carried out. Therefore, the useful life of the asset is aligned to the investment period of the fund which is
between three and five years for private equity funds.
For infrastructure funds, the useful life of the asset is considered the commitment period for the fund, which is between two and six
years.
For credit funds (non-CLOs), the period of portfolio construction is typically longer, therefore a five-year useful life is used, which
correlates with the period over which the management fees build up to a maximum level.
Details are provided within note 17 (f).
(e)\u00a0 Personal benefits
Short-term employee benefits
Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related service is provided. A
liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a
result of past service provided by the employee and the obligation can be estimated\u00a0reliably.
Long-term employee benefits
Long-term employee benefits, which are those that are not expected to be settled in full before 12 months after the period end in
which the employee renders the service that gives rise to the benefit, include certain long-term bonuses. An expense is recognised
over the period in which the related service is provided. A liability is recognised for the amount expected to be paid if the Group has
a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be
estimated reliably.
Accumulated holiday balances are accrued at each period end, if an employee\u2019s entitlement is not used in full.
Defined contribution pensions
Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme are recognised as
employee expenses as incurred. The assets of the scheme are held separately from those of the Group in an independently
administered fund.
Sponsored employee retirement savings plan
The Group sponsors a retirement savings plan whereby employees are entitled to participate in the plan based upon satisfying
certain eligibility requirements. The Group may provide discretionary contributions from time to time.
Share-based payments
The Group enters into both equity-settled and cash-settled share-based payment arrangements with certain employees as
compensation for the provision of their services.
1)\u00a0 \u00a0 Equity-settled share-based payments
The cost of equity-settled share-based payments with employees is measured by reference to the fair value at the date at which the
awards are granted and is recognised as an expense on a straight-line basis over the vesting period, based on an estimate of the
number of\u00a0equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within
equity.
In valuing equity-settled transactions, no account is taken of any non market-based vesting conditions and no expense or investment
is\u00a0recognised for awards that do not ultimately vest as a result of a failure to satisfy a non market-based vesting condition.
At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the
revision of\u00a0the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative
expense reflects the revised estimate, with a corresponding adjustment to equity.
Upon vesting of an equity instrument, the cumulative cost in the share-based payments reserve is reclassified to retained earnings in
equity.
2)\u00a0 \u00a0 Cash-settled share-based payments
The cost of cash-settled share-based payments is measured at fair value. Fair value is estimated initially at the grant date and at each
balance sheet date thereafter until the awards are settled. Market-based performance conditions are taken into account when
determining fair value.
At each balance sheet date, the liability recognised is based on the fair value of outstanding awards (ignoring non market-based
vesting conditions), along with any employment tax expected to be incurred by the Group and management\u2019s estimate of the
likelihood and extent of non market-based vesting conditions being achieved.
Changes in the carrying amount of the liability are recognised in the Consolidated Statement of Profit or Loss for the period.
(f)\u00a0 EBITDA
EBITDA means earnings before interest, taxes, depreciation and amortisation. It is used to provide an overview of the profitability of
the Group\u2019s business and segments. Underlying EBITDA is calculated by deducting from EBITDA exceptional expenses and certain
adjusted items, such as adding back employee share-based payments granted to a targeted group of employees to increase employee
ownership in the Group post-IPO, and fair value remeasurement of investments attributable to third-party investors.
EBITDA and Underlying EBITDA are alternative performance measures and non-IFRS measures, and are set out in pages 206 to
214.
The Group uses Underlying EBITDA as exceptional income or expenditure could distort an understanding of the performance of
the Group. Details of exceptional items are set out in note 9.
(g)\u00a0 Leases
Group as lessee
The Group has applied IFRS 16 \u201cLeases\u201d (\u201cIFRS 16\u201d) where the Group has right-of-use of an asset under a lease contract for a period
of\u00a0more than 12 months. Such contracts represent leases of office premises where the Group is a tenant.
The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date
discounted using the Group\u2019s incremental borrowing rate (\u201cIBR\u201d) as the implicit rate is not readily determinable for the rented office
premises. The IBR reflects the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar
value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
The lease liability is subsequently measured at amortised cost using the effective interest method. Lease payments due within the
next 12 months are recognised within current liabilities. Payments due after 12 months are recognised within non-current liabilities.
Right-of-use assets are recorded initially at cost and depreciated on a straight-line basis over the length of the contractual lease term.
Cost is defined as the lease liabilities recognised plus any initial costs and dilapidation provisions less any incentives received. Right-
of-use assets are included within property, plant and equipment in the Consolidated Statement of Financial Position.
Group as lessor
Where the Group acts as an intermediate lessor by entering into a subletting agreement and has transferred substantially all the risks
and rewards incidental to ownership of the underlying asset, the Group accounts for these subleases as finance leases under IFRS 16.
Such contracts represent subleases of office premises.
At the commencement of a lease term, the Group derecognises the right-of-use asset relating to the head lease and recognises the net
investments in the sublease as a receivable. The difference between the right-of-use asset and the net investment in the sublease is
recognised in profit or loss. The Group uses the IBR used for the head lease to measure the net investment in the lease (adjusted for
any\u00a0initial direct costs associated with the sublease). During the term of the sublease, the Group recognises both finance income on
the sublease and finance expense on the head\u00a0lease.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12
months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on
a straight-line basis over the lease term within operating expenses.
(h)\u00a0 Finance and other income and expense
Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts
receivable from related party investors.
Finance and other expenses comprise interest on interest-bearing liabilities, foreign exchange movements, finance expenses on lease
liabilities, foreign exchange losses, amounts due to third-party and related party investors and the impact of the remeasurement of
deferred contingent consideration and associated discount unwind.
Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed
bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised
and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility.
(i)\u00a0 Exceptional items
Items of income and expense that are material by size and/or nature and are not considered to be incurred in the normal course of
business are classified as \u2018exceptional\u2019 within the Consolidated and Company Statement of Profit or Loss and disclosed separately to
give a clearer presentation of the Group\u2019s underlying financial performance. In considering the nature of an exceptional item,
management\u2019s assessment includes, both individually and collectively, each of the following:
\u2013 whether the item is outside of the principal activities of the business;
\u2013 the specific circumstances which have led to the item arising;
\u2013 the likelihood of recurrence; and
\u2013 if the item is likely to recur, whether the item is unusual by virtue of its size.
(j)\u00a0 Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or prior reporting periods. Tax is
calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Current tax is
recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised in other
comprehensive income, or directly in equity. In this case, such portion of current tax is recognised in other comprehensive income or
directly in equity accordingly.
Deferred tax
Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the
amounts used for taxation purposes.
Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the
accounting profit.
Deferred tax liabilities are recognised for all taxable temporary differences.
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the
reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation,
provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a
legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle
on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated
Statement of Profit or Loss, except where they relate to items that are charged or credited in other comprehensive income or directly
to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
(k)\u00a0 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes
the purchase price as well as expenditure directly attributable to put the asset in place in order to be used in accordance with the
purpose of the acquisition.
Assets are depreciated to a residual value on a straight-line basis, over their estimated useful lives as follows:
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
The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or
Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of
property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future
economic benefits are expected from the use or disposal of the asset.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect
of any changes in estimate accounted for on a prospective basis.
(l)\u00a0 Intangible assets
Intangible assets that are acquired by the Group as part of an acquisition of a business including customer relationship intangible
assets, right\u00a0to\u00a0carried interest and computer software, are recognised initially at their estimated fair value at the acquisition date
(which is\u00a0regarded as historical cost).
Software-as-a-Service contracts are only classified as intangible assets when the recognition criteria are fulfilled; otherwise they are
classified as service contracts, and the costs are expensed as incurred within the profit or loss account.
Subsequent to initial recognition, intangible assets are recorded at historical cost less accumulated amortisation and any impairment
losses.
The useful economic lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and assessed for impairment
whenever there are any indications that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life are reviewed at least annually. The amortisation expense on intangible assets with finite
lives is recognised in the Consolidated Statement of Profit or Loss, within depreciation and amortisation.
Estimated useful economic lives by major class of assets are as follows:
Asset class
Amortisation rate
Customer relationship intangible assets
5 to 10 years
Acquired carried interest intangible assets
3 to 15 years
Computer software
Up to 5 years
(m)\u00a0 Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method. The cost of a business combination is the fair value of
the consideration given, of liabilities incurred or assumed and of equity instruments issued. Costs attributable to the business
combination are expensed in the Consolidated Statement of Profit or Loss.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities, and contingent liabilities. Intangible assets
are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair
value of contingent liabilities cannot be reliably measured, they are disclosed on the same basis as other contingent liabilities.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent
consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u201cFinancial
Instruments\u201d (\u201cIFRS 9\u201d), is measured at fair value with the changes in fair value recognised in the Consolidated Statement of Profit or
Loss in accordance with IFRS 9.
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair values to the Group\u2019s interest
in the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes in circumstances indicate
potential impairment loss. Impairment is determined for goodwill by assessing the recoverable amount of the Group\u2019s cash
generating unit (\u201cCGU\u201d) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised in the Consolidated Statement of Profit or Loss. Impairment losses relating to goodwill cannot be
reversed in future periods.
(n)\u00a0 Financial instruments
Financial assets
The Group\u2019s financial assets consist of fund investments, investments made by CLOs consolidated by the Group, derivative financial
instruments, other investments, accounts receivable and other receivables, and cash and cash equivalents.
The Company\u2019s financial assets consist of accounts receivable and other receivables, and cash and cash equivalents.
1)\u00a0 \u00a0 Recognition and measurement
A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is
generally on the trade date.
The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the
asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for
financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
2)\u00a0 \u00a0 Fair value through profit or loss
The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as
such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value
remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated
CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with
counterparties.
Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted
market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each
reporting date. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and
hedge accounting section below. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive
and as a financial liability when fair value is negative.
3)\u00a0 \u00a0 Amortised cost
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore
subsequently measured at amortised cost using the effective interest rate method. Receivables due in more than one year are initially
discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over
time to the Consolidated Statement of Profit or Loss.
Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual right to exchange cash.
Cash and cash equivalents, and term deposits with original maturities of more than three months, are measured at amortised cost.
4)\u00a0 \u00a0 Impairment
Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated
Statement of Profit or Loss. For trade and other receivables (including lease receivables) the Group and Company apply the
simplified approach and the practical expedient permitted by IFRS 9. The allowance is based on historic experience of collection
rates over the expected life of trade receivables, adjusted for forward-looking factors specific to each counterparty and the economic
environment at large, to create an expected loss matrix.
5)\u00a0 \u00a0 Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company
transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership
of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying
value amount and the sum of the consideration received and receivable is recognised in the Consolidated Statement of Profit or Loss.
Financial liabilities
The Group and the Company\u2019s financial liabilities include certain trade and other payables, borrowings and derivative and other
financial liabilities.
1)\u00a0 \u00a0 Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of the instrument.
2)\u00a0 \u00a0 Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of directly attributable
transaction costs.
For the purposes of subsequent measurement, financial liabilities are classified into two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
3)\u00a0 \u00a0 Fair value through profit or loss
Derivative financial liabilities are initially recognised and subsequently measured at each reporting date at fair value.
The majority of the liabilities of CLOs which are consolidated by the Group are designated as financial liabilities that are measured
at\u00a0fair\u00a0value through profit or loss. Financial liabilities at fair value through profit or loss relate to CLOs that are initially recognised
and\u00a0subsequently measured on a recurring basis at fair value with gains or losses arising from changes in fair value recognised
through the fair value remeasurement of investments line within the Consolidated Statement of Profit or Loss along with interest
paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of the consolidated CLOs is not
recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss.
Deferred contingent consideration payable due to business combinations is measured at fair value through profit or loss with gains or
losses from fair value remeasurement recognised in finance and other income/(expense).
CLO repurchase agreements and other amounts payable to related and third-party investors which represent the residual profits due
to related and third-party investors are held at fair value through profit or loss with the corresponding assets being measured at fair
value.
4)\u00a0 \u00a0 Amortised cost
After initial recognition financial liabilities recorded at amortised cost are subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the
Consolidated Statement of Profit or Loss. Borrowings (other than those designated to be measured at fair value through profit or loss)
and trade and other payables are subsequently measured at amortised cost using the effective interest rate method, which
approximates fair value.
Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual obligation to exchange cash.
5)\u00a0 \u00a0 Derecognition
The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are
discharged, cancelled or expire.
Derivative instruments and hedge accounting
For derivatives designated as a cash flow hedging instrument, during the hedging relationship the effective portion of the fair value
movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any
ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the
hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are
reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the
recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated
directly as a basis adjustment to the carrying amount.
For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement
of\u00a0Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation
of\u00a0the\u00a0hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss.
(o)\u00a0 Investments in subsidiaries
Investments in subsidiaries in the Company Statement of Financial Position are recorded at cost less provision for impairments.
All\u00a0transactions between the Company and its subsidiary undertakings are classified as related party transactions for the Company
accounts and are eliminated on consolidation for the Group.
(p)\u00a0 Investments in associates
Associates are entities such as funds or carried interest partnerships in which the Group has an investment and over which it has
significant influence, but not control, through participation in the financial and operating policy decisions at the entity.
Investments in associates are designated to be measured at fair value through profit or loss. The investments are recorded at fair value
of\u00a0fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. Any gains or losses
are\u00a0recognised within fair value remeasurement of investments in the Consolidated Statement of Profit or Loss.
(q)\u00a0 Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term
deposits with original maturities of three months or less and investments in money market funds which are readily convertible to a
known amount of\u00a0cash and are subject to an insignificant risk of changes in value.
Cash belonging to consolidated CLOs and fund vehicles is cash held by fund vehicles consolidated by the Group and is not available
for the Group\u2019s other operating activities.
Term deposits with original maturities of three months or more are not included in cash equivalents and are presented separately on
the Consolidated and Company Statement of Financial Position.
(r)\u00a0 Dividends and other distributions
Dividends and other distributions to the equity holders of the Company and non-controlling interests are recognised in the period in
which the dividends and other distributions are declared and, if relevant, approved by the shareholders. These amounts are
recognised in the Statement of Changes in Equity.
(s)\u00a0 Own shares
Own shares are recorded by the Group when ordinary shares in the capital of the Company are purchased through special purpose
vehicles which have the purpose of\u00a0purchasing and holding shares of the Company, whether from employees who have left the
employment of the Group or for other reasons. The\u00a0special purpose vehicles include Atlantic SAV Limited, Atlantic SAV 2 Limited
and the Bridgepoint Group plc Employee Benefit Trust. These entities are aggregated together within the financial statements of the
Company and are consolidated within the Group financial statements.
Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. They are recognised as a
deduction from retained earnings.
When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average
cost.
No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
(a)\u00a0 Basis of consolidation
The consolidated financial statements include the comprehensive gains or losses, the financial position and the cash flows of the
Company, its subsidiaries and the entities that the Group is deemed to control, drawn up to the end of the relevant period, which
includes elimination of all intra-group transactions. Uniform accounting policies have been adopted across the Group.
Assessment of control
The Group controls an investee (entity) if, and only if, the Group has all of the following:
\u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\u2013 exposure, or rights, to variable returns from its involvement with the investee; and
\u2013 ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more
of\u00a0the three elements of control listed above.
When the Group holds less than a majority of the voting rights of an investee, it has power over the investee when the voting rights
are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all
relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are sufficient to give it power,
including:
\u2013 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2013 potential voting rights held by the Group, other vote holders or other parties;
\u2013 rights arising from other contractual arrangements; and
\u2013 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant
activities at the time when decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an
indication that there are changes in facts and circumstances.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control
over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the
Consolidated Statement of Comprehensive Income from the date the Group gains control until the date when the Group ceases to
control the subsidiary.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation.
When the Group consolidates an entity which has an interest held by a third-party, it assesses whether the third-party\u2019s interest
represents equity or a financial liability to the Group, using the substance of the relevant contractual terms. If the profit share is
calculated based on a contractually defined and pre\u2010agreed percentage which is set out within relevant fund partnership agreements,
and the Group does not have discretion regarding the residual payments to third parties, the third-party interests are classified
as\u00a0a\u00a0financial liability and measured at fair value through profit or loss.
A non-controlling interest arises when the Group does not own all of a subsidiary, but the Group retains control. In situations where
the\u00a0contract results in a residual interest in the assets of the investee after deducting all of the investee\u2019s liabilities, a non-controlling
interest in subsidiaries is identified separately from the Group\u2019s equity therein. Interests of non-controlling shareholders that are
present\u00a0ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured
at\u00a0fair\u00a0value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The
choice of\u00a0measurement is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-
controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
(b)\u00a0 Foreign currencies
Presentation currency
The financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and also the presentational
currency for the Company and Group.
Foreign currency transactions
Foreign currency transactions are translated into the functional currency using the actual rate at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and
liabilities denominated in foreign currencies at year-end exchange rates, are generally recognised in profit or loss.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional
currency at the applicable foreign currency exchange rate on the date the fair value was determined. Non-monetary items in a
foreign currency that are measured in terms of historical cost are translated using the exchange rate on the date of the transaction.
Foreign operations
The results and financial position of foreign operations that have a functional currency different from the presentational currency
are\u00a0translated into the presentational currency of the Group as follows:
\u2013 assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement
of\u00a0financial position;
\u2013 income and expenses for each statement of profit or loss presented are translated at average rate for the month in which the
transaction occurs; and
\u2013 all resulting exchange differences are recognised in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
The financial statements are presented in pounds sterling, which is the Company\u2019s functional currency and also the presentational
currency for the Company and Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
(c)\u00a0 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income from the
management of investments in private equity, infrastructure and credit fund partnerships. The parties to agreements for fund
management services comprise the Group and the investors of each fund as a body. Accordingly, the group of investors of each fund
are identified as a customer for accounting purposes.
Income is measured based on the consideration specified in the contracts and excludes amounts collected on behalf of third parties,
discounts and value added taxes.
Management and other fees
The Group earns management fees from the provision of investment management services to funds. The services are treated as a
single performance obligation because they are substantially the same and have the same pattern of transfer to the customer.
Management fees are recognised over the life of each fund, which is generally 10 to 12 years.
Management fees are based on an agreed percentage of either committed or invested capital, depending on the fund and the stage
of\u00a0its\u00a0life. Fees are billed in accordance with the relevant fund partnership agreement and are either billed semi-annually or quarterly
in\u00a0advance or arrears.
Other fees may also comprise fees and commissions relating to provision of services to third parties.
Carried interest
The Group receives a share of fund profits through its interests in vehicles such as founder partnerships as variable consideration
which is dependent on\u00a0the level of fund returns. The entitlement to carried interest and the amount is determined by the level of
accumulated profits exceeding an agreed threshold (the \u201churdle\u201d) over the lifetime of each fund. The carried interest income is only
recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised by
the end of a fund, for example, due to changes in the expectation of future fund performance. The reversal risk is managed through
the application of discounts. This is explained further within note 3.
The carried interest receivable represents a contract asset under IFRS 15 \u201cRevenue from Contracts with Customers\u201d (\u201cIFRS 15\u201d) as
the services have been transferred to a customer. Amounts are typically presented as non-current assets unless they are\u00a0expected to
be received within the next 12 months.
Fair value remeasurement of investments
Fair value remeasurement of investments primarily derives from the Group\u2019s investments in private equity, infrastructure and credit
funds (including CLOs). Details of the valuation of such investments is explained further within note 3.
Fair value remeasurement of investments also includes the Group\u2019s share of CLO interest income.
Other operating income
Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business and fees in
relation to services provided to fund portfolio companies for board members, where permitted under the relevant fund partnership
agreement. It also includes income earned from other investments including, but not limited to, loans made to fund portfolio
companies. Interest income is accrued on the principal amount of the loans based on the contractual interest rate.
Amounts are recognised in the Consolidated Statement of Profit or Loss on an accrual basis.
", "dimensions": { "concept": "bridgepointgroupplc:DescriptionOfAccountingPolicyForOperatingIncome", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
(c)\u00a0 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income from the
management of investments in private equity, infrastructure and credit fund partnerships. The parties to agreements for fund
management services comprise the Group and the investors of each fund as a body. Accordingly, the group of investors of each fund
are identified as a customer for accounting purposes.
Income is measured based on the consideration specified in the contracts and excludes amounts collected on behalf of third parties,
discounts and value added taxes.
Management and other fees
The Group earns management fees from the provision of investment management services to funds. The services are treated as a
single performance obligation because they are substantially the same and have the same pattern of transfer to the customer.
Management fees are recognised over the life of each fund, which is generally 10 to 12 years.
Management fees are based on an agreed percentage of either committed or invested capital, depending on the fund and the stage
of\u00a0its\u00a0life. Fees are billed in accordance with the relevant fund partnership agreement and are either billed semi-annually or quarterly
in\u00a0advance or arrears.
Other fees may also comprise fees and commissions relating to provision of services to third parties.
Carried interest
The Group receives a share of fund profits through its interests in vehicles such as founder partnerships as variable consideration
which is dependent on\u00a0the level of fund returns. The entitlement to carried interest and the amount is determined by the level of
accumulated profits exceeding an agreed threshold (the \u201churdle\u201d) over the lifetime of each fund. The carried interest income is only
recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised by
the end of a fund, for example, due to changes in the expectation of future fund performance. The reversal risk is managed through
the application of discounts. This is explained further within note 3.
The carried interest receivable represents a contract asset under IFRS 15 \u201cRevenue from Contracts with Customers\u201d (\u201cIFRS 15\u201d) as
the services have been transferred to a customer. Amounts are typically presented as non-current assets unless they are\u00a0expected to
be received within the next 12 months.
Fair value remeasurement of investments
Fair value remeasurement of investments primarily derives from the Group\u2019s investments in private equity, infrastructure and credit
funds (including CLOs). Details of the valuation of such investments is explained further within note 3.
Fair value remeasurement of investments also includes the Group\u2019s share of CLO interest income.
Other operating income
Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business and fees in
relation to services provided to fund portfolio companies for board members, where permitted under the relevant fund partnership
agreement. It also includes income earned from other investments including, but not limited to, loans made to fund portfolio
companies. Interest income is accrued on the principal amount of the loans based on the contractual interest rate.
Amounts are recognised in the Consolidated Statement of Profit or Loss on an accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
(d)\u00a0 Deferred acquisition costs
Professional costs, particularly legal and other adviser costs, are incurred when raising a new fund. Each fund partnership agreement
dictates the aggregate expense that can be recharged to the fund investors on the close of a new fund. Costs in excess of the\u00a0cap and
any fees paid to placement agents are capitalised as a current or non-current asset.
The benefit of the incurred costs for private equity funds is primarily considered to be attributable to the period when the primary
fund investment activity is carried out. Therefore, the useful life of the asset is aligned to the investment period of the fund which is
between three and five years for private equity funds.
For infrastructure funds, the useful life of the asset is considered the commitment period for the fund, which is between two and six
years.
For credit funds (non-CLOs), the period of portfolio construction is typically longer, therefore a five-year useful life is used, which
correlates with the period over which the management fees build up to a maximum level.
Details are provided within note 17 (f).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
(e)\u00a0 Personal benefits
Short-term employee benefits
Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related service is provided. A
liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a
result of past service provided by the employee and the obligation can be estimated\u00a0reliably.
Long-term employee benefits
Long-term employee benefits, which are those that are not expected to be settled in full before 12 months after the period end in
which the employee renders the service that gives rise to the benefit, include certain long-term bonuses. An expense is recognised
over the period in which the related service is provided. A liability is recognised for the amount expected to be paid if the Group has
a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be
estimated reliably.
Accumulated holiday balances are accrued at each period end, if an employee\u2019s entitlement is not used in full.
Defined contribution pensions
Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme are recognised as
employee expenses as incurred. The assets of the scheme are held separately from those of the Group in an independently
administered fund.
Sponsored employee retirement savings plan
The Group sponsors a retirement savings plan whereby employees are entitled to participate in the plan based upon satisfying
certain eligibility requirements. The Group may provide discretionary contributions from time to time.
Share-based payments
The Group enters into both equity-settled and cash-settled share-based payment arrangements with certain employees as
compensation for the provision of their services.
1)\u00a0 \u00a0 Equity-settled share-based payments
The cost of equity-settled share-based payments with employees is measured by reference to the fair value at the date at which the
awards are granted and is recognised as an expense on a straight-line basis over the vesting period, based on an estimate of the
number of\u00a0equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within
equity.
In valuing equity-settled transactions, no account is taken of any non market-based vesting conditions and no expense or investment
is\u00a0recognised for awards that do not ultimately vest as a result of a failure to satisfy a non market-based vesting condition.
At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the
revision of\u00a0the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative
expense reflects the revised estimate, with a corresponding adjustment to equity.
Upon vesting of an equity instrument, the cumulative cost in the share-based payments reserve is reclassified to retained earnings in
equity.
2)\u00a0 \u00a0 Cash-settled share-based payments
The cost of cash-settled share-based payments is measured at fair value. Fair value is estimated initially at the grant date and at each
balance sheet date thereafter until the awards are settled. Market-based performance conditions are taken into account when
determining fair value.
At each balance sheet date, the liability recognised is based on the fair value of outstanding awards (ignoring non market-based
vesting conditions), along with any employment tax expected to be incurred by the Group and management\u2019s estimate of the
likelihood and extent of non market-based vesting conditions being achieved.
Changes in the carrying amount of the liability are recognised in the Consolidated Statement of Profit or Loss for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Share-based payments
The Group enters into both equity-settled and cash-settled share-based payment arrangements with certain employees as
compensation for the provision of their services.
1)\u00a0 \u00a0 Equity-settled share-based payments
The cost of equity-settled share-based payments with employees is measured by reference to the fair value at the date at which the
awards are granted and is recognised as an expense on a straight-line basis over the vesting period, based on an estimate of the
number of\u00a0equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within
equity.
In valuing equity-settled transactions, no account is taken of any non market-based vesting conditions and no expense or investment
is\u00a0recognised for awards that do not ultimately vest as a result of a failure to satisfy a non market-based vesting condition.
At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the
revision of\u00a0the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative
expense reflects the revised estimate, with a corresponding adjustment to equity.
Upon vesting of an equity instrument, the cumulative cost in the share-based payments reserve is reclassified to retained earnings in
equity.
2)\u00a0 \u00a0 Cash-settled share-based payments
The cost of cash-settled share-based payments is measured at fair value. Fair value is estimated initially at the grant date and at each
balance sheet date thereafter until the awards are settled. Market-based performance conditions are taken into account when
determining fair value.
At each balance sheet date, the liability recognised is based on the fair value of outstanding awards (ignoring non market-based
vesting conditions), along with any employment tax expected to be incurred by the Group and management\u2019s estimate of the
likelihood and extent of non market-based vesting conditions being achieved.
Changes in the carrying amount of the liability are recognised in the Consolidated Statement of Profit or Loss for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
(f)\u00a0 EBITDA
EBITDA means earnings before interest, taxes, depreciation and amortisation. It is used to provide an overview of the profitability of
the Group\u2019s business and segments. Underlying EBITDA is calculated by deducting from EBITDA exceptional expenses and certain
adjusted items, such as adding back employee share-based payments granted to a targeted group of employees to increase employee
ownership in the Group post-IPO, and fair value remeasurement of investments attributable to third-party investors.
EBITDA and Underlying EBITDA are alternative performance measures and non-IFRS measures, and are set out in pages 206 to
214.
The Group uses Underlying EBITDA as exceptional income or expenditure could distort an understanding of the performance of
the Group. Details of exceptional items are set out in note 9.
", "dimensions": { "concept": "bridgepointgroupplc:DescriptionOfAccountingPolicyForEBITDA", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
(g)\u00a0 Leases
Group as lessee
The Group has applied IFRS 16 \u201cLeases\u201d (\u201cIFRS 16\u201d) where the Group has right-of-use of an asset under a lease contract for a period
of\u00a0more than 12 months. Such contracts represent leases of office premises where the Group is a tenant.
The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date
discounted using the Group\u2019s incremental borrowing rate (\u201cIBR\u201d) as the implicit rate is not readily determinable for the rented office
premises. The IBR reflects the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar
value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
The lease liability is subsequently measured at amortised cost using the effective interest method. Lease payments due within the
next 12 months are recognised within current liabilities. Payments due after 12 months are recognised within non-current liabilities.
Right-of-use assets are recorded initially at cost and depreciated on a straight-line basis over the length of the contractual lease term.
Cost is defined as the lease liabilities recognised plus any initial costs and dilapidation provisions less any incentives received. Right-
of-use assets are included within property, plant and equipment in the Consolidated Statement of Financial Position.
Group as lessor
Where the Group acts as an intermediate lessor by entering into a subletting agreement and has transferred substantially all the risks
and rewards incidental to ownership of the underlying asset, the Group accounts for these subleases as finance leases under IFRS 16.
Such contracts represent subleases of office premises.
At the commencement of a lease term, the Group derecognises the right-of-use asset relating to the head lease and recognises the net
investments in the sublease as a receivable. The difference between the right-of-use asset and the net investment in the sublease is
recognised in profit or loss. The Group uses the IBR used for the head lease to measure the net investment in the lease (adjusted for
any\u00a0initial direct costs associated with the sublease). During the term of the sublease, the Group recognises both finance income on
the sublease and finance expense on the head\u00a0lease.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12
months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on
a straight-line basis over the lease term within operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
(h)\u00a0 Finance and other income and expense
Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts
receivable from related party investors.
Finance and other expenses comprise interest on interest-bearing liabilities, foreign exchange movements, finance expenses on lease
liabilities, foreign exchange losses, amounts due to third-party and related party investors and the impact of the remeasurement of
deferred contingent consideration and associated discount unwind.
Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed
bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised
and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
(h)\u00a0 Finance and other income and expense
Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts
receivable from related party investors.
Finance and other expenses comprise interest on interest-bearing liabilities, foreign exchange movements, finance expenses on lease
liabilities, foreign exchange losses, amounts due to third-party and related party investors and the impact of the remeasurement of
deferred contingent consideration and associated discount unwind.
Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed
bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised
and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
(h)\u00a0 Finance and other income and expense
Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts
receivable from related party investors.
Finance and other expenses comprise interest on interest-bearing liabilities, foreign exchange movements, finance expenses on lease
liabilities, foreign exchange losses, amounts due to third-party and related party investors and the impact of the remeasurement of
deferred contingent consideration and associated discount unwind.
Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed
bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised
and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
(i)\u00a0 Exceptional items
Items of income and expense that are material by size and/or nature and are not considered to be incurred in the normal course of
business are classified as \u2018exceptional\u2019 within the Consolidated and Company Statement of Profit or Loss and disclosed separately to
give a clearer presentation of the Group\u2019s underlying financial performance. In considering the nature of an exceptional item,
management\u2019s assessment includes, both individually and collectively, each of the following:
\u2013 whether the item is outside of the principal activities of the business;
\u2013 the specific circumstances which have led to the item arising;
\u2013 the likelihood of recurrence; and
\u2013 if the item is likely to recur, whether the item is unusual by virtue of its size.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
(j)\u00a0 Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or prior reporting periods. Tax is
calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Current tax is
recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised in other
comprehensive income, or directly in equity. In this case, such portion of current tax is recognised in other comprehensive income or
directly in equity accordingly.
Deferred tax
Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the
amounts used for taxation purposes.
Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the
accounting profit.
Deferred tax liabilities are recognised for all taxable temporary differences.
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the
reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation,
provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a
legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle
on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated
Statement of Profit or Loss, except where they relate to items that are charged or credited in other comprehensive income or directly
to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Deferred tax
Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the
amounts used for taxation purposes.
Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial
recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the
accounting profit.
Deferred tax liabilities are recognised for all taxable temporary differences.
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the
reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation,
provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a
legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle
on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated
Statement of Profit or Loss, except where they relate to items that are charged or credited in other comprehensive income or directly
to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
(k)\u00a0 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes
the purchase price as well as expenditure directly attributable to put the asset in place in order to be used in accordance with the
purpose of the acquisition.
Assets are depreciated to a residual value on a straight-line basis, over their estimated useful lives as follows:
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
The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or
Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of
property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future
economic benefits are expected from the use or disposal of the asset.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect
of any changes in estimate accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
(k)\u00a0 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes
the purchase price as well as expenditure directly attributable to put the asset in place in order to be used in accordance with the
purpose of the acquisition.
Assets are depreciated to a residual value on a straight-line basis, over their estimated useful lives as follows:
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
The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or
Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of
property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future
economic benefits are expected from the use or disposal of the asset.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect
of any changes in estimate accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
(k)\u00a0 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes
the purchase price as well as expenditure directly attributable to put the asset in place in order to be used in accordance with the
purpose of the acquisition.
Assets are depreciated to a residual value on a straight-line basis, over their estimated useful lives as follows:
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
The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or
Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of
property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future
economic benefits are expected from the use or disposal of the asset.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect
of any changes in estimate accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
(l)\u00a0 Intangible assets
Intangible assets that are acquired by the Group as part of an acquisition of a business including customer relationship intangible
assets, right\u00a0to\u00a0carried interest and computer software, are recognised initially at their estimated fair value at the acquisition date
(which is\u00a0regarded as historical cost).
Software-as-a-Service contracts are only classified as intangible assets when the recognition criteria are fulfilled; otherwise they are
classified as service contracts, and the costs are expensed as incurred within the profit or loss account.
Subsequent to initial recognition, intangible assets are recorded at historical cost less accumulated amortisation and any impairment
losses.
The useful economic lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and assessed for impairment
whenever there are any indications that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life are reviewed at least annually. The amortisation expense on intangible assets with finite
lives is recognised in the Consolidated Statement of Profit or Loss, within depreciation and amortisation.
Estimated useful economic lives by major class of assets are as follows:
Asset class
Amortisation rate
Customer relationship intangible assets
5 to 10 years
Acquired carried interest intangible assets
3 to 15 years
Computer software
Up to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
(l)\u00a0 Intangible assets
Intangible assets that are acquired by the Group as part of an acquisition of a business including customer relationship intangible
assets, right\u00a0to\u00a0carried interest and computer software, are recognised initially at their estimated fair value at the acquisition date
(which is\u00a0regarded as historical cost).
Software-as-a-Service contracts are only classified as intangible assets when the recognition criteria are fulfilled; otherwise they are
classified as service contracts, and the costs are expensed as incurred within the profit or loss account.
Subsequent to initial recognition, intangible assets are recorded at historical cost less accumulated amortisation and any impairment
losses.
The useful economic lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised on a straight-line basis over the useful economic lives and assessed for impairment
whenever there are any indications that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life are reviewed at least annually. The amortisation expense on intangible assets with finite
lives is recognised in the Consolidated Statement of Profit or Loss, within depreciation and amortisation.
Estimated useful economic lives by major class of assets are as follows:
Asset class
Amortisation rate
Customer relationship intangible assets
5 to 10 years
Acquired carried interest intangible assets
3 to 15 years
Computer software
Up to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
(m)\u00a0 Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method. The cost of a business combination is the fair value of
the consideration given, of liabilities incurred or assumed and of equity instruments issued. Costs attributable to the business
combination are expensed in the Consolidated Statement of Profit or Loss.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities, and contingent liabilities. Intangible assets
are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair
value of contingent liabilities cannot be reliably measured, they are disclosed on the same basis as other contingent liabilities.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent
consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u201cFinancial
Instruments\u201d (\u201cIFRS 9\u201d), is measured at fair value with the changes in fair value recognised in the Consolidated Statement of Profit or
Loss in accordance with IFRS 9.
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair values to the Group\u2019s interest
in the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes in circumstances indicate
potential impairment loss. Impairment is determined for goodwill by assessing the recoverable amount of the Group\u2019s cash
generating unit (\u201cCGU\u201d) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised in the Consolidated Statement of Profit or Loss. Impairment losses relating to goodwill cannot be
reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
(m)\u00a0 Business combinations and goodwill
Business combinations are accounted for by applying the acquisition method. The cost of a business combination is the fair value of
the consideration given, of liabilities incurred or assumed and of equity instruments issued. Costs attributable to the business
combination are expensed in the Consolidated Statement of Profit or Loss.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities, and contingent liabilities. Intangible assets
are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair
value of contingent liabilities cannot be reliably measured, they are disclosed on the same basis as other contingent liabilities.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent
consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 \u201cFinancial
Instruments\u201d (\u201cIFRS 9\u201d), is measured at fair value with the changes in fair value recognised in the Consolidated Statement of Profit or
Loss in accordance with IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair values to the Group\u2019s interest
in the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is not amortised but is assessed for impairment annually or more frequently if events or changes in circumstances indicate
potential impairment loss. Impairment is determined for goodwill by assessing the recoverable amount of the Group\u2019s cash
generating unit (\u201cCGU\u201d) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an
impairment loss is recognised in the Consolidated Statement of Profit or Loss. Impairment losses relating to goodwill cannot be
reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
(n)\u00a0 Financial instruments
Financial assets
The Group\u2019s financial assets consist of fund investments, investments made by CLOs consolidated by the Group, derivative financial
instruments, other investments, accounts receivable and other receivables, and cash and cash equivalents.
The Company\u2019s financial assets consist of accounts receivable and other receivables, and cash and cash equivalents.
1)\u00a0 \u00a0 Recognition and measurement
A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is
generally on the trade date.
The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the
asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for
financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
2)\u00a0 \u00a0 Fair value through profit or loss
The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as
such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value
remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated
CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with
counterparties.
Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted
market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each
reporting date. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and
hedge accounting section below. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive
and as a financial liability when fair value is negative.
3)\u00a0 \u00a0 Amortised cost
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore
subsequently measured at amortised cost using the effective interest rate method. Receivables due in more than one year are initially
discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over
time to the Consolidated Statement of Profit or Loss.
Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual right to exchange cash.
Cash and cash equivalents, and term deposits with original maturities of more than three months, are measured at amortised cost.
4)\u00a0 \u00a0 Impairment
Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated
Statement of Profit or Loss. For trade and other receivables (including lease receivables) the Group and Company apply the
simplified approach and the practical expedient permitted by IFRS 9. The allowance is based on historic experience of collection
rates over the expected life of trade receivables, adjusted for forward-looking factors specific to each counterparty and the economic
environment at large, to create an expected loss matrix.
5)\u00a0 \u00a0 Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company
transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership
of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying
value amount and the sum of the consideration received and receivable is recognised in the Consolidated Statement of Profit or Loss.
Financial liabilities
The Group and the Company\u2019s financial liabilities include certain trade and other payables, borrowings and derivative and other
financial liabilities.
1)\u00a0 \u00a0 Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of the instrument.
2)\u00a0 \u00a0 Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of directly attributable
transaction costs.
For the purposes of subsequent measurement, financial liabilities are classified into two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
3)\u00a0 \u00a0 Fair value through profit or loss
Derivative financial liabilities are initially recognised and subsequently measured at each reporting date at fair value.
The majority of the liabilities of CLOs which are consolidated by the Group are designated as financial liabilities that are measured
at\u00a0fair\u00a0value through profit or loss. Financial liabilities at fair value through profit or loss relate to CLOs that are initially recognised
and\u00a0subsequently measured on a recurring basis at fair value with gains or losses arising from changes in fair value recognised
through the fair value remeasurement of investments line within the Consolidated Statement of Profit or Loss along with interest
paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of the consolidated CLOs is not
recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss.
Deferred contingent consideration payable due to business combinations is measured at fair value through profit or loss with gains or
losses from fair value remeasurement recognised in finance and other income/(expense).
CLO repurchase agreements and other amounts payable to related and third-party investors which represent the residual profits due
to related and third-party investors are held at fair value through profit or loss with the corresponding assets being measured at fair
value.
4)\u00a0 \u00a0 Amortised cost
After initial recognition financial liabilities recorded at amortised cost are subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the
Consolidated Statement of Profit or Loss. Borrowings (other than those designated to be measured at fair value through profit or loss)
and trade and other payables are subsequently measured at amortised cost using the effective interest rate method, which
approximates fair value.
Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual obligation to exchange cash.
5)\u00a0 \u00a0 Derecognition
The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are
discharged, cancelled or expire.
Derivative instruments and hedge accounting
For derivatives designated as a cash flow hedging instrument, during the hedging relationship the effective portion of the fair value
movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any
ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the
hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are
reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the
recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated
directly as a basis adjustment to the carrying amount.
For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement
of\u00a0Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation
of\u00a0the\u00a0hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Financial assets
The Group\u2019s financial assets consist of fund investments, investments made by CLOs consolidated by the Group, derivative financial
instruments, other investments, accounts receivable and other receivables, and cash and cash equivalents.
The Company\u2019s financial assets consist of accounts receivable and other receivables, and cash and cash equivalents.
1)\u00a0 \u00a0 Recognition and measurement
A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is
generally on the trade date.
The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the
asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for
financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
2)\u00a0 \u00a0 Fair value through profit or loss
The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as
such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value
remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated
CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with
counterparties.
Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted
market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each
reporting date. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and
hedge accounting section below. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive
and as a financial liability when fair value is negative.
3)\u00a0 \u00a0 Amortised cost
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore
subsequently measured at amortised cost using the effective interest rate method. Receivables due in more than one year are initially
discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over
time to the Consolidated Statement of Profit or Loss.
Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual right to exchange cash.
Cash and cash equivalents, and term deposits with original maturities of more than three months, are measured at amortised cost.
4)\u00a0 \u00a0 Impairment
Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated
Statement of Profit or Loss. For trade and other receivables (including lease receivables) the Group and Company apply the
simplified approach and the practical expedient permitted by IFRS 9. The allowance is based on historic experience of collection
rates over the expected life of trade receivables, adjusted for forward-looking factors specific to each counterparty and the economic
environment at large, to create an expected loss matrix.
5)\u00a0 \u00a0 Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company
transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership
of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying
value amount and the sum of the consideration received and receivable is recognised in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
1)\u00a0 \u00a0 Recognition and measurement
A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is
generally on the trade date.
The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the
asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for
financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
2)\u00a0 \u00a0 Fair value through profit or loss
The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as
such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value
remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated
CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with
counterparties.
Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted
market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each
reporting date. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and
hedge accounting section below. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive
and as a financial liability when fair value is negative.
3)\u00a0 \u00a0 Amortised cost
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore
subsequently measured at amortised cost using the effective interest rate method. Receivables due in more than one year are initially
discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over
time to the Consolidated Statement of Profit or Loss.
Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual right to exchange cash.
Cash and cash equivalents, and term deposits with original maturities of more than three months, are measured at amortised cost.
3)\u00a0 \u00a0 Fair value through profit or loss
Derivative financial liabilities are initially recognised and subsequently measured at each reporting date at fair value.
The majority of the liabilities of CLOs which are consolidated by the Group are designated as financial liabilities that are measured
at\u00a0fair\u00a0value through profit or loss. Financial liabilities at fair value through profit or loss relate to CLOs that are initially recognised
and\u00a0subsequently measured on a recurring basis at fair value with gains or losses arising from changes in fair value recognised
through the fair value remeasurement of investments line within the Consolidated Statement of Profit or Loss along with interest
paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of the consolidated CLOs is not
recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss.
Deferred contingent consideration payable due to business combinations is measured at fair value through profit or loss with gains or
losses from fair value remeasurement recognised in finance and other income/(expense).
CLO repurchase agreements and other amounts payable to related and third-party investors which represent the residual profits due
to related and third-party investors are held at fair value through profit or loss with the corresponding assets being measured at fair
value.
4)\u00a0 \u00a0 Amortised cost
After initial recognition financial liabilities recorded at amortised cost are subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the
Consolidated Statement of Profit or Loss. Borrowings (other than those designated to be measured at fair value through profit or loss)
and trade and other payables are subsequently measured at amortised cost using the effective interest rate method, which
approximates fair value.
Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual obligation to exchange cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
1)\u00a0 \u00a0 Recognition and measurement
A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is
generally on the trade date.
The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the
asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for
financial assets are as follows:
\u2013 fair value through profit or loss;
\u2013 fair value through other comprehensive income; and
\u2013 amortised cost.
2)\u00a0 \u00a0 Fair value through profit or loss
The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as
such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value
remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated
CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with
counterparties.
Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted
market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each
reporting date. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and
hedge accounting section below. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive
and as a financial liability when fair value is negative.
3)\u00a0 \u00a0 Amortised cost
Financial assets are measured at amortised cost only if both of the following criteria are met:
\u2013 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2013 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore
subsequently measured at amortised cost using the effective interest rate method. Receivables due in more than one year are initially
discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over
time to the Consolidated Statement of Profit or Loss.
Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual right to exchange cash.
Cash and cash equivalents, and term deposits with original maturities of more than three months, are measured at amortised cost.
3)\u00a0 \u00a0 Fair value through profit or loss
Derivative financial liabilities are initially recognised and subsequently measured at each reporting date at fair value.
The majority of the liabilities of CLOs which are consolidated by the Group are designated as financial liabilities that are measured
at\u00a0fair\u00a0value through profit or loss. Financial liabilities at fair value through profit or loss relate to CLOs that are initially recognised
and\u00a0subsequently measured on a recurring basis at fair value with gains or losses arising from changes in fair value recognised
through the fair value remeasurement of investments line within the Consolidated Statement of Profit or Loss along with interest
paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of the consolidated CLOs is not
recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss.
Deferred contingent consideration payable due to business combinations is measured at fair value through profit or loss with gains or
losses from fair value remeasurement recognised in finance and other income/(expense).
CLO repurchase agreements and other amounts payable to related and third-party investors which represent the residual profits due
to related and third-party investors are held at fair value through profit or loss with the corresponding assets being measured at fair
value.
4)\u00a0 \u00a0 Amortised cost
After initial recognition financial liabilities recorded at amortised cost are subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the
Consolidated Statement of Profit or Loss. Borrowings (other than those designated to be measured at fair value through profit or loss)
and trade and other payables are subsequently measured at amortised cost using the effective interest rate method, which
approximates fair value.
Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual obligation to exchange cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore
subsequently measured at amortised cost using the effective interest rate method. Receivables due in more than one year are initially
discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over
time to the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
4)\u00a0 \u00a0 Impairment
Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated
Statement of Profit or Loss. For trade and other receivables (including lease receivables) the Group and Company apply the
simplified approach and the practical expedient permitted by IFRS 9. The allowance is based on historic experience of collection
rates over the expected life of trade receivables, adjusted for forward-looking factors specific to each counterparty and the economic
environment at large, to create an expected loss matrix.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
4)\u00a0 \u00a0 Impairment
Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated
Statement of Profit or Loss. For trade and other receivables (including lease receivables) the Group and Company apply the
simplified approach and the practical expedient permitted by IFRS 9. The allowance is based on historic experience of collection
rates over the expected life of trade receivables, adjusted for forward-looking factors specific to each counterparty and the economic
environment at large, to create an expected loss matrix.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
5)\u00a0 \u00a0 Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company
transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership
of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying
value amount and the sum of the consideration received and receivable is recognised in the Consolidated Statement of Profit or Loss.
5)\u00a0 \u00a0 Derecognition
The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are
discharged, cancelled or expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Financial liabilities
The Group and the Company\u2019s financial liabilities include certain trade and other payables, borrowings and derivative and other
financial liabilities.
1)\u00a0 \u00a0 Recognition
A financial liability is recognised when the Group becomes party to the contractual provisions of the instrument.
2)\u00a0 \u00a0 Classification and measurement
All financial liabilities are recognised initially at fair value and, in the case of borrowings and payables, net of directly attributable
transaction costs.
For the purposes of subsequent measurement, financial liabilities are classified into two categories:
\u2013 financial liabilities at fair value through profit or loss; and
\u2013 financial liabilities at amortised cost.
3)\u00a0 \u00a0 Fair value through profit or loss
Derivative financial liabilities are initially recognised and subsequently measured at each reporting date at fair value.
The majority of the liabilities of CLOs which are consolidated by the Group are designated as financial liabilities that are measured
at\u00a0fair\u00a0value through profit or loss. Financial liabilities at fair value through profit or loss relate to CLOs that are initially recognised
and\u00a0subsequently measured on a recurring basis at fair value with gains or losses arising from changes in fair value recognised
through the fair value remeasurement of investments line within the Consolidated Statement of Profit or Loss along with interest
paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of the consolidated CLOs is not
recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss.
Deferred contingent consideration payable due to business combinations is measured at fair value through profit or loss with gains or
losses from fair value remeasurement recognised in finance and other income/(expense).
CLO repurchase agreements and other amounts payable to related and third-party investors which represent the residual profits due
to related and third-party investors are held at fair value through profit or loss with the corresponding assets being measured at fair
value.
4)\u00a0 \u00a0 Amortised cost
After initial recognition financial liabilities recorded at amortised cost are subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the effective interest rate. The effective interest rate amortisation is included as finance costs in the
Consolidated Statement of Profit or Loss. Borrowings (other than those designated to be measured at fair value through profit or loss)
and trade and other payables are subsequently measured at amortised cost using the effective interest rate method, which
approximates fair value.
Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and are recognised at
the point at which the CLO has a contractual obligation to exchange cash.
5)\u00a0 \u00a0 Derecognition
The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are
discharged, cancelled or expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Derivative instruments and hedge accounting
For derivatives designated as a cash flow hedging instrument, during the hedging relationship the effective portion of the fair value
movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any
ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the
hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are
reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the
recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated
directly as a basis adjustment to the carrying amount.
For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement
of\u00a0Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation
of\u00a0the\u00a0hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Derivative instruments and hedge accounting
For derivatives designated as a cash flow hedging instrument, during the hedging relationship the effective portion of the fair value
movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any
ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the
hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are
reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the
recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated
directly as a basis adjustment to the carrying amount.
For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement
of\u00a0Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation
of\u00a0the\u00a0hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
Derivative instruments and hedge accounting
For derivatives designated as a cash flow hedging instrument, during the hedging relationship the effective portion of the fair value
movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any
ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the
hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are
reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the
recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated
directly as a basis adjustment to the carrying amount.
For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement
of\u00a0Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation
of\u00a0the\u00a0hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
(o)\u00a0 Investments in subsidiaries
Investments in subsidiaries in the Company Statement of Financial Position are recorded at cost less provision for impairments.
All\u00a0transactions between the Company and its subsidiary undertakings are classified as related party transactions for the Company
accounts and are eliminated on consolidation for the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
(p)\u00a0 Investments in associates
Associates are entities such as funds or carried interest partnerships in which the Group has an investment and over which it has
significant influence, but not control, through participation in the financial and operating policy decisions at the entity.
Investments in associates are designated to be measured at fair value through profit or loss. The investments are recorded at fair value
of\u00a0fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. Any gains or losses
are\u00a0recognised within fair value remeasurement of investments in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
(p)\u00a0 Investments in associates
Associates are entities such as funds or carried interest partnerships in which the Group has an investment and over which it has
significant influence, but not control, through participation in the financial and operating policy decisions at the entity.
Investments in associates are designated to be measured at fair value through profit or loss. The investments are recorded at fair value
of\u00a0fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. Any gains or losses
are\u00a0recognised within fair value remeasurement of investments in the Consolidated Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
(q)\u00a0 Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term
deposits with original maturities of three months or less and investments in money market funds which are readily convertible to a
known amount of\u00a0cash and are subject to an insignificant risk of changes in value.
Cash belonging to consolidated CLOs and fund vehicles is cash held by fund vehicles consolidated by the Group and is not available
for the Group\u2019s other operating activities.
Term deposits with original maturities of three months or more are not included in cash equivalents and are presented separately on
the Consolidated and Company Statement of Financial Position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
(r)\u00a0 Dividends and other distributions
Dividends and other distributions to the equity holders of the Company and non-controlling interests are recognised in the period in
which the dividends and other distributions are declared and, if relevant, approved by the shareholders. These amounts are
recognised in the Statement of Changes in Equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
(s)\u00a0 Own shares
Own shares are recorded by the Group when ordinary shares in the capital of the Company are purchased through special purpose
vehicles which have the purpose of\u00a0purchasing and holding shares of the Company, whether from employees who have left the
employment of the Group or for other reasons. The\u00a0special purpose vehicles include Atlantic SAV Limited, Atlantic SAV 2 Limited
and the Bridgepoint Group plc Employee Benefit Trust. These entities are aggregated together within the financial statements of the
Company and are consolidated within the Group financial statements.
Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. They are recognised as a
deduction from retained earnings.
When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average
cost.
No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
3\u00a0 Critical judgements in the application of accounting policies and key sources of
estimation uncertainty
The judgements and other key sources of estimation uncertainty at the reporting date, which may have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below. The
Group\u2019s estimates and assumptions are based on historical experience and expectations of future events and are reviewed
periodically. The actual outcome may be materially different from that anticipated.
(a)\u00a0 Judgements
Consolidation of fund investments
The Directors have considered whether the Group should consolidate the funds in which it holds investments into the consolidated
financial statements. Control is determined by the extent of decision-making authority, rights held by other parties, remuneration
and exposure to returns.
The Directors have assessed the legal nature of the relationships between the Group, the relevant fund and fund investors and have
determined that as the manager, the Group has the power to influence the returns generated by the fund, but that the Group\u2019s
interests typically represent only a small proportion of the total capital within each funds (c. 2% of commitments). The Directors
have therefore concluded that the Group acts as an agent which is primarily engaged to act on behalf, and for the benefit, of the fund
investors rather than act for its own benefit and therefore the funds are not consolidated into the Group\u2019s consolidated financial
statements.
Consolidation of CLOs
The Group holds investments in the senior and subordinated notes of CLOs that it manages, predominantly driven by risk-retention
regulations. As the Group has power as the asset manager to impact the returns of the vehicles, the level of exposure to variable
returns from its involvement as an investor in the notes requires assessment as to whether this indicates that the Group has a
principal or agent relationship and therefore whether the CLO should be consolidated under IFRS 10 \u201cConsolidated Financial
Statements\u201d (\u201cIFRS 10\u201d). The subordinated notes of CLOs are the tranche that is most exposed to the risk of portfolio assets failing to
pay as they are the first to absorb any losses. As a result, the Group\u2019s consideration of exposure to variable returns focuses on its
interest in the equity tranches.
The assets and liabilities of the CLO are held within separate legal entities and, as a result, the liabilities of the CLO are non-recourse
to the Group. The consolidation of the CLO results in a significant gross-up on the Group\u2019s assets and liabilities, which are shown
gross on the face of the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows as separate lines
but has no net effect on the profit or loss or net assets. Details of the assets and liabilities are included in notes 17 and 18 and non-
statutory and an unaudited Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows excluding the
consolidation of CLOs and other third-party investors are included on pages 208 and 209 respectively.
The Group invests in subordinated notes in Bridgepoint CLO 1 DAC (\u201cCLO 1\u201d), Bridgepoint CLO 3 DAC (\u201cCLO 3\u201d), Bridgepoint
CLO IV DAC (\u201cCLO IV\u201d), Bridgepoint CLO V DAC (\u201cCLO V\u201d), Bridgepoint CLO VI DAC (\u201cCLO VI\u201d), Bridgepoint CLO VII DAC
(\u201cCLO VII\u201d), Bridgepoint CLO VIII DAC (\u201cCLO VIII\u201d) and Bridgepoint CLO IX DAC (\u201cCLO IX\u201d), and so the Group has exposure to
variable returns. The Group holds the majority of the subordinated notes in CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII,
CLO VIII and CLO IX, and the Directors have therefore concluded that the Group acts as principal and should consolidate. The
construction of Bridgepoint CLO X DAC (\u201cCLO X\u201d) commenced during the year and remained in warehousing as at 31 December
2025, as the underlying assets were being accumulated in a temporary warehouse structure prior to the CLO\u2019s pricing and closing.
As the Group held a majority interest in the warehouse equity, the Group also fully consolidates CLO X.
Bridgepoint CLO 2 DAC (\u201cCLO 2\u201d) is not consolidated in the financial statements of the Group at 31\u00a0December 2025 as the
Group\u2019s exposure to variable returns is only 5% of the subordinated notes.
Name of CLOs
Group interest in
the\u00a0subordinated notes
Group share
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%
5.9%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO V DAC
66.2%
11.0%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO VI DAC
68.4%
9.7%
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
65.8%
5.0%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO IX DAC
50.7%
8.5%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO X DAC
50.0%
n/a
Consolidated
Warehouse entity
The Group designates the amounts attributable to the third-party investors through their holdings in notes of the CLOs as financial
liabilities at fair value through profit or loss.
Consolidation of Carried Interest Partnerships or intermediate holding companies
As a fund manager to its funds, the Group participates in carried interest schemes through Carried Interest Partnerships (\u201cCIP\u201d) or
General Partnerships (\u201cGP\u201d), the other participants in which might include certain Group employees and others connected to the
underlying fund. These vehicles have two purposes: to facilitate payments of carried interest from the fund to carried interest
participants, and in some cases to facilitate individual co-investment into the funds.
The Directors have undertaken a control assessment of each relevant CIP or GP in accordance with IFRS 10 to consider whether
they should consolidate the relevant CIP or GP.
The Directors have considered the contractual nature of the relationships between the relevant fund and the CIP or GP (and its
underlying participants). The purpose and design of the relevant CIP or GP and the carry rights in the fund are generally determined
at the outset by the fund partnership agreement (\u201cLPA\u201d) which requires investor agreement and incentivises individuals to enhance
performance of the underlying fund in line with investor expectations.
The Group has limited power over the relevant Adjudication Committee or other governance authority connected to the relevant
CIP or GP, which makes decisions about allocation of the carried interest, but these powers do not give the Group control.
In addition, the Directors have also considered the variability of returns of the relevant CIP or GP. The variable returns are shared
between the carried interest participants and the Group is exposed to below 50% of variable returns.
The Directors have concluded that the Group does not control the relevant CIP or GP because of the predetermined contractual
nature of the relevant CIP or GP, the Group\u2019s limited powers over the relevant Adjudication Committee or governance authority
and limited exposure to the variable returns of the relevant CIP or GP. However, when the Group has a share of 20% or more of the
rights to the carried interest, the Group is considered to have significant influence and in this case the relevant CIP, intermediate
holding company or GP is accounted for as an associate. Details of the associates are set out within note 29 (d).
Consolidation of employee share partnership
On listing, the founder employee shareholders created a separate ring-fenced vehicle, Burgundy Investments Holdings LP (the
\u201cBurgundy Partnership\u201d). The Burgundy Partnership is a pool of assets, comprising the Company\u2019s shares. The shares were
contributed by founder employee shareholders who elect to donate a portion of their shares to the Burgundy Partnership. This pool
is ringfenced for allocation to current and future employees in the business, as a means of allowing them to build a meaningful long-
term shareholding in the Bridgepoint Group and reflect the opportunities that previous employees were offered.
Certain existing and former employee shareholders prior to listing, and certain other employees and related persons wholly own the
interest in the Burgundy Partnership.
The Group does not have any direct economic interest in the Burgundy Partnership, and awards of new points to existing and future
employees are made by the Advisory Committee of the Burgundy Partnership, which is made up of certain employee shareholder
representatives. As such, the Group does not have power over the allocation of the points or to affect those returns through its
power.
The Directors have considered the requirements of IFRS 10 to determine whether they should consolidate the Burgundy
Partnership. As\u00a0the Group does not have power over the Burgundy Partnership and no exposure to its variable returns, the Directors
have concluded that the Burgundy Partnership should not be consolidated.
(b)\u00a0 Estimates
Recognition and measurement of carried interest revenue
Carried interest revenue is only recognised to the extent it is highly probable that there would not be a significant reversal of any
accumulated revenue recognised on the completion of a fund.
In determining the amount of revenue to be recognised the Group is required to make assumptions and estimates regarding: 1)
whether or not revenue should be recognised; and 2) the timing and measurement of such amounts.
The Group bases its assessment on the best available information pertaining to the funds and the activity of the underlying assets
within that fund. This includes the current fund valuation and internal forecasts on the expected timing of disposal of fund assets.
For private equity and infrastructure funds, constraints on estimating the revenue are incorporated through the application
of\u00a0discounts of 15% to 50% (2024: 15% to 40%) to the unrealised fair values of investments where the cumulative value of the
distributions to investors and unrealised fair value of investments of a fund exceeds the relevant carried interest hurdle (being the
contractual minimum return for fund investors).
For credit funds, which are more sensitive to the performance of individual investments within the portfolio, only funds that have
either reached their hurdle or are expected to do so imminently are modelled on the same basis.
The discount applied for each fund depends on the stage and maturity profile of the fund, and therefore recognises the de-risking of
the\u00a0income over time. It also takes into account diversity of assets, whether there has been a recent market correction (and whether
this has been already factored into the valuation of the fund) and the expected average remaining holding period. Reasons for a
higher discount may include where the fund has not yet completed its construction, has not yet returned its original capital
commitments and there is the\u00a0potential for the hurdle to grow further, or there is a higher level of perceived risk (fund specific or
macro-economic). Reasons for a lower discount include where a fund has returned its capital commitments and the hurdle has
stopped or where the fund has already started to pay carry. The levels of discounts applied are reassessed annually.
The weighted average discount at 31\u00a0December 2025 to the notional carried interest due to the Group based on unrealised fair value
of\u00a0investments in relevant funds is 57% (2024: 47%) resulting in a carried interest receivable of \u00a3148.9m (2024: \u00a3113.3m).
If the average discount was to increase by 10% this would reduce carried interest income by \u00a334.9m. If the average discount was
to\u00a0decrease by 10% this would increase carried interest income by \u00a334.9m.
Valuation of fund investments at fair value
Fund investments at fair value consist of investments in private equity, credit and infrastructure funds. The investments are fair
valued using the net asset value of each fund, determined by the fund manager. These funds are invested into direct and indirect
equity and debt investments.
Portfolio assets within each fund are stated at fair value as determined in good faith by the fund manager in accordance with the
terms of\u00a0each fund partnership agreement and the International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV\u201d)
and are reviewed and\u00a0approved by the relevant fund valuation committee. The valuations provided by the fund manager typically
reflect the fair value of the Group\u2019s proportionate share of the capital account balance of each investment as at the reporting date or
the latest available date.
The market approach is typically used for the valuation of the assets held by the funds. This comprises valuation techniques such as
comparable companies or transaction multiples. A market comparable approach uses quoted market prices or third-party quotes for
similar instruments or relevant recent transactions to determine the fair value of a financial asset. A multiples approach can be used
in the valuation of less-liquid securities, which typically form the majority of assets within a private equity, credit or infrastructure
fund.
Comparable companies and other multiples techniques assume that the valuation of unquoted direct investments can be assessed by
comparing performance measure multiples of similar quoted assets for which observable market prices are readily available.
Comparable public companies are selected based on factors such as industry, size, stage of development and strategy. The most
appropriate performance measure for determining the valuation of the relevant investment is selected (which may include EBITDA
or book values). Trading multiples for each comparable company identified are then calculated by dividing the value of the
comparable company by the defined performance measure. Comparable transactions are selected based on factors such as industry,
size, geography, timing and nature of the transaction. The relevant trading multiples or transaction multiples might be subject to
adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued direct
investment and the group of comparable companies or transactions. The fair value of the direct investment is determined by
applying the relevant adjusted multiple to the identified performance measure of the valued company. Where available, valuation
techniques use market-observable assumptions and inputs. If such information is not available, inputs may be derived by reference to
similar assets and active markets or from recent prices for comparable transactions data. When measuring fair value, the fund
manager selects the non-market-observable inputs to be used in its valuation techniques based on a combination of historical
experience, deviation of input levels based upon similar investments with observable price levels and knowledge of current market
conditions and valuation approaches.
Within its valuation techniques the fund manager typically uses different unobservable input factors. Significant unobservable inputs
include EBITDA multiples (based on budget/forward-looking EBITDA or historical EBITDA of the issuer and EBITDA multiples
of\u00a0comparable listed companies for an equivalent period), discount rates, price/earnings ratios and enterprise value/sales multiples.
The\u00a0fund manager also considers the original transaction prices, recent transactions in the same or similar instruments and completed
third-party transactions in comparable instruments and adjusts the model as deemed necessary.
A discounted cash flow approach may also be used for the valuation of assets held by infrastructure funds. Under a discounted cash
flow approach the fair value is determined by converting expected future cash flows (or earnings) to a present value. The discount
rate is a key unobservable input in determining the valuation and reflects market conditions, the risk profile of the cash flows, and
the time value of\u00a0money.
The fund manager takes into account sustainability-related factors such as climate change into the valuation of investments and, to
the extent necessary, makes adjustments to the relevant performance measures or multiples where demand or costs for a portfolio
company could be impacted.
Debt instruments may be valued using the market approach, independent loan pricing sources or amortised cost, which requires the
determination of the effective interest rate from a number of inputs, including an estimation of the expected maturity of each loan.
Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and the lack
of an observable price for each investment in a fund, fund investments at fair value are classified as level 3 financial assets under
IFRS 13 \u201cFair\u00a0Value Measurement\u201d (\u201cIFRS 13\u201d).
Further detail on the valuation methodologies, inputs and the number of fund investments valued using each technique, along with a
sensitivity analysis of the impact of a change in the fair value of fund investments is included within note 20 (d) and 20 (e).
Valuation of CLO assets and liabilities
Consolidated CLO assets, which consist of loans, are valued using independent loan pricing sources. To the extent that the
significant inputs are observable, the Group categorises these investments as level 2 financial assets under IFRS 13. The valuation
methodology for the Group\u2019s investment in the various CLO notes is based upon discounted cash flow models with unobservable
market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and
discount rates and they are therefore considered level 3 financial assets.
The consolidated CLO liabilities, consisting of notes issued to third-party investors, are valued in line with the fair value of the
relevant CLOs\u2019 loan asset portfolios. CLOs are constructed to distribute all proceeds generated from their assets to the note holders
of the CLO and thus do not generate any residual profit. The consolidated liabilities are therefore measured at par and are adjusted in
order to match the value of the asset portfolio, with any adjustment applied to the note liabilities in order of ascending seniority.
The Group\u2019s investments in CLO notes of consolidated CLO vehicles are eliminated on consolidation based on the valuation
of\u00a0the\u00a0investments as determined by the discounted cash flow models as described above. A sensitivity analysis has been included
within\u00a0note\u00a020 (e).
Measurement of intangible assets, useful lives and impairment
The fair value of acquired intangible assets (and therefore the resulting goodwill recognised on acquisition) is significantly affected
by\u00a0a\u00a0number of factors. These include management\u2019s best estimates of future performance (i.e. forecast revenue, expected revenue
attrition, forecast operating margin), any contributory asset changes and estimates of the return required to determine an appropriate
discount rate (in order to calculate the net present value of the assets).
i)\u00a0 Goodwill and intangible assets recognised from the acquisition of EQT Credit
A customer relationship asset was recognised following the Group\u2019s acquisition of EQT Credit in October 2020, to reflect the value
of\u00a0current investor relationships to the Group in the future.
At the time of the acquisition, the cost of the acquired customer relationship was measured at fair value by discounting estimated
contractual future cash flows over a period in which the customer was expected to remain invested within the Group\u2019s funds. Key
assumptions in the model included forecast earnings for 2021 to 2025, a growth rate applied from 2025 onwards which was based
upon the long-term operating plan for the business, an investor reinvestment rate from one fund to another, and a pre-tax discount
rate of 10.5% which was calculated by using comparable company information.
The useful life of the intangible assets arising from this transaction has been determined as seven years, which represents the period
over which the net present value of cash flows from the acquired customer relationships reduce to nil.
Goodwill that arose from the acquisition of EQT Credit is assessed for impairment annually or more frequently if events or changes
in circumstances indicate potential impairment loss. It has been determined that the lowest level of CGU used to assess impairment is
the credit business segment.
ii)\u00a0 Intangible assets recognised from acquisitions
Two intangible assets were recognised as separable assets following the acquisition of ECP in August 2024. The first was an
intangible asset related to the customer relationships, and the second related to the acquired right to future carried interest from
existing funds.
At the time of acquisition the cost of the customer relationship intangible asset was measured at fair value by discounting estimated
contractual future cash flows expected to be earned from each individual investor from their current commitments and the expected
level of reinvestment in future funds over a period. Key assumptions in the model included forecast earnings for 2024 to 2031, an
investor reinvestment rate from one fund to another, and a pre-tax discount rate of\u00a025.0%.
The Group also recognised the acquired right to any future carry that is anticipated from certain funds as an intangible asset. At the
time of acquisition the cost of the rights to the future carry was measured at fair value by using a probability-weighted expected
returns discounted cash flow approach, which contains a range of possible outcomes and key assumptions such as cash flow
projections for 2024 to 2033 and a weighted average pre-tax discount rate of 17.7%.
The useful life of the customer relationship and acquired right to future carried interest intangible assets arising from the ECP
transaction has been determined as 7 years and 3 to 15 years, respectively.
Goodwill arising from the acquisition of ECP is assessed for impairment annually or more frequently if events or changes in
circumstances indicate potential impairment loss. It has been determined that the lowest level of CGU used to assess impairment is
the infrastructure business segment.
Further details of the valuation of intangible assets arising from the acquisition of ECP are included in the purchase price allocations
which have been prepared in accordance with IFRS 3 \u201cBusiness Combinations\u201d (\u201cIFRS 3\u201d).
A sensitivity analysis of goodwill and the intangible asset has been included within note 15.
An entitlement to carry was acquired from a third-party investor in May 2025 in connection with which the Group recognised an
intangible asset in respect of additional rights to future carried interest in ECP funds. Judgement was required in concluding that
these rights met the definition of an intangible asset under IAS 38, \u201cIntangible Assets\u201d (\u201cIAS 38\u201d), given their non-monetary nature
and the dependency of cash flows on future fundraising and fund performance.
Significant estimation is involved in measuring the carrying amount of this asset, including assumptions regarding future fee-paying
commitments, fund performance, the timing and probability of carried interest crystallisation and the discount rate applied. A useful
economic life of 15 years has been determined reflecting the expected pattern of economic benefits. Changes in these assumptions
could result in material adjustments to amortisation charges or impairment in future periods.
Measurement of deferred contingent consideration payable
Under the ECP transaction purchase and sale agreement, the Group has an obligation to settle an amount of deferred contingent
consideration by reference to future contracted management fees at the reference date. The amount payable has been recognised
based upon management\u2019s current best estimate of future fundraising and implied share price, discounted to present value. A
sensitivity analysis has been included within note 20 (e).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
4\u00a0 Business combinations
During the year ended 31\u00a0December 2025, the completion accounts relating to the ECP acquisition were agreed, resulting in a
\u00a310.5m ($13.5m) reduction in the final cash consideration.
In accordance with IFRS 3, the adjustment has been accounted for as a measurement period adjustment and recognised by revising
the provisional amounts recognised at the acquisition date in 2024. As at 31 December 2024, the adjustment reduced goodwill by
\u00a39.0m and increased net assets by \u00a31.9m. Comparative information in the Consolidated Statements of Financial Position and
Consolidated Statement of Changes in Equity for the year ended 31\u00a0December 2024 has been restated accordingly. There was no
impact on profit or loss for the year ended 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
5\u00a0 Operating segments
Operating segments are the components of the Group whose results are regularly reviewed by the Group\u2019s chief operating decision
maker to make decisions about resources to be allocated to the segment and assess its performance.
The Executive Directors are considered to be the chief operating decision maker of the Group, which is divided into operating
segments based on how key management reviews and evaluates the operation and performance of the business.
The Group\u2019s operations are divided into two groups, the core business, consisting of the private equity, credit and infrastructure fund
management and associated central support, and other. Other includes the Group\u2019s procurement consulting business and costs
relating to strategic projects.
The Group\u2019s core operations are divided into three business segments: private equity, credit and infrastructure. The operations of the
business segments consist of providing investment management services to the relevant funds and their investors. The investment
management services comprise identification and structuring of new investments, the monitoring of investments and the sale and
exit from investments. The three business segments are supported by the central support functions which include investor relations,
head office, finance, human resources, IT and marketing.
Segmental income and profit before tax analysis
The Executive Directors assess the operating segments based on the line items below, primarily on operating income and underlying
EBITDA. The underlying EBITDA for each segment, together with depreciation and amortisation and net finance and other income
or expenses, forms profit before tax. Depreciation, finance and other income, finance and other expenses, exceptional items and the
share-based payment expenses excluded from underlying EBITDA are not allocated to operating segments and are included in the
Group total.
Group
Year Ended 31 December 2025
Private
Equity
\u00a3 m
Credit
\u00a3 m
Infrastructure
\u00a3 m
Central
\u00a3 m
Total Core
\u00a3 m
Total
Other
\u00a3 m
Exceptional
and adjusted
items
\u00a3 m
Reported total
Group
\u00a3 m
Management and other fees
241.3
69.9
112.6
3.2
427.0
\u2013
(11.0)
416.0
Carried interest
33.3
1.4
25.3
\u2013
60.0
\u2013
60.0
Fair value remeasurement of investments
37.2
13.2
40.1
14.6
105.1
\u2013
48.1
153.2
Other operating income
\u2013
\u2013
0.1
\u2013
0.1
0.6
\u2013
0.7
Total operating income
311.8
84.5
178.1
17.8
592.2
0.6
37.1
629.9
Personnel expenses
(74.5)
(27.7)
(52.1)
(65.3)
(219.6)
(0.5)
(82.1)
(302.2)
Other operating expenses
(20.4)
(9.1)
(12.3)
(25.9)
(67.7)
(0.2)
(17.1)
(85.0)
EBITDA
216.9
47.7
113.7
(73.4)
304.9
(0.1)
(62.1)
242.7
Depreciation and amortisation
(64.9)
Net finance and other income and
expenses
(92.1)
Profit before tax
85.7
Group
Year Ended 31 December 2024
Private
Equity
\u00a3 m
Credit
\u00a3 m
Infrastructure
\u00a3 m
Central
\u00a3 m
Total Core
\u00a3 m
Total
Other
\u00a3 m
Exceptional
and adjusted
items
\u00a3 m
Reported
total Group
\u00a3 m
Management and other fees
238.8
61.3
33.0
2.9
336.0
\u2013
(6.8)
329.2
Carried interest
28.0
\u2013
31.1
\u2013
59.1
\u2013
\u2013
59.1
Fair value remeasurement of investments
8.8
14.4
8.4
\u2013
31.6
\u2013
7.2
38.8
Other operating income
0.2
\u2013
\u2013
\u2013
0.2
0.8
\u2013
1.0
Total operating income
275.8
75.7
72.5
2.9
426.9
0.8
0.4
428.1
Personnel expenses
(69.9)
(23.9)
(15.2)
(48.0)
(157.0)
(0.8)
(56.8)
(214.6)
Other operating expenses
(23.3)
(6.9)
(3.5)
(22.6)
(56.3)
(0.1)
(10.9)
(67.3)
EBITDA
182.6
44.9
53.8
(67.7)
213.6
(0.1)
(67.3)
146.2
Depreciation and amortisation
(36.2)
Net finance and other income and
expenses
(29.3)
Profit before tax
80.7
* Certain measures are not defined or recognised under IFRS but are used by the Executive Directors and management to analyse the business and financial performance. Pages
206 to 214 set out definitions of each of the APMs and how they can be reconciled back to the condensed consolidated financial\u00a0statements.
Geographical analysis and customer concentrations
The Group\u2019s total operating income disaggregated by geographical location of service provided is as follows:
Year Ended 31 December
2025
\u00a3 m
2024
\u00a3 m
UK
343.2
264.7
USA
178.0
72.5
EU countries
108.7
90.9
Total operating income
629.9
428.1
No single fund investor constitutes more than 10% of assets under management.
Assets and liabilities analysis
The Group\u2019s Consolidated Statement of Financial Position is managed as a single unit rather than by segment. The only distinction
for the business segments relates to the Group\u2019s investments in funds, carried interest receivable and other investments, which can be
between private equity, credit (further split between investments attributable to the Group and to third-party investors) and
infrastructure.
Group
2025
\u00a3 m
2024
\u00a3 m
Investments:
Private equity (investments in funds, excluding those attributable to third-party investors)
440.8
470.8
Private equity (investments in funds attributable to third-party investors)
241.8
110.6
Credit (investments in funds, including CLOs, excluding those attributable to third-party investors)
152.7
142.0
Credit (CLO assets attributable to third-party investors)
2,747.2
1,893.3
Credit (other investments)
24.5
\u2013
Infrastructure (investments in funds)
149.9
127.1
Total investments
3,756.9
2,743.8
Carried interest receivable:
Private equity
64.4
49.0
Credit
2.6
2.5
Infrastructure
81.9
61.8
Total carried interest receivable
148.9
113.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
Geographical analysis and customer concentrations
The Group\u2019s total operating income disaggregated by geographical location of service provided is as follows:
Year Ended 31 December
2025
\u00a3 m
2024
\u00a3 m
UK
343.2
264.7
USA
178.0
72.5
EU countries
108.7
90.9
Total operating income
629.9
428.1
No single fund investor constitutes more than 10% of assets under management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
No single fund investor constitutes more than 10% of assets under management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
6\u00a0 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income from the
management of, and investment in, private equity, infrastructure and credit fund partnerships.
Management and other fees
Management and other fees are presented net of the profit or loss impact of the settlement of foreign exchange hedging used to limit
the\u00a0volatility of foreign exchange on fees earned in euros or US dollars.
Group
2025
\u00a3 m
2024
\u00a3 m
Management and other fees before settlement of foreign exchange hedges
410.0
325.7
Settlement of foreign exchange hedges
6.0
3.5
Total management and other fees
416.0
329.2
Carried interest
The amount of carried interest recognised in operating income and the carrying value of the related asset is sensitive to the fair value
of unrealised investments within each fund. The reversal risk in carried interest income, which is accounted for under IFRS 15, is
managed through the application of discounts of 15% to 50% to the fair value of the fund investments and the later recognition of
carried interest relating to credit funds.
A sensitivity analysis of the average discount rate on the carried interest income is included in note 3 (b).
Fair value remeasurement of investments
Fair value remeasurement of investments consists of net changes in the fair value of the Group\u2019s investments in private equity, credit
and infrastructure funds.
Fair value remeasurement of investments is presented net of the profit or loss impact of the remeasurement of foreign exchange
hedging used to limit the volatility of foreign exchange on investment income earned in euros or US dollars.
Group
2025
\u00a3 m
2024
\u00a3 m
Fair value remeasurement of investments before remeasurement of foreign exchange hedges
158.5
35.3
Remeasurement of foreign exchange hedges
(5.3)
3.5
Fair value remeasurement of investments
153.2
38.8
Fair value remeasurement of investments includes the remeasurement of the fair value of investments in CLOs which are fully
consolidated by the Group. The CLO investment expense is the amount of investment income due to third-party note holders who
have invested in the CLOs which are fully consolidated by the Group.
Group
2025
\u00a3 m
2024
\u00a3 m
CLO investment income
147.1
128.1
CLO investment expense
(135.0)
(115.5)
Net CLO investment income
12.1
12.6
The table above excludes the fair value remeasurement of sale and repurchase arrangements of the Group\u2019s interests in CLO 2 and
CLO 3. Further details are set out in note 17 (d).
Note 20 (e) includes a sensitivity analysis for co-investment valuations and the impact on profit or loss.
8\u00a0 Other operating expenses
Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses also include
fees\u00a0paid to the auditors for the audit of the Group and relevant subsidiary financial statements and fees for other services.
In 2025, exceptional expenses of \u00a38.9m (2024: \u00a310.9m) are included in the Group\u2019s other operating expenses. Further details are
provided in note 9 (b).
Expenditure relating to low-value asset leases is required to be disclosed separately and is set out below.
(a)\u00a0 Auditor's remuneration
During the year, the Company and the Group received the following services from its external auditor, Forvis Mazars\u00a0LLP.
The\u00a0table\u00a0below sets out fees earned by Forvis Mazars LLP in relation to the year ended 31\u00a0December 2025.
Group
2025
\u00a3 m
2024
\u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.8
1.0
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
1.1
1.1
Total audit fees
1.9
2.1
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
\u2013
\u2013
Total non-audit fees
0.2
0.2
Total auditor\u2019s remuneration
2.1
2.3
(b)\u00a0 Low-value asset leases
Group
2025
\u00a3 m
2024
\u00a3 m
Expense relating to low-value asset leases
Low-value asset leases
0.3
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
6\u00a0 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income from the
management of, and investment in, private equity, infrastructure and credit fund partnerships.
Management and other fees
Management and other fees are presented net of the profit or loss impact of the settlement of foreign exchange hedging used to limit
the\u00a0volatility of foreign exchange on fees earned in euros or US dollars.
Group
2025
\u00a3 m
2024
\u00a3 m
Management and other fees before settlement of foreign exchange hedges
410.0
325.7
Settlement of foreign exchange hedges
6.0
3.5
Total management and other fees
416.0
329.2
Carried interest
The amount of carried interest recognised in operating income and the carrying value of the related asset is sensitive to the fair value
of unrealised investments within each fund. The reversal risk in carried interest income, which is accounted for under IFRS 15, is
managed through the application of discounts of 15% to 50% to the fair value of the fund investments and the later recognition of
carried interest relating to credit funds.
A sensitivity analysis of the average discount rate on the carried interest income is included in note 3 (b).
Fair value remeasurement of investments
Fair value remeasurement of investments consists of net changes in the fair value of the Group\u2019s investments in private equity, credit
and infrastructure funds.
Fair value remeasurement of investments is presented net of the profit or loss impact of the remeasurement of foreign exchange
hedging used to limit the volatility of foreign exchange on investment income earned in euros or US dollars.
Group
2025
\u00a3 m
2024
\u00a3 m
Fair value remeasurement of investments before remeasurement of foreign exchange hedges
158.5
35.3
Remeasurement of foreign exchange hedges
(5.3)
3.5
Fair value remeasurement of investments
153.2
38.8
Fair value remeasurement of investments includes the remeasurement of the fair value of investments in CLOs which are fully
consolidated by the Group. The CLO investment expense is the amount of investment income due to third-party note holders who
have invested in the CLOs which are fully consolidated by the Group.
Group
2025
\u00a3 m
2024
\u00a3 m
CLO investment income
147.1
128.1
CLO investment expense
(135.0)
(115.5)
Net CLO investment income
12.1
12.6
The table above excludes the fair value remeasurement of sale and repurchase arrangements of the Group\u2019s interests in CLO 2 and
CLO 3. Further details are set out in note 17 (d).
Note 20 (e) includes a sensitivity analysis for co-investment valuations and the impact on profit or loss.
16\u00a0 Carried interest receivable
The carried interest receivable relates to revenue which has been recognised by the Group relating to its share of fund profits
through its holdings in relevant CIPs or GP vehicles.
Revenue is only recognised to the extent it is highly probable that the revenue recognised would not result in significant revenue
reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk is mitigated through the application
of discounts. If adjustments to the carried interest receivable recognised in previous periods are required, they are adjusted through
revenue.
A sensitivity analysis is set out in note 3 (b).
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
113.3
67.3
Additions from acquired subsidiaries
\u2013
29.1
Income recognised in the year
59.0
59.1
Foreign exchange movements recognised as profit or loss
1.0
(0.3)
Foreign exchange movements recognised as other comprehensive income
(4.6)
1.5
Receipts of carried interest
(19.8)
(43.4)
Closing balance
148.9
113.3
The Company has no carried interest receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
6\u00a0 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income from the
management of, and investment in, private equity, infrastructure and credit fund partnerships.
Management and other fees
Management and other fees are presented net of the profit or loss impact of the settlement of foreign exchange hedging used to limit
the\u00a0volatility of foreign exchange on fees earned in euros or US dollars.
Group
2025
\u00a3 m
2024
\u00a3 m
Management and other fees before settlement of foreign exchange hedges
410.0
325.7
Settlement of foreign exchange hedges
6.0
3.5
Total management and other fees
416.0
329.2
Carried interest
The amount of carried interest recognised in operating income and the carrying value of the related asset is sensitive to the fair value
of unrealised investments within each fund. The reversal risk in carried interest income, which is accounted for under IFRS 15, is
managed through the application of discounts of 15% to 50% to the fair value of the fund investments and the later recognition of
carried interest relating to credit funds.
A sensitivity analysis of the average discount rate on the carried interest income is included in note 3 (b).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Management and other fees
Management and other fees are presented net of the profit or loss impact of the settlement of foreign exchange hedging used to limit
the\u00a0volatility of foreign exchange on fees earned in euros or US dollars.
Group
2025
\u00a3 m
2024
\u00a3 m
Management and other fees before settlement of foreign exchange hedges
410.0
325.7
Settlement of foreign exchange hedges
6.0
3.5
Total management and other fees
416.0
329.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
7\u00a0 Personnel expenses
Aggregate personnel expenses (including Directors\u2019 remuneration) in each year were as follows:
Group
2025
\u00a3 m
2024
\u00a3 m
Wages and bonuses
187.8
126.9
Social security
24.5
20.3
Pensions
7.1
3.2
Share-based payments
64.7
49.6
Other employee expenses
18.1
14.6
Total personnel expenses
302.2
214.6
Total personnel expenses include \u00a377.8m (2024: \u00a350.9m) of exceptional expenses, and accordingly are excluded from the
calculation of\u00a0underlying profitability measures. See note 9 for further details.
(a)\u00a0 Share-based payments
The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a364.7m (2024 : \u00a349.6m) and this was credited to
the share-based payments reserve in equity for an equity-settled award or recognised as a liability for a cash-settled award. Of the
total share-based payment expense, \u00a31.1m (2024: \u00a30.6m) relates to the A3 share award, restricted share plan and deferral share
schemes, which are included in underlying profitability measures. \u00a33.5m (2024: \u00a35.2m) relates to the long-term incentive plan
introduced following the IPO to increase employee ownership in the Group for a targeted group of employees (adjusted expenses).
\u00a360.1m (2024: \u00a343.0m) relates to the ECP transaction (exceptional expenses). Those amounts are excluded from underlying metrics
for the reasons explained in the APMs definitions on page 211.
Partnership units issued as part of ECP acquisition
The Group issued 185.0m units in Bridgepoint OP LP to the vendors of ECP on the ECP acquisition date, 20 August 2024, under
the relevant purchase and sale agreement. Of those 170.1m units are not subject to employee performance conditions (vesting
terms). Therefore they are considered part of the total consideration.
The remaining 14.9m units are treated as an equity-settled share-based payment under IFRS 2 \u201cShare-based Payment\u201d (\u201cIFRS 2\u201d)
and\u00a0are subject to staggered vesting over four years from closing. The awards are initially recognised at their fair value of \u00a33.03 per
unit based on the Company\u2019s share price at\u00a0the\u00a0grant date.
Number of units
Weighted average fair value per share granted
(\u00a3)
Group and Company
2025
2024
2025
2024
Rights outstanding at beginning of the period
14,929,500
\u2013
3.03
N/A
Granted
\u2013
14,929,500
N/A
3.03
Forfeited
\u2013
\u2013
N/A
N/A
Vested
\u2013
\u2013
N/A
N/A
Rights outstanding (unvested) at the end of the period
14,929,500
14,929,500
3.03
3.03
A total expense of \u00a310.9m (2024: \u00a34.1m) has been recognised in personnel expense during the year. It is considered exceptional and
therefore is excluded from\u00a0underlying profitability measures.
Restricted stock units (\u201cRSUs\u201d) issued as part of the ECP acquisition
Under the purchase and sale agreement relating to the ECP acquisition, the Group has established an incentive equity plan for
employees of ECP and some service providers to ECP. RSUs that are issued to employees will result in the issue of shares in the
capital of the Company post vesting. Therefore RSUs are treated as an equity-settled share-based payment under IFRS 2. The awards
are initially recognised at their fair value based on the Company\u2019s share price at\u00a0the\u00a0grant date.
In 2025, 11.5m RSUs were granted, which vest over four years from the grant date. In 2024, 8.5m RSU awards were granted. Of
these, 7.6m vested immediately upon completion of the ECP transaction, and the remaining 52.2m (2024: 42.4m) RSUs vest over
five years from completion.
The awards entitle the RSU holders to receive dividend cash equivalents, which are reflected in the calculation of their fair value at
the grant date. Over the vesting period, the Group recognises a personnel expense.
Number of shares
Weighted average fair value per share granted
(\u00a3)
Group and Company
2025
2024
2025
2024
Rights outstanding at beginning of the period
42,379,775
\u2013
3.03
N/A
Granted
11,478,985
49,993,600
2.74
3.03
Forfeited
(1,650,480)
\u2013
2.74
N/A
Vested
\u2013
(7,613,825)
N/A
3.03
Rights outstanding (unvested) at the end of the period
52,208,280
42,379,775
3.03
3.03
In 2025 a total expense of \u00a339.7m (2024: \u00a338.2m) relating to RSUs has been recognised in personnel expenses. Such costs are
considered exceptional and therefore are excluded from underlying profitability measures.
Earn-out units issued as part of ECP acquisition
In 2024 45.0m earn-out units were issued to the ECP sellers in the ECP transaction with a final value linked to performance targets
of ECP funds. 50% of the units (22.5m) are subject to a continuing employment condition, vesting over the period from closing to
2029, with the other 50% vesting immediately at closing.
The number of final earn-out units to be granted is calculated using a probability-weighted average of awards in the earn out
scenarios. The units are expected to ultimately be exchanged for the Company\u2019s shares and so are treated as an equity-settled share-
based payment. The fair value of the earn-out units is determined at \u00a33.03 per share based on the Company\u2019s share price at the grant
date, with a total value of \u00a327.6m (2024: \u00a37.3m). During 2025, a total expense of \u00a39.5m (2024: \u00a30.7m) has been recognised in
personnel expenses. It is considered exceptional and therefore is excluded from underlying profitability measures.
A3 share award
In June 2021 the Company issued A3 ordinary shares of \u00a30.01 nominal value to certain employees for consideration of \u00a31.50 per
share. The A3 shares would vest on the fifth anniversary of their issue provided that the shareholder remained an employee
throughout this period. As part of the Company\u2019s share reorganisation prior to the IPO, the A3 shares were converted into ordinary
shares. The fair value of the share issued was calculated as \u00a33.96 per share as was determined by a third-party valuation. Expenses of
\u00a30.2m (2024: \u00a30.2m) relating to the A3 shares are included in underlying profitability measures.
A3 Share Award
A3 Share Award (\u00a3 per share)
Group and Company
2025
2024
2025
2024
Opening
389,200
440,400
3.96
3.96
Vested
\u2013
\u2013
N/A
N/A
Forfeited
(7,681)
(51,200)
3.96
3.96
Outstanding at year end
381,519
389,200
3.96
3.96
Long-term incentive plans
Over the period March 2023 to March 2025 the Group granted awards under a long-term incentive plan (\u201cLTIP\u201d) to qualifying
employees. The total fair value of\u00a0the\u00a0awards on the grant date was estimated at \u00a317.2m. The Group will settle the awards, vesting
over the period 30 June 2023 to\u00a031 March 2028, either in the Company\u2019s shares or with an equivalent cash payment where local
laws restrict the grant of shares in\u00a0foreign corporations, with no consideration paid by the participants. As the LTIP awards vest
subject to the achievement of certain service conditions, continued employment in the Group, they are accounted for as either
equity-settled or cash-settled share-based payment transactions under the Group\u2019s accounting policy in line with IFRS 2.
The scheme was implemented to increase employee ownership in the Group for a targeted group of employees post-IPO. The
awards are not considered an alternative to\u00a0cash-based compensation, are not included in the cost base when considering operating
segment performance and will cease to\u00a0be\u00a0a\u00a0reconciling item once the awards issued as part of the strategy are fully vested.
In 2025 a total expense of \u00a361.2m (2024: \u00a35.2m) has been recognised in personnel expenses and is excluded from underlying
profitability measures.
Number of shares
Weighted average fair value
per share granted (\u00a3)
Group and Company
2025
2024
2025
2024
Rights outstanding at beginning of the period
2,709,422
1,859,348
2.40
2.14
Granted
1,589,763
2,423,489
3.32
2.58
Granted \u2013 dividend equivalents
64,327
81,403
3.11
2.48
Forfeited
(215,273)
(243,754)
2.92
2.35
Forfeited \u2013 dividend equivalents
(6,252)
(5,533)
2.66
2.25
Vested
(1,641,208)
(1,364,201)
2.31
2.31
Vested \u2013 dividend equivalents
(71,633)
(41,330)
2.30
2.27
Rights outstanding (unvested) at the end of the period
2,429,146
2,709,422
3.04
2.40
Restricted Share Plan Award
In April 2025, two Directors of the Company were granted a conditional share award of 455,372 shares at a value of \u00a33.34 per
share, with a total value of \u00a31.5m, vesting over the period from 1 April 2025 to 31 March 2028.
In 2024, a Director of the Company was granted a conditional share award of 326,672 shares at a value of \u00a32.60 per share,
with\u00a0a\u00a0total value of \u00a3850,000, vesting over the period from 1 April 2024 to 1 April 2026.
The restricted share plan is a constituent part of the total compensation for directors of the Company and so is considered an
alternative to cash-based compensation. The cost for the year of \u00a30.7m (2024: \u00a30.4m) is\u00a0included in underlying profitability
measures.
Deferred Annual Bonus Plan\u00a0
In 2025, two Directors of the Company were subject to a scheme whereby bonuses in excess of 25% of base salary will be subject to
50% deferral into shares, vesting after three years. In April 2025, two Directors of the company were granted 278,020 shares at a
value of \u00a33.34 per share with a total value of \u00a3929,498, vesting on 31 March 2028.
The deferred share scheme is a constituent part of the total compensation for directors of the Company and so is considered an
alternative to cash-based compensation. The cost for the year of \u00a30.2m (2024: nil) is\u00a0included in underlying profitability measures.
(b)\u00a0 Other employee expenses
Other employee expenses include insurance, healthcare, training, recruitment costs and certain incentive schemes.
Management incentive scheme
In April 2021 a subsidiary of the Company, Bridgepoint Credit Holdings Limited, issued shares to certain employees of the Group as
part of\u00a0a\u00a0management incentive scheme. The scheme has been accounted for as an other long-term employment benefit under IAS
19 \u201cEmployment Benefits\u201d (\u201cIAS 19\u201d) as it is not linked to the value of the equity of Bridgepoint Credit Holdings Limited or equity
instruments of other Group members, but is based on the revenue generated by certain funds managed by the Group.
During 2025, an \u00a311.6m expense (2024: \u00a31.2m) and corresponding liability of \u00a326.8m (2024: \u00a313.4m) has been included in other
employee expenses and calculated based upon funds raised and expected management fees which exceed the targets at that date.
The expense is considered exceptional and is therefore excluded from underlying profitability measures.
ECP employee retention bonus
In January 2023 ECP granted certain employees retention bonuses, which vest over three years, or over 2023 to 2026.
The\u00a0payment of the bonuses is contingent on continued employment which is treated as a service condition. The bonuses are not
linked to the Company\u2019s share price or value and so are treated as employee remuneration with the associated expense spread over
the service period under IAS 19.
In 2025, an expense of \u00a34.4m (2024: \u00a34.3m) is recognised in the Consolidated Statement of Profit or Loss. As such costs are non-
recurring and are material by size, they are considered to be exceptional items and so are excluded from underlying performance
metrics.
Staff numbers
The monthly average number of persons, including Directors, employed by the Group during the year split by geography was as
follows:
Group
2025
2024
UK
273
246
USA
115
107
Other
262
252
Total
650
605
The Company has seven employees and non-Executive Directors (2024: five).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
(a)\u00a0 Share-based payments
The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a364.7m (2024 : \u00a349.6m) and this was credited to
the share-based payments reserve in equity for an equity-settled award or recognised as a liability for a cash-settled award. Of the
total share-based payment expense, \u00a31.1m (2024: \u00a30.6m) relates to the A3 share award, restricted share plan and deferral share
schemes, which are included in underlying profitability measures. \u00a33.5m (2024: \u00a35.2m) relates to the long-term incentive plan
introduced following the IPO to increase employee ownership in the Group for a targeted group of employees (adjusted expenses).
\u00a360.1m (2024: \u00a343.0m) relates to the ECP transaction (exceptional expenses). Those amounts are excluded from underlying metrics
for the reasons explained in the APMs definitions on page 211.
Partnership units issued as part of ECP acquisition
The Group issued 185.0m units in Bridgepoint OP LP to the vendors of ECP on the ECP acquisition date, 20 August 2024, under
the relevant purchase and sale agreement. Of those 170.1m units are not subject to employee performance conditions (vesting
terms). Therefore they are considered part of the total consideration.
The remaining 14.9m units are treated as an equity-settled share-based payment under IFRS 2 \u201cShare-based Payment\u201d (\u201cIFRS 2\u201d)
and\u00a0are subject to staggered vesting over four years from closing. The awards are initially recognised at their fair value of \u00a33.03 per
unit based on the Company\u2019s share price at\u00a0the\u00a0grant date.
Number of units
Weighted average fair value per share granted
(\u00a3)
Group and Company
2025
2024
2025
2024
Rights outstanding at beginning of the period
14,929,500
\u2013
3.03
N/A
Granted
\u2013
14,929,500
N/A
3.03
Forfeited
\u2013
\u2013
N/A
N/A
Vested
\u2013
\u2013
N/A
N/A
Rights outstanding (unvested) at the end of the period
14,929,500
14,929,500
3.03
3.03
A total expense of \u00a310.9m (2024: \u00a34.1m) has been recognised in personnel expense during the year. It is considered exceptional and
therefore is excluded from\u00a0underlying profitability measures.
Restricted stock units (\u201cRSUs\u201d) issued as part of the ECP acquisition
Under the purchase and sale agreement relating to the ECP acquisition, the Group has established an incentive equity plan for
employees of ECP and some service providers to ECP. RSUs that are issued to employees will result in the issue of shares in the
capital of the Company post vesting. Therefore RSUs are treated as an equity-settled share-based payment under IFRS 2. The awards
are initially recognised at their fair value based on the Company\u2019s share price at\u00a0the\u00a0grant date.
In 2025, 11.5m RSUs were granted, which vest over four years from the grant date. In 2024, 8.5m RSU awards were granted. Of
these, 7.6m vested immediately upon completion of the ECP transaction, and the remaining 52.2m (2024: 42.4m) RSUs vest over
five years from completion.
The awards entitle the RSU holders to receive dividend cash equivalents, which are reflected in the calculation of their fair value at
the grant date. Over the vesting period, the Group recognises a personnel expense.
Number of shares
Weighted average fair value per share granted
(\u00a3)
Group and Company
2025
2024
2025
2024
Rights outstanding at beginning of the period
42,379,775
\u2013
3.03
N/A
Granted
11,478,985
49,993,600
2.74
3.03
Forfeited
(1,650,480)
\u2013
2.74
N/A
Vested
\u2013
(7,613,825)
N/A
3.03
Rights outstanding (unvested) at the end of the period
52,208,280
42,379,775
3.03
3.03
In 2025 a total expense of \u00a339.7m (2024: \u00a338.2m) relating to RSUs has been recognised in personnel expenses. Such costs are
considered exceptional and therefore are excluded from underlying profitability measures.
Earn-out units issued as part of ECP acquisition
In 2024 45.0m earn-out units were issued to the ECP sellers in the ECP transaction with a final value linked to performance targets
of ECP funds. 50% of the units (22.5m) are subject to a continuing employment condition, vesting over the period from closing to
2029, with the other 50% vesting immediately at closing.
The number of final earn-out units to be granted is calculated using a probability-weighted average of awards in the earn out
scenarios. The units are expected to ultimately be exchanged for the Company\u2019s shares and so are treated as an equity-settled share-
based payment. The fair value of the earn-out units is determined at \u00a33.03 per share based on the Company\u2019s share price at the grant
date, with a total value of \u00a327.6m (2024: \u00a37.3m). During 2025, a total expense of \u00a39.5m (2024: \u00a30.7m) has been recognised in
personnel expenses. It is considered exceptional and therefore is excluded from underlying profitability measures.
A3 share award
In June 2021 the Company issued A3 ordinary shares of \u00a30.01 nominal value to certain employees for consideration of \u00a31.50 per
share. The A3 shares would vest on the fifth anniversary of their issue provided that the shareholder remained an employee
throughout this period. As part of the Company\u2019s share reorganisation prior to the IPO, the A3 shares were converted into ordinary
shares. The fair value of the share issued was calculated as \u00a33.96 per share as was determined by a third-party valuation. Expenses of
\u00a30.2m (2024: \u00a30.2m) relating to the A3 shares are included in underlying profitability measures.
A3 Share Award
A3 Share Award (\u00a3 per share)
Group and Company
2025
2024
2025
2024
Opening
389,200
440,400
3.96
3.96
Vested
\u2013
\u2013
N/A
N/A
Forfeited
(7,681)
(51,200)
3.96
3.96
Outstanding at year end
381,519
389,200
3.96
3.96
Long-term incentive plans
Over the period March 2023 to March 2025 the Group granted awards under a long-term incentive plan (\u201cLTIP\u201d) to qualifying
employees. The total fair value of\u00a0the\u00a0awards on the grant date was estimated at \u00a317.2m. The Group will settle the awards, vesting
over the period 30 June 2023 to\u00a031 March 2028, either in the Company\u2019s shares or with an equivalent cash payment where local
laws restrict the grant of shares in\u00a0foreign corporations, with no consideration paid by the participants. As the LTIP awards vest
subject to the achievement of certain service conditions, continued employment in the Group, they are accounted for as either
equity-settled or cash-settled share-based payment transactions under the Group\u2019s accounting policy in line with IFRS 2.
The scheme was implemented to increase employee ownership in the Group for a targeted group of employees post-IPO. The
awards are not considered an alternative to\u00a0cash-based compensation, are not included in the cost base when considering operating
segment performance and will cease to\u00a0be\u00a0a\u00a0reconciling item once the awards issued as part of the strategy are fully vested.
In 2025 a total expense of \u00a361.2m (2024: \u00a35.2m) has been recognised in personnel expenses and is excluded from underlying
profitability measures.
Number of shares
Weighted average fair value
per share granted (\u00a3)
Group and Company
2025
2024
2025
2024
Rights outstanding at beginning of the period
2,709,422
1,859,348
2.40
2.14
Granted
1,589,763
2,423,489
3.32
2.58
Granted \u2013 dividend equivalents
64,327
81,403
3.11
2.48
Forfeited
(215,273)
(243,754)
2.92
2.35
Forfeited \u2013 dividend equivalents
(6,252)
(5,533)
2.66
2.25
Vested
(1,641,208)
(1,364,201)
2.31
2.31
Vested \u2013 dividend equivalents
(71,633)
(41,330)
2.30
2.27
Rights outstanding (unvested) at the end of the period
2,429,146
2,709,422
3.04
2.40
Restricted Share Plan Award
In April 2025, two Directors of the Company were granted a conditional share award of 455,372 shares at a value of \u00a33.34 per
share, with a total value of \u00a31.5m, vesting over the period from 1 April 2025 to 31 March 2028.
In 2024, a Director of the Company was granted a conditional share award of 326,672 shares at a value of \u00a32.60 per share,
with\u00a0a\u00a0total value of \u00a3850,000, vesting over the period from 1 April 2024 to 1 April 2026.
The restricted share plan is a constituent part of the total compensation for directors of the Company and so is considered an
alternative to cash-based compensation. The cost for the year of \u00a30.7m (2024: \u00a30.4m) is\u00a0included in underlying profitability
measures.
Deferred Annual Bonus Plan\u00a0
In 2025, two Directors of the Company were subject to a scheme whereby bonuses in excess of 25% of base salary will be subject to
50% deferral into shares, vesting after three years. In April 2025, two Directors of the company were granted 278,020 shares at a
value of \u00a33.34 per share with a total value of \u00a3929,498, vesting on 31 March 2028.
The deferred share scheme is a constituent part of the total compensation for directors of the Company and so is considered an
alternative to cash-based compensation. The cost for the year of \u00a30.2m (2024: nil) is\u00a0included in underlying profitability measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
8\u00a0 Other operating expenses
Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses also include
fees\u00a0paid to the auditors for the audit of the Group and relevant subsidiary financial statements and fees for other services.
In 2025, exceptional expenses of \u00a38.9m (2024: \u00a310.9m) are included in the Group\u2019s other operating expenses. Further details are
provided in note 9 (b).
Expenditure relating to low-value asset leases is required to be disclosed separately and is set out below.
(a)\u00a0 Auditor's remuneration
During the year, the Company and the Group received the following services from its external auditor, Forvis Mazars\u00a0LLP.
The\u00a0table\u00a0below sets out fees earned by Forvis Mazars LLP in relation to the year ended 31\u00a0December 2025.
Group
2025
\u00a3 m
2024
\u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.8
1.0
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
1.1
1.1
Total audit fees
1.9
2.1
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
\u2013
\u2013
Total non-audit fees
0.2
0.2
Total auditor\u2019s remuneration
2.1
2.3
(b)\u00a0 Low-value asset leases
Group
2025
\u00a3 m
2024
\u00a3 m
Expense relating to low-value asset leases
Low-value asset leases
0.3
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
8\u00a0 Other operating expenses
Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses also include
fees\u00a0paid to the auditors for the audit of the Group and relevant subsidiary financial statements and fees for other services.
In 2025, exceptional expenses of \u00a38.9m (2024: \u00a310.9m) are included in the Group\u2019s other operating expenses. Further details are
provided in note 9 (b).
Expenditure relating to low-value asset leases is required to be disclosed separately and is set out below.
(a)\u00a0 Auditor's remuneration
During the year, the Company and the Group received the following services from its external auditor, Forvis Mazars\u00a0LLP.
The\u00a0table\u00a0below sets out fees earned by Forvis Mazars LLP in relation to the year ended 31\u00a0December 2025.
Group
2025
\u00a3 m
2024
\u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.8
1.0
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
1.1
1.1
Total audit fees
1.9
2.1
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
\u2013
\u2013
Total non-audit fees
0.2
0.2
Total auditor\u2019s remuneration
2.1
2.3
(b)\u00a0 Low-value asset leases
Group
2025
\u00a3 m
2024
\u00a3 m
Expense relating to low-value asset leases
Low-value asset leases
0.3
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
(a)\u00a0 Auditor's remuneration
During the year, the Company and the Group received the following services from its external auditor, Forvis Mazars\u00a0LLP.
The\u00a0table\u00a0below sets out fees earned by Forvis Mazars LLP in relation to the year ended 31\u00a0December 2025.
Group
2025
\u00a3 m
2024
\u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.8
1.0
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
1.1
1.1
Total audit fees
1.9
2.1
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
\u2013
\u2013
Total non-audit fees
0.2
0.2
Total auditor\u2019s remuneration
2.1
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
9\u00a0 Exceptional items
Exceptional items in the years ended 31\u00a0December 2025 and 2024 principally relate to costs incurred in relation to the acquisition
of\u00a0ECP and EQT Credit.
Exceptional other income in 2024 relates to the remeasurement and revaluation of the EQT deferred consideration\u00a0payable.
Group
2025
\u00a3 m
2024
\u00a3 m
Personnel expenses
(77.8)
(50.9)
Other operating expenses
(8.9)
(10.9)
Total exceptional expenses within EBITDA
(86.7)
(61.8)
Finance and other expenses
(30.7)
(0.8)
Total exceptional expenses
(117.4)
(62.6)
(a)\u00a0 Exceptional personnel expenses
In 2025, exceptional personnel expenses primarily relate to \u00a361.3m (2024: \u00a343.0m) of incentive award share-based payment
expenses and associated social security costs related to the acquisition of ECP. 2025 exceptional personnel expenses also include
\u00a34.6m of one-off retention bonuses that transferred with the ECP business.
The amounts also include \u00a311.7m (2024: \u00a31.2m) of deferred transaction-related bonuses and associated social security costs from
the acquisition of EQT Credit in 2020. Specific bonus payments payable to employees in relation to the EQT Credit acquisition are
exceptional given they were only granted once.
(b)\u00a0 Exceptional other operating expenses
In 2025 and 2024, exceptional other operating expenses include costs incurred in relation to other one-off corporate development
activities. Costs also include post-transaction integration costs and other professional service fees in respect of the ECP transaction.
Such costs would not have been incurred had no transaction taken place and therefore have been classified as exceptional.
(c)\u00a0 Exceptional finance and other expenses
In 2025, exceptional finance and other expenses primarily comprise \u00a329.6m (2024: \u00a30.3m) relating to the remeasurement of the
deferred contingent consideration arising from the ECP transaction. They also include \u00a30.7m (2024: \u00a30.5m) relating to the unwind
of discount and revaluation of deferred non-contingent consideration from the ECP transaction and \u00a30.5m (2024: nil) of foreign
exchange impact from a management incentive scheme linked to the EQT Credit transaction.
", "dimensions": { "concept": "bridgepointgroupplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
10\u00a0 Depreciation and amortisation
The following table summarises the depreciation and amortisation charges during the year.
Group
2025
\u00a3 m
2024
\u00a3 m
Depreciation on property, plant and equipment
16.1
15.1
Amortisation of intangible assets
48.8
21.1
Total depreciation and amortisation expense
64.9
36.2
The amortisation charge of \u00a348.8m (2024: \u00a321.1m) includes an expense in relation to the amortisation of customer relationship
intangible assets arising from the EQT Credit and ECP transactions and acquired carried interest intangible assets arising from the
ECP transaction, \u00a31.0m (2024: nil) relating to the amortisation of carried interest intangible assets that the Group acquired from a
third-party and \u00a30.5m amortisation of computer software (2024: \u00a31.7m).
The amortisation charge of customer relationship and carried interest intangible assets which totalled \u00a348.3m (2024: \u00a319.4m) is
excluded from the calculation of underlying profitability measures in order to distinguish one-off material transactions from
underlying performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
11\u00a0 Net finance and other income or expenses
Group
2025
\u00a3 m
2024
\u00a3 m
Interest income on term deposits
3.6
6.9
Finance income on subleases
0.8
0.9
Total finance and other income
4.4
7.8
Interest expense on bank overdrafts and borrowings
(32.1)
(17.5)
Interest expense on lease liabilities
(4.1)
(3.6)
Net foreign exchange losses
(3.8)
(12.3)
Finance expense on amounts payable to third-party and related party investors
(20.2)
(0.5)
Other expenses
(36.3)
(3.2)
Total finance and other expenses
(96.5)
(37.1)
Net finance and other income, including exceptional items
(92.1)
(29.3)
Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using
the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair
value through profit or loss are presented as fair value movements within net finance and other expenses.
(a)\u00a0 Interest expense on bank overdrafts and borrowings
For 2025 the interest expense on bank overdrafts and borrowings relates to the interest charged on the US private placement debts
issued by the Group.\u00a0
(b)\u00a0 Finance income and expenses on amounts receivable from or payable to third-party and related party
investors
Finance income and expenses represent amounts due from or to external parties in structured entities that are consolidated by the
Group under IFRS 10 \u201cConsolidated Financial Statements\u201d. The Group\u2019s interest only constitutes a portion of the total and therefore
other financial liabilities include the fair value of the amounts due to external parties, who are either third-party investors (non-
Group subsidiaries or affiliates) or related party investors (Group subsidiaries or affiliates), under the applicable fund partnership
agreement. Due to the nature of this arrangement, being a contractually agreed profit share to third-party investors and related party
investors, the Group recognises their interest as a financial liability which is fair valued through profit or loss at each reporting date.
In 2025, a \u00a320.2m finance expense is recognised within the profit or loss account (2024: finance expense of \u00a30.5m) as a result of the
fair value movement. Further details of the financial liability are included in note 17 (d).
(c)\u00a0 Other expenses
In 2025 of other expenses of \u00a336.3m (2024: \u00a33.2m) primarily comprise \u00a329.6m (2024: \u00a30.3m) relating to the remeasurement of
deferred contingent consideration and \u00a30.7m (2024: \u00a30.5m) relating to the unwind of the discount and revaluation of deferred non-
contingent consideration, both arising from the ECP transaction.
In 2024 other expenses primarily comprised \u00a31.8m relating to the amortisation of borrowing facility fees for revolving credit
facilities which are being amortised over a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
11\u00a0 Net finance and other income or expenses
Group
2025
\u00a3 m
2024
\u00a3 m
Interest income on term deposits
3.6
6.9
Finance income on subleases
0.8
0.9
Total finance and other income
4.4
7.8
Interest expense on bank overdrafts and borrowings
(32.1)
(17.5)
Interest expense on lease liabilities
(4.1)
(3.6)
Net foreign exchange losses
(3.8)
(12.3)
Finance expense on amounts payable to third-party and related party investors
(20.2)
(0.5)
Other expenses
(36.3)
(3.2)
Total finance and other expenses
(96.5)
(37.1)
Net finance and other income, including exceptional items
(92.1)
(29.3)
Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using
the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair
value through profit or loss are presented as fair value movements within net finance and other expenses.
(a)\u00a0 Interest expense on bank overdrafts and borrowings
For 2025 the interest expense on bank overdrafts and borrowings relates to the interest charged on the US private placement debts
issued by the Group.\u00a0
(b)\u00a0 Finance income and expenses on amounts receivable from or payable to third-party and related party
investors
Finance income and expenses represent amounts due from or to external parties in structured entities that are consolidated by the
Group under IFRS 10 \u201cConsolidated Financial Statements\u201d. The Group\u2019s interest only constitutes a portion of the total and therefore
other financial liabilities include the fair value of the amounts due to external parties, who are either third-party investors (non-
Group subsidiaries or affiliates) or related party investors (Group subsidiaries or affiliates), under the applicable fund partnership
agreement. Due to the nature of this arrangement, being a contractually agreed profit share to third-party investors and related party
investors, the Group recognises their interest as a financial liability which is fair valued through profit or loss at each reporting date.
In 2025, a \u00a320.2m finance expense is recognised within the profit or loss account (2024: finance expense of \u00a30.5m) as a result of the
fair value movement. Further details of the financial liability are included in note 17 (d).
(c)\u00a0 Other expenses
In 2025 of other expenses of \u00a336.3m (2024: \u00a33.2m) primarily comprise \u00a329.6m (2024: \u00a30.3m) relating to the remeasurement of
deferred contingent consideration and \u00a30.7m (2024: \u00a30.5m) relating to the unwind of the discount and revaluation of deferred non-
contingent consideration, both arising from the ECP transaction.
In 2024 other expenses primarily comprised \u00a31.8m relating to the amortisation of borrowing facility fees for revolving credit
facilities which are being amortised over a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
11\u00a0 Net finance and other income or expenses
Group
2025
\u00a3 m
2024
\u00a3 m
Interest income on term deposits
3.6
6.9
Finance income on subleases
0.8
0.9
Total finance and other income
4.4
7.8
Interest expense on bank overdrafts and borrowings
(32.1)
(17.5)
Interest expense on lease liabilities
(4.1)
(3.6)
Net foreign exchange losses
(3.8)
(12.3)
Finance expense on amounts payable to third-party and related party investors
(20.2)
(0.5)
Other expenses
(36.3)
(3.2)
Total finance and other expenses
(96.5)
(37.1)
Net finance and other income, including exceptional items
(92.1)
(29.3)
Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using
the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair
value through profit or loss are presented as fair value movements within net finance and other expenses.
(a)\u00a0 Interest expense on bank overdrafts and borrowings
For 2025 the interest expense on bank overdrafts and borrowings relates to the interest charged on the US private placement debts
issued by the Group.\u00a0
(b)\u00a0 Finance income and expenses on amounts receivable from or payable to third-party and related party
investors
Finance income and expenses represent amounts due from or to external parties in structured entities that are consolidated by the
Group under IFRS 10 \u201cConsolidated Financial Statements\u201d. The Group\u2019s interest only constitutes a portion of the total and therefore
other financial liabilities include the fair value of the amounts due to external parties, who are either third-party investors (non-
Group subsidiaries or affiliates) or related party investors (Group subsidiaries or affiliates), under the applicable fund partnership
agreement. Due to the nature of this arrangement, being a contractually agreed profit share to third-party investors and related party
investors, the Group recognises their interest as a financial liability which is fair valued through profit or loss at each reporting date.
In 2025, a \u00a320.2m finance expense is recognised within the profit or loss account (2024: finance expense of \u00a30.5m) as a result of the
fair value movement. Further details of the financial liability are included in note 17 (d).
(c)\u00a0 Other expenses
In 2025 of other expenses of \u00a336.3m (2024: \u00a33.2m) primarily comprise \u00a329.6m (2024: \u00a30.3m) relating to the remeasurement of
deferred contingent consideration and \u00a30.7m (2024: \u00a30.5m) relating to the unwind of the discount and revaluation of deferred non-
contingent consideration, both arising from the ECP transaction.
In 2024 other expenses primarily comprised \u00a31.8m relating to the amortisation of borrowing facility fees for revolving credit
facilities which are being amortised over a straight-line basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
11\u00a0 Net finance and other income or expenses
Group
2025
\u00a3 m
2024
\u00a3 m
Interest income on term deposits
3.6
6.9
Finance income on subleases
0.8
0.9
Total finance and other income
4.4
7.8
Interest expense on bank overdrafts and borrowings
(32.1)
(17.5)
Interest expense on lease liabilities
(4.1)
(3.6)
Net foreign exchange losses
(3.8)
(12.3)
Finance expense on amounts payable to third-party and related party investors
(20.2)
(0.5)
Other expenses
(36.3)
(3.2)
Total finance and other expenses
(96.5)
(37.1)
Net finance and other income, including exceptional items
(92.1)
(29.3)
Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using
the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair
value through profit or loss are presented as fair value movements within net finance and other expenses.
(a)\u00a0 Interest expense on bank overdrafts and borrowings
For 2025 the interest expense on bank overdrafts and borrowings relates to the interest charged on the US private placement debts
issued by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
11\u00a0 Net finance and other income or expenses
Group
2025
\u00a3 m
2024
\u00a3 m
Interest income on term deposits
3.6
6.9
Finance income on subleases
0.8
0.9
Total finance and other income
4.4
7.8
Interest expense on bank overdrafts and borrowings
(32.1)
(17.5)
Interest expense on lease liabilities
(4.1)
(3.6)
Net foreign exchange losses
(3.8)
(12.3)
Finance expense on amounts payable to third-party and related party investors
(20.2)
(0.5)
Other expenses
(36.3)
(3.2)
Total finance and other expenses
(96.5)
(37.1)
Net finance and other income, including exceptional items
(92.1)
(29.3)
Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using
the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair
value through profit or loss are presented as fair value movements within net finance and other expenses.
(a)\u00a0 Interest expense on bank overdrafts and borrowings
For 2025 the interest expense on bank overdrafts and borrowings relates to the interest charged on the US private placement debts
issued by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
11\u00a0 Net finance and other income or expenses
Group
2025
\u00a3 m
2024
\u00a3 m
Interest income on term deposits
3.6
6.9
Finance income on subleases
0.8
0.9
Total finance and other income
4.4
7.8
Interest expense on bank overdrafts and borrowings
(32.1)
(17.5)
Interest expense on lease liabilities
(4.1)
(3.6)
Net foreign exchange losses
(3.8)
(12.3)
Finance expense on amounts payable to third-party and related party investors
(20.2)
(0.5)
Other expenses
(36.3)
(3.2)
Total finance and other expenses
(96.5)
(37.1)
Net finance and other income, including exceptional items
(92.1)
(29.3)
Interest income and interest expense on financial instruments measured at amortised cost and on lease liabilities are recognised using
the effective interest method. Amounts payable to third-party and related party investors and other expenses are measured at fair
value through profit or loss are presented as fair value movements within net finance and other expenses.
16\u00a0 Carried interest receivable
The carried interest receivable relates to revenue which has been recognised by the Group relating to its share of fund profits
through its holdings in relevant CIPs or GP vehicles.
Revenue is only recognised to the extent it is highly probable that the revenue recognised would not result in significant revenue
reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk is mitigated through the application
of discounts. If adjustments to the carried interest receivable recognised in previous periods are required, they are adjusted through
revenue.
A sensitivity analysis is set out in note 3 (b).
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
113.3
67.3
Additions from acquired subsidiaries
\u2013
29.1
Income recognised in the year
59.0
59.1
Foreign exchange movements recognised as profit or loss
1.0
(0.3)
Foreign exchange movements recognised as other comprehensive income
(4.6)
1.5
Receipts of carried interest
(19.8)
(43.4)
Closing balance
148.9
113.3
The Company has no carried interest receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
12\u00a0 Tax expense
(a)\u00a0 Tax expense
Tax charged in the Consolidated Statement of Profit or Loss:
Group
2025
\u00a3 m
2024
\u00a3 m
Current taxation
Current tax \u2013 current year
3.6
3.7
Current tax \u2013 prior year
0.2
0.3
Total current tax expense
3.8
4.0
Deferred tax
Deferred tax \u2013 current year
25.5
7.8
Deferred tax \u2013 prior year
(0.3)
(0.2)
Total deferred tax expense
25.2
7.6
Total tax expense for the year
29.0
11.6
(b)\u00a0 Reconciliation of tax expense
The effective tax rate for the year ended 31\u00a0December 2025 is 33.8% (2024: 14.4%). The effective tax rate is different from the
standard rate of corporation tax in the UK of 25.0% (2024: 25.0%) primarily due to timing differences on taxation of management
fee income and investments. In addition, there are tax losses carried forward in the UK due to certain forms of income that are not
subject to UK corporation tax, and in the US due to tax deductible amortisation.
Group
2025
\u00a3 m
2024
\u00a3 m
Profit before tax
85.7
80.7
Tax on profit before taxation at the standard rate of corporation tax in the UK of 25% (2024: 25%)
21.4
20.2
Non-taxable and non-deductible items
8.8
(40.2)
Adjustments regarding management fee income and investments
(26.3)
6.8
Effect of foreign tax rates
(3.2)
(0.7)
Deferred tax not recognised
28.5
25.5
Prior year adjustment
(0.2)
\u2013
Total tax expense for the year
29.0
11.6
(c)\u00a0 Tax on amounts recognised directly in other comprehensive income
Tax on amounts recognised in other comprehensive income relate to deferred tax timing differences on foreign exchange forward
contracts used for hedging purposes.
Group
2025
\u00a3 m
2024
\u00a3 m
Tax on amounts recognised in other comprehensive income
3.6
(3.3)
(d)\u00a0 Tax losses not recognised
The Group has carried forward losses of \u00a3555.1m (2024: \u00a3544.0m) and \u00a324.9m or $33.5m (2024: nil) as at 31\u00a0December 2025 on
which a deferred tax asset has not been recognised due to the uncertainty of future taxable profit against which the asset can be
utilised.
The Group has a deferred tax asset recognised of \u00a367.8m (2024: \u00a353.1m) where it is probable that the tax losses will be utilised
against future profits. The Company has no deferred tax asset (2024: nil).
See note 23 for further detail on deferred tax assets recognised.
23\u00a0 Deferred tax
Group
2025
\u00a3 m
2024
\u00a3 m
Deferred tax assets
95.4
76.5
Deferred tax liabilities
(161.6)
(121.2)
Net deferred tax liability
(66.2)
(44.7)
Deferred tax assets
Other timing
differences
Management fee
hedges
Losses carried
forward
Total
At 31 December 2024
23.4
\u2013
53.1
76.5
Credit to other comprehensive income
\u2013
0.2
\u2013
0.2
Credit to the Consolidated Statement of Profit or Loss
4.0
\u2013
14.7
18.7
At 31 December 2025
27.4
0.2
67.8
95.4
Deferred tax liabilities
Other timing
differences
Management
fee hedges
Management
fee income and
investments
Capital
allowance
Total
At 31 December 2024
(18.8)
(3.5)
(97.5)
(1.4)
(121.2)
(Charge) to other comprehensive income
\u2013
3.5
\u2013
\u2013
3.5
Credit/(charge) to the Consolidated Statement of Profit or Loss
(1.9)
\u2013
(43.2)
1.2
(43.9)
At 31 December 2025
(20.7)
\u2013
(140.7)
(0.2)
(161.6)
Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fee income and a timing difference arising on the
remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised.
Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation.
Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a323.9m (2024: \u00a320.8m) and a deferred tax
liability on right-of-use assets amounting to \u00a319.2m (2024: \u00a316.6m). These will unwind over the period of the lease.
The Company has no deferred tax assets or liabilities (2024: nil).
The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
13\u00a0 Earnings per share
Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be
issued on conversion of all the dilutive potential ordinary shares into ordinary shares.
These potential ordinary shares include units that may ultimately be exchanged for ordinary shares under the ECP transaction
completed in August 2024 provided they were dilutive as at the year end.
The following table reflects the income and share data used in the basic and diluted earnings per share calculations:
Group
2025
2024
Earnings
Profit attributable to ordinary equity holders of the parent (\u00a3m)
41.5
64.8
Number of shares
Weighted average number of ordinary shares for purposes of basic earnings per share (m)
826.9
805.1
Effect of dilutive potential ordinary share conversion (m)
26.5
18.0
Number of ordinary shares for the purposes of diluted earnings per share (m)
853.4
823.1
Basic earnings per share (pence)
5.0
8.0
Diluted earnings per share (pence) (restated)
4.9
7.9
* These are not defined or recognised under IFRS. Pages 206 and 214 set out definitions of each of the APMs and how they can be reconciled back to the non-statutory
consolidated financial statements.
The number of ordinary shares included in the calculation of earnings per share excludes shares held by the Group itself. Further
detail is included in note 24. The method used to calculate diluted earnings per share was updated in 2025, to reflect the impact of
profit or loss attributable to non-controlling interest holders, as well as the effect of the exchange for dilutive potential ordinary
shares. As a result of this change in calculation methodology, the 2024 diluted earnings per share for the year ended 31 December
2024 has been restated to 7.9 pence.
IFRS basic and diluted earnings per share decreased in 2025, primarily due to a full year of non-cash expenses arising from the ECP
transaction. These amounts are treated as exceptional items and are excluded from underlying profitability measures. Further details
are provided in note 9.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
14\u00a0 Property, plant and equipment
Group
Right-of-use
assets
\u00a3 m
Leasehold
improvements
\u00a3 m
Computers,
furniture and
other
\u00a3 m
Total
\u00a3 m
Cost
As at 1 January 2025
87.2
41.4
14.3
142.9
Additions
22.1
4.7
2.0
28.8
Foreign exchange
(1.0)
(0.7)
\u2013
(1.7)
Disposals
(3.6)
(0.4)
(1.7)
(5.7)
As at 31 December 2025
104.7
45.0
14.6
164.3
Accumulated depreciation
As at 1 January 2025
(34.8)
(11.4)
(8.4)
(54.6)
Foreign exchange
\u2013
\u2013
(0.1)
(0.1)
Depreciation
(9.1)
(4.7)
(2.3)
(16.1)
Disposals
\u2013
0.4
1.7
2.1
As at 31 December 2025
(43.9)
(15.7)
(9.1)
(68.7)
Carrying value at 31 December 2025
60.8
29.3
5.5
95.6
Group
Right-of-use
assets
\u00a3 m
Leasehold
improvements
\u00a3 m
Computers,
furniture and
other
\u00a3 m
Total
\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
The Company has no plant, property or equipment at 31\u00a0December 2025 (2024: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
15\u00a0 Goodwill and intangible assets
Group
Note
Goodwill
\u00a3 m
Intangible assets
\u2014 customer
relationship
\u00a3 m
Intangible assets
\u2014 acquired
carried\u00a0interest
\u00a3 m
Total
\u00a3 m
Cost
As at 1 January 2025
550.1
158.7
101.4
810.2
Additions
3(b)(ii)
\u2013
\u2013
25.3
25.3
Foreign exchange
(30.9)
(9.6)
(7.2)
(47.7)
As at 31 December 2025
519.2
149.1
119.5
787.8
Accumulated amortisation and impairment
As at 1 January 2025
\u2013
(19.7)
(9.6)
(29.3)
Amortisation
\u2013
(21.7)
(26.6)
(48.3)
Foreign exchange
\u2013
0.7
1.0
1.7
As at 31 December 2025
\u2013
(40.7)
(35.2)
(75.9)
Carrying value
As at 1 January 2025
550.1
139.0
91.8
780.9
As at 31 December 2025
519.2
108.4
84.3
711.9
Group
Note
(Restated)
Goodwill
\u00a3 m
Intangible assets
\u2014 customer
relationship
\u00a3 m
Intangible assets
\u2014 acquired
carried\u00a0interest
\u00a3 m
(Restated)
Total
\u00a3 m
Cost
As at 1 January 2024
4
105.1
21.2
\u2013
126.3
Additions from acquired subsidiaries
4
427.6
132.1
97.5
657.2
Foreign exchange
4
17.4
5.4
3.9
26.7
As at 31 December 2024
4
550.1
158.7
101.4
810.2
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
(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
4
105.1
11.5
\u2013
116.6
As at 31 December 2024
4
550.1
139.0
91.8
780.9
(a)\u00a0 Impairment assessment of goodwill
Goodwill is allocated to and monitored by management at the level of the Group\u2019s two CGUs, as set out below. Comparative
information for 2024 has been restated to reflect a final adjustment to consideration, as permitted under IFRS 3. Further details are
provided in note 4.
Carrying value of goodwill
CGU
Goodwill arose from
2025
\u00a3 m
(Restated)
2024
\u00a3 m
Credit
Acquisition of EQT Credit
105.1
105.1
Infrastructure
Acquisition of ECP
414.1
445.0
Total goodwill as at 31 December
519.2
550.1
Annual goodwill impairment test
Goodwill is tested for impairment on an annual basis. For each CGU, the estimated recoverable amount is higher than its carrying
value (being the net book value as at 31\u00a0December 2025) and therefore no impairment was identified or recognised.
The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based
on, and most sensitive to, the following key assumptions:
Assumption
Determination of assumption
Short- and medium-term cash
flows (revenue and cost
growth)
The cash flows are projected based on the actual operating results and a five-year estimate from
2026 to\u00a02030. Cash flows for the time thereafter are taken into account by calculating a terminal
value. 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
rates (used to determine
terminal values)
Cash flows beyond an initial five-year period are extrapolated using estimated long-term growth
rates, which are based on external estimates of GDP and inflation.
Pre-tax discount rates
Weighted average cost of capital is determined using market risk-free rates based on the yields
of\u00a0government bonds that are most relevant to the operations of the CGU, adjusted for country
and\u00a0operational risk and the cost of borrowing for the Group.
Sensitivity analysis
The estimated value-in-use of each CGU exceeds its carrying value. The table below shows the relative changes in the main
assumptions: profit margins, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use
reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised
for the year ended 31\u00a0December 2025.
The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential
impact on other assumptions used. Given the significant headroom noted, the Group does not expect that a reasonably possible or
foreseeable change in the assumptions in isolation would lead to an impairment loss being recognised in 2025.
Change required for value-in-use to equal carrying amount
Credit
Infrastructure
Key assumptions
2025
2024
2025
2024
Reduction in profit margin (%)
53.3
59.8
15.5
18.9
Reduction in long-term growth rates (percentage points)
5.2
1.0
23.6
1.0
Increase in pre-tax discount rates (percentage points)
26.0
23.1
10.5
7.0
(b)\u00a0 Impairment of intangible assets
Acquired intangible assets are recognised on acquisition of a business. Intangible assets that have a finite useful life are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recovered. Intangible assets
are also reviewed annually for indicators of impairment at each balance sheet date. The material intangible assets are set out below:
Carrying value of acquired
intangible assets
Remaining amortisation period
Acquired intangible assets
2025
\u00a3 m
2024
\u00a3 m
2025 (Weighted
avg. years)
2024 (Weighted
avg. years)
Customer relationship \u2013 EQT Credit
5.4
8.4
1.8
2.8
Customer relationship \u2013 ECP
103.0
130.6
5.6
6.6
Acquired rights to future carried interest \u2013 ECP
84.3
91.8
3.6
4.6
In assessing indication of impairment of customer relationship intangible assets, management uses indicators such as the profit
margins of the credit or infrastructure business, size of funds raised vs. plan, level of reinvestment and attrition of investors in new
funds and the discount rate applied to the projections.
Key assumptions
Credit
Infrastructure
Key assumptions
2025
%
2024
%
2025
%
2024
%
Pre-tax discount rates
15.2
15.9
12.4
17.0
Management uses quantitative indicators such as fund performance metrics and qualitative indicators such as macroeconomic
conditions in assessing for indicators of impairment of acquired carried interest intangible assets.
No indicators of impairment were identified in 2025.
The Company has no goodwill or intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
15\u00a0 Goodwill and intangible assets
Group
Note
Goodwill
\u00a3 m
Intangible assets
\u2014 customer
relationship
\u00a3 m
Intangible assets
\u2014 acquired
carried\u00a0interest
\u00a3 m
Total
\u00a3 m
Cost
As at 1 January 2025
550.1
158.7
101.4
810.2
Additions
3(b)(ii)
\u2013
\u2013
25.3
25.3
Foreign exchange
(30.9)
(9.6)
(7.2)
(47.7)
As at 31 December 2025
519.2
149.1
119.5
787.8
Accumulated amortisation and impairment
As at 1 January 2025
\u2013
(19.7)
(9.6)
(29.3)
Amortisation
\u2013
(21.7)
(26.6)
(48.3)
Foreign exchange
\u2013
0.7
1.0
1.7
As at 31 December 2025
\u2013
(40.7)
(35.2)
(75.9)
Carrying value
As at 1 January 2025
550.1
139.0
91.8
780.9
As at 31 December 2025
519.2
108.4
84.3
711.9
Group
Note
(Restated)
Goodwill
\u00a3 m
Intangible assets
\u2014 customer
relationship
\u00a3 m
Intangible assets
\u2014 acquired
carried\u00a0interest
\u00a3 m
(Restated)
Total
\u00a3 m
Cost
As at 1 January 2024
4
105.1
21.2
\u2013
126.3
Additions from acquired subsidiaries
4
427.6
132.1
97.5
657.2
Foreign exchange
4
17.4
5.4
3.9
26.7
As at 31 December 2024
4
550.1
158.7
101.4
810.2
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
(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
4
105.1
11.5
\u2013
116.6
As at 31 December 2024
4
550.1
139.0
91.8
780.9
(a)\u00a0 Impairment assessment of goodwill
Goodwill is allocated to and monitored by management at the level of the Group\u2019s two CGUs, as set out below. Comparative
information for 2024 has been restated to reflect a final adjustment to consideration, as permitted under IFRS 3. Further details are
provided in note 4.
Carrying value of goodwill
CGU
Goodwill arose from
2025
\u00a3 m
(Restated)
2024
\u00a3 m
Credit
Acquisition of EQT Credit
105.1
105.1
Infrastructure
Acquisition of ECP
414.1
445.0
Total goodwill as at 31 December
519.2
550.1
Annual goodwill impairment test
Goodwill is tested for impairment on an annual basis. For each CGU, the estimated recoverable amount is higher than its carrying
value (being the net book value as at 31\u00a0December 2025) and therefore no impairment was identified or recognised.
The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based
on, and most sensitive to, the following key assumptions:
Assumption
Determination of assumption
Short- and medium-term cash
flows (revenue and cost
growth)
The cash flows are projected based on the actual operating results and a five-year estimate from
2026 to\u00a02030. Cash flows for the time thereafter are taken into account by calculating a terminal
value. 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
rates (used to determine
terminal values)
Cash flows beyond an initial five-year period are extrapolated using estimated long-term growth
rates, which are based on external estimates of GDP and inflation.
Pre-tax discount rates
Weighted average cost of capital is determined using market risk-free rates based on the yields
of\u00a0government bonds that are most relevant to the operations of the CGU, adjusted for country
and\u00a0operational risk and the cost of borrowing for the Group.
Sensitivity analysis
The estimated value-in-use of each CGU exceeds its carrying value. The table below shows the relative changes in the main
assumptions: profit margins, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use
reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised
for the year ended 31\u00a0December 2025.
The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential
impact on other assumptions used. Given the significant headroom noted, the Group does not expect that a reasonably possible or
foreseeable change in the assumptions in isolation would lead to an impairment loss being recognised in 2025.
Change required for value-in-use to equal carrying amount
Credit
Infrastructure
Key assumptions
2025
2024
2025
2024
Reduction in profit margin (%)
53.3
59.8
15.5
18.9
Reduction in long-term growth rates (percentage points)
5.2
1.0
23.6
1.0
Increase in pre-tax discount rates (percentage points)
26.0
23.1
10.5
7.0
(b)\u00a0 Impairment of intangible assets
Acquired intangible assets are recognised on acquisition of a business. Intangible assets that have a finite useful life are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recovered. Intangible assets
are also reviewed annually for indicators of impairment at each balance sheet date. The material intangible assets are set out below:
Carrying value of acquired
intangible assets
Remaining amortisation period
Acquired intangible assets
2025
\u00a3 m
2024
\u00a3 m
2025 (Weighted
avg. years)
2024 (Weighted
avg. years)
Customer relationship \u2013 EQT Credit
5.4
8.4
1.8
2.8
Customer relationship \u2013 ECP
103.0
130.6
5.6
6.6
Acquired rights to future carried interest \u2013 ECP
84.3
91.8
3.6
4.6
In assessing indication of impairment of customer relationship intangible assets, management uses indicators such as the profit
margins of the credit or infrastructure business, size of funds raised vs. plan, level of reinvestment and attrition of investors in new
funds and the discount rate applied to the projections.
Key assumptions
Credit
Infrastructure
Key assumptions
2025
%
2024
%
2025
%
2024
%
Pre-tax discount rates
15.2
15.9
12.4
17.0
Management uses quantitative indicators such as fund performance metrics and qualitative indicators such as macroeconomic
conditions in assessing for indicators of impairment of acquired carried interest intangible assets.
No indicators of impairment were identified in 2025.
The Company has no goodwill or intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
15\u00a0 Goodwill and intangible assets
Group
Note
Goodwill
\u00a3 m
Intangible assets
\u2014 customer
relationship
\u00a3 m
Intangible assets
\u2014 acquired
carried\u00a0interest
\u00a3 m
Total
\u00a3 m
Cost
As at 1 January 2025
550.1
158.7
101.4
810.2
Additions
3(b)(ii)
\u2013
\u2013
25.3
25.3
Foreign exchange
(30.9)
(9.6)
(7.2)
(47.7)
As at 31 December 2025
519.2
149.1
119.5
787.8
Accumulated amortisation and impairment
As at 1 January 2025
\u2013
(19.7)
(9.6)
(29.3)
Amortisation
\u2013
(21.7)
(26.6)
(48.3)
Foreign exchange
\u2013
0.7
1.0
1.7
As at 31 December 2025
\u2013
(40.7)
(35.2)
(75.9)
Carrying value
As at 1 January 2025
550.1
139.0
91.8
780.9
As at 31 December 2025
519.2
108.4
84.3
711.9
Group
Note
(Restated)
Goodwill
\u00a3 m
Intangible assets
\u2014 customer
relationship
\u00a3 m
Intangible assets
\u2014 acquired
carried\u00a0interest
\u00a3 m
(Restated)
Total
\u00a3 m
Cost
As at 1 January 2024
4
105.1
21.2
\u2013
126.3
Additions from acquired subsidiaries
4
427.6
132.1
97.5
657.2
Foreign exchange
4
17.4
5.4
3.9
26.7
As at 31 December 2024
4
550.1
158.7
101.4
810.2
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
(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
4
105.1
11.5
\u2013
116.6
As at 31 December 2024
4
550.1
139.0
91.8
780.9
(a)\u00a0 Impairment assessment of goodwill
Goodwill is allocated to and monitored by management at the level of the Group\u2019s two CGUs, as set out below. Comparative
information for 2024 has been restated to reflect a final adjustment to consideration, as permitted under IFRS 3. Further details are
provided in note 4.
Carrying value of goodwill
CGU
Goodwill arose from
2025
\u00a3 m
(Restated)
2024
\u00a3 m
Credit
Acquisition of EQT Credit
105.1
105.1
Infrastructure
Acquisition of ECP
414.1
445.0
Total goodwill as at 31 December
519.2
550.1
Annual goodwill impairment test
Goodwill is tested for impairment on an annual basis. For each CGU, the estimated recoverable amount is higher than its carrying
value (being the net book value as at 31\u00a0December 2025) and therefore no impairment was identified or recognised.
The recoverable amount of each CGU was determined based on value-in-use calculations. The value-in-use calculations are based
on, and most sensitive to, the following key assumptions:
Assumption
Determination of assumption
Short- and medium-term cash
flows (revenue and cost
growth)
The cash flows are projected based on the actual operating results and a five-year estimate from
2026 to\u00a02030. Cash flows for the time thereafter are taken into account by calculating a terminal
value. 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
rates (used to determine
terminal values)
Cash flows beyond an initial five-year period are extrapolated using estimated long-term growth
rates, which are based on external estimates of GDP and inflation.
Pre-tax discount rates
Weighted average cost of capital is determined using market risk-free rates based on the yields
of\u00a0government bonds that are most relevant to the operations of the CGU, adjusted for country
and\u00a0operational risk and the cost of borrowing for the Group.
Sensitivity analysis
The estimated value-in-use of each CGU exceeds its carrying value. The table below shows the relative changes in the main
assumptions: profit margins, long-term growth rate and pre-tax discount rates, in isolation, that could lead to the value-in-use
reducing to the carrying amount. Changes beyond those amounts would have therefore led to an impairment loss being recognised
for the year ended 31\u00a0December 2025.
The sensitivity analysis presented is prepared on the basis that any change in each key assumption would not have a consequential
impact on other assumptions used. Given the significant headroom noted, the Group does not expect that a reasonably possible or
foreseeable change in the assumptions in isolation would lead to an impairment loss being recognised in 2025.
Change required for value-in-use to equal carrying amount
Credit
Infrastructure
Key assumptions
2025
2024
2025
2024
Reduction in profit margin (%)
53.3
59.8
15.5
18.9
Reduction in long-term growth rates (percentage points)
5.2
1.0
23.6
1.0
Increase in pre-tax discount rates (percentage points)
26.0
23.1
10.5
7.0
(b)\u00a0 Impairment of intangible assets
Acquired intangible assets are recognised on acquisition of a business. Intangible assets that have a finite useful life are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recovered. Intangible assets
are also reviewed annually for indicators of impairment at each balance sheet date. The material intangible assets are set out below:
Carrying value of acquired
intangible assets
Remaining amortisation period
Acquired intangible assets
2025
\u00a3 m
2024
\u00a3 m
2025 (Weighted
avg. years)
2024 (Weighted
avg. years)
Customer relationship \u2013 EQT Credit
5.4
8.4
1.8
2.8
Customer relationship \u2013 ECP
103.0
130.6
5.6
6.6
Acquired rights to future carried interest \u2013 ECP
84.3
91.8
3.6
4.6
In assessing indication of impairment of customer relationship intangible assets, management uses indicators such as the profit
margins of the credit or infrastructure business, size of funds raised vs. plan, level of reinvestment and attrition of investors in new
funds and the discount rate applied to the projections.
Key assumptions
Credit
Infrastructure
Key assumptions
2025
%
2024
%
2025
%
2024
%
Pre-tax discount rates
15.2
15.9
12.4
17.0
Management uses quantitative indicators such as fund performance metrics and qualitative indicators such as macroeconomic
conditions in assessing for indicators of impairment of acquired carried interest intangible assets.
No indicators of impairment were identified in 2025.
The Company has no goodwill or intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
17\u00a0 Financial assets
(a)\u00a0 Classification of financial assets
The following tables analyse the Group and Company\u2019s assets in accordance with the categories of financial instruments as defined
in IFRS 9 \u201cFinancial Instruments\u201d. Assets which are not considered as financial assets, for example prepayments and lease
receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of
Financial Position.
Group
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Fair value of fund investments
853.6
\u2013
\u2013
\u2013
853.6
Consolidated CLO assets
2,799.4
\u2013
79.4
\u2013
2,878.8
Trade and other receivables
\u2013
\u2013
123.1
40.2
163.3
Derivative financial instruments
\u2013
5.1
\u2013
\u2013
5.1
Other investment
\u2013
\u2013
24.5
\u2013
24.5
Cash and cash equivalents
\u2013
\u2013
193.5
\u2013
193.5
Cash belonging to consolidated CLOs and structured
fund vehicles (restricted use)
\u2013
\u2013
141.4
\u2013
141.4
Total
3,653.0
5.1
561.9
40.2
4,260.2
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
(Restated)
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
(Restated)
Total
\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
154.5
29.8
184.3
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
Cash belonging to consolidated CLOs
\u2013
\u2013
69.0
\u2013
69.0
Total
2,720.6
26.4
337.5
29.8
3,114.3
Company
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables
\u2013
57.2
\u2013
57.2
Cash and cash equivalents
\u2013
0.1
\u2013
0.1
Total
\u2013
57.3
\u2013
57.3
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\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
(b)\u00a0 Fair value of fund investment
The investments primarily consist of loans or commitments made in relation to BE VII, VI and V, BEP IV, BDC V, BDC IV and III,
BG II, ECP V and IV, Calpine Continuation and Bridgepoint Generations funds.
The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets
and to evaluate their performance on a fair value basis.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
765.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
392.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised in profit or loss
11.6
(6.4)
Foreign exchange movements recognised in other comprehensive income
13.7
(7.5)
Disposals
(252.9)
(46.8)
Closing balance
853.6
765.6
The Company has no investment in funds at 31\u00a0December 2025 (2024: nil).\u00a0
(c)\u00a0 Other investments
Other investments are measured at amortised cost when they are held within a business model whose objective is to hold financial
assets to collect contractual cash flows, and the contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI). Other investments are measured at fair value through profit or loss where they are managed and their
performance evaluated on a fair value basis, or where they are not held within a hold to collect business model, or where the SPPI
criterion is not met. Certain other investments may also be designated at fair value through profit or loss on initial recognition if this
eliminates or significantly reduces an accounting mismatch.
In 2025, other investments include a credit investment that is being warehoused and managed on a fair value basis, with
performance evaluated using fair value information. Accordingly, it is measured at fair value through profit or loss.
The Company has no other investments at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 CLO assets
The balance shown includes the gross value of the assets held by CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII , CLO VIII,
CLO IX and CLO X (2024: CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII and CLO VIII), which are consolidated by the
Group, but where the Group only holds the rights and liabilities in relation to a small portion. The CLO assets are primarily measured
at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their performance on
a fair value basis.
Group
2025
\u00a3 m
2024
\u00a3 m
Consolidated CLO assets held by the Group
3,017.2
2,047.2
Consolidated CLO assets attributable to third-party investors
(2,816.9)
(1,929.5)
Group\u2019s exposure to consolidated CLO assets
200.3
117.7
The Company has no investments in CLO assets at 31\u00a0December 2025 (2024: nil).
(e)\u00a0 Derivative financial assets
Group
2025
\u00a3 m
2024
\u00a3 m
Derivative financial assets
Forward contracts
5.1
26.4
The derivative financial instruments at 31\u00a0December 2025 relate to forward contracts that are used to hedge foreign exchange risk
(2024: forward contracts and foreign exchange options). Further detail on the hedging programme is set out in note 21 (b).
The Company does not have any derivative financial assets (2024: nil).
(f)\u00a0 Trade and other receivables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Cost of acquisition
Total trade and other receivables include the deferred cost of acquisition and consist of expenditure in excess of the cap within the
relevant fund governing documents and fees paid to placement agents. Such costs are capitalised as current or non-current
prepayments and are amortised between two and six years. The movement in the capitalised costs of acquisition is set out in the
following table.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
14.2
4.9
Additions from acquired subsidiaries
\u2013
5.5
Other additions
6.7
11.6
Amortisation
(9.5)
(8.0)
Foreign exchange
(0.4)
0.2
Closing balance
11.0
14.2
ii)\u00a0 Other receivables
Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in
relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds
and from portfolio companies at 31\u00a0December 2025 were \u00a327.0m (2024: \u00a322.6m) and \u00a38.6m (2024: \u00a37.5m), respectively.
iii)\u00a0 Lease receivables
\u00a314.1m in non-current trade and other receivables and \u00a32.9m in current other receivables represent lease receivables on sublet
office premises.
Although the subleases may be classified as finance leases and give rise to a lease receivable, the Group retains exposure to risks
arising from the underlying assets and the head leases, including: (i) credit and vacancy risk in the event a sublessee fails to pay or the
subleased asset is not re-let, while payments under the head lease remain payable; (ii) residual value risk, including costs to restore the
underlying asset to the condition required under the head lease; and (iii) lease term mismatch risk where the head lease term exceeds
the sublease term.
The Group manages these retained risks through sublessee credit assessments, the use of security deposits where appropriate, and
contractual terms that largely mirror the head lease.
Two of the subleases are for 8 and 10 years respectively and expire in 2031, concurrent with the head-lease expiry.\u00a0 One sub-lease
was amended in the year to run until the expiry of the head-lease (which was also extended in the year) in 2036, while another of the
sub-leases from this head-lease was under negotiation as at year end 31 December 2025, with an expiry of 2027, and post year end
has been extended until 2036. One sublease runs until the end of the related head lease and expires in May 2026. The undiscounted
cash flows for these lease receivables during the year ended 31\u00a0December 2025 were \u00a33.8m (2024: \u00a33.2m). The finance income
earned on the subleases during the year ended 31\u00a0December 2025 was \u00a30.8m (2024: \u00a30.9m).
The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the
reporting date.
Group
Lease receivables
2025
\u00a3 m
2024
\u00a3 m
Due within 1 year
3.7
3.8
Due between 1 and 2 years
3.7
3.7
Due between 2 and 3 years
2.6
3.6
Due between 3 and 4 years
3.0
2.0
Due between 4 and 5 years
3.1
2.5
Due after more than 5 years
4.0
3.5
Total undiscounted lease payments receivables
20.1
19.1
Unearned finance income
(3.1)
(2.5)
Net investment in leases
17.0
16.6
Current
2.9
2.6
Non-current
14.1
14.0
17.0
16.6
The Company has no lease receivables at 31\u00a0December 2025 (2024: nil).
(g)\u00a0 Cash and Deposits
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Cash at bank and in hand
67.3
73.7
\u2013
0.7
Money market funds
126.2
16.3
0.1
\u2013
Deposits with original maturities of less than three months
\u2013
0.8
\u2013
\u2013
Total cash and cash equivalents
193.5
90.8
0.1
0.7
Cash belonging to consolidated CLOs and structured fund vehicles
(restricted use)
141.4
69.0
\u2013
\u2013
Total cash
334.9
159.8
\u2013
0.7
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use) is cash held by CLOs and other structured fund
vehicles consolidated by the Group and is not available for the Group\u2019s operating activities.
There are no material differences between the carrying amounts and fair values of cash and cash equivalents, deposits with original
maturities of less than three months and cash belonging to consolidated CLOs and fund vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
17\u00a0 Financial assets
(a)\u00a0 Classification of financial assets
The following tables analyse the Group and Company\u2019s assets in accordance with the categories of financial instruments as defined
in IFRS 9 \u201cFinancial Instruments\u201d. Assets which are not considered as financial assets, for example prepayments and lease
receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of
Financial Position.
Group
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Fair value of fund investments
853.6
\u2013
\u2013
\u2013
853.6
Consolidated CLO assets
2,799.4
\u2013
79.4
\u2013
2,878.8
Trade and other receivables
\u2013
\u2013
123.1
40.2
163.3
Derivative financial instruments
\u2013
5.1
\u2013
\u2013
5.1
Other investment
\u2013
\u2013
24.5
\u2013
24.5
Cash and cash equivalents
\u2013
\u2013
193.5
\u2013
193.5
Cash belonging to consolidated CLOs and structured
fund vehicles (restricted use)
\u2013
\u2013
141.4
\u2013
141.4
Total
3,653.0
5.1
561.9
40.2
4,260.2
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
(Restated)
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
(Restated)
Total
\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
154.5
29.8
184.3
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
Cash belonging to consolidated CLOs
\u2013
\u2013
69.0
\u2013
69.0
Total
2,720.6
26.4
337.5
29.8
3,114.3
Company
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables
\u2013
57.2
\u2013
57.2
Cash and cash equivalents
\u2013
0.1
\u2013
0.1
Total
\u2013
57.3
\u2013
57.3
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\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
(b)\u00a0 Fair value of fund investment
The investments primarily consist of loans or commitments made in relation to BE VII, VI and V, BEP IV, BDC V, BDC IV and III,
BG II, ECP V and IV, Calpine Continuation and Bridgepoint Generations funds.
The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets
and to evaluate their performance on a fair value basis.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
765.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
392.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised in profit or loss
11.6
(6.4)
Foreign exchange movements recognised in other comprehensive income
13.7
(7.5)
Disposals
(252.9)
(46.8)
Closing balance
853.6
765.6
The Company has no investment in funds at 31\u00a0December 2025 (2024: nil).\u00a0
(c)\u00a0 Other investments
Other investments are measured at amortised cost when they are held within a business model whose objective is to hold financial
assets to collect contractual cash flows, and the contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI). Other investments are measured at fair value through profit or loss where they are managed and their
performance evaluated on a fair value basis, or where they are not held within a hold to collect business model, or where the SPPI
criterion is not met. Certain other investments may also be designated at fair value through profit or loss on initial recognition if this
eliminates or significantly reduces an accounting mismatch.
In 2025, other investments include a credit investment that is being warehoused and managed on a fair value basis, with
performance evaluated using fair value information. Accordingly, it is measured at fair value through profit or loss.
The Company has no other investments at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 CLO assets
The balance shown includes the gross value of the assets held by CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII , CLO VIII,
CLO IX and CLO X (2024: CLO 1, CLO 3, CLO IV, CLO V, CLO VI, CLO VII and CLO VIII), which are consolidated by the
Group, but where the Group only holds the rights and liabilities in relation to a small portion. The CLO assets are primarily measured
at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their performance on
a fair value basis.
Group
2025
\u00a3 m
2024
\u00a3 m
Consolidated CLO assets held by the Group
3,017.2
2,047.2
Consolidated CLO assets attributable to third-party investors
(2,816.9)
(1,929.5)
Group\u2019s exposure to consolidated CLO assets
200.3
117.7
The Company has no investments in CLO assets at 31\u00a0December 2025 (2024: nil).
(e)\u00a0 Derivative financial assets
Group
2025
\u00a3 m
2024
\u00a3 m
Derivative financial assets
Forward contracts
5.1
26.4
The derivative financial instruments at 31\u00a0December 2025 relate to forward contracts that are used to hedge foreign exchange risk
(2024: forward contracts and foreign exchange options). Further detail on the hedging programme is set out in note 21 (b).
The Company does not have any derivative financial assets (2024: nil).
(f)\u00a0 Trade and other receivables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Cost of acquisition
Total trade and other receivables include the deferred cost of acquisition and consist of expenditure in excess of the cap within the
relevant fund governing documents and fees paid to placement agents. Such costs are capitalised as current or non-current
prepayments and are amortised between two and six years. The movement in the capitalised costs of acquisition is set out in the
following table.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
14.2
4.9
Additions from acquired subsidiaries
\u2013
5.5
Other additions
6.7
11.6
Amortisation
(9.5)
(8.0)
Foreign exchange
(0.4)
0.2
Closing balance
11.0
14.2
ii)\u00a0 Other receivables
Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in
relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds
and from portfolio companies at 31\u00a0December 2025 were \u00a327.0m (2024: \u00a322.6m) and \u00a38.6m (2024: \u00a37.5m), respectively.
iii)\u00a0 Lease receivables
\u00a314.1m in non-current trade and other receivables and \u00a32.9m in current other receivables represent lease receivables on sublet
office premises.
Although the subleases may be classified as finance leases and give rise to a lease receivable, the Group retains exposure to risks
arising from the underlying assets and the head leases, including: (i) credit and vacancy risk in the event a sublessee fails to pay or the
subleased asset is not re-let, while payments under the head lease remain payable; (ii) residual value risk, including costs to restore the
underlying asset to the condition required under the head lease; and (iii) lease term mismatch risk where the head lease term exceeds
the sublease term.
The Group manages these retained risks through sublessee credit assessments, the use of security deposits where appropriate, and
contractual terms that largely mirror the head lease.
Two of the subleases are for 8 and 10 years respectively and expire in 2031, concurrent with the head-lease expiry.\u00a0 One sub-lease
was amended in the year to run until the expiry of the head-lease (which was also extended in the year) in 2036, while another of the
sub-leases from this head-lease was under negotiation as at year end 31 December 2025, with an expiry of 2027, and post year end
has been extended until 2036. One sublease runs until the end of the related head lease and expires in May 2026. The undiscounted
cash flows for these lease receivables during the year ended 31\u00a0December 2025 were \u00a33.8m (2024: \u00a33.2m). The finance income
earned on the subleases during the year ended 31\u00a0December 2025 was \u00a30.8m (2024: \u00a30.9m).
The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the
reporting date.
Group
Lease receivables
2025
\u00a3 m
2024
\u00a3 m
Due within 1 year
3.7
3.8
Due between 1 and 2 years
3.7
3.7
Due between 2 and 3 years
2.6
3.6
Due between 3 and 4 years
3.0
2.0
Due between 4 and 5 years
3.1
2.5
Due after more than 5 years
4.0
3.5
Total undiscounted lease payments receivables
20.1
19.1
Unearned finance income
(3.1)
(2.5)
Net investment in leases
17.0
16.6
Current
2.9
2.6
Non-current
14.1
14.0
17.0
16.6
The Company has no lease receivables at 31\u00a0December 2025 (2024: nil).
(g)\u00a0 Cash and Deposits
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Cash at bank and in hand
67.3
73.7
\u2013
0.7
Money market funds
126.2
16.3
0.1
\u2013
Deposits with original maturities of less than three months
\u2013
0.8
\u2013
\u2013
Total cash and cash equivalents
193.5
90.8
0.1
0.7
Cash belonging to consolidated CLOs and structured fund vehicles
(restricted use)
141.4
69.0
\u2013
\u2013
Total cash
334.9
159.8
\u2013
0.7
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use) is cash held by CLOs and other structured fund
vehicles consolidated by the Group and is not available for the Group\u2019s operating activities.
There are no material differences between the carrying amounts and fair values of cash and cash equivalents, deposits with original
maturities of less than three months and cash belonging to consolidated CLOs and fund vehicles.
18\u00a0 Financial liabilities
(a)\u00a0 Classification of financial liabilities
The following tables analyse the Group and Company\u2019s financial liabilities in accordance with the categories of financial instruments
defined in IFRS 9. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as
they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the
Consolidated Statement of Financial Position.
Group
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
41.5
\u2013
90.0
115.3
246.8
Other financial liabilities
317.4
\u2013
\u2013
\u2013
317.4
Lease liabilities
\u2013
\u2013
96.6
\u2013
96.6
Borrowings
\u2013
\u2013
451.2
\u2013
451.2
Derivative financial instruments
\u2013
33.5
\u2013
\u2013
33.5
Consolidated CLO liabilities
2,587.8
\u2013
25.5
\u2013
2,613.3
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
203.6
\u2013
203.6
Total
2,946.7
33.5
866.9
115.3
3,962.4
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
Company
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
\u2013
\u2013
27.8
0.3
28.1
Total financial liabilities
\u2013
\u2013
27.8
0.3
28.1
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
(b)\u00a0 Trade and other payables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Amounts due in more than one year:
Management incentive scheme
0.9
13.5
\u2013
\u2013
Deferred contingent consideration payable
41.5
9.8
\u2013
\u2013
Other payables
7.1
8.6
\u2013
\u2013
Accrued expenses
4.0
3.7
\u2013
\u2013
53.5
35.6
\u2013
\u2013
Amounts due within one year:
Management incentive scheme
25.9
\u2013
\u2013
\u2013
Trade payables
12.0
21.0
\u2013
0.8
Accrued expenses
119.3
97.0
0.7
0.8
Amounts due to related parties
\u2013
\u2013
\u2013
\u2013
Social security and other taxes
7.5
2.9
\u2013
\u2013
Deferred income
2.2
7.8
\u2013
\u2013
Other payables
26.4
28.4
27.5
6.9
193.3
157.1
28.1
8.5
Total trade and other payables
246.8
192.7
28.1
8.5
There are no material differences between the above amounts for trade and other payables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Management incentive scheme
In April 2021, a subsidiary of the Company, Bridgepoint Credit Holdings Limited (\u201cBCHL\u201d), issued shares to certain employees of
the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating
employees have the option to sell and the Group has the option to buy the shares in the future based upon a pre-determined formula
which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been
accounted for as an other long-term employment benefit under IAS 19 as it is not linked to the value of the equity of BCHL or
equity instruments of other Group members, but is based on the revenue generated by certain funds managed by the Group.
In the year ended 31\u00a0December 2025, an expense of \u00a311.6m (2024: \u00a31.2m) and corresponding liability of the same amount have
been recognised based upon funds raised and forecast projections and associated expected future management fees which exceed the
targets at that date. The expense is treated as exceptional as it relates to a one-off incentive award put in place following the EQT
Credit transaction.
ii)\u00a0 Deferred contingent consideration payable (earn-out)
The deferred contingent consideration payable of \u00a341.5m primarily includes \u00a338.7m (2024: \u00a39.5m) from the ECP transaction. The
amount is calculated by reference to future contracted management fees of ECP at the reference date and the implied share price of
the Company which determines the value of shares to be issued under the scheme. Further details of the valuation are provided in
note 20 (d).
iii)\u00a0 Accrued expenses
Accrued expenses include amounts that have been incurred but not yet invoiced, and employee bonuses.
iv)\u00a0 Deferred income
Deferred income includes amounts that have been received in relation to fund management activity for services that have not been
provided.
v)\u00a0 Other payables
Non-current other payables represent deferred non-contingent consideration to be paid to the ECP vendors in future years.
Current other payables include interest payable on private placement borrowings. They also include tax and other provisions.\u00a0
vi)\u00a0 Trade payables
Current trade payables of \u00a312.0m (2024: \u00a38.0m) represent amounts owed to third parties for goods and services received but not
yet settled at the reporting date. The 2024 balance also included \u00a313m relating to trades executed on behalf of CLOs, which were
settled before 31 December 2025. \u00a0
(c)\u00a0 Borrowings
Group
Non-current:
2025
Principal
\u00a3m
Fixed interest
%
Maturity
date
ECP private placement debt
Series A Notes
16.3
5.70
7 July 2027
Series B Notes
64.6
5.79
7 July 2029
Series C Notes
55.7
5.94
7 July 2032
Sub-total / weighted coupon
136.6
5.84
US private placement debt
Series A Notes
37.2
6.18
7 June 2027
Series B Notes
96.6
6.20
6 June 2029
Series C Notes
130.0
6.31
6 June 2031
Series D Notes
55.7
6.46
6 June 2034
Sub-total / weighted coupon
319.5
6.29
Borrowings at 31 December / weighted coupon
456.1
6.16
Capitalised facility costs
(4.9)
Total borrowings at 31 December / weighted coupon
451.2
6.16
Group
Non-current:
2024
Principal
\u00a3m
Fixed interest
%
Maturity
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
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
i)\u00a0 ECP private placement debt
In July 2022, ECP completed the issuance and sale of $225.0m in aggregate principal amount private placement debt. $184.0m
(\u00a3136.6m) of the notes remain outstanding at 31\u00a0December 2025 after $41.0m of notes were redeemed at par in 2024.
The debt is unsecured and is held at amortised cost and the Group has determined to approximate the fair value of these liabilities.
ii)\u00a0 US private placement debt ($430m)
The Group completed the issuance and sale of $430.0m in aggregate principal amount of Series A, B, C and D notes (collectively, the
USPP) following the completion of the ECP transaction in\u00a02024.
Qualifying costs have been capitalised and are amortised over the weighted average life of the notes. Interest is payable semi-
annually at the fixed stated interest rates. During the year ended 31\u00a0December 2025 the interest expense and debt issuance cost
amortisation totalled \u00a321.5m (2024: \u00a34.1m). The USPP is held at amortised cost, \u00a3319.5m (2024: \u00a3343.3m), which the Group has
determined to approximate the fair value of these liabilities.
iii)\u00a0 Borrowing facility agreement
In 2023, the Group entered into a borrowing facility agreement for \u00a3250.0m. During March 2026, this agreement was renewed and
increased to \u00a3400.0m. At 31\u00a0December 2025, there were no drawn amounts outstanding on this facility (2024: nil).
The Group\u2019s borrowing facility and US private placement notes are subject to covenants based on a ratio of adjusted EBITDA to net
finance charges and a ratio of total net debt to adjusted EBITDA on a rolling annual period. During the year the Group was fully
compliant with banking covenants.\u00a0
The Company has no drawn borrowings at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 Other financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Liabilities held at fair value through profit or loss:
CLO repurchase agreements
80.2
27.5
Amount payable to third-party investors
220.7
110.6
Amount payable to related party investors
16.5
21.3
Total
317.4
159.4
i)\u00a0 CLO repurchase agreements
The Group has entered into an arrangement to sell and repurchase interests in CLO 2, 3, V, VI and IX, which totals \u00a380.2m (2024:
\u00a327.5m). The repurchase agreements will be repaid at face value at the scheduled repurchase date of each relevant CLO, unless an
earlier date is agreed as per the agreement. The interest payable over the life of the repurchase is equal to any distributions received
by the relevant notes to which the repurchase agreement relates.
ii)\u00a0 Amounts payable to third-party investors and related party investors
The Group consolidates a number of limited partnerships through which some of the Group\u2019s investments in funds are held. The
Group\u2019s interest only constitutes a portion of the total and therefore other financial liabilities include the fair value of the amounts
due to external parties, who are either third-party investors (non-Group subsidiaries or affiliates) or related party investors (Group
subsidiaries or affiliates), under the relevant limited partnership agreements. Due to the nature of this agreement, being a
contractually agreed profit share to third-party investors and related party investors, the Group recognises their interest as a financial
liability which is fair valued through profit or loss at each reporting.
The Company has no other financial liabilities at 31\u00a0December 2025 (2024: nil).
(e)\u00a0 Consolidated CLO liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Liabilities of CLOs consolidated by the Group (non-current)
2,587.8
1,696.2
Liabilities of CLOs consolidated by the Group (current)
25.5
20.6
Total
2,613.3
1,716.8
Non-current CLO liabilities are designated as financial liabilities at fair value through profit or loss.
Consolidated CLO liabilities represent notes issued by CLOs which are consolidated by and have been originated by the Group.
(f)\u00a0 Consolidated CLO purchases awaiting settlement
Group
2025
\u00a3 m
2024
\u00a3 m
Consolidated CLO purchases awaiting settlement
203.6
212.7
Amounts payable for purchases of CLO assets awaiting settlement are recognised at the point at which the CLO has a contractual
obligation to exchange cash.
(g)\u00a0 Derivative financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Derivative financial liabilities
Forward contracts
33.5
4.2
The derivative financial instruments relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the
Group\u2019s hedging programme is set out in note 21 (b).
(h)\u00a0 Commitments
The Group\u2019s undrawn capital commitments to the Group funds at year end are shown in the table below excluding commitments
due from third-party investors, where the structured vehicle is consolidated within the consolidated financial statements. Capital
commitments are called over time, typically between one to five years following the entry into the commitment. Capital
commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called.
Commitments may increase where distributions made by the fund are recallable.
Group
2025
\u00a3 m
2024
\u00a3 m
Private equity funds
290.7
325.9
Infrastructure funds
83.7
35.8
Credit funds
0.5
20.5
Total committed capital
374.9
382.2
20\u00a0 Fair value measurement
(a)\u00a0 Fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access
at that date. The fair value of a liability reflects its non-performance risk.
The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the
measurements:
\u2013 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
\u2013 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs).
The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2025
2024
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund investments
\u2013
34.8
818.8
853.6
\u2013
13.0
752.6
765.6
Consolidated CLO assets
\u2013
2,799.4
\u2013
2,799.4
\u2013
1,955.0
\u2013
1,955.0
Derivative financial assets
\u2013
5.1
\u2013
5.1
\u2013
26.4
\u2013
26.4
Total
\u2013
2,839.3
818.8
3,658.1
\u2013
1,994.4
752.6
2,747.0
Financial Liabilities
Deferred contingent consideration payable
\u2013
\u2013
41.5
41.5
\u2013
\u2013
9.8
9.8
Other financial liabilities
\u2013
80.2
237.2
317.4
\u2013
\u2013
159.4
159.4
Consolidated CLO liabilities
\u2013
\u2013
2,587.8
2,587.8
\u2013
\u2013
1,696.2
1,696.2
Derivative financial liabilities
\u2013
33.5
\u2013
33.5
\u2013
4.2
\u2013
4.2
Total
\u2013
113.7
2,866.5
2,980.2
\u2013
4.2
1,865.4
1,869.6
Details on any transfers between levels in the fair value hierarchy during the year are found in note 20 (b) and 20 (c).
The Company has no financial assets and liabilities measured by fair value at 31 December 2025 (2024: nil).
(b)\u00a0 Reconciliation of level 3 fair value measurements of financial assets
A reconciliation of level 3 fair values for financial assets which primarily represent the Group\u2019s interest in private equity,
infrastructure and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below:
Group
2025
\u00a3 m
2024
\u00a3 m
Level 3 financial assets at fair value through profit or loss:
Opening balance
752.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
379.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised as profit or loss
11.6
(6.4)
Foreign exchange movements recognised as other comprehensive income
13.7
(7.5)
Disposals
(239.9)
(46.8)
Transfer (to)/from level 1 or 2
(34.8)
\u2013
Closing balance
818.8
752.6
The underlying assets in each fund consist of portfolios of controlling or minority equity stakes, typically in private companies, and
investments in their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets
within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13.
The Group holds investments with a fair value of \u00a3853.6m (2024: \u00a3765.6m) as of 31\u00a0December 2025. These consist of investments
amounting to \u00a3818.8m (2024: \u00a3752.6m) classified as level 3, due to the use of unobservable inputs, and other investments totalling
\u00a334.8m (2024: \u00a313.0m) classified as level 2, as observable data other than quoted price are\u00a0used. The transfer of \u00a334.8m (2024: nil)
to Level 2 assets relates to an investment whose valuation is now based on observable inputs.
A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 20 (e).
(c)\u00a0 Reconciliation of level 3 fair value measurement of financial liabilities
Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated
CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore
classified as level 3.
The valuation methodology for valuing the consolidated CLO liabilities is based upon internal discounted cash flow models with
unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates,
recovery rates and discount rates and are therefore considered level 3 financial liabilities.
A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
1,696.2
1,152.0
Additions
2,010.0
616.3
Change in fair value
(11.9)
0.8
Foreign exchange movements recognised as profit or loss
92.5
(52.9)
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
(1,199.0)
(20.0)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
2,587.8
1,696.2
A reconciliation of level 3 fair values for other financial liabilities at fair value through profit or loss is set out in the table below. The
table also includes the transfer of CLO repurchase agreements of \u00a380.2m (2024: \u00a327.5m) out of level 3 and into level 2.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in other financial liabilities at fair value through profit or loss which are level 3:
Opening balance
159.4
49.9
Additions from acquired subsidiaries
0.2
Additions
156.0
124.6
Change in fair value
19.2
(0.3)
Foreign exchange movements recognised as profit or loss
\u2013
\u2013
Foreign exchange movements recognised as other comprehensive income
8.6
(4.0)
Disposals
(25.8)
(11.0)
Transfer (to)/from level 1 or 2
(80.2)
\u2013
Closing balance
237.2
159.4
The movements in deferred contingent consideration, primarily relating to the ECP transaction completed in 2024, are set out in the
table below.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in deferred contingent considerations at fair value through profit or loss which are
level 3:
Opening balance
9.8
\u2013
Additions from acquired subsidiaries
\u2013
9.4
Additions
0.1
\u2013
Change in fair value
32.4
\u2013
Foreign exchange movements recognised as profit or loss
(0.8)
0.4
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
\u2013
\u2013
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
41.5
9.8
A sensitivity analysis of a change in the value of CLO liabilities and other financial liabilities at fair value through profit or loss is set
out in note 20 (e).
The Company does not hold any liabilities at fair value at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 Valuations
i)\u00a0 Private equity fund investments
Different valuation methodologies are used when valuing private equity fund investments:
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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples; and
\u2013 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.
ii)\u00a0 Credit fund investments
Different valuation methodologies are used when valuing credit fund investments.
Valuation Approach
Amortising to
par\u00a0method
Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there
are no 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-based
approach
\u2013 Market prices: 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 number of distinct
price quotations available from different sources. 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). Market prices further include the trading multiples of comparable publicly traded
companies.
\u2013 Use of recent transaction prices: Recent transactions can refer to transactions involving the underlying
investments or transactions involving similar businesses. Consideration is given to factors such as location,
time of sale, premiums and conditions of sale.
\u2013 Reference to comparable instruments: Consideration is given to comparable instruments, which have
similar terms, credit quality, maturity, etc. and are publicly traded in active markets.\u00a0
Income-based
approach
The Discounted Cash Flow (\u201cDCF\u201d) analysis incorporates expected future cash flows, market participant-
based discount rates and probability-weighted recovery assumptions.\u00a0 For CLO investments, additional
assumptions relating to the CLO\u2019s underlying asset portfolio, such as annual loan default rates / recovery
rates, prepayment rates, reinvestment rates and spreads are considered.
Asset-based
approach
For distressed or defaulted investments, the recovery value is estimated based on the value of the underlying
collateral and the relevant security\u2019s seniority within the investment structure. A liquidation analysis could
also be considered.
Enterprise Value
waterfall analysis
The Enterprise Value (\u201cEV\u201d) waterfall analysis is used for equity, preferred or subordinated instruments in
cases where EV basis assessments are appropriate. The EV might be estimated using market-based or
income-based approaches or indicative transaction prices in the case of an imminent sale process.
Other approaches
Considering the broad array of debt instruments that may be held by the funds, it may be deemed
appropriate for other valuation techniques to be utilised in certain cases.
iii)\u00a0 Infrastructure fund investments
Valuation Approach
Earnings
The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed
companies and relevant transactions are\u00a0available.
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\u00a0arrive 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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples or transaction multiples; and
\u2013 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.
Listed share price
Where a portfolio company has instruments traded on a recognised exchange the traded price is used to
value the investment, the traded price is applied to the number of shares held by the fund in the portfolio
company. The value is then adjusted to take into account any assets or liabilities in holding entities outside of
the listed company.
Discounted
cash\u00a0flows
Inputs used in the discounted cash flow analysis include discount rates and those used to project the
expected cash flows relating to the infrastructure portfolio company.
iv)\u00a0 Consolidated CLO assets
The consolidated CLO assets are priced using market price
where a loan is traded in the market and market prices can be
obtained for use in pricing. The inputs include market price
aggregation services or broker quotes where there is an active
market. The extent to which a market is active depends upon
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 any anomalies or other
inaccuracies in market pricing and whether there are other
factors that should be taken into account (for example, recent
transactions). As at 31\u00a0December 2025, 100% (2024: 100%) of
the CLO fund assets were priced using market prices and
classified as level 2.
v)\u00a0 Consolidated CLO liabilities
Where the Group is required to consolidate the liabilities of a
CLO, a net asset approach is used where the value of the
liabilities is driven by the value of the consolidated loan asset
portfolio and any residual cash, accrued interest and expenses
contained within the vehicle. This financial liability has been
classified as level 3.
vi)\u00a0 Deferred contingent consideration
The Group uses discounted cash flows to determine fair value of
the deferred contingent consideration which will be paid to ECP
vendors in relation to the acquisition of ECP. Inputs used in the
calculation of the deferred consideration include estimates
outcomes of certain management fee revenue, minimum and
maximum thresholds, different performance scenarios for ECP
and probability weightings, and a discount rate. This financial
liability has been classified as level 3.
vii) CLO repurchase agreements
The Group is party to a sale and repurchase agreement relating
to CLOs. The repurchase agreements are priced using market
price. This financial liability has been classified as level 2 (2024:
level 3).
viii)\u00a0 Other financial liabilities
The Group has entered a limited partnership agreement with
related party and third-party investors to contractually share
profits from those partnerships. The liabilities are calculated
using a percentage outlined within the agreement multiplied by
the profit from the partnerships. The\u00a0valuation is derived from
underlying value of the partnerships, which is based on the
unobservable market data and therefore these financial liabilities
are therefore classified as level 3.
Derivatives used for hedging, which are fair valued, are classified
as level 2 fair values as the inputs are observable.
Further details on estimation uncertainty in the valuation of
investments is set out in note 3 (b).
(e)\u00a0 Valuation inputs and sensitivity analysis
The number of unique investments represents the investments that the Group indirectly invests into through its investments in
private equity, infrastructure and credit funds. The table below sets out information about significant unobservable inputs used at
31\u00a0December 2025 in measuring financial instruments categorised as level 3 in the fair value hierarchy.
Description
Fair value
at 31
December
2025 (\u00a3m)
Fair value
at 31
December
2024 (\u00a3m)
Number
of unique
investments
Valuation
technique
Significant
unobservable inputs
Range
Sensitivity
Effect on fair
value at 31
December
2025 (\u00a3m)
Private equity fund
investments
585.5
581.4
87
Market
Earnings multiple
3.16x - 27.5x
+10% multiple
47.1
Approach
Revenue multiple
4.0x - 9.5x
\u201310% multiple
(47.9)
Infrastructure fund
investments
129.4
127.1
14
Market
Approach
Earnings multiple
7.2x - 16.1x
Upside case**
6.1
Downside case**
(5.4)
Discounted
Discount rate
8.5% - 24.4%
+1%discountrate
(3.3)
Cash Flow
-1% discount rate
5.6
Credit fund
investments
5.7
29.5
26
Market
Earnings multiple
5.0x - 26.4x
+10% Earnings multiple
0.2
Approach
Revenue multiple
3.0x - 11.7x
\u201310% Earnings multiple
(0.3)
479
Other
n/a
n/a
n/a
n/a
Group\u2019s investments
in CLOs that are not
consolidated*
1.1
14.6
7
Discounted
Cash Flow
Discount rate
12%
Upside case**
1.6
Default rate
1% - 2%
Recovery rate
35% - 65%
Prepayment rate
0.2
Downside case**
(0.8)
Reinvestment price
99.5%
Spread
3.5%
Group's investments
in consolidated fund
vehicles
97.1
\u2013
4
Other
Net asset value
(NAV)
n/a
+10% of NAV
9.7
\u201310% of NAV
(9.7)
Total assets
818.8
752.6
Consolidated CLO
liabilities*
2,587.8
1,696.2
61
Discounted
Cash Flow
Discount rate
0.12
Upside case**
167.3
Default rate
1% - 2%
Recovery rate
35% - 65%
CLO repurchase
agreements
\u2013
27.5
11
Prepayment rate
0.2
Downside case**
n/a
Reinvestment
price
1.0
Spread
0.0
Deferred contingent
consideration
41.5
9.8
n/a
Probability
Weighted
Expected
Return
Discount rate
9.8%
+1% discount rate
(1.3)
Scenario
probabilities
5% - 45%
-1% discount rate
1.3
Other financial
liabilities
237.2
131.9
n/a
Other
Net asset value
(NAV)
n/a
+10% of NAV
23.7
\u201310% of NAV
(23.7)
Total liabilities
2,866.5
1,865.4
* The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that that the Group has invested in, including \u00a315.3m of investments in CLOs that are not
consolidated (2024: \u00a314.6m) and \u00a3200.3m of investments in CLOs that are consolidated (2024: \u00a3117.7m). The sensitivity analysis for the investments in the notes of CLOs
that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the
table.
** The upside case is based on the key inputs used in the valuation model disclosed above being favourably adjusted from their base value by a factor of 10%. The downside case
adjusts these key inputs by a factor of 10% in the opposite direction.
21\u00a0 Financial risk management
In its activities , the Group is exposed to various financial risks: price and valuation risk, market risk (including exposure to interest
rates and foreign exchange rates), liquidity risk and credit risk arising from financial instruments. The Group\u2019s senior management is
responsible for the creation and management of an overall risk management policy in the Group.
The Group Consolidated Statement of Financial Position is made up predominantly of investments into private equity,
infrastructure and credit funds, consolidated CLO assets and liabilities, cash and cash equivalents, lease liabilities, CLO purchases
awaiting settlement and other financial liabilities.
The assets of a private equity and infrastructure fund are controlling or minority equity stakes, typically in private companies, and
debt in such companies. The\u00a0assets of credit funds and the consolidated CLO vehicles are loans to private companies. The financial
risks relating to such investments inherently vary, based on the nature of the investments (equity or debt), and recovery and returns
from capital invested will depend upon the financial health and prospects of each underlying investee entity. As part of capital
deployment, each fund is constructed as a diversified portfolio of assets, diversified by number of assets, industries and geographies.
Risk management policies are established to identify and analyse the risks faced by the Group and to set appropriate risk limits and
controls. Policies are reviewed on a regular basis to reflect changes in the market conditions and the Group\u2019s activities. The Group,
through its training and management standards and procedures, aims to develop a disciplined and constructive control environment
in\u00a0which all employees understand their roles and obligations.
The Company Statement of Financial Position is made up predominantly of investments in subsidiaries, cash and cash equivalents,
and\u00a0derivative financial instruments.
(a)\u00a0 Price and valuation risk
Price and valuation risk is the uncertainty about the difference between the reported value and the price that could be obtained on
exit or maturity of an asset or liability. This principally relates to investments in funds which hold portfolios of private equity,
infrastructure and debt investments, investments held by consolidated CLOs, and notes issued by consolidated CLOs.
This uncertainty arises due to the use of unobservable inputs in the calculation of fair value, the performance and financial health of
portfolio companies and, ultimately \u2013 in relation to investments in private equity \u2013 what a third-party may be willing to pay for the
relevant business. There is less uncertainty for investments in debt as the upside is capped to the maximum of the principal and
interest receipts, whereas private equity investments have greater potential for larger changes in their valuation as the upside is not
capped.
The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and maintains focus throughout
the\u00a0investment life of each company. All investments are formally reviewed through dedicated forums. The review process involves
a rigorous assessment of a company\u2019s financial performance, financial health (including covenant coverage) and exit prospects. The
Group values all investments in line with the IPEV Guidelines at least twice a year, and in most cases quarterly. Each investment
undergoes the same detailed valuation process in accordance with the Group\u2019s valuation policies. Completed valuations are
presented and discussed at the relevant valuation governance forum for approval. Valuation methodologies together with the
significant unobservable inputs applied for the Group\u2019s financial assets and liabilities are included in note 20 (e).
The Company has no significant exposure to price and valuation risk.
(b)\u00a0 Foreign exchange risk
Foreign exchange risk is the risk of losses or other adverse effects resulting from a change in a foreign exchange rate, or from other
unfavourable changes in relation to a foreign currency. The Group is primarily exposed to two types of foreign exchange risk:
\u2013 Transaction risk: the adverse effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement.
It\u00a0is the exchange rate, or currency, risk associated specifically with the time delay between entering into a trade or contract and
then settling it. As the majority of the Group\u2019s income is denominated in euro or US dollars, this means that its income when
recognised in\u00a0pounds sterling is subject to exposure to foreign exchange rate movements over time.
\u2013 Translation risk: the risk of adverse changes in the rates at which assets, liabilities, income or costs in foreign currencies are
translated into the reporting currency. The Group holds financial assets and liabilities denominated in currencies other than
pounds sterling, the\u00a0presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of
financial assets and\u00a0liabilities denominated in other currencies will fluctuate due to changes in exchange rate.
The Group undertakes hedging where foreign currency transactions give rise to a mismatch of the cash flow of the underlying
currency. For example, the Group\u2019s private equity and credit businesses earn management fees predominantly in euro, but have a
cost base predominantly in pounds sterling, giving rise to mismatch. The Group also undertakes hedging where balance sheet
exposures in currencies could result in significant volatility in earnings.
The Group does not currently hedge the US dollar earnings of the ECP business on the basis that management fee income and the
cost base are both denominated in US dollars, and there is a degree of natural hedging arising from the interest payable on the
Group\u2019s USPP borrowings which are denominated in US dollars.
A summary of the foreign exchange hedging undertaken by the Group for euro-denominated management fees, euro investments
and\u00a0US dollar liabilities is set out below.
The Company has no significant exposure to foreign currency risk.
Hedging of euro management fees
In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap
agreements to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro-denominated
income to future spot rate volatility. The level of hedging is determined with reference to the amount of pounds sterling-
denominated costs and dividends. The level of hedging provides for almost full coverage in 2025, reducing in 2026 and 2027, with
hedging increased and extended as part of the ongoing hedging strategy over time.
The nominal value of open trades at the year end date to match certain expected future cash flows is shown in the table below, along
with the aggregate mark-to-market of the year end date.
Group
2025
\u00a3 m
2024
\u00a3 m
Nominal value of forward trades and swap agreements in pounds sterling
818.2
534.0
Mark-to-market value at year end
(0.9)
14.5
Average forward rate (GBP/EUR)
1.14
1.13
These hedges are in place to match known future cash flows, and the Group has decided to use cash flow hedge accounting as
allowed and determined under IFRS 9.
The change in value that has been recognised as ineffective in the Consolidated Statement of Profit or Loss, the amount of the
effective portion recognised within the cash flow hedge reserve and amounts released to the Consolidated Statement of Profit or
Loss during the year are shown in the table below. There was no hedge ineffectiveness.
Group
2025
\u00a3 m
2024
\u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
(6.7)
14.0
Reclassified to profit or loss upon settlement of hedges
(8.7)
0.3
Hedge ineffectiveness could occur if the amount of hedging is more than the amount of the euro-denominated income and due to
timing differences between receipt of the income and settlement of the hedge.
Hedging of euro investments
To reduce volatility in the Group\u2019s earnings and reserves arising from foreign exchange movements on the translation of euro-
denominated investments in funds and carried interest, the Group enters into a series of forward foreign exchange contracts and
cross currency swap arrangements to sell euro and buy pound sterling.
The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. The hedging instruments are managed as
an economic hedge of the Group\u2019s euro exposure associated with its net investment position, rather than as a hedge of forecast
transactions. Accordingly, the Group does not apply cash flow hedge accounting in respect of these contracts.
The Group monitors the effectiveness of the economic hedge by tracking the hedge ratio through comparison of the aggregate
notional amount of outstanding contracts with the Group\u2019s total euro denominated exposure from fund investments, carried interest
and related balances. Hedge positions are adjusted from time to time to remain broadly aligned with the underlying euro exposure.
The Group\u2019s exposure to euro investments at each year end is summarised below, together with a sensitivity analysis showing the
impact of a 5% movement in the euro/sterling exchange rate. This analysis excludes the consolidated CLO assets, which are
attributable to third-party investors.
Group
2025
2024
Euro-denominated investments (\u20acm)
619.1
662.7
Investment hedges (\u20acm)
(217.4)
(260.8)
Euro-denominated investments, net (\u20acm)
401.7
401.9
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
17.5
16.6
The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market.
Group
2025
2024
Nominal value of forward trades and swap agreements (\u00a3m)
191.2
282.8
Mark-to-market value at year end (\u00a3m)
(0.9)
5.4
Average forward rate (GBP/EUR)
1.14
1.13
The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the
Consolidated Statement of Profit or Loss.
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen
in\u00a0the\u00a0hedged item included in the fair value of fund investments.
Hedging of US dollar liability
As a consequence of the USPP borrowings raised in a US dollar functional currency subsidiary and the related intercompany lending
is to a sterling functional currency subsidiary, the Group is exposed to foreign exchange risk on the USD-denominated intercompany
balance. In accordance with IAS 21, retranslation of this balance at each reporting date gives rise to foreign exchange gains or losses
recognised in profit or loss, resulting in volatility in the consolidated financial statements.
To mitigate this exposure, the Group enters into rolling forward foreign exchange contracts and cross-currency swaps to sell pounds
sterling and purchase US dollars at forward rates. The notional value of the contracts is adjusted periodically to reflect movements in
the underlying loan balance.
The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. The Group monitors the notional
amount of hedging instruments against the outstanding USD intercompany exposure to ensure appropriate economic coverage.
The Group\u2019s US dollar exposure and related hedging instruments at each year end are summarised below, together with a sensitivity
analysis showing the impact of a 5% movement in the USD/GBP exchange rate.
Group
2025
2024
US dollar borrowing ($m)
(332.0)
(281.1)
Investment hedges ($m)
331.7
195.5
Un-hedged US dollar liabilities, net ($m)
(0.3)
(85.6)
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
\u2013
(3.4)
The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market.
Group
2025
2024
Nominal value of forward trades and swap agreements (\u00a3m)
273.1
195.5
Mark-to-market value at year end (\u00a3m)
(26.7)
2.3
Average forward rate (GBP/USD)
1.20
1.12
The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the
Consolidated Statement of Profit or Loss.
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in
the hedged item included in borrowings.
(c)\u00a0 Interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The USPP and ECP
notes are at a fixed rate of interest. The amounts drawn under the Group\u2019s revolving credit agreements, however, bear interest at a
floating rate that could rise and increase the Group\u2019s interest cost and debt, if drawn.
If interest rates were to change by 1%, the Group\u2019s finance expense applied on the borrowings at year end would have increased or
(decreased) by the amounts set out in the table below.
Group
2025
\u00a3 m
(+/-)
2024
\u00a3 m
(+/-)
Increase or decrease of 1%
5.0
5.0
The Company has no other significant exposure to interest rate risk.
(d)\u00a0 Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full when due. Potential areas of credit risk
consist of cash and cash equivalents, term deposits (including deposits with banks and financial institutions), short-term receivables,
lease receivables, investments in the CLOs and derivative financial instruments. The Company and the Group have not experienced
any significant defaults in prior periods.
Group exposure
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit
losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining
whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a
counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay.
Expected credit losses are not expected to be material and there are no financial assets that are materially impaired.
Cash and cash equivalents
The Group limits its exposure in relation to cash and cash equivalents by only dealing with well-established financial institutions of
high-quality credit standing. At each period end, the Group\u2019s cash and cash equivalents were held with banks that were investment
grade credit quality (BBB or higher).
Investments in CLOs
The Group is required to hold a 5% interest in such vehicles after they are launched under risk retention rules. Each CLO portfolio
typically invests in 70-100 individual loans issued by private equity borrowers. The portfolios are highly diversified by geography,
industry and sponsor. The Group\u2019s maximum exposure to loss associated with its interest in the CLOs is limited to the carrying
amounts of the notes held by the Group, which at 31\u00a0December 2025 was \u00a3170.4m (2024: \u00a399.5m), excluding the exposure of a
non-controlling interest investor.
At 31\u00a0December 2025, the Group fully consolidated CLOs 1, 3, IV, V, VI, VII, VIII, IX, X (2024: CLO 1, 3, IV, V, VI, VII, VIII). The
Group\u2019s interests in each of the consolidated CLOs include interests in subordinated notes which incur the first loss if there is any
default within the portfolio of assets by an individual borrower.
In addition to the subordinated note investments, the Group has investments in the various debt tranches of CLOs 3, V, VI and IX.
The majority of these debt tranche investments have an associated sale and repurchase agreement. Under the sale and repurchase
agreement, the Group is subject to credit risk with the counterparty of \u00a380.2m (2024: \u00a327.7m), however it is holding cash collateral
of \u00a380.2m (2024: \u00a327.7m), reducing the risk.
Investments in private equity, credit and infrastructure\u00a0funds
The Group\u2019s investments in private equity, credit and infrastructure funds indirectly expose it to credit risk via loans to investee
entities. The maximum exposure to loss associated with funds is limited to the carrying value at 31\u00a0December 2025 which was
\u00a3543.2m (2024: \u00a3634.3m), excluding the investments of third-party investors.
Trade and other receivables (including lease\u00a0receivables)
Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies. The funds are
managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables
from the funds are collateralised against unfunded investor commitments. These commitments can be drawn at any time. The Group
therefore considers the probability of default to be remote. As such, the Directors consider the Group\u2019s credit exposure to trade and
other receivables to be low.
As a lessor the Group has exposure to payments by lessees. The Group considers there to be a low risk of default due to the credit
quality of the counterparties.
Carried interest receivable
The Group\u2019s carried interest receivable represents income expected from relevant CIP or GPs. The Group considers there to be
a\u00a0remote risk of default on these receivables on the basis that these amounts are due from the funds for reasons set out above
(e.g.\u00a0investor commitments).
Company exposure
Potential areas of credit risk for the Company consist of cash and cash equivalents, including deposits with banks and financial
institutions, derivative instruments, term deposits and short-term receivables. The maximum exposure to credit risk at the year end
of these financial assets is their carrying value. The Company seeks to reduce the credit risk relating to cash balances by only dealing
with well-established financial institutions of high-quality standing.
(e)\u00a0 Liquidity risk
Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far
as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The liquidity outlook is monitored at least monthly by management and is regularly reviewed by the Board.
The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing, amount and profits from
the Group\u2019s investments, in and from the funds, are inherently less predictable, however a reasonable period of notice is given to all
investors, including the Group, ahead of drawing of funds.
The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents to meet its commitments at a given date, including
for\u00a0acquisitions and for refinancing maturing debt.
The Group has a $430.0m USPP which was used\u00a0to refinance certain ECP debt following the ECP transaction. ECP has its own
private debt placement of $184.0m. The Group also has access to a \u00a3250.0m undrawn revolving credit facility which it uses to
manage liquidity. This was increased to a \u00a3400.0m facility in March 2026.
Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturities of its debt instruments are matched
to free cash generated from the\u00a0business.
The Group\u2019s financing arrangements and borrowings are subject to financial covenants. Further detail is included in note 18 (c).
The Company has sufficient cash reserves to assist in managing liquidity. The risk is not considered to be material as the majority of
the\u00a0balances are held with Group companies.
The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled,
undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income)
Group
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Other financial liabilities
\u2013
29.2
\u2013
288.2
317.4
Derivative financial liabilities
29.9
2.6
1.0
\u2013
33.5
Trade and other payables
85.8
4.2
41.5
\u2013
131.5
Borrowings (excluding capitalised facility costs)
28.1
79.8
220.9
262.3
591.1
Lease liabilities
16.8
17.1
49.6
31.0
114.5
Consolidated CLO liabilities
110.9
174.5
987.9
2,108.8
3,382.1
Consolidated CLO purchases awaiting settlement
203.6
\u2013
\u2013
\u2013
203.6
475.1
307.4
1,300.9
2,690.3
4,773.7
Group
At\u00a0 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\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)1
29.8
29.8
306.1
297.8
663.5
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
480.9
387.9
1,412.2
1,073.0
3,354.0
1.\u00a0 2024 comparative information has been revised to include undiscounted interest payments within borrowings.
Company
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
28.1
\u2013
\u2013
\u2013
28.1
Company
At 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
8.5
\u2013
\u2013
\u2013
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
(a)\u00a0 Classification of financial assets
The following tables analyse the Group and Company\u2019s assets in accordance with the categories of financial instruments as defined
in IFRS 9 \u201cFinancial Instruments\u201d. Assets which are not considered as financial assets, for example prepayments and lease
receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of
Financial Position.
Group
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Fair value of fund investments
853.6
\u2013
\u2013
\u2013
853.6
Consolidated CLO assets
2,799.4
\u2013
79.4
\u2013
2,878.8
Trade and other receivables
\u2013
\u2013
123.1
40.2
163.3
Derivative financial instruments
\u2013
5.1
\u2013
\u2013
5.1
Other investment
\u2013
\u2013
24.5
\u2013
24.5
Cash and cash equivalents
\u2013
\u2013
193.5
\u2013
193.5
Cash belonging to consolidated CLOs and structured
fund vehicles (restricted use)
\u2013
\u2013
141.4
\u2013
141.4
Total
3,653.0
5.1
561.9
40.2
4,260.2
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
(Restated)
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
(Restated)
Total
\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
154.5
29.8
184.3
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
Cash belonging to consolidated CLOs
\u2013
\u2013
69.0
\u2013
69.0
Total
2,720.6
26.4
337.5
29.8
3,114.3
Company
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables
\u2013
57.2
\u2013
57.2
Cash and cash equivalents
\u2013
0.1
\u2013
0.1
Total
\u2013
57.3
\u2013
57.3
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\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
(b)\u00a0 Fair value of fund investment
The investments primarily consist of loans or commitments made in relation to BE VII, VI and V, BEP IV, BDC V, BDC IV and III,
BG II, ECP V and IV, Calpine Continuation and Bridgepoint Generations funds.
The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets
and to evaluate their performance on a fair value basis.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
765.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
392.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised in profit or loss
11.6
(6.4)
Foreign exchange movements recognised in other comprehensive income
13.7
(7.5)
Disposals
(252.9)
(46.8)
Closing balance
853.6
765.6
The Company has no investment in funds at 31\u00a0December 2025 (2024: nil).\u00a0
(c)\u00a0 Other investments
Other investments are measured at amortised cost when they are held within a business model whose objective is to hold financial
assets to collect contractual cash flows, and the contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI). Other investments are measured at fair value through profit or loss where they are managed and their
performance evaluated on a fair value basis, or where they are not held within a hold to collect business model, or where the SPPI
criterion is not met. Certain other investments may also be designated at fair value through profit or loss on initial recognition if this
eliminates or significantly reduces an accounting mismatch.
In 2025, other investments include a credit investment that is being warehoused and managed on a fair value basis, with
performance evaluated using fair value information. Accordingly, it is measured at fair value through profit or loss.
The Company has no other investments at 31\u00a0December 2025 (2024: nil).
(a)\u00a0 Classification of financial liabilities
The following tables analyse the Group and Company\u2019s financial liabilities in accordance with the categories of financial instruments
defined in IFRS 9. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as
they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the
Consolidated Statement of Financial Position.
Group
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
41.5
\u2013
90.0
115.3
246.8
Other financial liabilities
317.4
\u2013
\u2013
\u2013
317.4
Lease liabilities
\u2013
\u2013
96.6
\u2013
96.6
Borrowings
\u2013
\u2013
451.2
\u2013
451.2
Derivative financial instruments
\u2013
33.5
\u2013
\u2013
33.5
Consolidated CLO liabilities
2,587.8
\u2013
25.5
\u2013
2,613.3
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
203.6
\u2013
203.6
Total
2,946.7
33.5
866.9
115.3
3,962.4
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
Company
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
\u2013
\u2013
27.8
0.3
28.1
Total financial liabilities
\u2013
\u2013
27.8
0.3
28.1
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
(d)\u00a0 Other financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Liabilities held at fair value through profit or loss:
CLO repurchase agreements
80.2
27.5
Amount payable to third-party investors
220.7
110.6
Amount payable to related party investors
16.5
21.3
Total
317.4
159.4
20\u00a0 Fair value measurement
(a)\u00a0 Fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access
at that date. The fair value of a liability reflects its non-performance risk.
The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the
measurements:
\u2013 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
\u2013 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs).
The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2025
2024
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund investments
\u2013
34.8
818.8
853.6
\u2013
13.0
752.6
765.6
Consolidated CLO assets
\u2013
2,799.4
\u2013
2,799.4
\u2013
1,955.0
\u2013
1,955.0
Derivative financial assets
\u2013
5.1
\u2013
5.1
\u2013
26.4
\u2013
26.4
Total
\u2013
2,839.3
818.8
3,658.1
\u2013
1,994.4
752.6
2,747.0
Financial Liabilities
Deferred contingent consideration payable
\u2013
\u2013
41.5
41.5
\u2013
\u2013
9.8
9.8
Other financial liabilities
\u2013
80.2
237.2
317.4
\u2013
\u2013
159.4
159.4
Consolidated CLO liabilities
\u2013
\u2013
2,587.8
2,587.8
\u2013
\u2013
1,696.2
1,696.2
Derivative financial liabilities
\u2013
33.5
\u2013
33.5
\u2013
4.2
\u2013
4.2
Total
\u2013
113.7
2,866.5
2,980.2
\u2013
4.2
1,865.4
1,869.6
Details on any transfers between levels in the fair value hierarchy during the year are found in note 20 (b) and 20 (c).
The Company has no financial assets and liabilities measured by fair value at 31 December 2025 (2024: nil).
(b)\u00a0 Reconciliation of level 3 fair value measurements of financial assets
A reconciliation of level 3 fair values for financial assets which primarily represent the Group\u2019s interest in private equity,
infrastructure and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below:
Group
2025
\u00a3 m
2024
\u00a3 m
Level 3 financial assets at fair value through profit or loss:
Opening balance
752.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
379.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised as profit or loss
11.6
(6.4)
Foreign exchange movements recognised as other comprehensive income
13.7
(7.5)
Disposals
(239.9)
(46.8)
Transfer (to)/from level 1 or 2
(34.8)
\u2013
Closing balance
818.8
752.6
The underlying assets in each fund consist of portfolios of controlling or minority equity stakes, typically in private companies, and
investments in their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets
within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13.
The Group holds investments with a fair value of \u00a3853.6m (2024: \u00a3765.6m) as of 31\u00a0December 2025. These consist of investments
amounting to \u00a3818.8m (2024: \u00a3752.6m) classified as level 3, due to the use of unobservable inputs, and other investments totalling
\u00a334.8m (2024: \u00a313.0m) classified as level 2, as observable data other than quoted price are\u00a0used. The transfer of \u00a334.8m (2024: nil)
to Level 2 assets relates to an investment whose valuation is now based on observable inputs.
A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 20 (e).
(c)\u00a0 Reconciliation of level 3 fair value measurement of financial liabilities
Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated
CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore
classified as level 3.
The valuation methodology for valuing the consolidated CLO liabilities is based upon internal discounted cash flow models with
unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates,
recovery rates and discount rates and are therefore considered level 3 financial liabilities.
A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
1,696.2
1,152.0
Additions
2,010.0
616.3
Change in fair value
(11.9)
0.8
Foreign exchange movements recognised as profit or loss
92.5
(52.9)
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
(1,199.0)
(20.0)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
2,587.8
1,696.2
A reconciliation of level 3 fair values for other financial liabilities at fair value through profit or loss is set out in the table below. The
table also includes the transfer of CLO repurchase agreements of \u00a380.2m (2024: \u00a327.5m) out of level 3 and into level 2.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in other financial liabilities at fair value through profit or loss which are level 3:
Opening balance
159.4
49.9
Additions from acquired subsidiaries
0.2
Additions
156.0
124.6
Change in fair value
19.2
(0.3)
Foreign exchange movements recognised as profit or loss
\u2013
\u2013
Foreign exchange movements recognised as other comprehensive income
8.6
(4.0)
Disposals
(25.8)
(11.0)
Transfer (to)/from level 1 or 2
(80.2)
\u2013
Closing balance
237.2
159.4
The movements in deferred contingent consideration, primarily relating to the ECP transaction completed in 2024, are set out in the
table below.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in deferred contingent considerations at fair value through profit or loss which are
level 3:
Opening balance
9.8
\u2013
Additions from acquired subsidiaries
\u2013
9.4
Additions
0.1
\u2013
Change in fair value
32.4
\u2013
Foreign exchange movements recognised as profit or loss
(0.8)
0.4
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
\u2013
\u2013
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
41.5
9.8
A sensitivity analysis of a change in the value of CLO liabilities and other financial liabilities at fair value through profit or loss is set
out in note 20 (e).
The Company does not hold any liabilities at fair value at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 Valuations
i)\u00a0 Private equity fund investments
Different valuation methodologies are used when valuing private equity fund investments:
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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples; and
\u2013 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.
ii)\u00a0 Credit fund investments
Different valuation methodologies are used when valuing credit fund investments.
Valuation Approach
Amortising to
par\u00a0method
Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there
are no 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-based
approach
\u2013 Market prices: 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 number of distinct
price quotations available from different sources. 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). Market prices further include the trading multiples of comparable publicly traded
companies.
\u2013 Use of recent transaction prices: Recent transactions can refer to transactions involving the underlying
investments or transactions involving similar businesses. Consideration is given to factors such as location,
time of sale, premiums and conditions of sale.
\u2013 Reference to comparable instruments: Consideration is given to comparable instruments, which have
similar terms, credit quality, maturity, etc. and are publicly traded in active markets.\u00a0
Income-based
approach
The Discounted Cash Flow (\u201cDCF\u201d) analysis incorporates expected future cash flows, market participant-
based discount rates and probability-weighted recovery assumptions.\u00a0 For CLO investments, additional
assumptions relating to the CLO\u2019s underlying asset portfolio, such as annual loan default rates / recovery
rates, prepayment rates, reinvestment rates and spreads are considered.
Asset-based
approach
For distressed or defaulted investments, the recovery value is estimated based on the value of the underlying
collateral and the relevant security\u2019s seniority within the investment structure. A liquidation analysis could
also be considered.
Enterprise Value
waterfall analysis
The Enterprise Value (\u201cEV\u201d) waterfall analysis is used for equity, preferred or subordinated instruments in
cases where EV basis assessments are appropriate. The EV might be estimated using market-based or
income-based approaches or indicative transaction prices in the case of an imminent sale process.
Other approaches
Considering the broad array of debt instruments that may be held by the funds, it may be deemed
appropriate for other valuation techniques to be utilised in certain cases.
iii)\u00a0 Infrastructure fund investments
Valuation Approach
Earnings
The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed
companies and relevant transactions are\u00a0available.
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\u00a0arrive 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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples or transaction multiples; and
\u2013 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.
Listed share price
Where a portfolio company has instruments traded on a recognised exchange the traded price is used to
value the investment, the traded price is applied to the number of shares held by the fund in the portfolio
company. The value is then adjusted to take into account any assets or liabilities in holding entities outside of
the listed company.
Discounted
cash\u00a0flows
Inputs used in the discounted cash flow analysis include discount rates and those used to project the
expected cash flows relating to the infrastructure portfolio company.
iv)\u00a0 Consolidated CLO assets
The consolidated CLO assets are priced using market price
where a loan is traded in the market and market prices can be
obtained for use in pricing. The inputs include market price
aggregation services or broker quotes where there is an active
market. The extent to which a market is active depends upon
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 any anomalies or other
inaccuracies in market pricing and whether there are other
factors that should be taken into account (for example, recent
transactions). As at 31\u00a0December 2025, 100% (2024: 100%) of
the CLO fund assets were priced using market prices and
classified as level 2.
v)\u00a0 Consolidated CLO liabilities
Where the Group is required to consolidate the liabilities of a
CLO, a net asset approach is used where the value of the
liabilities is driven by the value of the consolidated loan asset
portfolio and any residual cash, accrued interest and expenses
contained within the vehicle. This financial liability has been
classified as level 3.
vi)\u00a0 Deferred contingent consideration
The Group uses discounted cash flows to determine fair value of
the deferred contingent consideration which will be paid to ECP
vendors in relation to the acquisition of ECP. Inputs used in the
calculation of the deferred consideration include estimates
outcomes of certain management fee revenue, minimum and
maximum thresholds, different performance scenarios for ECP
and probability weightings, and a discount rate. This financial
liability has been classified as level 3.
vii) CLO repurchase agreements
The Group is party to a sale and repurchase agreement relating
to CLOs. The repurchase agreements are priced using market
price. This financial liability has been classified as level 2 (2024:
level 3).
viii)\u00a0 Other financial liabilities
The Group has entered a limited partnership agreement with
related party and third-party investors to contractually share
profits from those partnerships. The liabilities are calculated
using a percentage outlined within the agreement multiplied by
the profit from the partnerships. The\u00a0valuation is derived from
underlying value of the partnerships, which is based on the
unobservable market data and therefore these financial liabilities
are therefore classified as level 3.
Derivatives used for hedging, which are fair valued, are classified
as level 2 fair values as the inputs are observable.
Further details on estimation uncertainty in the valuation of
investments is set out in note 3 (b).
(e)\u00a0 Valuation inputs and sensitivity analysis
The number of unique investments represents the investments that the Group indirectly invests into through its investments in
private equity, infrastructure and credit funds. The table below sets out information about significant unobservable inputs used at
31\u00a0December 2025 in measuring financial instruments categorised as level 3 in the fair value hierarchy.
Description
Fair value
at 31
December
2025 (\u00a3m)
Fair value
at 31
December
2024 (\u00a3m)
Number
of unique
investments
Valuation
technique
Significant
unobservable inputs
Range
Sensitivity
Effect on fair
value at 31
December
2025 (\u00a3m)
Private equity fund
investments
585.5
581.4
87
Market
Earnings multiple
3.16x - 27.5x
+10% multiple
47.1
Approach
Revenue multiple
4.0x - 9.5x
\u201310% multiple
(47.9)
Infrastructure fund
investments
129.4
127.1
14
Market
Approach
Earnings multiple
7.2x - 16.1x
Upside case**
6.1
Downside case**
(5.4)
Discounted
Discount rate
8.5% - 24.4%
+1%discountrate
(3.3)
Cash Flow
-1% discount rate
5.6
Credit fund
investments
5.7
29.5
26
Market
Earnings multiple
5.0x - 26.4x
+10% Earnings multiple
0.2
Approach
Revenue multiple
3.0x - 11.7x
\u201310% Earnings multiple
(0.3)
479
Other
n/a
n/a
n/a
n/a
Group\u2019s investments
in CLOs that are not
consolidated*
1.1
14.6
7
Discounted
Cash Flow
Discount rate
12%
Upside case**
1.6
Default rate
1% - 2%
Recovery rate
35% - 65%
Prepayment rate
0.2
Downside case**
(0.8)
Reinvestment price
99.5%
Spread
3.5%
Group's investments
in consolidated fund
vehicles
97.1
\u2013
4
Other
Net asset value
(NAV)
n/a
+10% of NAV
9.7
\u201310% of NAV
(9.7)
Total assets
818.8
752.6
Consolidated CLO
liabilities*
2,587.8
1,696.2
61
Discounted
Cash Flow
Discount rate
0.12
Upside case**
167.3
Default rate
1% - 2%
Recovery rate
35% - 65%
CLO repurchase
agreements
\u2013
27.5
11
Prepayment rate
0.2
Downside case**
n/a
Reinvestment
price
1.0
Spread
0.0
Deferred contingent
consideration
41.5
9.8
n/a
Probability
Weighted
Expected
Return
Discount rate
9.8%
+1% discount rate
(1.3)
Scenario
probabilities
5% - 45%
-1% discount rate
1.3
Other financial
liabilities
237.2
131.9
n/a
Other
Net asset value
(NAV)
n/a
+10% of NAV
23.7
\u201310% of NAV
(23.7)
Total liabilities
2,866.5
1,865.4
* The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that that the Group has invested in, including \u00a315.3m of investments in CLOs that are not
consolidated (2024: \u00a314.6m) and \u00a3200.3m of investments in CLOs that are consolidated (2024: \u00a3117.7m). The sensitivity analysis for the investments in the notes of CLOs
that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the
table.
** The upside case is based on the key inputs used in the valuation model disclosed above being favourably adjusted from their base value by a factor of 10%. The downside case
adjusts these key inputs by a factor of 10% in the opposite direction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
(a)\u00a0 Classification of financial assets
The following tables analyse the Group and Company\u2019s assets in accordance with the categories of financial instruments as defined
in IFRS 9 \u201cFinancial Instruments\u201d. Assets which are not considered as financial assets, for example prepayments and lease
receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of
Financial Position.
Group
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Fair value of fund investments
853.6
\u2013
\u2013
\u2013
853.6
Consolidated CLO assets
2,799.4
\u2013
79.4
\u2013
2,878.8
Trade and other receivables
\u2013
\u2013
123.1
40.2
163.3
Derivative financial instruments
\u2013
5.1
\u2013
\u2013
5.1
Other investment
\u2013
\u2013
24.5
\u2013
24.5
Cash and cash equivalents
\u2013
\u2013
193.5
\u2013
193.5
Cash belonging to consolidated CLOs and structured
fund vehicles (restricted use)
\u2013
\u2013
141.4
\u2013
141.4
Total
3,653.0
5.1
561.9
40.2
4,260.2
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
(Restated)
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
(Restated)
Total
\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
154.5
29.8
184.3
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
Cash belonging to consolidated CLOs
\u2013
\u2013
69.0
\u2013
69.0
Total
2,720.6
26.4
337.5
29.8
3,114.3
Company
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables
\u2013
57.2
\u2013
57.2
Cash and cash equivalents
\u2013
0.1
\u2013
0.1
Total
\u2013
57.3
\u2013
57.3
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\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
(b)\u00a0 Fair value of fund investment
The investments primarily consist of loans or commitments made in relation to BE VII, VI and V, BEP IV, BDC V, BDC IV and III,
BG II, ECP V and IV, Calpine Continuation and Bridgepoint Generations funds.
The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets
and to evaluate their performance on a fair value basis.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
765.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
392.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised in profit or loss
11.6
(6.4)
Foreign exchange movements recognised in other comprehensive income
13.7
(7.5)
Disposals
(252.9)
(46.8)
Closing balance
853.6
765.6
The Company has no investment in funds at 31\u00a0December 2025 (2024: nil).\u00a0
(c)\u00a0 Other investments
Other investments are measured at amortised cost when they are held within a business model whose objective is to hold financial
assets to collect contractual cash flows, and the contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI). Other investments are measured at fair value through profit or loss where they are managed and their
performance evaluated on a fair value basis, or where they are not held within a hold to collect business model, or where the SPPI
criterion is not met. Certain other investments may also be designated at fair value through profit or loss on initial recognition if this
eliminates or significantly reduces an accounting mismatch.
In 2025, other investments include a credit investment that is being warehoused and managed on a fair value basis, with
performance evaluated using fair value information. Accordingly, it is measured at fair value through profit or loss.
The Company has no other investments at 31\u00a0December 2025 (2024: nil).
(a)\u00a0 Classification of financial liabilities
The following tables analyse the Group and Company\u2019s financial liabilities in accordance with the categories of financial instruments
defined in IFRS 9. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as
they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the
Consolidated Statement of Financial Position.
Group
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
41.5
\u2013
90.0
115.3
246.8
Other financial liabilities
317.4
\u2013
\u2013
\u2013
317.4
Lease liabilities
\u2013
\u2013
96.6
\u2013
96.6
Borrowings
\u2013
\u2013
451.2
\u2013
451.2
Derivative financial instruments
\u2013
33.5
\u2013
\u2013
33.5
Consolidated CLO liabilities
2,587.8
\u2013
25.5
\u2013
2,613.3
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
203.6
\u2013
203.6
Total
2,946.7
33.5
866.9
115.3
3,962.4
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
Company
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
\u2013
\u2013
27.8
0.3
28.1
Total financial liabilities
\u2013
\u2013
27.8
0.3
28.1
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
(d)\u00a0 Other financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Liabilities held at fair value through profit or loss:
CLO repurchase agreements
80.2
27.5
Amount payable to third-party investors
220.7
110.6
Amount payable to related party investors
16.5
21.3
Total
317.4
159.4
20\u00a0 Fair value measurement
(a)\u00a0 Fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access
at that date. The fair value of a liability reflects its non-performance risk.
The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the
measurements:
\u2013 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
\u2013 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs).
The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2025
2024
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund investments
\u2013
34.8
818.8
853.6
\u2013
13.0
752.6
765.6
Consolidated CLO assets
\u2013
2,799.4
\u2013
2,799.4
\u2013
1,955.0
\u2013
1,955.0
Derivative financial assets
\u2013
5.1
\u2013
5.1
\u2013
26.4
\u2013
26.4
Total
\u2013
2,839.3
818.8
3,658.1
\u2013
1,994.4
752.6
2,747.0
Financial Liabilities
Deferred contingent consideration payable
\u2013
\u2013
41.5
41.5
\u2013
\u2013
9.8
9.8
Other financial liabilities
\u2013
80.2
237.2
317.4
\u2013
\u2013
159.4
159.4
Consolidated CLO liabilities
\u2013
\u2013
2,587.8
2,587.8
\u2013
\u2013
1,696.2
1,696.2
Derivative financial liabilities
\u2013
33.5
\u2013
33.5
\u2013
4.2
\u2013
4.2
Total
\u2013
113.7
2,866.5
2,980.2
\u2013
4.2
1,865.4
1,869.6
Details on any transfers between levels in the fair value hierarchy during the year are found in note 20 (b) and 20 (c).
The Company has no financial assets and liabilities measured by fair value at 31 December 2025 (2024: nil).
(b)\u00a0 Reconciliation of level 3 fair value measurements of financial assets
A reconciliation of level 3 fair values for financial assets which primarily represent the Group\u2019s interest in private equity,
infrastructure and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below:
Group
2025
\u00a3 m
2024
\u00a3 m
Level 3 financial assets at fair value through profit or loss:
Opening balance
752.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
379.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised as profit or loss
11.6
(6.4)
Foreign exchange movements recognised as other comprehensive income
13.7
(7.5)
Disposals
(239.9)
(46.8)
Transfer (to)/from level 1 or 2
(34.8)
\u2013
Closing balance
818.8
752.6
The underlying assets in each fund consist of portfolios of controlling or minority equity stakes, typically in private companies, and
investments in their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets
within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13.
The Group holds investments with a fair value of \u00a3853.6m (2024: \u00a3765.6m) as of 31\u00a0December 2025. These consist of investments
amounting to \u00a3818.8m (2024: \u00a3752.6m) classified as level 3, due to the use of unobservable inputs, and other investments totalling
\u00a334.8m (2024: \u00a313.0m) classified as level 2, as observable data other than quoted price are\u00a0used. The transfer of \u00a334.8m (2024: nil)
to Level 2 assets relates to an investment whose valuation is now based on observable inputs.
A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 20 (e).
(c)\u00a0 Reconciliation of level 3 fair value measurement of financial liabilities
Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated
CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore
classified as level 3.
The valuation methodology for valuing the consolidated CLO liabilities is based upon internal discounted cash flow models with
unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates,
recovery rates and discount rates and are therefore considered level 3 financial liabilities.
A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
1,696.2
1,152.0
Additions
2,010.0
616.3
Change in fair value
(11.9)
0.8
Foreign exchange movements recognised as profit or loss
92.5
(52.9)
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
(1,199.0)
(20.0)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
2,587.8
1,696.2
A reconciliation of level 3 fair values for other financial liabilities at fair value through profit or loss is set out in the table below. The
table also includes the transfer of CLO repurchase agreements of \u00a380.2m (2024: \u00a327.5m) out of level 3 and into level 2.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in other financial liabilities at fair value through profit or loss which are level 3:
Opening balance
159.4
49.9
Additions from acquired subsidiaries
0.2
Additions
156.0
124.6
Change in fair value
19.2
(0.3)
Foreign exchange movements recognised as profit or loss
\u2013
\u2013
Foreign exchange movements recognised as other comprehensive income
8.6
(4.0)
Disposals
(25.8)
(11.0)
Transfer (to)/from level 1 or 2
(80.2)
\u2013
Closing balance
237.2
159.4
The movements in deferred contingent consideration, primarily relating to the ECP transaction completed in 2024, are set out in the
table below.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in deferred contingent considerations at fair value through profit or loss which are
level 3:
Opening balance
9.8
\u2013
Additions from acquired subsidiaries
\u2013
9.4
Additions
0.1
\u2013
Change in fair value
32.4
\u2013
Foreign exchange movements recognised as profit or loss
(0.8)
0.4
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
\u2013
\u2013
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
41.5
9.8
A sensitivity analysis of a change in the value of CLO liabilities and other financial liabilities at fair value through profit or loss is set
out in note 20 (e).
The Company does not hold any liabilities at fair value at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 Valuations
i)\u00a0 Private equity fund investments
Different valuation methodologies are used when valuing private equity fund investments:
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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples; and
\u2013 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.
ii)\u00a0 Credit fund investments
Different valuation methodologies are used when valuing credit fund investments.
Valuation Approach
Amortising to
par\u00a0method
Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there
are no 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-based
approach
\u2013 Market prices: 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 number of distinct
price quotations available from different sources. 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). Market prices further include the trading multiples of comparable publicly traded
companies.
\u2013 Use of recent transaction prices: Recent transactions can refer to transactions involving the underlying
investments or transactions involving similar businesses. Consideration is given to factors such as location,
time of sale, premiums and conditions of sale.
\u2013 Reference to comparable instruments: Consideration is given to comparable instruments, which have
similar terms, credit quality, maturity, etc. and are publicly traded in active markets.\u00a0
Income-based
approach
The Discounted Cash Flow (\u201cDCF\u201d) analysis incorporates expected future cash flows, market participant-
based discount rates and probability-weighted recovery assumptions.\u00a0 For CLO investments, additional
assumptions relating to the CLO\u2019s underlying asset portfolio, such as annual loan default rates / recovery
rates, prepayment rates, reinvestment rates and spreads are considered.
Asset-based
approach
For distressed or defaulted investments, the recovery value is estimated based on the value of the underlying
collateral and the relevant security\u2019s seniority within the investment structure. A liquidation analysis could
also be considered.
Enterprise Value
waterfall analysis
The Enterprise Value (\u201cEV\u201d) waterfall analysis is used for equity, preferred or subordinated instruments in
cases where EV basis assessments are appropriate. The EV might be estimated using market-based or
income-based approaches or indicative transaction prices in the case of an imminent sale process.
Other approaches
Considering the broad array of debt instruments that may be held by the funds, it may be deemed
appropriate for other valuation techniques to be utilised in certain cases.
iii)\u00a0 Infrastructure fund investments
Valuation Approach
Earnings
The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed
companies and relevant transactions are\u00a0available.
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\u00a0arrive 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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples or transaction multiples; and
\u2013 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.
Listed share price
Where a portfolio company has instruments traded on a recognised exchange the traded price is used to
value the investment, the traded price is applied to the number of shares held by the fund in the portfolio
company. The value is then adjusted to take into account any assets or liabilities in holding entities outside of
the listed company.
Discounted
cash\u00a0flows
Inputs used in the discounted cash flow analysis include discount rates and those used to project the
expected cash flows relating to the infrastructure portfolio company.
iv)\u00a0 Consolidated CLO assets
The consolidated CLO assets are priced using market price
where a loan is traded in the market and market prices can be
obtained for use in pricing. The inputs include market price
aggregation services or broker quotes where there is an active
market. The extent to which a market is active depends upon
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 any anomalies or other
inaccuracies in market pricing and whether there are other
factors that should be taken into account (for example, recent
transactions). As at 31\u00a0December 2025, 100% (2024: 100%) of
the CLO fund assets were priced using market prices and
classified as level 2.
v)\u00a0 Consolidated CLO liabilities
Where the Group is required to consolidate the liabilities of a
CLO, a net asset approach is used where the value of the
liabilities is driven by the value of the consolidated loan asset
portfolio and any residual cash, accrued interest and expenses
contained within the vehicle. This financial liability has been
classified as level 3.
vi)\u00a0 Deferred contingent consideration
The Group uses discounted cash flows to determine fair value of
the deferred contingent consideration which will be paid to ECP
vendors in relation to the acquisition of ECP. Inputs used in the
calculation of the deferred consideration include estimates
outcomes of certain management fee revenue, minimum and
maximum thresholds, different performance scenarios for ECP
and probability weightings, and a discount rate. This financial
liability has been classified as level 3.
vii) CLO repurchase agreements
The Group is party to a sale and repurchase agreement relating
to CLOs. The repurchase agreements are priced using market
price. This financial liability has been classified as level 2 (2024:
level 3).
viii)\u00a0 Other financial liabilities
The Group has entered a limited partnership agreement with
related party and third-party investors to contractually share
profits from those partnerships. The liabilities are calculated
using a percentage outlined within the agreement multiplied by
the profit from the partnerships. The\u00a0valuation is derived from
underlying value of the partnerships, which is based on the
unobservable market data and therefore these financial liabilities
are therefore classified as level 3.
Derivatives used for hedging, which are fair valued, are classified
as level 2 fair values as the inputs are observable.
Further details on estimation uncertainty in the valuation of
investments is set out in note 3 (b).
(e)\u00a0 Valuation inputs and sensitivity analysis
The number of unique investments represents the investments that the Group indirectly invests into through its investments in
private equity, infrastructure and credit funds. The table below sets out information about significant unobservable inputs used at
31\u00a0December 2025 in measuring financial instruments categorised as level 3 in the fair value hierarchy.
Description
Fair value
at 31
December
2025 (\u00a3m)
Fair value
at 31
December
2024 (\u00a3m)
Number
of unique
investments
Valuation
technique
Significant
unobservable inputs
Range
Sensitivity
Effect on fair
value at 31
December
2025 (\u00a3m)
Private equity fund
investments
585.5
581.4
87
Market
Earnings multiple
3.16x - 27.5x
+10% multiple
47.1
Approach
Revenue multiple
4.0x - 9.5x
\u201310% multiple
(47.9)
Infrastructure fund
investments
129.4
127.1
14
Market
Approach
Earnings multiple
7.2x - 16.1x
Upside case**
6.1
Downside case**
(5.4)
Discounted
Discount rate
8.5% - 24.4%
+1%discountrate
(3.3)
Cash Flow
-1% discount rate
5.6
Credit fund
investments
5.7
29.5
26
Market
Earnings multiple
5.0x - 26.4x
+10% Earnings multiple
0.2
Approach
Revenue multiple
3.0x - 11.7x
\u201310% Earnings multiple
(0.3)
479
Other
n/a
n/a
n/a
n/a
Group\u2019s investments
in CLOs that are not
consolidated*
1.1
14.6
7
Discounted
Cash Flow
Discount rate
12%
Upside case**
1.6
Default rate
1% - 2%
Recovery rate
35% - 65%
Prepayment rate
0.2
Downside case**
(0.8)
Reinvestment price
99.5%
Spread
3.5%
Group's investments
in consolidated fund
vehicles
97.1
\u2013
4
Other
Net asset value
(NAV)
n/a
+10% of NAV
9.7
\u201310% of NAV
(9.7)
Total assets
818.8
752.6
Consolidated CLO
liabilities*
2,587.8
1,696.2
61
Discounted
Cash Flow
Discount rate
0.12
Upside case**
167.3
Default rate
1% - 2%
Recovery rate
35% - 65%
CLO repurchase
agreements
\u2013
27.5
11
Prepayment rate
0.2
Downside case**
n/a
Reinvestment
price
1.0
Spread
0.0
Deferred contingent
consideration
41.5
9.8
n/a
Probability
Weighted
Expected
Return
Discount rate
9.8%
+1% discount rate
(1.3)
Scenario
probabilities
5% - 45%
-1% discount rate
1.3
Other financial
liabilities
237.2
131.9
n/a
Other
Net asset value
(NAV)
n/a
+10% of NAV
23.7
\u201310% of NAV
(23.7)
Total liabilities
2,866.5
1,865.4
* The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that that the Group has invested in, including \u00a315.3m of investments in CLOs that are not
consolidated (2024: \u00a314.6m) and \u00a3200.3m of investments in CLOs that are consolidated (2024: \u00a3117.7m). The sensitivity analysis for the investments in the notes of CLOs
that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the
table.
** The upside case is based on the key inputs used in the valuation model disclosed above being favourably adjusted from their base value by a factor of 10%. The downside case
adjusts these key inputs by a factor of 10% in the opposite direction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Group
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Fair value of fund investments
853.6
\u2013
\u2013
\u2013
853.6
Consolidated CLO assets
2,799.4
\u2013
79.4
\u2013
2,878.8
Trade and other receivables
\u2013
\u2013
123.1
40.2
163.3
Derivative financial instruments
\u2013
5.1
\u2013
\u2013
5.1
Other investment
\u2013
\u2013
24.5
\u2013
24.5
Cash and cash equivalents
\u2013
\u2013
193.5
\u2013
193.5
Cash belonging to consolidated CLOs and structured
fund vehicles (restricted use)
\u2013
\u2013
141.4
\u2013
141.4
Total
3,653.0
5.1
561.9
40.2
4,260.2
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
(Restated)
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not
financial\u00a0assets
\u00a3 m
(Restated)
Total
\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
154.5
29.8
184.3
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
Cash belonging to consolidated CLOs
\u2013
\u2013
69.0
\u2013
69.0
Total
2,720.6
26.4
337.5
29.8
3,114.3
Company
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables
\u2013
57.2
\u2013
57.2
Cash and cash equivalents
\u2013
0.1
\u2013
0.1
Total
\u2013
57.3
\u2013
57.3
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Financial assets\u00a0at
amortised\u00a0cost
\u00a3 m
Assets which are
not financial\u00a0assets
\u00a3 m
Total
\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
Group
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
41.5
\u2013
90.0
115.3
246.8
Other financial liabilities
317.4
\u2013
\u2013
\u2013
317.4
Lease liabilities
\u2013
\u2013
96.6
\u2013
96.6
Borrowings
\u2013
\u2013
451.2
\u2013
451.2
Derivative financial instruments
\u2013
33.5
\u2013
\u2013
33.5
Consolidated CLO liabilities
2,587.8
\u2013
25.5
\u2013
2,613.3
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
203.6
\u2013
203.6
Total
2,946.7
33.5
866.9
115.3
3,962.4
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
Company
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
\u2013
\u2013
27.8
0.3
28.1
Total financial liabilities
\u2013
\u2013
27.8
0.3
28.1
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
20\u00a0 Fair value measurement
(a)\u00a0 Fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access
at that date. The fair value of a liability reflects its non-performance risk.
The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the
measurements:
\u2013 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2013 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
\u2013 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs).
The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2025
2024
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund investments
\u2013
34.8
818.8
853.6
\u2013
13.0
752.6
765.6
Consolidated CLO assets
\u2013
2,799.4
\u2013
2,799.4
\u2013
1,955.0
\u2013
1,955.0
Derivative financial assets
\u2013
5.1
\u2013
5.1
\u2013
26.4
\u2013
26.4
Total
\u2013
2,839.3
818.8
3,658.1
\u2013
1,994.4
752.6
2,747.0
Financial Liabilities
Deferred contingent consideration payable
\u2013
\u2013
41.5
41.5
\u2013
\u2013
9.8
9.8
Other financial liabilities
\u2013
80.2
237.2
317.4
\u2013
\u2013
159.4
159.4
Consolidated CLO liabilities
\u2013
\u2013
2,587.8
2,587.8
\u2013
\u2013
1,696.2
1,696.2
Derivative financial liabilities
\u2013
33.5
\u2013
33.5
\u2013
4.2
\u2013
4.2
Total
\u2013
113.7
2,866.5
2,980.2
\u2013
4.2
1,865.4
1,869.6
Details on any transfers between levels in the fair value hierarchy during the year are found in note 20 (b) and 20 (c).
The Company has no financial assets and liabilities measured by fair value at 31 December 2025 (2024: nil).
(b)\u00a0 Reconciliation of level 3 fair value measurements of financial assets
A reconciliation of level 3 fair values for financial assets which primarily represent the Group\u2019s interest in private equity,
infrastructure and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below:
Group
2025
\u00a3 m
2024
\u00a3 m
Level 3 financial assets at fair value through profit or loss:
Opening balance
752.6
301.4
Additions from acquired subsidiaries
\u2013
108.7
Other additions
195.4
379.2
Change in fair value
120.2
24.0
Foreign exchange movements recognised as profit or loss
11.6
(6.4)
Foreign exchange movements recognised as other comprehensive income
13.7
(7.5)
Disposals
(239.9)
(46.8)
Transfer (to)/from level 1 or 2
(34.8)
\u2013
Closing balance
818.8
752.6
The underlying assets in each fund consist of portfolios of controlling or minority equity stakes, typically in private companies, and
investments in their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets
within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13.
The Group holds investments with a fair value of \u00a3853.6m (2024: \u00a3765.6m) as of 31\u00a0December 2025. These consist of investments
amounting to \u00a3818.8m (2024: \u00a3752.6m) classified as level 3, due to the use of unobservable inputs, and other investments totalling
\u00a334.8m (2024: \u00a313.0m) classified as level 2, as observable data other than quoted price are\u00a0used. The transfer of \u00a334.8m (2024: nil)
to Level 2 assets relates to an investment whose valuation is now based on observable inputs.
A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 20 (e).
(c)\u00a0 Reconciliation of level 3 fair value measurement of financial liabilities
Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated
CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore
classified as level 3.
The valuation methodology for valuing the consolidated CLO liabilities is based upon internal discounted cash flow models with
unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates,
recovery rates and discount rates and are therefore considered level 3 financial liabilities.
A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
1,696.2
1,152.0
Additions
2,010.0
616.3
Change in fair value
(11.9)
0.8
Foreign exchange movements recognised as profit or loss
92.5
(52.9)
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
(1,199.0)
(20.0)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
2,587.8
1,696.2
A reconciliation of level 3 fair values for other financial liabilities at fair value through profit or loss is set out in the table below. The
table also includes the transfer of CLO repurchase agreements of \u00a380.2m (2024: \u00a327.5m) out of level 3 and into level 2.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in other financial liabilities at fair value through profit or loss which are level 3:
Opening balance
159.4
49.9
Additions from acquired subsidiaries
0.2
Additions
156.0
124.6
Change in fair value
19.2
(0.3)
Foreign exchange movements recognised as profit or loss
\u2013
\u2013
Foreign exchange movements recognised as other comprehensive income
8.6
(4.0)
Disposals
(25.8)
(11.0)
Transfer (to)/from level 1 or 2
(80.2)
\u2013
Closing balance
237.2
159.4
The movements in deferred contingent consideration, primarily relating to the ECP transaction completed in 2024, are set out in the
table below.
Group
Group
2025
\u00a3 m
2024
\u00a3 m
Movement in deferred contingent considerations at fair value through profit or loss which are
level 3:
Opening balance
9.8
\u2013
Additions from acquired subsidiaries
\u2013
9.4
Additions
0.1
\u2013
Change in fair value
32.4
\u2013
Foreign exchange movements recognised as profit or loss
(0.8)
0.4
Foreign exchange movements recognised as other comprehensive income
\u2013
\u2013
Disposals
\u2013
\u2013
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
41.5
9.8
A sensitivity analysis of a change in the value of CLO liabilities and other financial liabilities at fair value through profit or loss is set
out in note 20 (e).
The Company does not hold any liabilities at fair value at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 Valuations
i)\u00a0 Private equity fund investments
Different valuation methodologies are used when valuing private equity fund investments:
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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples; and
\u2013 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.
ii)\u00a0 Credit fund investments
Different valuation methodologies are used when valuing credit fund investments.
Valuation Approach
Amortising to
par\u00a0method
Where a performing loan has been originated it is valued based upon its amortised cost. Provided that there
are no 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-based
approach
\u2013 Market prices: 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 number of distinct
price quotations available from different sources. 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). Market prices further include the trading multiples of comparable publicly traded
companies.
\u2013 Use of recent transaction prices: Recent transactions can refer to transactions involving the underlying
investments or transactions involving similar businesses. Consideration is given to factors such as location,
time of sale, premiums and conditions of sale.
\u2013 Reference to comparable instruments: Consideration is given to comparable instruments, which have
similar terms, credit quality, maturity, etc. and are publicly traded in active markets.\u00a0
Income-based
approach
The Discounted Cash Flow (\u201cDCF\u201d) analysis incorporates expected future cash flows, market participant-
based discount rates and probability-weighted recovery assumptions.\u00a0 For CLO investments, additional
assumptions relating to the CLO\u2019s underlying asset portfolio, such as annual loan default rates / recovery
rates, prepayment rates, reinvestment rates and spreads are considered.
Asset-based
approach
For distressed or defaulted investments, the recovery value is estimated based on the value of the underlying
collateral and the relevant security\u2019s seniority within the investment structure. A liquidation analysis could
also be considered.
Enterprise Value
waterfall analysis
The Enterprise Value (\u201cEV\u201d) waterfall analysis is used for equity, preferred or subordinated instruments in
cases where EV basis assessments are appropriate. The EV might be estimated using market-based or
income-based approaches or indicative transaction prices in the case of an imminent sale process.
Other approaches
Considering the broad array of debt instruments that may be held by the funds, it may be deemed
appropriate for other valuation techniques to be utilised in certain cases.
iii)\u00a0 Infrastructure fund investments
Valuation Approach
Earnings
The Group uses an earnings approach for infrastructure fund investments where a set of relevant listed
companies and relevant transactions are\u00a0available.
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\u00a0arrive 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:
\u2013 the original transaction price/entry multiple;
\u2013 recent transactions in the same or similar instruments;
\u2013 relevant comparable listed company multiples or transaction multiples; and
\u2013 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.
Listed share price
Where a portfolio company has instruments traded on a recognised exchange the traded price is used to
value the investment, the traded price is applied to the number of shares held by the fund in the portfolio
company. The value is then adjusted to take into account any assets or liabilities in holding entities outside of
the listed company.
Discounted
cash\u00a0flows
Inputs used in the discounted cash flow analysis include discount rates and those used to project the
expected cash flows relating to the infrastructure portfolio company.
iv)\u00a0 Consolidated CLO assets
The consolidated CLO assets are priced using market price
where a loan is traded in the market and market prices can be
obtained for use in pricing. The inputs include market price
aggregation services or broker quotes where there is an active
market. The extent to which a market is active depends upon
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 any anomalies or other
inaccuracies in market pricing and whether there are other
factors that should be taken into account (for example, recent
transactions). As at 31\u00a0December 2025, 100% (2024: 100%) of
the CLO fund assets were priced using market prices and
classified as level 2.
v)\u00a0 Consolidated CLO liabilities
Where the Group is required to consolidate the liabilities of a
CLO, a net asset approach is used where the value of the
liabilities is driven by the value of the consolidated loan asset
portfolio and any residual cash, accrued interest and expenses
contained within the vehicle. This financial liability has been
classified as level 3.
vi)\u00a0 Deferred contingent consideration
The Group uses discounted cash flows to determine fair value of
the deferred contingent consideration which will be paid to ECP
vendors in relation to the acquisition of ECP. Inputs used in the
calculation of the deferred consideration include estimates
outcomes of certain management fee revenue, minimum and
maximum thresholds, different performance scenarios for ECP
and probability weightings, and a discount rate. This financial
liability has been classified as level 3.
vii) CLO repurchase agreements
The Group is party to a sale and repurchase agreement relating
to CLOs. The repurchase agreements are priced using market
price. This financial liability has been classified as level 2 (2024:
level 3).
viii)\u00a0 Other financial liabilities
The Group has entered a limited partnership agreement with
related party and third-party investors to contractually share
profits from those partnerships. The liabilities are calculated
using a percentage outlined within the agreement multiplied by
the profit from the partnerships. The\u00a0valuation is derived from
underlying value of the partnerships, which is based on the
unobservable market data and therefore these financial liabilities
are therefore classified as level 3.
Derivatives used for hedging, which are fair valued, are classified
as level 2 fair values as the inputs are observable.
Further details on estimation uncertainty in the valuation of
investments is set out in note 3 (b).
(e)\u00a0 Valuation inputs and sensitivity analysis
The number of unique investments represents the investments that the Group indirectly invests into through its investments in
private equity, infrastructure and credit funds. The table below sets out information about significant unobservable inputs used at
31\u00a0December 2025 in measuring financial instruments categorised as level 3 in the fair value hierarchy.
Description
Fair value
at 31
December
2025 (\u00a3m)
Fair value
at 31
December
2024 (\u00a3m)
Number
of unique
investments
Valuation
technique
Significant
unobservable inputs
Range
Sensitivity
Effect on fair
value at 31
December
2025 (\u00a3m)
Private equity fund
investments
585.5
581.4
87
Market
Earnings multiple
3.16x - 27.5x
+10% multiple
47.1
Approach
Revenue multiple
4.0x - 9.5x
\u201310% multiple
(47.9)
Infrastructure fund
investments
129.4
127.1
14
Market
Approach
Earnings multiple
7.2x - 16.1x
Upside case**
6.1
Downside case**
(5.4)
Discounted
Discount rate
8.5% - 24.4%
+1%discountrate
(3.3)
Cash Flow
-1% discount rate
5.6
Credit fund
investments
5.7
29.5
26
Market
Earnings multiple
5.0x - 26.4x
+10% Earnings multiple
0.2
Approach
Revenue multiple
3.0x - 11.7x
\u201310% Earnings multiple
(0.3)
479
Other
n/a
n/a
n/a
n/a
Group\u2019s investments
in CLOs that are not
consolidated*
1.1
14.6
7
Discounted
Cash Flow
Discount rate
12%
Upside case**
1.6
Default rate
1% - 2%
Recovery rate
35% - 65%
Prepayment rate
0.2
Downside case**
(0.8)
Reinvestment price
99.5%
Spread
3.5%
Group's investments
in consolidated fund
vehicles
97.1
\u2013
4
Other
Net asset value
(NAV)
n/a
+10% of NAV
9.7
\u201310% of NAV
(9.7)
Total assets
818.8
752.6
Consolidated CLO
liabilities*
2,587.8
1,696.2
61
Discounted
Cash Flow
Discount rate
0.12
Upside case**
167.3
Default rate
1% - 2%
Recovery rate
35% - 65%
CLO repurchase
agreements
\u2013
27.5
11
Prepayment rate
0.2
Downside case**
n/a
Reinvestment
price
1.0
Spread
0.0
Deferred contingent
consideration
41.5
9.8
n/a
Probability
Weighted
Expected
Return
Discount rate
9.8%
+1% discount rate
(1.3)
Scenario
probabilities
5% - 45%
-1% discount rate
1.3
Other financial
liabilities
237.2
131.9
n/a
Other
Net asset value
(NAV)
n/a
+10% of NAV
23.7
\u201310% of NAV
(23.7)
Total liabilities
2,866.5
1,865.4
* The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that that the Group has invested in, including \u00a315.3m of investments in CLOs that are not
consolidated (2024: \u00a314.6m) and \u00a3200.3m of investments in CLOs that are consolidated (2024: \u00a3117.7m). The sensitivity analysis for the investments in the notes of CLOs
that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the
table.
** The upside case is based on the key inputs used in the valuation model disclosed above being favourably adjusted from their base value by a factor of 10%. The downside case
adjusts these key inputs by a factor of 10% in the opposite direction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
(e)\u00a0 Derivative financial assets
Group
2025
\u00a3 m
2024
\u00a3 m
Derivative financial assets
Forward contracts
5.1
26.4
The derivative financial instruments at 31\u00a0December 2025 relate to forward contracts that are used to hedge foreign exchange risk
(2024: forward contracts and foreign exchange options). Further detail on the hedging programme is set out in note 21 (b).
The Company does not have any derivative financial assets (2024: nil).
(g)\u00a0 Derivative financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Derivative financial liabilities
Forward contracts
33.5
4.2
The derivative financial instruments relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the
Group\u2019s hedging programme is set out in note 21 (b).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
(f)\u00a0 Trade and other receivables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Cost of acquisition
Total trade and other receivables include the deferred cost of acquisition and consist of expenditure in excess of the cap within the
relevant fund governing documents and fees paid to placement agents. Such costs are capitalised as current or non-current
prepayments and are amortised between two and six years. The movement in the capitalised costs of acquisition is set out in the
following table.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
14.2
4.9
Additions from acquired subsidiaries
\u2013
5.5
Other additions
6.7
11.6
Amortisation
(9.5)
(8.0)
Foreign exchange
(0.4)
0.2
Closing balance
11.0
14.2
ii)\u00a0 Other receivables
Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in
relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds
and from portfolio companies at 31\u00a0December 2025 were \u00a327.0m (2024: \u00a322.6m) and \u00a38.6m (2024: \u00a37.5m), respectively.
iii)\u00a0 Lease receivables
\u00a314.1m in non-current trade and other receivables and \u00a32.9m in current other receivables represent lease receivables on sublet
office premises.
Although the subleases may be classified as finance leases and give rise to a lease receivable, the Group retains exposure to risks
arising from the underlying assets and the head leases, including: (i) credit and vacancy risk in the event a sublessee fails to pay or the
subleased asset is not re-let, while payments under the head lease remain payable; (ii) residual value risk, including costs to restore the
underlying asset to the condition required under the head lease; and (iii) lease term mismatch risk where the head lease term exceeds
the sublease term.
The Group manages these retained risks through sublessee credit assessments, the use of security deposits where appropriate, and
contractual terms that largely mirror the head lease.
Two of the subleases are for 8 and 10 years respectively and expire in 2031, concurrent with the head-lease expiry.\u00a0 One sub-lease
was amended in the year to run until the expiry of the head-lease (which was also extended in the year) in 2036, while another of the
sub-leases from this head-lease was under negotiation as at year end 31 December 2025, with an expiry of 2027, and post year end
has been extended until 2036. One sublease runs until the end of the related head lease and expires in May 2026. The undiscounted
cash flows for these lease receivables during the year ended 31\u00a0December 2025 were \u00a33.8m (2024: \u00a33.2m). The finance income
earned on the subleases during the year ended 31\u00a0December 2025 was \u00a30.8m (2024: \u00a30.9m).
The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the
reporting date.
Group
Lease receivables
2025
\u00a3 m
2024
\u00a3 m
Due within 1 year
3.7
3.8
Due between 1 and 2 years
3.7
3.7
Due between 2 and 3 years
2.6
3.6
Due between 3 and 4 years
3.0
2.0
Due between 4 and 5 years
3.1
2.5
Due after more than 5 years
4.0
3.5
Total undiscounted lease payments receivables
20.1
19.1
Unearned finance income
(3.1)
(2.5)
Net investment in leases
17.0
16.6
Current
2.9
2.6
Non-current
14.1
14.0
17.0
16.6
The Company has no lease receivables at 31\u00a0December 2025 (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
(f)\u00a0 Trade and other receivables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Cost of acquisition
Total trade and other receivables include the deferred cost of acquisition and consist of expenditure in excess of the cap within the
relevant fund governing documents and fees paid to placement agents. Such costs are capitalised as current or non-current
prepayments and are amortised between two and six years. The movement in the capitalised costs of acquisition is set out in the
following table.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
14.2
4.9
Additions from acquired subsidiaries
\u2013
5.5
Other additions
6.7
11.6
Amortisation
(9.5)
(8.0)
Foreign exchange
(0.4)
0.2
Closing balance
11.0
14.2
ii)\u00a0 Other receivables
Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in
relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds
and from portfolio companies at 31\u00a0December 2025 were \u00a327.0m (2024: \u00a322.6m) and \u00a38.6m (2024: \u00a37.5m), respectively.
iii)\u00a0 Lease receivables
\u00a314.1m in non-current trade and other receivables and \u00a32.9m in current other receivables represent lease receivables on sublet
office premises.
Although the subleases may be classified as finance leases and give rise to a lease receivable, the Group retains exposure to risks
arising from the underlying assets and the head leases, including: (i) credit and vacancy risk in the event a sublessee fails to pay or the
subleased asset is not re-let, while payments under the head lease remain payable; (ii) residual value risk, including costs to restore the
underlying asset to the condition required under the head lease; and (iii) lease term mismatch risk where the head lease term exceeds
the sublease term.
The Group manages these retained risks through sublessee credit assessments, the use of security deposits where appropriate, and
contractual terms that largely mirror the head lease.
Two of the subleases are for 8 and 10 years respectively and expire in 2031, concurrent with the head-lease expiry.\u00a0 One sub-lease
was amended in the year to run until the expiry of the head-lease (which was also extended in the year) in 2036, while another of the
sub-leases from this head-lease was under negotiation as at year end 31 December 2025, with an expiry of 2027, and post year end
has been extended until 2036. One sublease runs until the end of the related head lease and expires in May 2026. The undiscounted
cash flows for these lease receivables during the year ended 31\u00a0December 2025 were \u00a33.8m (2024: \u00a33.2m). The finance income
earned on the subleases during the year ended 31\u00a0December 2025 was \u00a30.8m (2024: \u00a30.9m).
23\u00a0 Deferred tax
Group
2025
\u00a3 m
2024
\u00a3 m
Deferred tax assets
95.4
76.5
Deferred tax liabilities
(161.6)
(121.2)
Net deferred tax liability
(66.2)
(44.7)
Deferred tax assets
Other timing
differences
Management fee
hedges
Losses carried
forward
Total
At 31 December 2024
23.4
\u2013
53.1
76.5
Credit to other comprehensive income
\u2013
0.2
\u2013
0.2
Credit to the Consolidated Statement of Profit or Loss
4.0
\u2013
14.7
18.7
At 31 December 2025
27.4
0.2
67.8
95.4
Deferred tax liabilities
Other timing
differences
Management
fee hedges
Management
fee income and
investments
Capital
allowance
Total
At 31 December 2024
(18.8)
(3.5)
(97.5)
(1.4)
(121.2)
(Charge) to other comprehensive income
\u2013
3.5
\u2013
\u2013
3.5
Credit/(charge) to the Consolidated Statement of Profit or Loss
(1.9)
\u2013
(43.2)
1.2
(43.9)
At 31 December 2025
(20.7)
\u2013
(140.7)
(0.2)
(161.6)
Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fee income and a timing difference arising on the
remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised.
Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation.
Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a323.9m (2024: \u00a320.8m) and a deferred tax
liability on right-of-use assets amounting to \u00a319.2m (2024: \u00a316.6m). These will unwind over the period of the lease.
The Company has no deferred tax assets or liabilities (2024: nil).
The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
(f)\u00a0 Trade and other receivables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not
contain any significant financing components.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Non-current
Prepayments
1.3
1.6
\u2013
\u2013
Deferred cost of acquisition
8.2
10.3
\u2013
\u2013
Trade and other receivables
15.3
22.0
\u2013
\u2013
24.8
33.9
\u2013
\u2013
Current
Trade receivables
21.9
25.6
\u2013
\u2013
Accrued income
21.5
19.7
\u2013
\u2013
Prepayments
10.4
9.8
\u2013
\u2013
Deferred cost of acquisition
2.8
3.9
\u2013
\u2013
Other receivables
82.0
91.4
57.2
39.2
138.6
150.4
57.2
39.2
Total trade and other receivables
163.4
184.3
57.2
39.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
i)\u00a0 Cost of acquisition
Total trade and other receivables include the deferred cost of acquisition and consist of expenditure in excess of the cap within the
relevant fund governing documents and fees paid to placement agents. Such costs are capitalised as current or non-current
prepayments and are amortised between two and six years. The movement in the capitalised costs of acquisition is set out in the
following table.
Group
2025
\u00a3 m
2024
\u00a3 m
Opening balance
14.2
4.9
Additions from acquired subsidiaries
\u2013
5.5
Other additions
6.7
11.6
Amortisation
(9.5)
(8.0)
Foreign exchange
(0.4)
0.2
Closing balance
11.0
14.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
iii)\u00a0 Lease receivables
\u00a314.1m in non-current trade and other receivables and \u00a32.9m in current other receivables represent lease receivables on sublet
office premises.
Although the subleases may be classified as finance leases and give rise to a lease receivable, the Group retains exposure to risks
arising from the underlying assets and the head leases, including: (i) credit and vacancy risk in the event a sublessee fails to pay or the
subleased asset is not re-let, while payments under the head lease remain payable; (ii) residual value risk, including costs to restore the
underlying asset to the condition required under the head lease; and (iii) lease term mismatch risk where the head lease term exceeds
the sublease term.
The Group manages these retained risks through sublessee credit assessments, the use of security deposits where appropriate, and
contractual terms that largely mirror the head lease.
Two of the subleases are for 8 and 10 years respectively and expire in 2031, concurrent with the head-lease expiry.\u00a0 One sub-lease
was amended in the year to run until the expiry of the head-lease (which was also extended in the year) in 2036, while another of the
sub-leases from this head-lease was under negotiation as at year end 31 December 2025, with an expiry of 2027, and post year end
has been extended until 2036. One sublease runs until the end of the related head lease and expires in May 2026. The undiscounted
cash flows for these lease receivables during the year ended 31\u00a0December 2025 were \u00a33.8m (2024: \u00a33.2m). The finance income
earned on the subleases during the year ended 31\u00a0December 2025 was \u00a30.8m (2024: \u00a30.9m).
The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the
reporting date.
Group
Lease receivables
2025
\u00a3 m
2024
\u00a3 m
Due within 1 year
3.7
3.8
Due between 1 and 2 years
3.7
3.7
Due between 2 and 3 years
2.6
3.6
Due between 3 and 4 years
3.0
2.0
Due between 4 and 5 years
3.1
2.5
Due after more than 5 years
4.0
3.5
Total undiscounted lease payments receivables
20.1
19.1
Unearned finance income
(3.1)
(2.5)
Net investment in leases
17.0
16.6
Current
2.9
2.6
Non-current
14.1
14.0
17.0
16.6
The Company has no lease receivables at 31\u00a0December 2025 (2024: nil).
", "dimensions": { "concept": "bridgepointgroupplc:DisclosureOfLeaseReceivables", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the
reporting date.
Group
Lease receivables
2025
\u00a3 m
2024
\u00a3 m
Due within 1 year
3.7
3.8
Due between 1 and 2 years
3.7
3.7
Due between 2 and 3 years
2.6
3.6
Due between 3 and 4 years
3.0
2.0
Due between 4 and 5 years
3.1
2.5
Due after more than 5 years
4.0
3.5
Total undiscounted lease payments receivables
20.1
19.1
Unearned finance income
(3.1)
(2.5)
Net investment in leases
17.0
16.6
Current
2.9
2.6
Non-current
14.1
14.0
17.0
16.6
The Company has no lease receivables at 31\u00a0December 2025 (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
(g)\u00a0 Cash and Deposits
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Cash at bank and in hand
67.3
73.7
\u2013
0.7
Money market funds
126.2
16.3
0.1
\u2013
Deposits with original maturities of less than three months
\u2013
0.8
\u2013
\u2013
Total cash and cash equivalents
193.5
90.8
0.1
0.7
Cash belonging to consolidated CLOs and structured fund vehicles
(restricted use)
141.4
69.0
\u2013
\u2013
Total cash
334.9
159.8
\u2013
0.7
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use) is cash held by CLOs and other structured fund
vehicles consolidated by the Group and is not available for the Group\u2019s operating activities.
There are no material differences between the carrying amounts and fair values of cash and cash equivalents, deposits with original
maturities of less than three months and cash belonging to consolidated CLOs and fund vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Cash at bank and in hand
67.3
73.7
\u2013
0.7
Money market funds
126.2
16.3
0.1
\u2013
Deposits with original maturities of less than three months
\u2013
0.8
\u2013
\u2013
Total cash and cash equivalents
193.5
90.8
0.1
0.7
Cash belonging to consolidated CLOs and structured fund vehicles
(restricted use)
141.4
69.0
\u2013
\u2013
Total cash
334.9
159.8
\u2013
0.7
Cash belonging to consolidated CLOs and structured fund vehicles (restricted use) is cash held by CLOs and other structured fund
vehicles consolidated by the Group and is not available for the Group\u2019s operating activities.
There are no material differences between the carrying amounts and fair values of cash and cash equivalents, deposits with original
maturities of less than three months and cash belonging to consolidated CLOs and fund vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
18\u00a0 Financial liabilities
(a)\u00a0 Classification of financial liabilities
The following tables analyse the Group and Company\u2019s financial liabilities in accordance with the categories of financial instruments
defined in IFRS 9. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as
they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the
Consolidated Statement of Financial Position.
Group
As at 31 December 2025
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
41.5
\u2013
90.0
115.3
246.8
Other financial liabilities
317.4
\u2013
\u2013
\u2013
317.4
Lease liabilities
\u2013
\u2013
96.6
\u2013
96.6
Borrowings
\u2013
\u2013
451.2
\u2013
451.2
Derivative financial instruments
\u2013
33.5
\u2013
\u2013
33.5
Consolidated CLO liabilities
2,587.8
\u2013
25.5
\u2013
2,613.3
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
203.6
\u2013
203.6
Total
2,946.7
33.5
866.9
115.3
3,962.4
Group
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
Company
As at 31 December 2025
Fair value
through profit\u00a0or
loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\u00a3 m
Trade and other payables
\u2013
\u2013
27.8
0.3
28.1
Total financial liabilities
\u2013
\u2013
27.8
0.3
28.1
Company
As at 31 December 2024
Fair value through
profit\u00a0or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial
liabilities\u00a0at
amortised\u00a0cost
\u00a3 m
Liabilities which
are not
financial\u00a0liabilities
\u00a3 m
Total
\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
(b)\u00a0 Trade and other payables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Amounts due in more than one year:
Management incentive scheme
0.9
13.5
\u2013
\u2013
Deferred contingent consideration payable
41.5
9.8
\u2013
\u2013
Other payables
7.1
8.6
\u2013
\u2013
Accrued expenses
4.0
3.7
\u2013
\u2013
53.5
35.6
\u2013
\u2013
Amounts due within one year:
Management incentive scheme
25.9
\u2013
\u2013
\u2013
Trade payables
12.0
21.0
\u2013
0.8
Accrued expenses
119.3
97.0
0.7
0.8
Amounts due to related parties
\u2013
\u2013
\u2013
\u2013
Social security and other taxes
7.5
2.9
\u2013
\u2013
Deferred income
2.2
7.8
\u2013
\u2013
Other payables
26.4
28.4
27.5
6.9
193.3
157.1
28.1
8.5
Total trade and other payables
246.8
192.7
28.1
8.5
There are no material differences between the above amounts for trade and other payables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Management incentive scheme
In April 2021, a subsidiary of the Company, Bridgepoint Credit Holdings Limited (\u201cBCHL\u201d), issued shares to certain employees of
the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating
employees have the option to sell and the Group has the option to buy the shares in the future based upon a pre-determined formula
which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been
accounted for as an other long-term employment benefit under IAS 19 as it is not linked to the value of the equity of BCHL or
equity instruments of other Group members, but is based on the revenue generated by certain funds managed by the Group.
In the year ended 31\u00a0December 2025, an expense of \u00a311.6m (2024: \u00a31.2m) and corresponding liability of the same amount have
been recognised based upon funds raised and forecast projections and associated expected future management fees which exceed the
targets at that date. The expense is treated as exceptional as it relates to a one-off incentive award put in place following the EQT
Credit transaction.
ii)\u00a0 Deferred contingent consideration payable (earn-out)
The deferred contingent consideration payable of \u00a341.5m primarily includes \u00a338.7m (2024: \u00a39.5m) from the ECP transaction. The
amount is calculated by reference to future contracted management fees of ECP at the reference date and the implied share price of
the Company which determines the value of shares to be issued under the scheme. Further details of the valuation are provided in
note 20 (d).
iii)\u00a0 Accrued expenses
Accrued expenses include amounts that have been incurred but not yet invoiced, and employee bonuses.
iv)\u00a0 Deferred income
Deferred income includes amounts that have been received in relation to fund management activity for services that have not been
provided.
v)\u00a0 Other payables
Non-current other payables represent deferred non-contingent consideration to be paid to the ECP vendors in future years.
Current other payables include interest payable on private placement borrowings. They also include tax and other provisions.\u00a0
vi)\u00a0 Trade payables
Current trade payables of \u00a312.0m (2024: \u00a38.0m) represent amounts owed to third parties for goods and services received but not
yet settled at the reporting date. The 2024 balance also included \u00a313m relating to trades executed on behalf of CLOs, which were
settled before 31 December 2025. \u00a0
(c)\u00a0 Borrowings
Group
Non-current:
2025
Principal
\u00a3m
Fixed interest
%
Maturity
date
ECP private placement debt
Series A Notes
16.3
5.70
7 July 2027
Series B Notes
64.6
5.79
7 July 2029
Series C Notes
55.7
5.94
7 July 2032
Sub-total / weighted coupon
136.6
5.84
US private placement debt
Series A Notes
37.2
6.18
7 June 2027
Series B Notes
96.6
6.20
6 June 2029
Series C Notes
130.0
6.31
6 June 2031
Series D Notes
55.7
6.46
6 June 2034
Sub-total / weighted coupon
319.5
6.29
Borrowings at 31 December / weighted coupon
456.1
6.16
Capitalised facility costs
(4.9)
Total borrowings at 31 December / weighted coupon
451.2
6.16
Group
Non-current:
2024
Principal
\u00a3m
Fixed interest
%
Maturity
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
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
i)\u00a0 ECP private placement debt
In July 2022, ECP completed the issuance and sale of $225.0m in aggregate principal amount private placement debt. $184.0m
(\u00a3136.6m) of the notes remain outstanding at 31\u00a0December 2025 after $41.0m of notes were redeemed at par in 2024.
The debt is unsecured and is held at amortised cost and the Group has determined to approximate the fair value of these liabilities.
ii)\u00a0 US private placement debt ($430m)
The Group completed the issuance and sale of $430.0m in aggregate principal amount of Series A, B, C and D notes (collectively, the
USPP) following the completion of the ECP transaction in\u00a02024.
Qualifying costs have been capitalised and are amortised over the weighted average life of the notes. Interest is payable semi-
annually at the fixed stated interest rates. During the year ended 31\u00a0December 2025 the interest expense and debt issuance cost
amortisation totalled \u00a321.5m (2024: \u00a34.1m). The USPP is held at amortised cost, \u00a3319.5m (2024: \u00a3343.3m), which the Group has
determined to approximate the fair value of these liabilities.
iii)\u00a0 Borrowing facility agreement
In 2023, the Group entered into a borrowing facility agreement for \u00a3250.0m. During March 2026, this agreement was renewed and
increased to \u00a3400.0m. At 31\u00a0December 2025, there were no drawn amounts outstanding on this facility (2024: nil).
The Group\u2019s borrowing facility and US private placement notes are subject to covenants based on a ratio of adjusted EBITDA to net
finance charges and a ratio of total net debt to adjusted EBITDA on a rolling annual period. During the year the Group was fully
compliant with banking covenants.\u00a0
The Company has no drawn borrowings at 31\u00a0December 2025 (2024: nil).
(d)\u00a0 Other financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Liabilities held at fair value through profit or loss:
CLO repurchase agreements
80.2
27.5
Amount payable to third-party investors
220.7
110.6
Amount payable to related party investors
16.5
21.3
Total
317.4
159.4
i)\u00a0 CLO repurchase agreements
The Group has entered into an arrangement to sell and repurchase interests in CLO 2, 3, V, VI and IX, which totals \u00a380.2m (2024:
\u00a327.5m). The repurchase agreements will be repaid at face value at the scheduled repurchase date of each relevant CLO, unless an
earlier date is agreed as per the agreement. The interest payable over the life of the repurchase is equal to any distributions received
by the relevant notes to which the repurchase agreement relates.
ii)\u00a0 Amounts payable to third-party investors and related party investors
The Group consolidates a number of limited partnerships through which some of the Group\u2019s investments in funds are held. The
Group\u2019s interest only constitutes a portion of the total and therefore other financial liabilities include the fair value of the amounts
due to external parties, who are either third-party investors (non-Group subsidiaries or affiliates) or related party investors (Group
subsidiaries or affiliates), under the relevant limited partnership agreements. Due to the nature of this agreement, being a
contractually agreed profit share to third-party investors and related party investors, the Group recognises their interest as a financial
liability which is fair valued through profit or loss at each reporting.
The Company has no other financial liabilities at 31\u00a0December 2025 (2024: nil).
(e)\u00a0 Consolidated CLO liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Liabilities of CLOs consolidated by the Group (non-current)
2,587.8
1,696.2
Liabilities of CLOs consolidated by the Group (current)
25.5
20.6
Total
2,613.3
1,716.8
Non-current CLO liabilities are designated as financial liabilities at fair value through profit or loss.
Consolidated CLO liabilities represent notes issued by CLOs which are consolidated by and have been originated by the Group.
(f)\u00a0 Consolidated CLO purchases awaiting settlement
Group
2025
\u00a3 m
2024
\u00a3 m
Consolidated CLO purchases awaiting settlement
203.6
212.7
Amounts payable for purchases of CLO assets awaiting settlement are recognised at the point at which the CLO has a contractual
obligation to exchange cash.
(g)\u00a0 Derivative financial liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Derivative financial liabilities
Forward contracts
33.5
4.2
The derivative financial instruments relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the
Group\u2019s hedging programme is set out in note 21 (b).
(h)\u00a0 Commitments
The Group\u2019s undrawn capital commitments to the Group funds at year end are shown in the table below excluding commitments
due from third-party investors, where the structured vehicle is consolidated within the consolidated financial statements. Capital
commitments are called over time, typically between one to five years following the entry into the commitment. Capital
commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called.
Commitments may increase where distributions made by the fund are recallable.
Group
2025
\u00a3 m
2024
\u00a3 m
Private equity funds
290.7
325.9
Infrastructure funds
83.7
35.8
Credit funds
0.5
20.5
Total committed capital
374.9
382.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
(b)\u00a0 Trade and other payables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Amounts due in more than one year:
Management incentive scheme
0.9
13.5
\u2013
\u2013
Deferred contingent consideration payable
41.5
9.8
\u2013
\u2013
Other payables
7.1
8.6
\u2013
\u2013
Accrued expenses
4.0
3.7
\u2013
\u2013
53.5
35.6
\u2013
\u2013
Amounts due within one year:
Management incentive scheme
25.9
\u2013
\u2013
\u2013
Trade payables
12.0
21.0
\u2013
0.8
Accrued expenses
119.3
97.0
0.7
0.8
Amounts due to related parties
\u2013
\u2013
\u2013
\u2013
Social security and other taxes
7.5
2.9
\u2013
\u2013
Deferred income
2.2
7.8
\u2013
\u2013
Other payables
26.4
28.4
27.5
6.9
193.3
157.1
28.1
8.5
Total trade and other payables
246.8
192.7
28.1
8.5
There are no material differences between the above amounts for trade and other payables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Management incentive scheme
In April 2021, a subsidiary of the Company, Bridgepoint Credit Holdings Limited (\u201cBCHL\u201d), issued shares to certain employees of
the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating
employees have the option to sell and the Group has the option to buy the shares in the future based upon a pre-determined formula
which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been
accounted for as an other long-term employment benefit under IAS 19 as it is not linked to the value of the equity of BCHL or
equity instruments of other Group members, but is based on the revenue generated by certain funds managed by the Group.
In the year ended 31\u00a0December 2025, an expense of \u00a311.6m (2024: \u00a31.2m) and corresponding liability of the same amount have
been recognised based upon funds raised and forecast projections and associated expected future management fees which exceed the
targets at that date. The expense is treated as exceptional as it relates to a one-off incentive award put in place following the EQT
Credit transaction.
ii)\u00a0 Deferred contingent consideration payable (earn-out)
The deferred contingent consideration payable of \u00a341.5m primarily includes \u00a338.7m (2024: \u00a39.5m) from the ECP transaction. The
amount is calculated by reference to future contracted management fees of ECP at the reference date and the implied share price of
the Company which determines the value of shares to be issued under the scheme. Further details of the valuation are provided in
note 20 (d).
iii)\u00a0 Accrued expenses
Accrued expenses include amounts that have been incurred but not yet invoiced, and employee bonuses.
iv)\u00a0 Deferred income
Deferred income includes amounts that have been received in relation to fund management activity for services that have not been
provided.
v)\u00a0 Other payables
Non-current other payables represent deferred non-contingent consideration to be paid to the ECP vendors in future years.
Current other payables include interest payable on private placement borrowings. They also include tax and other provisions.\u00a0
vi)\u00a0 Trade payables
Current trade payables of \u00a312.0m (2024: \u00a38.0m) represent amounts owed to third parties for goods and services received but not
yet settled at the reporting date. The 2024 balance also included \u00a313m relating to trades executed on behalf of CLOs, which were
settled before 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
(b)\u00a0 Trade and other payables
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Amounts due in more than one year:
Management incentive scheme
0.9
13.5
\u2013
\u2013
Deferred contingent consideration payable
41.5
9.8
\u2013
\u2013
Other payables
7.1
8.6
\u2013
\u2013
Accrued expenses
4.0
3.7
\u2013
\u2013
53.5
35.6
\u2013
\u2013
Amounts due within one year:
Management incentive scheme
25.9
\u2013
\u2013
\u2013
Trade payables
12.0
21.0
\u2013
0.8
Accrued expenses
119.3
97.0
0.7
0.8
Amounts due to related parties
\u2013
\u2013
\u2013
\u2013
Social security and other taxes
7.5
2.9
\u2013
\u2013
Deferred income
2.2
7.8
\u2013
\u2013
Other payables
26.4
28.4
27.5
6.9
193.3
157.1
28.1
8.5
Total trade and other payables
246.8
192.7
28.1
8.5
There are no material differences between the above amounts for trade and other payables and their fair value as these do not
contain any significant financing components.
i)\u00a0 Management incentive scheme
In April 2021, a subsidiary of the Company, Bridgepoint Credit Holdings Limited (\u201cBCHL\u201d), issued shares to certain employees of
the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating
employees have the option to sell and the Group has the option to buy the shares in the future based upon a pre-determined formula
which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been
accounted for as an other long-term employment benefit under IAS 19 as it is not linked to the value of the equity of BCHL or
equity instruments of other Group members, but is based on the revenue generated by certain funds managed by the Group.
In the year ended 31\u00a0December 2025, an expense of \u00a311.6m (2024: \u00a31.2m) and corresponding liability of the same amount have
been recognised based upon funds raised and forecast projections and associated expected future management fees which exceed the
targets at that date. The expense is treated as exceptional as it relates to a one-off incentive award put in place following the EQT
Credit transaction.
ii)\u00a0 Deferred contingent consideration payable (earn-out)
The deferred contingent consideration payable of \u00a341.5m primarily includes \u00a338.7m (2024: \u00a39.5m) from the ECP transaction. The
amount is calculated by reference to future contracted management fees of ECP at the reference date and the implied share price of
the Company which determines the value of shares to be issued under the scheme. Further details of the valuation are provided in
note 20 (d).
iii)\u00a0 Accrued expenses
Accrued expenses include amounts that have been incurred but not yet invoiced, and employee bonuses.
iv)\u00a0 Deferred income
Deferred income includes amounts that have been received in relation to fund management activity for services that have not been
provided.
v)\u00a0 Other payables
Non-current other payables represent deferred non-contingent consideration to be paid to the ECP vendors in future years.
Current other payables include interest payable on private placement borrowings. They also include tax and other provisions.\u00a0
vi)\u00a0 Trade payables
Current trade payables of \u00a312.0m (2024: \u00a38.0m) represent amounts owed to third parties for goods and services received but not
yet settled at the reporting date. The 2024 balance also included \u00a313m relating to trades executed on behalf of CLOs, which were
settled before 31 December 2025.
23\u00a0 Deferred tax
Group
2025
\u00a3 m
2024
\u00a3 m
Deferred tax assets
95.4
76.5
Deferred tax liabilities
(161.6)
(121.2)
Net deferred tax liability
(66.2)
(44.7)
Deferred tax assets
Other timing
differences
Management fee
hedges
Losses carried
forward
Total
At 31 December 2024
23.4
\u2013
53.1
76.5
Credit to other comprehensive income
\u2013
0.2
\u2013
0.2
Credit to the Consolidated Statement of Profit or Loss
4.0
\u2013
14.7
18.7
At 31 December 2025
27.4
0.2
67.8
95.4
Deferred tax liabilities
Other timing
differences
Management
fee hedges
Management
fee income and
investments
Capital
allowance
Total
At 31 December 2024
(18.8)
(3.5)
(97.5)
(1.4)
(121.2)
(Charge) to other comprehensive income
\u2013
3.5
\u2013
\u2013
3.5
Credit/(charge) to the Consolidated Statement of Profit or Loss
(1.9)
\u2013
(43.2)
1.2
(43.9)
At 31 December 2025
(20.7)
\u2013
(140.7)
(0.2)
(161.6)
Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fee income and a timing difference arising on the
remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised.
Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation.
Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a323.9m (2024: \u00a320.8m) and a deferred tax
liability on right-of-use assets amounting to \u00a319.2m (2024: \u00a316.6m). These will unwind over the period of the lease.
The Company has no deferred tax assets or liabilities (2024: nil).
The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Amounts due in more than one year:
Management incentive scheme
0.9
13.5
\u2013
\u2013
Deferred contingent consideration payable
41.5
9.8
\u2013
\u2013
Other payables
7.1
8.6
\u2013
\u2013
Accrued expenses
4.0
3.7
\u2013
\u2013
53.5
35.6
\u2013
\u2013
Amounts due within one year:
Management incentive scheme
25.9
\u2013
\u2013
\u2013
Trade payables
12.0
21.0
\u2013
0.8
Accrued expenses
119.3
97.0
0.7
0.8
Amounts due to related parties
\u2013
\u2013
\u2013
\u2013
Social security and other taxes
7.5
2.9
\u2013
\u2013
Deferred income
2.2
7.8
\u2013
\u2013
Other payables
26.4
28.4
27.5
6.9
193.3
157.1
28.1
8.5
Total trade and other payables
246.8
192.7
28.1
8.5
iii)\u00a0 Accrued expenses
Accrued expenses include amounts that have been incurred but not yet invoiced, and employee bonuses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
iv)\u00a0 Deferred income
Deferred income includes amounts that have been received in relation to fund management activity for services that have not been
provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
(c)\u00a0 Borrowings
Group
Non-current:
2025
Principal
\u00a3m
Fixed interest
%
Maturity
date
ECP private placement debt
Series A Notes
16.3
5.70
7 July 2027
Series B Notes
64.6
5.79
7 July 2029
Series C Notes
55.7
5.94
7 July 2032
Sub-total / weighted coupon
136.6
5.84
US private placement debt
Series A Notes
37.2
6.18
7 June 2027
Series B Notes
96.6
6.20
6 June 2029
Series C Notes
130.0
6.31
6 June 2031
Series D Notes
55.7
6.46
6 June 2034
Sub-total / weighted coupon
319.5
6.29
Borrowings at 31 December / weighted coupon
456.1
6.16
Capitalised facility costs
(4.9)
Total borrowings at 31 December / weighted coupon
451.2
6.16
Group
Non-current:
2024
Principal
\u00a3m
Fixed interest
%
Maturity
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
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
i)\u00a0 CLO repurchase agreements
The Group has entered into an arrangement to sell and repurchase interests in CLO 2, 3, V, VI and IX, which totals \u00a380.2m (2024:
\u00a327.5m). The repurchase agreements will be repaid at face value at the scheduled repurchase date of each relevant CLO, unless an
earlier date is agreed as per the agreement. The interest payable over the life of the repurchase is equal to any distributions received
by the relevant notes to which the repurchase agreement relates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
(h)\u00a0 Commitments
The Group\u2019s undrawn capital commitments to the Group funds at year end are shown in the table below excluding commitments
due from third-party investors, where the structured vehicle is consolidated within the consolidated financial statements. Capital
commitments are called over time, typically between one to five years following the entry into the commitment. Capital
commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called.
Commitments may increase where distributions made by the fund are recallable.
Group
2025
\u00a3 m
2024
\u00a3 m
Private equity funds
290.7
325.9
Infrastructure funds
83.7
35.8
Credit funds
0.5
20.5
Total committed capital
374.9
382.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
(h)\u00a0 Commitments
The Group\u2019s undrawn capital commitments to the Group funds at year end are shown in the table below excluding commitments
due from third-party investors, where the structured vehicle is consolidated within the consolidated financial statements. Capital
commitments are called over time, typically between one to five years following the entry into the commitment. Capital
commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called.
Commitments may increase where distributions made by the fund are recallable.
Group
2025
\u00a3 m
2024
\u00a3 m
Private equity funds
290.7
325.9
Infrastructure funds
83.7
35.8
Credit funds
0.5
20.5
Total committed capital
374.9
382.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
19\u00a0 Lease liabilities
Group
2025
\u00a3 m
2024
\u00a3 m
Lease liabilities
Current
12.6
13.5
Non-current
84.0
74.4
Total
96.6
87.9
The lease liabilities relate to rental payments in respect of the Group\u2019s rented offices. The leases extend up to 10 years.
The lease contracts include either inflationary increases to the rent payable or periodic review of the rent payable. The liability has
been determined at each period end, based upon expected changes in the contractual rent payable, as well as any planned exercise of
any break or early exit.
The lease liability is sensitive to assumptions relating to the selection and application of the incremental borrowing rate (IBR) and
those relating to the exercise or non-exercise of lease break clauses.
The determination of the lease term for each lease involves the Group assessing any extension and termination options, the
enforceability of such options, and judging whether it is reasonably certain that they will be exercised. A number of leases contain
such clauses. The Group periodically reassesses the lease term and this assessment is based on all relevant facts and circumstances.
Should a change occur, the Group modifies the lease liability and associated right-of-use asset to reflect the remaining expected cash
flows.
For each lease, a conclusion was reached on the overall likelihood of the option being exercised. The potential future cash outflows
relating to extension options not included in the measurement of lease liabilities are \u00a321.0m (2024: nil) due to changes in contracts
and offices.
The IBR has been determined by combining the relevant reference risk-free rate for each currency, consideration of adjustments for
country-specific risks and applying a financing spread observable for comparable companies. In order to validate the reasonableness
of the IBR, it has been compared to the margin payable on the Group\u2019s revolving credit facility, and was found to be comparable. If
the IBR had been 1% higher or lower, the impact on the lease liability would be:
Group
2025
\u00a3 m
2024
\u00a3 m
Increase of 1%
(3.1)
(2.1)
Decrease of 1%
3.2
3.1
The lease payments are allocated between principal and finance expense. The finance expense is charged to the profit or loss over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability.
The Consolidated Statement of Profit or Loss includes the following amounts relating to the lease liabilities:
Group
2025
\u00a3 m
2024
\u00a3 m
Interest on lease liability
4.1
3.6
The Company has no lease liabilities (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
21\u00a0 Financial risk management
In its activities , the Group is exposed to various financial risks: price and valuation risk, market risk (including exposure to interest
rates and foreign exchange rates), liquidity risk and credit risk arising from financial instruments. The Group\u2019s senior management is
responsible for the creation and management of an overall risk management policy in the Group.
The Group Consolidated Statement of Financial Position is made up predominantly of investments into private equity,
infrastructure and credit funds, consolidated CLO assets and liabilities, cash and cash equivalents, lease liabilities, CLO purchases
awaiting settlement and other financial liabilities.
The assets of a private equity and infrastructure fund are controlling or minority equity stakes, typically in private companies, and
debt in such companies. The\u00a0assets of credit funds and the consolidated CLO vehicles are loans to private companies. The financial
risks relating to such investments inherently vary, based on the nature of the investments (equity or debt), and recovery and returns
from capital invested will depend upon the financial health and prospects of each underlying investee entity. As part of capital
deployment, each fund is constructed as a diversified portfolio of assets, diversified by number of assets, industries and geographies.
Risk management policies are established to identify and analyse the risks faced by the Group and to set appropriate risk limits and
controls. Policies are reviewed on a regular basis to reflect changes in the market conditions and the Group\u2019s activities. The Group,
through its training and management standards and procedures, aims to develop a disciplined and constructive control environment
in\u00a0which all employees understand their roles and obligations.
The Company Statement of Financial Position is made up predominantly of investments in subsidiaries, cash and cash equivalents,
and\u00a0derivative financial instruments.
(a)\u00a0 Price and valuation risk
Price and valuation risk is the uncertainty about the difference between the reported value and the price that could be obtained on
exit or maturity of an asset or liability. This principally relates to investments in funds which hold portfolios of private equity,
infrastructure and debt investments, investments held by consolidated CLOs, and notes issued by consolidated CLOs.
This uncertainty arises due to the use of unobservable inputs in the calculation of fair value, the performance and financial health of
portfolio companies and, ultimately \u2013 in relation to investments in private equity \u2013 what a third-party may be willing to pay for the
relevant business. There is less uncertainty for investments in debt as the upside is capped to the maximum of the principal and
interest receipts, whereas private equity investments have greater potential for larger changes in their valuation as the upside is not
capped.
The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and maintains focus throughout
the\u00a0investment life of each company. All investments are formally reviewed through dedicated forums. The review process involves
a rigorous assessment of a company\u2019s financial performance, financial health (including covenant coverage) and exit prospects. The
Group values all investments in line with the IPEV Guidelines at least twice a year, and in most cases quarterly. Each investment
undergoes the same detailed valuation process in accordance with the Group\u2019s valuation policies. Completed valuations are
presented and discussed at the relevant valuation governance forum for approval. Valuation methodologies together with the
significant unobservable inputs applied for the Group\u2019s financial assets and liabilities are included in note 20 (e).
The Company has no significant exposure to price and valuation risk.
(b)\u00a0 Foreign exchange risk
Foreign exchange risk is the risk of losses or other adverse effects resulting from a change in a foreign exchange rate, or from other
unfavourable changes in relation to a foreign currency. The Group is primarily exposed to two types of foreign exchange risk:
\u2013 Transaction risk: the adverse effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement.
It\u00a0is the exchange rate, or currency, risk associated specifically with the time delay between entering into a trade or contract and
then settling it. As the majority of the Group\u2019s income is denominated in euro or US dollars, this means that its income when
recognised in\u00a0pounds sterling is subject to exposure to foreign exchange rate movements over time.
\u2013 Translation risk: the risk of adverse changes in the rates at which assets, liabilities, income or costs in foreign currencies are
translated into the reporting currency. The Group holds financial assets and liabilities denominated in currencies other than
pounds sterling, the\u00a0presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of
financial assets and\u00a0liabilities denominated in other currencies will fluctuate due to changes in exchange rate.
The Group undertakes hedging where foreign currency transactions give rise to a mismatch of the cash flow of the underlying
currency. For example, the Group\u2019s private equity and credit businesses earn management fees predominantly in euro, but have a
cost base predominantly in pounds sterling, giving rise to mismatch. The Group also undertakes hedging where balance sheet
exposures in currencies could result in significant volatility in earnings.
The Group does not currently hedge the US dollar earnings of the ECP business on the basis that management fee income and the
cost base are both denominated in US dollars, and there is a degree of natural hedging arising from the interest payable on the
Group\u2019s USPP borrowings which are denominated in US dollars.
A summary of the foreign exchange hedging undertaken by the Group for euro-denominated management fees, euro investments
and\u00a0US dollar liabilities is set out below.
The Company has no significant exposure to foreign currency risk.
Hedging of euro management fees
In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap
agreements to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro-denominated
income to future spot rate volatility. The level of hedging is determined with reference to the amount of pounds sterling-
denominated costs and dividends. The level of hedging provides for almost full coverage in 2025, reducing in 2026 and 2027, with
hedging increased and extended as part of the ongoing hedging strategy over time.
The nominal value of open trades at the year end date to match certain expected future cash flows is shown in the table below, along
with the aggregate mark-to-market of the year end date.
Group
2025
\u00a3 m
2024
\u00a3 m
Nominal value of forward trades and swap agreements in pounds sterling
818.2
534.0
Mark-to-market value at year end
(0.9)
14.5
Average forward rate (GBP/EUR)
1.14
1.13
These hedges are in place to match known future cash flows, and the Group has decided to use cash flow hedge accounting as
allowed and determined under IFRS 9.
The change in value that has been recognised as ineffective in the Consolidated Statement of Profit or Loss, the amount of the
effective portion recognised within the cash flow hedge reserve and amounts released to the Consolidated Statement of Profit or
Loss during the year are shown in the table below. There was no hedge ineffectiveness.
Group
2025
\u00a3 m
2024
\u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
(6.7)
14.0
Reclassified to profit or loss upon settlement of hedges
(8.7)
0.3
Hedge ineffectiveness could occur if the amount of hedging is more than the amount of the euro-denominated income and due to
timing differences between receipt of the income and settlement of the hedge.
Hedging of euro investments
To reduce volatility in the Group\u2019s earnings and reserves arising from foreign exchange movements on the translation of euro-
denominated investments in funds and carried interest, the Group enters into a series of forward foreign exchange contracts and
cross currency swap arrangements to sell euro and buy pound sterling.
The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. The hedging instruments are managed as
an economic hedge of the Group\u2019s euro exposure associated with its net investment position, rather than as a hedge of forecast
transactions. Accordingly, the Group does not apply cash flow hedge accounting in respect of these contracts.
The Group monitors the effectiveness of the economic hedge by tracking the hedge ratio through comparison of the aggregate
notional amount of outstanding contracts with the Group\u2019s total euro denominated exposure from fund investments, carried interest
and related balances. Hedge positions are adjusted from time to time to remain broadly aligned with the underlying euro exposure.
The Group\u2019s exposure to euro investments at each year end is summarised below, together with a sensitivity analysis showing the
impact of a 5% movement in the euro/sterling exchange rate. This analysis excludes the consolidated CLO assets, which are
attributable to third-party investors.
Group
2025
2024
Euro-denominated investments (\u20acm)
619.1
662.7
Investment hedges (\u20acm)
(217.4)
(260.8)
Euro-denominated investments, net (\u20acm)
401.7
401.9
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
17.5
16.6
The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market.
Group
2025
2024
Nominal value of forward trades and swap agreements (\u00a3m)
191.2
282.8
Mark-to-market value at year end (\u00a3m)
(0.9)
5.4
Average forward rate (GBP/EUR)
1.14
1.13
The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the
Consolidated Statement of Profit or Loss.
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen
in\u00a0the\u00a0hedged item included in the fair value of fund investments.
Hedging of US dollar liability
As a consequence of the USPP borrowings raised in a US dollar functional currency subsidiary and the related intercompany lending
is to a sterling functional currency subsidiary, the Group is exposed to foreign exchange risk on the USD-denominated intercompany
balance. In accordance with IAS 21, retranslation of this balance at each reporting date gives rise to foreign exchange gains or losses
recognised in profit or loss, resulting in volatility in the consolidated financial statements.
To mitigate this exposure, the Group enters into rolling forward foreign exchange contracts and cross-currency swaps to sell pounds
sterling and purchase US dollars at forward rates. The notional value of the contracts is adjusted periodically to reflect movements in
the underlying loan balance.
The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. The Group monitors the notional
amount of hedging instruments against the outstanding USD intercompany exposure to ensure appropriate economic coverage.
The Group\u2019s US dollar exposure and related hedging instruments at each year end are summarised below, together with a sensitivity
analysis showing the impact of a 5% movement in the USD/GBP exchange rate.
Group
2025
2024
US dollar borrowing ($m)
(332.0)
(281.1)
Investment hedges ($m)
331.7
195.5
Un-hedged US dollar liabilities, net ($m)
(0.3)
(85.6)
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
\u2013
(3.4)
The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market.
Group
2025
2024
Nominal value of forward trades and swap agreements (\u00a3m)
273.1
195.5
Mark-to-market value at year end (\u00a3m)
(26.7)
2.3
Average forward rate (GBP/USD)
1.20
1.12
The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the
Consolidated Statement of Profit or Loss.
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in
the hedged item included in borrowings.
(c)\u00a0 Interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The USPP and ECP
notes are at a fixed rate of interest. The amounts drawn under the Group\u2019s revolving credit agreements, however, bear interest at a
floating rate that could rise and increase the Group\u2019s interest cost and debt, if drawn.
If interest rates were to change by 1%, the Group\u2019s finance expense applied on the borrowings at year end would have increased or
(decreased) by the amounts set out in the table below.
Group
2025
\u00a3 m
(+/-)
2024
\u00a3 m
(+/-)
Increase or decrease of 1%
5.0
5.0
The Company has no other significant exposure to interest rate risk.
(d)\u00a0 Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full when due. Potential areas of credit risk
consist of cash and cash equivalents, term deposits (including deposits with banks and financial institutions), short-term receivables,
lease receivables, investments in the CLOs and derivative financial instruments. The Company and the Group have not experienced
any significant defaults in prior periods.
Group exposure
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit
losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining
whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a
counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay.
Expected credit losses are not expected to be material and there are no financial assets that are materially impaired.
Cash and cash equivalents
The Group limits its exposure in relation to cash and cash equivalents by only dealing with well-established financial institutions of
high-quality credit standing. At each period end, the Group\u2019s cash and cash equivalents were held with banks that were investment
grade credit quality (BBB or higher).
Investments in CLOs
The Group is required to hold a 5% interest in such vehicles after they are launched under risk retention rules. Each CLO portfolio
typically invests in 70-100 individual loans issued by private equity borrowers. The portfolios are highly diversified by geography,
industry and sponsor. The Group\u2019s maximum exposure to loss associated with its interest in the CLOs is limited to the carrying
amounts of the notes held by the Group, which at 31\u00a0December 2025 was \u00a3170.4m (2024: \u00a399.5m), excluding the exposure of a
non-controlling interest investor.
At 31\u00a0December 2025, the Group fully consolidated CLOs 1, 3, IV, V, VI, VII, VIII, IX, X (2024: CLO 1, 3, IV, V, VI, VII, VIII). The
Group\u2019s interests in each of the consolidated CLOs include interests in subordinated notes which incur the first loss if there is any
default within the portfolio of assets by an individual borrower.
In addition to the subordinated note investments, the Group has investments in the various debt tranches of CLOs 3, V, VI and IX.
The majority of these debt tranche investments have an associated sale and repurchase agreement. Under the sale and repurchase
agreement, the Group is subject to credit risk with the counterparty of \u00a380.2m (2024: \u00a327.7m), however it is holding cash collateral
of \u00a380.2m (2024: \u00a327.7m), reducing the risk.
Investments in private equity, credit and infrastructure\u00a0funds
The Group\u2019s investments in private equity, credit and infrastructure funds indirectly expose it to credit risk via loans to investee
entities. The maximum exposure to loss associated with funds is limited to the carrying value at 31\u00a0December 2025 which was
\u00a3543.2m (2024: \u00a3634.3m), excluding the investments of third-party investors.
Trade and other receivables (including lease\u00a0receivables)
Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies. The funds are
managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables
from the funds are collateralised against unfunded investor commitments. These commitments can be drawn at any time. The Group
therefore considers the probability of default to be remote. As such, the Directors consider the Group\u2019s credit exposure to trade and
other receivables to be low.
As a lessor the Group has exposure to payments by lessees. The Group considers there to be a low risk of default due to the credit
quality of the counterparties.
Carried interest receivable
The Group\u2019s carried interest receivable represents income expected from relevant CIP or GPs. The Group considers there to be
a\u00a0remote risk of default on these receivables on the basis that these amounts are due from the funds for reasons set out above
(e.g.\u00a0investor commitments).
Company exposure
Potential areas of credit risk for the Company consist of cash and cash equivalents, including deposits with banks and financial
institutions, derivative instruments, term deposits and short-term receivables. The maximum exposure to credit risk at the year end
of these financial assets is their carrying value. The Company seeks to reduce the credit risk relating to cash balances by only dealing
with well-established financial institutions of high-quality standing.
(e)\u00a0 Liquidity risk
Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far
as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The liquidity outlook is monitored at least monthly by management and is regularly reviewed by the Board.
The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing, amount and profits from
the Group\u2019s investments, in and from the funds, are inherently less predictable, however a reasonable period of notice is given to all
investors, including the Group, ahead of drawing of funds.
The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents to meet its commitments at a given date, including
for\u00a0acquisitions and for refinancing maturing debt.
The Group has a $430.0m USPP which was used\u00a0to refinance certain ECP debt following the ECP transaction. ECP has its own
private debt placement of $184.0m. The Group also has access to a \u00a3250.0m undrawn revolving credit facility which it uses to
manage liquidity. This was increased to a \u00a3400.0m facility in March 2026.
Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturities of its debt instruments are matched
to free cash generated from the\u00a0business.
The Group\u2019s financing arrangements and borrowings are subject to financial covenants. Further detail is included in note 18 (c).
The Company has sufficient cash reserves to assist in managing liquidity. The risk is not considered to be material as the majority of
the\u00a0balances are held with Group companies.
The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled,
undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income)
Group
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Other financial liabilities
\u2013
29.2
\u2013
288.2
317.4
Derivative financial liabilities
29.9
2.6
1.0
\u2013
33.5
Trade and other payables
85.8
4.2
41.5
\u2013
131.5
Borrowings (excluding capitalised facility costs)
28.1
79.8
220.9
262.3
591.1
Lease liabilities
16.8
17.1
49.6
31.0
114.5
Consolidated CLO liabilities
110.9
174.5
987.9
2,108.8
3,382.1
Consolidated CLO purchases awaiting settlement
203.6
\u2013
\u2013
\u2013
203.6
475.1
307.4
1,300.9
2,690.3
4,773.7
Group
At\u00a0 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\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)1
29.8
29.8
306.1
297.8
663.5
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
480.9
387.9
1,412.2
1,073.0
3,354.0
1.\u00a0 2024 comparative information has been revised to include undiscounted interest payments within borrowings.
Company
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
28.1
\u2013
\u2013
\u2013
28.1
Company
At 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
8.5
\u2013
\u2013
\u2013
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
(a)\u00a0 Price and valuation risk
Price and valuation risk is the uncertainty about the difference between the reported value and the price that could be obtained on
exit or maturity of an asset or liability. This principally relates to investments in funds which hold portfolios of private equity,
infrastructure and debt investments, investments held by consolidated CLOs, and notes issued by consolidated CLOs.
This uncertainty arises due to the use of unobservable inputs in the calculation of fair value, the performance and financial health of
portfolio companies and, ultimately \u2013 in relation to investments in private equity \u2013 what a third-party may be willing to pay for the
relevant business. There is less uncertainty for investments in debt as the upside is capped to the maximum of the principal and
interest receipts, whereas private equity investments have greater potential for larger changes in their valuation as the upside is not
capped.
The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and maintains focus throughout
the\u00a0investment life of each company. All investments are formally reviewed through dedicated forums. The review process involves
a rigorous assessment of a company\u2019s financial performance, financial health (including covenant coverage) and exit prospects. The
Group values all investments in line with the IPEV Guidelines at least twice a year, and in most cases quarterly. Each investment
undergoes the same detailed valuation process in accordance with the Group\u2019s valuation policies. Completed valuations are
presented and discussed at the relevant valuation governance forum for approval. Valuation methodologies together with the
significant unobservable inputs applied for the Group\u2019s financial assets and liabilities are included in note 20 (e).
The Company has no significant exposure to price and valuation risk.
", "dimensions": { "concept": "bridgepointgroupplc:DisclosureOfPriceAndValuationRisk", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
(b)\u00a0 Foreign exchange risk
Foreign exchange risk is the risk of losses or other adverse effects resulting from a change in a foreign exchange rate, or from other
unfavourable changes in relation to a foreign currency. The Group is primarily exposed to two types of foreign exchange risk:
\u2013 Transaction risk: the adverse effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement.
It\u00a0is the exchange rate, or currency, risk associated specifically with the time delay between entering into a trade or contract and
then settling it. As the majority of the Group\u2019s income is denominated in euro or US dollars, this means that its income when
recognised in\u00a0pounds sterling is subject to exposure to foreign exchange rate movements over time.
\u2013 Translation risk: the risk of adverse changes in the rates at which assets, liabilities, income or costs in foreign currencies are
translated into the reporting currency. The Group holds financial assets and liabilities denominated in currencies other than
pounds sterling, the\u00a0presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of
financial assets and\u00a0liabilities denominated in other currencies will fluctuate due to changes in exchange rate.
The Group undertakes hedging where foreign currency transactions give rise to a mismatch of the cash flow of the underlying
currency. For example, the Group\u2019s private equity and credit businesses earn management fees predominantly in euro, but have a
cost base predominantly in pounds sterling, giving rise to mismatch. The Group also undertakes hedging where balance sheet
exposures in currencies could result in significant volatility in earnings.
The Group does not currently hedge the US dollar earnings of the ECP business on the basis that management fee income and the
cost base are both denominated in US dollars, and there is a degree of natural hedging arising from the interest payable on the
Group\u2019s USPP borrowings which are denominated in US dollars.
A summary of the foreign exchange hedging undertaken by the Group for euro-denominated management fees, euro investments
and\u00a0US dollar liabilities is set out below.
The Company has no significant exposure to foreign currency risk.
Hedging of euro management fees
In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap
agreements to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro-denominated
income to future spot rate volatility. The level of hedging is determined with reference to the amount of pounds sterling-
denominated costs and dividends. The level of hedging provides for almost full coverage in 2025, reducing in 2026 and 2027, with
hedging increased and extended as part of the ongoing hedging strategy over time.
The nominal value of open trades at the year end date to match certain expected future cash flows is shown in the table below, along
with the aggregate mark-to-market of the year end date.
Group
2025
\u00a3 m
2024
\u00a3 m
Nominal value of forward trades and swap agreements in pounds sterling
818.2
534.0
Mark-to-market value at year end
(0.9)
14.5
Average forward rate (GBP/EUR)
1.14
1.13
These hedges are in place to match known future cash flows, and the Group has decided to use cash flow hedge accounting as
allowed and determined under IFRS 9.
The change in value that has been recognised as ineffective in the Consolidated Statement of Profit or Loss, the amount of the
effective portion recognised within the cash flow hedge reserve and amounts released to the Consolidated Statement of Profit or
Loss during the year are shown in the table below. There was no hedge ineffectiveness.
Group
2025
\u00a3 m
2024
\u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
(6.7)
14.0
Reclassified to profit or loss upon settlement of hedges
(8.7)
0.3
Hedge ineffectiveness could occur if the amount of hedging is more than the amount of the euro-denominated income and due to
timing differences between receipt of the income and settlement of the hedge.
Hedging of euro investments
To reduce volatility in the Group\u2019s earnings and reserves arising from foreign exchange movements on the translation of euro-
denominated investments in funds and carried interest, the Group enters into a series of forward foreign exchange contracts and
cross currency swap arrangements to sell euro and buy pound sterling.
The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. The hedging instruments are managed as
an economic hedge of the Group\u2019s euro exposure associated with its net investment position, rather than as a hedge of forecast
transactions. Accordingly, the Group does not apply cash flow hedge accounting in respect of these contracts.
The Group monitors the effectiveness of the economic hedge by tracking the hedge ratio through comparison of the aggregate
notional amount of outstanding contracts with the Group\u2019s total euro denominated exposure from fund investments, carried interest
and related balances. Hedge positions are adjusted from time to time to remain broadly aligned with the underlying euro exposure.
The Group\u2019s exposure to euro investments at each year end is summarised below, together with a sensitivity analysis showing the
impact of a 5% movement in the euro/sterling exchange rate. This analysis excludes the consolidated CLO assets, which are
attributable to third-party investors.
Group
2025
2024
Euro-denominated investments (\u20acm)
619.1
662.7
Investment hedges (\u20acm)
(217.4)
(260.8)
Euro-denominated investments, net (\u20acm)
401.7
401.9
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
17.5
16.6
The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market.
Group
2025
2024
Nominal value of forward trades and swap agreements (\u00a3m)
191.2
282.8
Mark-to-market value at year end (\u00a3m)
(0.9)
5.4
Average forward rate (GBP/EUR)
1.14
1.13
The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the
Consolidated Statement of Profit or Loss.
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen
in\u00a0the\u00a0hedged item included in the fair value of fund investments.
Hedging of US dollar liability
As a consequence of the USPP borrowings raised in a US dollar functional currency subsidiary and the related intercompany lending
is to a sterling functional currency subsidiary, the Group is exposed to foreign exchange risk on the USD-denominated intercompany
balance. In accordance with IAS 21, retranslation of this balance at each reporting date gives rise to foreign exchange gains or losses
recognised in profit or loss, resulting in volatility in the consolidated financial statements.
To mitigate this exposure, the Group enters into rolling forward foreign exchange contracts and cross-currency swaps to sell pounds
sterling and purchase US dollars at forward rates. The notional value of the contracts is adjusted periodically to reflect movements in
the underlying loan balance.
The derivatives are measured at fair value through profit or loss in accordance with IFRS 9. The Group monitors the notional
amount of hedging instruments against the outstanding USD intercompany exposure to ensure appropriate economic coverage.
The Group\u2019s US dollar exposure and related hedging instruments at each year end are summarised below, together with a sensitivity
analysis showing the impact of a 5% movement in the USD/GBP exchange rate.
Group
2025
2024
US dollar borrowing ($m)
(332.0)
(281.1)
Investment hedges ($m)
331.7
195.5
Un-hedged US dollar liabilities, net ($m)
(0.3)
(85.6)
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
\u2013
(3.4)
The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market.
Group
2025
2024
Nominal value of forward trades and swap agreements (\u00a3m)
273.1
195.5
Mark-to-market value at year end (\u00a3m)
(26.7)
2.3
Average forward rate (GBP/USD)
1.20
1.12
The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the
Consolidated Statement of Profit or Loss.
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in
the hedged item included in borrowings.
", "dimensions": { "concept": "bridgepointgroupplc:DisclosureOfForeignExchangeRisk", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
A change to foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen
in\u00a0the\u00a0hedged item included in the fair value of fund investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
(c)\u00a0 Interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The USPP and ECP
notes are at a fixed rate of interest. The amounts drawn under the Group\u2019s revolving credit agreements, however, bear interest at a
floating rate that could rise and increase the Group\u2019s interest cost and debt, if drawn.
If interest rates were to change by 1%, the Group\u2019s finance expense applied on the borrowings at year end would have increased or
(decreased) by the amounts set out in the table below.
Group
2025
\u00a3 m
(+/-)
2024
\u00a3 m
(+/-)
Increase or decrease of 1%
5.0
5.0
The Company has no other significant exposure to interest rate risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
If interest rates were to change by 1%, the Group\u2019s finance expense applied on the borrowings at year end would have increased or
(decreased) by the amounts set out in the table below.
Group
2025
\u00a3 m
(+/-)
2024
\u00a3 m
(+/-)
Increase or decrease of 1%
5.0
5.0
The Company has no other significant exposure to interest rate risk.
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
(d)\u00a0 Credit risk
Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full when due. Potential areas of credit risk
consist of cash and cash equivalents, term deposits (including deposits with banks and financial institutions), short-term receivables,
lease receivables, investments in the CLOs and derivative financial instruments. The Company and the Group have not experienced
any significant defaults in prior periods.
Group exposure
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit
losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining
whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a
counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay.
Expected credit losses are not expected to be material and there are no financial assets that are materially impaired.
Cash and cash equivalents
The Group limits its exposure in relation to cash and cash equivalents by only dealing with well-established financial institutions of
high-quality credit standing. At each period end, the Group\u2019s cash and cash equivalents were held with banks that were investment
grade credit quality (BBB or higher).
Investments in CLOs
The Group is required to hold a 5% interest in such vehicles after they are launched under risk retention rules. Each CLO portfolio
typically invests in 70-100 individual loans issued by private equity borrowers. The portfolios are highly diversified by geography,
industry and sponsor. The Group\u2019s maximum exposure to loss associated with its interest in the CLOs is limited to the carrying
amounts of the notes held by the Group, which at 31\u00a0December 2025 was \u00a3170.4m (2024: \u00a399.5m), excluding the exposure of a
non-controlling interest investor.
At 31\u00a0December 2025, the Group fully consolidated CLOs 1, 3, IV, V, VI, VII, VIII, IX, X (2024: CLO 1, 3, IV, V, VI, VII, VIII). The
Group\u2019s interests in each of the consolidated CLOs include interests in subordinated notes which incur the first loss if there is any
default within the portfolio of assets by an individual borrower.
In addition to the subordinated note investments, the Group has investments in the various debt tranches of CLOs 3, V, VI and IX.
The majority of these debt tranche investments have an associated sale and repurchase agreement. Under the sale and repurchase
agreement, the Group is subject to credit risk with the counterparty of \u00a380.2m (2024: \u00a327.7m), however it is holding cash collateral
of \u00a380.2m (2024: \u00a327.7m), reducing the risk.
Investments in private equity, credit and infrastructure\u00a0funds
The Group\u2019s investments in private equity, credit and infrastructure funds indirectly expose it to credit risk via loans to investee
entities. The maximum exposure to loss associated with funds is limited to the carrying value at 31\u00a0December 2025 which was
\u00a3543.2m (2024: \u00a3634.3m), excluding the investments of third-party investors.
Trade and other receivables (including lease\u00a0receivables)
Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies. The funds are
managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables
from the funds are collateralised against unfunded investor commitments. These commitments can be drawn at any time. The Group
therefore considers the probability of default to be remote. As such, the Directors consider the Group\u2019s credit exposure to trade and
other receivables to be low.
As a lessor the Group has exposure to payments by lessees. The Group considers there to be a low risk of default due to the credit
quality of the counterparties.
Carried interest receivable
The Group\u2019s carried interest receivable represents income expected from relevant CIP or GPs. The Group considers there to be
a\u00a0remote risk of default on these receivables on the basis that these amounts are due from the funds for reasons set out above
(e.g.\u00a0investor commitments).
Company exposure
Potential areas of credit risk for the Company consist of cash and cash equivalents, including deposits with banks and financial
institutions, derivative instruments, term deposits and short-term receivables. The maximum exposure to credit risk at the year end
of these financial assets is their carrying value. The Company seeks to reduce the credit risk relating to cash balances by only dealing
with well-established financial institutions of high-quality standing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
Group exposure
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit
losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining
whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a
counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay.
Expected credit losses are not expected to be material and there are no financial assets that are materially impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
(e)\u00a0 Liquidity risk
Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far
as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The liquidity outlook is monitored at least monthly by management and is regularly reviewed by the Board.
The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing, amount and profits from
the Group\u2019s investments, in and from the funds, are inherently less predictable, however a reasonable period of notice is given to all
investors, including the Group, ahead of drawing of funds.
The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents to meet its commitments at a given date, including
for\u00a0acquisitions and for refinancing maturing debt.
The Group has a $430.0m USPP which was used\u00a0to refinance certain ECP debt following the ECP transaction. ECP has its own
private debt placement of $184.0m. The Group also has access to a \u00a3250.0m undrawn revolving credit facility which it uses to
manage liquidity. This was increased to a \u00a3400.0m facility in March 2026.
Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturities of its debt instruments are matched
to free cash generated from the\u00a0business.
The Group\u2019s financing arrangements and borrowings are subject to financial covenants. Further detail is included in note 18 (c).
The Company has sufficient cash reserves to assist in managing liquidity. The risk is not considered to be material as the majority of
the\u00a0balances are held with Group companies.
The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled,
undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income)
Group
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Other financial liabilities
\u2013
29.2
\u2013
288.2
317.4
Derivative financial liabilities
29.9
2.6
1.0
\u2013
33.5
Trade and other payables
85.8
4.2
41.5
\u2013
131.5
Borrowings (excluding capitalised facility costs)
28.1
79.8
220.9
262.3
591.1
Lease liabilities
16.8
17.1
49.6
31.0
114.5
Consolidated CLO liabilities
110.9
174.5
987.9
2,108.8
3,382.1
Consolidated CLO purchases awaiting settlement
203.6
\u2013
\u2013
\u2013
203.6
475.1
307.4
1,300.9
2,690.3
4,773.7
Group
At\u00a0 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\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)1
29.8
29.8
306.1
297.8
663.5
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
480.9
387.9
1,412.2
1,073.0
3,354.0
1.\u00a0 2024 comparative information has been revised to include undiscounted interest payments within borrowings.
Company
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
28.1
\u2013
\u2013
\u2013
28.1
Company
At 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
8.5
\u2013
\u2013
\u2013
8.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled,
undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income)
Group
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Other financial liabilities
\u2013
29.2
\u2013
288.2
317.4
Derivative financial liabilities
29.9
2.6
1.0
\u2013
33.5
Trade and other payables
85.8
4.2
41.5
\u2013
131.5
Borrowings (excluding capitalised facility costs)
28.1
79.8
220.9
262.3
591.1
Lease liabilities
16.8
17.1
49.6
31.0
114.5
Consolidated CLO liabilities
110.9
174.5
987.9
2,108.8
3,382.1
Consolidated CLO purchases awaiting settlement
203.6
\u2013
\u2013
\u2013
203.6
475.1
307.4
1,300.9
2,690.3
4,773.7
Group
At\u00a0 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\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)1
29.8
29.8
306.1
297.8
663.5
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
480.9
387.9
1,412.2
1,073.0
3,354.0
1.\u00a0 2024 comparative information has been revised to include undiscounted interest payments within borrowings.
Company
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
28.1
\u2013
\u2013
\u2013
28.1
Company
At 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
8.5
\u2013
\u2013
\u2013
8.5
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled,
undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income)
Group
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Other financial liabilities
\u2013
29.2
\u2013
288.2
317.4
Derivative financial liabilities
29.9
2.6
1.0
\u2013
33.5
Trade and other payables
85.8
4.2
41.5
\u2013
131.5
Borrowings (excluding capitalised facility costs)
28.1
79.8
220.9
262.3
591.1
Lease liabilities
16.8
17.1
49.6
31.0
114.5
Consolidated CLO liabilities
110.9
174.5
987.9
2,108.8
3,382.1
Consolidated CLO purchases awaiting settlement
203.6
\u2013
\u2013
\u2013
203.6
475.1
307.4
1,300.9
2,690.3
4,773.7
Group
At\u00a0 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\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)1
29.8
29.8
306.1
297.8
663.5
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
480.9
387.9
1,412.2
1,073.0
3,354.0
1.\u00a0 2024 comparative information has been revised to include undiscounted interest payments within borrowings.
Company
At\u00a0 31 December 2025
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
28.1
\u2013
\u2013
\u2013
28.1
Company
At 31 December 2024
Due within
1 year
\u00a3 m
Due between
1 and 2 years
\u00a3 m
Due within
2 and 5 years
\u00a3 m
Due more than
5 years
\u00a3 m
Total
\u00a3 m
Trade and other payables
8.5
\u2013
\u2013
\u2013
8.5
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
22\u00a0 Capital management
The primary objective of the Group\u2019s capital management is to ensure that the Company and its subsidiaries have sufficient capital
both now and in the future, having considered risks in the business and mitigants to those risks, while managing returns to the
Group\u2019s shareholders. The Group also manages its capital position to ensure compliance with capital requirements imposed by the
Financial Conduct Authority (\u201cFCA\u201d) and other regulatory authorities on individual regulated entities.
The Investment Firms Prudential Regime (\u201cIFPR\u201d) applies to Markets in Financial Instruments Directive (\u201cMiFID\u201d) investment firms,
collective portfolio management investment firms and regulated and unregulated holding companies of groups that contain one or
more of the aforementioned firms. The Group and certain regulated subsidiaries report to the FCA on own funds and liquid assets.
The capital structure comprises cash and cash equivalents, borrowings and the capital and reserves of the Company. Capital and
reserves comprise share capital, share premium, capital contributions, other reserves and retained earnings. These are set out below.
During the year the Group and the Company were fully compliant with regulatory capital requirements.
Group
2025
\u00a3 m
(Restated)
2024
\u00a3m
Cash and cash equivalents (for use within the Group)
193.5
90.8
Total cash and cash equivalents
193.5
90.8
Share capital
0.1
0.1
Share premium
445.3
375.1
Capital redemption reserve
0.0
0.0
Share-based payment reserve
71.0
19.8
Cash flow hedge reserve
1.3
14.7
Net exchange differences reserve
(6.6)
16.6
Retained earnings
484.2
558.7
Equity attributable to owners of the Company
995.3
985.0
Non-controlling interests
192.7
208.1
Total equity
1,188.0
1,193.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
23\u00a0 Deferred tax
Group
2025
\u00a3 m
2024
\u00a3 m
Deferred tax assets
95.4
76.5
Deferred tax liabilities
(161.6)
(121.2)
Net deferred tax liability
(66.2)
(44.7)
Deferred tax assets
Other timing
differences
Management fee
hedges
Losses carried
forward
Total
At 31 December 2024
23.4
\u2013
53.1
76.5
Credit to other comprehensive income
\u2013
0.2
\u2013
0.2
Credit to the Consolidated Statement of Profit or Loss
4.0
\u2013
14.7
18.7
At 31 December 2025
27.4
0.2
67.8
95.4
Deferred tax liabilities
Other timing
differences
Management
fee hedges
Management
fee income and
investments
Capital
allowance
Total
At 31 December 2024
(18.8)
(3.5)
(97.5)
(1.4)
(121.2)
(Charge) to other comprehensive income
\u2013
3.5
\u2013
\u2013
3.5
Credit/(charge) to the Consolidated Statement of Profit or Loss
(1.9)
\u2013
(43.2)
1.2
(43.9)
At 31 December 2025
(20.7)
\u2013
(140.7)
(0.2)
(161.6)
Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fee income and a timing difference arising on the
remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised.
Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation.
Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a323.9m (2024: \u00a320.8m) and a deferred tax
liability on right-of-use assets amounting to \u00a319.2m (2024: \u00a316.6m). These will unwind over the period of the lease.
The Company has no deferred tax assets or liabilities (2024: nil).
The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
23\u00a0 Deferred tax
Group
2025
\u00a3 m
2024
\u00a3 m
Deferred tax assets
95.4
76.5
Deferred tax liabilities
(161.6)
(121.2)
Net deferred tax liability
(66.2)
(44.7)
Deferred tax assets
Other timing
differences
Management fee
hedges
Losses carried
forward
Total
At 31 December 2024
23.4
\u2013
53.1
76.5
Credit to other comprehensive income
\u2013
0.2
\u2013
0.2
Credit to the Consolidated Statement of Profit or Loss
4.0
\u2013
14.7
18.7
At 31 December 2025
27.4
0.2
67.8
95.4
Deferred tax liabilities
Other timing
differences
Management
fee hedges
Management
fee income and
investments
Capital
allowance
Total
At 31 December 2024
(18.8)
(3.5)
(97.5)
(1.4)
(121.2)
(Charge) to other comprehensive income
\u2013
3.5
\u2013
\u2013
3.5
Credit/(charge) to the Consolidated Statement of Profit or Loss
(1.9)
\u2013
(43.2)
1.2
(43.9)
At 31 December 2025
(20.7)
\u2013
(140.7)
(0.2)
(161.6)
Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fee income and a timing difference arising on the
remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised.
Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation.
Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a323.9m (2024: \u00a320.8m) and a deferred tax
liability on right-of-use assets amounting to \u00a319.2m (2024: \u00a316.6m). These will unwind over the period of the lease.
The Company has no deferred tax assets or liabilities (2024: nil).
The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
24\u00a0 Equity
(a)\u00a0 Share capital and premium
Allotted, called up and fully paid shares
Company
2025
2024
No.
\u00a3
No.
\u00a3
Ordinary of \u00a30.00005 each
849,336,269
42,467
823,930,986
41,197
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
849,336,771
82,968
823,931,488
81,698
Share capital represents the number of ordinary shares issued in the capital of the Company multiplied by their nominal value of
\u00a30.00005 each. Share premium substantially represents the aggregate of all amounts that have ever been paid above nominal value
to\u00a0the Company when it has issued ordinary shares.
The holders of the ordinary shares have the right to receive notice of and to attend and vote at any general meeting of the Company.
The\u00a0shares have one vote per share on a resolution.
Each ordinary share is eligible for ordinary course dividends and distributions on a liquidation, and is generally entitled to participate
in\u00a0a\u00a0return of capital, in each case subject to the provisions set out in the Articles of the Company.
Deferred shares have no rights other than the right to receive their nominal value in a liquidation after all other shares have received
\u00a31.0m per share.
(b)\u00a0 Own shares
Own shares are recorded by the Group when ordinary shares are acquired by the Company and they are deducted from
shareholders\u2019 equity. The Company held 171,096 ordinary shares and 501 deferred shares (2024: 171,096 ordinary shares; 501
deferred shares) within retained earnings as at 31\u00a0December 2025 at a cost of nil (2024: nil).
(c)\u00a0 Other reserves
The following table provides a breakdown of the reserves that are included in the Group and the Company\u2019s other\u00a0reserves.
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Cash flow hedge reserve
1.3
14.7
\u2013
\u2013
Net exchange differences reserve
(6.6)
16.6
\u2013
\u2013
Share-based payment reserve
71.0
19.8
86.0
25.3
Merger reserve
\u2013
\u2013
571.4
571.4
Capital redemption reserve
0.0
0.0
0.0
0.0
Total
65.7
51.1
657.4
596.7
i)\u00a0 Cash flow hedge reserve
Hedge reserves consist of the cash flow hedge reserve and the costs of hedging reserve reflecting items such as the change in fair
value related to forward points-basis adjustment. The cash flow hedge reserve is used to recognise the effective portion of gains or
losses on foreign exchange forward contracts that are designated and qualify as cash flow hedges, as described in note 21 (b).
ii)\u00a0 Net exchange differences reserve
Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gains and losses
on\u00a0the translation of foreign operations.
iii)\u00a0 Share-based payment reserve
The share-based payment reserve relates to the accumulated expense from the recognition of equity-settled share-based payments
to\u00a0employees.
During the year, a \u00a34.0m (2024: \u00a316.2m) transfer was made between share-based payment reserve and retained earnings which
related to the full vesting of the LTIP and A3 share award.
iv)\u00a0 Merger reserve
The merger reserve relates to the fair value of shares issued by the Company as part of the restructuring ahead of the Company\u2019s IPO
in\u00a02021 at fair value.
v)\u00a0 Capital redemption reserve
On 2 October 2023, the Company announced a buyback programme of up to \u00a350.0m that commenced on 12 October 2023.
During the year, a total of 0.4m ordinary shares within this buyback programme were bought back and cancelled for \u00a31.3m.
On 2 June 2025, the Company announced the reintroduction of a share buyback programme of up to \u00a350.0m. The Buyback
Programme commenced on 2 June 2025 and following announcement in these results, has been extended and is expected to
complete on or before 31 May 2027. During the year, a total of 1.0m ordinary shares within this second buyback programme were
bought back and cancelled for \u00a32.8m.
During the financial year, the Group had a total cash outflow of \u00a34.1m (2024: \u00a39.8m) relating to share buybacks.
(d)\u00a0 Non-controlling interests
Non-controlling interests arise when the Group does not own all of a subsidiary, but the Group retains control. Financial information
for\u00a0subsidiary entities or groups that have material non-controlling interests is provided below:
Proportion of economic
interest held by
non-controlling interests
Profit/(loss) allocated to
non-controlling interests
Carrying value of
non-controlling interests
At 31 December
2025
%
2024
%
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
(Restated)
2024
\u00a3 m
Bridgepoint OP LP
12.5%
15.0%
10.0
4.0
147.5
175.3
Bridgepoint European CLO Management I SCSp
31.8%
31.8%
5.2
0.3
45.2
32.8
15.2
4.3
192.7
208.1
i)\u00a0 ECP Transaction
The Group completed the acquisition of ECP in 2024. In accordance with the purchase and sale agreement, the ECP vendors
received partnership units which are economically equivalent to the Company\u2019s ordinary shares and may be ultimately exchanged
for the shares on a one-for-one basis.
Upon completion, partnership units held by the ECP vendors (other than the Group and its affiliates) represented 18.0% of the total
interests in Bridgepoint OP LP at the acquisition date. The non controlling interest percentage reduced to 15.0% at 31 December
2024 and to 12.5% at 31 December 2025 due to the exchange of a number of the units for Company shares. The Group elected to
measure the non-controlling interests at their proportionate share of the net assets of the combined Group.
The non-controlling interests arise in Bridgepoint OP LP, which is the principal holding vehicle for the combined Group\u2019s operating
activities. Bridgepoint OP LP holds substantially all of the assets and liabilities of the consolidated Group and, accordingly, the
Group\u2019s consolidated statements of financial position profit and loss and cash flows are not materially different from the consolidated
financial information of Bridgepoint OP LP. Accordingly, the Directors consider that the consolidated financial statements provide
the relevant summarised financial information for the subsidiary giving rise to the non-controlling interests.
2025
\u00a3 m
Summarised financial information attributable to non-controlling interests (ECP transaction)
Profit for the year attributable to non-controlling interests
10.0
Total comprehensive income for the year attributable to non-controlling interests
(4.6)
Dividend equivalents paid to non-controlling interests in the year
(13.6)
Dividend equivalents are paid to holders of partnership units on a basis intended to be economically equivalent to dividends on the
Company\u2019s ordinary shares. During 2025, a number of partnership units were exchanged for Company shares, reducing the non-
controlling interest percentage to 12.5% at 31 December 2025 (2024: 15.0%). The carrying value in 2024 has been restated to
reflect an adjustment to final working capital, resulting in a \u00a30.3m increase in the non-controlling interest held by the ECP vendor.
Further details are set out in note 4.
In February 2026, additional partnership units were exchanged for Company shares, resulting in the non-controlling interest
percentage decreasing to 9.4%.
ii)\u00a0 Disposal of interest in BCLO Credit Investments I S.\u00e0 r.l.
In 2024 a subsidiary of the Company, Bridgepoint Credit Holdings Limited (\u201cBCHL\u201d), entered into a subscription agreement with
Bridgepoint European CLO Management I SCSp (the \u201cPartnership\u201d) to subscribe for a limited partnership interest in the
Partnership. The limited partnership interest was issued in consideration for the contribution by BCHL of: (i) shares held by it to the
Partnership; and (ii) asset\u2011linked notes to the Partnership. At the same time, an external investor also made a commitment to the
Partnership, representing a limited partnership interest of \u00a332.5m or 31.8% with the residual 68.2% owned by the Group.
The transaction is viewed as a partial disposal of a fully owned subsidiary without losing control under IFRS 10. The transfer of the
external investor\u2019s own commitments and BCHL\u2019s asset-linked notes and shares into the Partnership resulted in the non-controlling
interest in the Partnership of 31.8% at 31 December 2025 with a carrying value of \u00a345.2m (2024: 31.8% and \u00a332.8m).
2025
\u00a3 m
Summarised financial information attributable to non-controlling interests (Partnership\u00a0restructure)
Profit for the year attributable to non-controlling interests
5.2
Total comprehensive income for the year attributable to non-controlling interests
2.0
Dividends paid to non-controlling interests in the year
\u2013
25\u00a0 Dividends and dividend equivalents
The Company paid a final dividend of 4.6 pence per share, which equated to \u00a338.6m, in May 2025 in respect of the second half of
2024. In addition, \u00a36.7m of dividend equivalents were paid to non-controlling interest holders in May 2025 in respect of the
second half of 2024.
An interim dividend of 4.7 pence per share, which equated to \u00a339.5m, was paid to shareholders in October 2025 in respect of the
first half of 2025 . In addition, \u00a36.9m of dividend equivalents were paid to non-controlling interest holders in October 2025 in
respect of the first half of 2025.
The Directors have proposed a final dividend of 4.7 pence per share, to be paid in May 2026 to shareholders on the register as\u00a0at\u00a024
April 2026. This equates to \u00a341.2m, based on the number of shares in issue at 31\u00a0December 2025, subject to\u00a0the\u00a0share\u00a0buyback
programme, plus dividend equivalents paid to non-controlling interests estimated to be \u00a35.0m.
2025
2024
Ordinary dividends and dividend equivalents
\u00a3 m
Pence per share
\u00a3 m
Pence per share
Proposed final dividends and dividend equivalents
46.2
4.7
45.3
4.6
Interim dividends and dividend equivalents
46.4
4.7
45.2
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
(a)\u00a0 Share capital and premium
Allotted, called up and fully paid shares
Company
2025
2024
No.
\u00a3
No.
\u00a3
Ordinary of \u00a30.00005 each
849,336,269
42,467
823,930,986
41,197
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
849,336,771
82,968
823,931,488
81,698
Share capital represents the number of ordinary shares issued in the capital of the Company multiplied by their nominal value of
\u00a30.00005 each. Share premium substantially represents the aggregate of all amounts that have ever been paid above nominal value
to\u00a0the Company when it has issued ordinary shares.
The holders of the ordinary shares have the right to receive notice of and to attend and vote at any general meeting of the Company.
The\u00a0shares have one vote per share on a resolution.
Each ordinary share is eligible for ordinary course dividends and distributions on a liquidation, and is generally entitled to participate
in\u00a0a\u00a0return of capital, in each case subject to the provisions set out in the Articles of the Company.
Deferred shares have no rights other than the right to receive their nominal value in a liquidation after all other shares have received
\u00a31.0m per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
(b)\u00a0 Own shares
Own shares are recorded by the Group when ordinary shares are acquired by the Company and they are deducted from
shareholders\u2019 equity. The Company held 171,096 ordinary shares and 501 deferred shares (2024: 171,096 ordinary shares; 501
deferred shares) within retained earnings as at 31\u00a0December 2025 at a cost of nil (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
(c)\u00a0 Other reserves
The following table provides a breakdown of the reserves that are included in the Group and the Company\u2019s other\u00a0reserves.
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Cash flow hedge reserve
1.3
14.7
\u2013
\u2013
Net exchange differences reserve
(6.6)
16.6
\u2013
\u2013
Share-based payment reserve
71.0
19.8
86.0
25.3
Merger reserve
\u2013
\u2013
571.4
571.4
Capital redemption reserve
0.0
0.0
0.0
0.0
Total
65.7
51.1
657.4
596.7
i)\u00a0 Cash flow hedge reserve
Hedge reserves consist of the cash flow hedge reserve and the costs of hedging reserve reflecting items such as the change in fair
value related to forward points-basis adjustment. The cash flow hedge reserve is used to recognise the effective portion of gains or
losses on foreign exchange forward contracts that are designated and qualify as cash flow hedges, as described in note 21 (b).
ii)\u00a0 Net exchange differences reserve
Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gains and losses
on\u00a0the translation of foreign operations.
iii)\u00a0 Share-based payment reserve
The share-based payment reserve relates to the accumulated expense from the recognition of equity-settled share-based payments
to\u00a0employees.
During the year, a \u00a34.0m (2024: \u00a316.2m) transfer was made between share-based payment reserve and retained earnings which
related to the full vesting of the LTIP and A3 share award.
iv)\u00a0 Merger reserve
The merger reserve relates to the fair value of shares issued by the Company as part of the restructuring ahead of the Company\u2019s IPO
in\u00a02021 at fair value.
v)\u00a0 Capital redemption reserve
On 2 October 2023, the Company announced a buyback programme of up to \u00a350.0m that commenced on 12 October 2023.
During the year, a total of 0.4m ordinary shares within this buyback programme were bought back and cancelled for \u00a31.3m.
On 2 June 2025, the Company announced the reintroduction of a share buyback programme of up to \u00a350.0m. The Buyback
Programme commenced on 2 June 2025 and following announcement in these results, has been extended and is expected to
complete on or before 31 May 2027. During the year, a total of 1.0m ordinary shares within this second buyback programme were
bought back and cancelled for \u00a32.8m.
During the financial year, the Group had a total cash outflow of \u00a34.1m (2024: \u00a39.8m) relating to share buybacks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
(d)\u00a0 Non-controlling interests
Non-controlling interests arise when the Group does not own all of a subsidiary, but the Group retains control. Financial information
for\u00a0subsidiary entities or groups that have material non-controlling interests is provided below:
Proportion of economic
interest held by
non-controlling interests
Profit/(loss) allocated to
non-controlling interests
Carrying value of
non-controlling interests
At 31 December
2025
%
2024
%
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
(Restated)
2024
\u00a3 m
Bridgepoint OP LP
12.5%
15.0%
10.0
4.0
147.5
175.3
Bridgepoint European CLO Management I SCSp
31.8%
31.8%
5.2
0.3
45.2
32.8
15.2
4.3
192.7
208.1
i)\u00a0 ECP Transaction
The Group completed the acquisition of ECP in 2024. In accordance with the purchase and sale agreement, the ECP vendors
received partnership units which are economically equivalent to the Company\u2019s ordinary shares and may be ultimately exchanged
for the shares on a one-for-one basis.
Upon completion, partnership units held by the ECP vendors (other than the Group and its affiliates) represented 18.0% of the total
interests in Bridgepoint OP LP at the acquisition date. The non controlling interest percentage reduced to 15.0% at 31 December
2024 and to 12.5% at 31 December 2025 due to the exchange of a number of the units for Company shares. The Group elected to
measure the non-controlling interests at their proportionate share of the net assets of the combined Group.
The non-controlling interests arise in Bridgepoint OP LP, which is the principal holding vehicle for the combined Group\u2019s operating
activities. Bridgepoint OP LP holds substantially all of the assets and liabilities of the consolidated Group and, accordingly, the
Group\u2019s consolidated statements of financial position profit and loss and cash flows are not materially different from the consolidated
financial information of Bridgepoint OP LP. Accordingly, the Directors consider that the consolidated financial statements provide
the relevant summarised financial information for the subsidiary giving rise to the non-controlling interests.
2025
\u00a3 m
Summarised financial information attributable to non-controlling interests (ECP transaction)
Profit for the year attributable to non-controlling interests
10.0
Total comprehensive income for the year attributable to non-controlling interests
(4.6)
Dividend equivalents paid to non-controlling interests in the year
(13.6)
Dividend equivalents are paid to holders of partnership units on a basis intended to be economically equivalent to dividends on the
Company\u2019s ordinary shares. During 2025, a number of partnership units were exchanged for Company shares, reducing the non-
controlling interest percentage to 12.5% at 31 December 2025 (2024: 15.0%). The carrying value in 2024 has been restated to
reflect an adjustment to final working capital, resulting in a \u00a30.3m increase in the non-controlling interest held by the ECP vendor.
Further details are set out in note 4.
In February 2026, additional partnership units were exchanged for Company shares, resulting in the non-controlling interest
percentage decreasing to 9.4%.
ii)\u00a0 Disposal of interest in BCLO Credit Investments I S.\u00e0 r.l.
In 2024 a subsidiary of the Company, Bridgepoint Credit Holdings Limited (\u201cBCHL\u201d), entered into a subscription agreement with
Bridgepoint European CLO Management I SCSp (the \u201cPartnership\u201d) to subscribe for a limited partnership interest in the
Partnership. The limited partnership interest was issued in consideration for the contribution by BCHL of: (i) shares held by it to the
Partnership; and (ii) asset\u2011linked notes to the Partnership. At the same time, an external investor also made a commitment to the
Partnership, representing a limited partnership interest of \u00a332.5m or 31.8% with the residual 68.2% owned by the Group.
The transaction is viewed as a partial disposal of a fully owned subsidiary without losing control under IFRS 10. The transfer of the
external investor\u2019s own commitments and BCHL\u2019s asset-linked notes and shares into the Partnership resulted in the non-controlling
interest in the Partnership of 31.8% at 31 December 2025 with a carrying value of \u00a345.2m (2024: 31.8% and \u00a332.8m).
2025
\u00a3 m
Summarised financial information attributable to non-controlling interests (Partnership\u00a0restructure)
Profit for the year attributable to non-controlling interests
5.2
Total comprehensive income for the year attributable to non-controlling interests
2.0
Dividends paid to non-controlling interests in the year
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
25\u00a0 Dividends and dividend equivalents
The Company paid a final dividend of 4.6 pence per share, which equated to \u00a338.6m, in May 2025 in respect of the second half of
2024. In addition, \u00a36.7m of dividend equivalents were paid to non-controlling interest holders in May 2025 in respect of the
second half of 2024.
An interim dividend of 4.7 pence per share, which equated to \u00a339.5m, was paid to shareholders in October 2025 in respect of the
first half of 2025 . In addition, \u00a36.9m of dividend equivalents were paid to non-controlling interest holders in October 2025 in
respect of the first half of 2025.
The Directors have proposed a final dividend of 4.7 pence per share, to be paid in May 2026 to shareholders on the register as\u00a0at\u00a024
April 2026. This equates to \u00a341.2m, based on the number of shares in issue at 31\u00a0December 2025, subject to\u00a0the\u00a0share\u00a0buyback
programme, plus dividend equivalents paid to non-controlling interests estimated to be \u00a35.0m.
2025
2024
Ordinary dividends and dividend equivalents
\u00a3 m
Pence per share
\u00a3 m
Pence per share
Proposed final dividends and dividend equivalents
46.2
4.7
45.3
4.6
Interim dividends and dividend equivalents
46.4
4.7
45.2
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "0.047", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-539": { "value": "0.046", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-540": { "value": "0.047", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-541": { "value": "0.046", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-542": { "value": "
26\u00a0 Cash flow information
(a)\u00a0 Cash generated from operations
Group
Company
2025
\u00a3 m
2024
\u00a3 m
2025
\u00a3 m
2024
\u00a3 m
Profit/(loss) before tax
85.7
80.7
75.4
327.6
Adjustments for:
Dividend income
\u2013
\u2013
(76.7)
(325.7)
Share-based payments (exceptional)
60.1
32.4
\u2013
\u2013
Share-based payments (non-exceptional)
4.7
6.2
\u2013
\u2013
Management and other fees adjustment
(3.0)
\u2013
\u2013
\u2013
Depreciation and amortisation expense
67.9
36.2
\u2013
\u2013
Net other finance and other income or expenses
87.0
17.0
(0.2)
(4.3)
Carried interest
(57.9)
(59.1)
\u2013
\u2013
Fair value remeasurement of investments
(146.8)
(38.8)
\u2013
\u2013
Net foreign exchange losses/(gains)
3.8
12.3
1.5
3.0
(Increase)/decrease in trade and other receivables
10.5
(6.9)
(9.2)
(5.8)
Increase/(decrease) in trade and other payables
27.6
(67.7)
12.8
(71.7)
Cash generated from operations
139.6
12.3
3.6
(76.9)
(b)\u00a0 Cash outflows from leases
Group
2025
\u00a3 m
2024
\u00a3 m
Financing
16.5
18.5
Operating
0.4
0.2
Cash outflows from leases
16.9
18.7
The Company has nil leases (2024: nil).
(c)\u00a0 Reconciliation of liabilities arising from financing activities
1 January 2025
\u00a3 m
Cash Flows
\u00a3 m
Net additions/
(disposals)
\u00a3 m
Fair value
movements
\u00a3 m
Foreign exchange
movements
\u00a3 m
31 December
2025
\u00a3 m
Borrowings
485.3
\u2013
\u2013
\u2013
(34.1)
451.2
Fair value of consolidated CLO liabilities
1,696.2
811.0
\u2013
(11.9)
92.5
2,587.8
Lease liabilities
87.9
(12.5)
22.2
\u2013
(1.0)
96.6
Total
2,269.4
798.5
22.2
(11.9)
57.4
3,135.6
1 January 2024
\u00a3 m
Cash Flows
\u00a3 m
Net additions/
(disposals)
\u00a3 m
Fair value
movements
\u00a3 m
Foreign exchange
movements
\u00a3 m
31 December
2024
\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
The Company has nil borrowings or lease liabilities (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
27\u00a0 Related party transactions
(a)\u00a0 Key management compensation
The Directors are considered to represent the key management of the Group. The compensation paid or payable to the key
management is set out in the table below, including amounts payable after they ceased to be Directors but continued to be key
management personnel of the Group, where applicable.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
4.7
Total
5.7
4.7
Further information on the remuneration of the Directors can be found in the Remuneration Report on page 103.
(b)\u00a0 Directors' emoluments
The Directors of the Company were remunerated by the Group as set out below. The aggregate value of remuneration expenses in
relation to pensions and share-based payments was less than \u00a30.7m.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
5.3
Total
5.7
5.3
(c)\u00a0 Transactions with Directors
In 2025, two Directors of the Company were granted conditional share awards over 455,372 shares, valued at \u00a33.34 per share, with
a total fair value of \u00a31.5m. These awards will vest on 31 March 2028. In 2024, a Director of the Company was granted a
conditional share award over 326,672 shares, valued at \u00a32.60 per share, with a total fair value of \u00a30.9m, vesting on 31 March 2027.
As outlined in the Directors\u2019 Remuneration Policy, Executive Directors\u2019 bonus amounts in excess of 25% of salary are subject to 50%
deferral into shares, which will vest after three years. During the year, 278,020 shares were awarded under this deferral arrangement,
valued at \u00a33.34 per share, with a total fair value of \u00a30.9m (2024: nil), vesting on 31 March 2028.
(d)\u00a0 Carried interest and co-investment
Fund investors expect certain members of the Group\u2019s senior executive management to invest in carried interest and co-investment
in\u00a0the funds managed by the Group to demonstrate alignment of interest, and as such the Executive Directors of the Company have
made significant personal commitments from their own resources to some of these funds. The funds and relevant CIPs, intermediate
holding companies or GPs (which are entitled to the carry) are not consolidated by the Group but are related parties. The returns (in
the form of investment income and capital appreciation) are fully dependent on the performance of the relevant fund and its
underlying investments.
The Directors of the Company at 31\u00a0December 2025 have committed amounts from their personal resources across multiple funds
totalling \u00a310.0m (2024: \u00a37.2m).
(e)\u00a0 Transactions with funds
The funds are related parties of the Group. Amounts received as fees, from reimbursement of expenses paid on behalf of, the funds
during the year are shown in the table below, along with the amounts receivable at year end.
Group
2025
\u00a3 m
2024
\u00a3 m
Amounts received from funds
360.9
311.0
Amounts receivable from funds
27.0
31.8
Amounts paid on behalf of the funds
5.5
20.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
27\u00a0 Related party transactions
(a)\u00a0 Key management compensation
The Directors are considered to represent the key management of the Group. The compensation paid or payable to the key
management is set out in the table below, including amounts payable after they ceased to be Directors but continued to be key
management personnel of the Group, where applicable.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
4.7
Total
5.7
4.7
Further information on the remuneration of the Directors can be found in the Remuneration Report on page 103.
(b)\u00a0 Directors' emoluments
The Directors of the Company were remunerated by the Group as set out below. The aggregate value of remuneration expenses in
relation to pensions and share-based payments was less than \u00a30.7m.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
5.3
Total
5.7
5.3
(c)\u00a0 Transactions with Directors
In 2025, two Directors of the Company were granted conditional share awards over 455,372 shares, valued at \u00a33.34 per share, with
a total fair value of \u00a31.5m. These awards will vest on 31 March 2028. In 2024, a Director of the Company was granted a
conditional share award over 326,672 shares, valued at \u00a32.60 per share, with a total fair value of \u00a30.9m, vesting on 31 March 2027.
As outlined in the Directors\u2019 Remuneration Policy, Executive Directors\u2019 bonus amounts in excess of 25% of salary are subject to 50%
deferral into shares, which will vest after three years. During the year, 278,020 shares were awarded under this deferral arrangement,
valued at \u00a33.34 per share, with a total fair value of \u00a30.9m (2024: nil), vesting on 31 March 2028.
(d)\u00a0 Carried interest and co-investment
Fund investors expect certain members of the Group\u2019s senior executive management to invest in carried interest and co-investment
in\u00a0the funds managed by the Group to demonstrate alignment of interest, and as such the Executive Directors of the Company have
made significant personal commitments from their own resources to some of these funds. The funds and relevant CIPs, intermediate
holding companies or GPs (which are entitled to the carry) are not consolidated by the Group but are related parties. The returns (in
the form of investment income and capital appreciation) are fully dependent on the performance of the relevant fund and its
underlying investments.
The Directors of the Company at 31\u00a0December 2025 have committed amounts from their personal resources across multiple funds
totalling \u00a310.0m (2024: \u00a37.2m).
(e)\u00a0 Transactions with funds
The funds are related parties of the Group. Amounts received as fees, from reimbursement of expenses paid on behalf of, the funds
during the year are shown in the table below, along with the amounts receivable at year end.
Group
2025
\u00a3 m
2024
\u00a3 m
Amounts received from funds
360.9
311.0
Amounts receivable from funds
27.0
31.8
Amounts paid on behalf of the funds
5.5
20.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
27\u00a0 Related party transactions
(a)\u00a0 Key management compensation
The Directors are considered to represent the key management of the Group. The compensation paid or payable to the key
management is set out in the table below, including amounts payable after they ceased to be Directors but continued to be key
management personnel of the Group, where applicable.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
4.7
Total
5.7
4.7
Further information on the remuneration of the Directors can be found in the Remuneration Report on page 103.
(b)\u00a0 Directors' emoluments
The Directors of the Company were remunerated by the Group as set out below. The aggregate value of remuneration expenses in
relation to pensions and share-based payments was less than \u00a30.7m.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
5.3
Total
5.7
5.3
(c)\u00a0 Transactions with Directors
In 2025, two Directors of the Company were granted conditional share awards over 455,372 shares, valued at \u00a33.34 per share, with
a total fair value of \u00a31.5m. These awards will vest on 31 March 2028. In 2024, a Director of the Company was granted a
conditional share award over 326,672 shares, valued at \u00a32.60 per share, with a total fair value of \u00a30.9m, vesting on 31 March 2027.
As outlined in the Directors\u2019 Remuneration Policy, Executive Directors\u2019 bonus amounts in excess of 25% of salary are subject to 50%
deferral into shares, which will vest after three years. During the year, 278,020 shares were awarded under this deferral arrangement,
valued at \u00a33.34 per share, with a total fair value of \u00a30.9m (2024: nil), vesting on 31 March 2028.
(d)\u00a0 Carried interest and co-investment
Fund investors expect certain members of the Group\u2019s senior executive management to invest in carried interest and co-investment
in\u00a0the funds managed by the Group to demonstrate alignment of interest, and as such the Executive Directors of the Company have
made significant personal commitments from their own resources to some of these funds. The funds and relevant CIPs, intermediate
holding companies or GPs (which are entitled to the carry) are not consolidated by the Group but are related parties. The returns (in
the form of investment income and capital appreciation) are fully dependent on the performance of the relevant fund and its
underlying investments.
The Directors of the Company at 31\u00a0December 2025 have committed amounts from their personal resources across multiple funds
totalling \u00a310.0m (2024: \u00a37.2m).
(e)\u00a0 Transactions with funds
The funds are related parties of the Group. Amounts received as fees, from reimbursement of expenses paid on behalf of, the funds
during the year are shown in the table below, along with the amounts receivable at year end.
Group
2025
\u00a3 m
2024
\u00a3 m
Amounts received from funds
360.9
311.0
Amounts receivable from funds
27.0
31.8
Amounts paid on behalf of the funds
5.5
20.3
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
(a)\u00a0 Key management compensation
The Directors are considered to represent the key management of the Group. The compensation paid or payable to the key
management is set out in the table below, including amounts payable after they ceased to be Directors but continued to be key
management personnel of the Group, where applicable.
Group
2025
\u00a3 m
2024
\u00a3 m
Salary, bonus and other benefits
5.7
4.7
Total
5.7
4.7
Further information on the remuneration of the Directors can be found in the Remuneration Report on page 103.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
28\u00a0 Parent and ultimate controlling party
The Company is owned by a number of natural persons and corporate entities, none of whom owns more than 20% of the issued
share capital of the Company. Accordingly, there is no parent entity nor ultimate controlling party.
", "dimensions": { "concept": "bridgepointgroupplc:DisclosureOfParentAndUltimateControllingParty", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
29\u00a0 Subsidiaries and interests in other entities
The Group consists of the Company and entities controlled by the Company. This note sets out those subsidiary entities owned by
the Company and that are consolidated, those which are not, and those structured entities which are consolidated in the financial
statements.
Company
2025
\u00a3 m
2024
\u00a3 m
Balance as at 1 January
1,375.0
1,026.9
Increase in investment in subsidiary and other Group affiliates
135.0
348.1
At 31 December
1,510.0
1,375.0
The additions in 2025 primarily arise from equity settled share awards granted during the year. Further details are set out in note 7.
(a)\u00a0 List of subsidiaries
The table below shows details of subsidiaries owned directly or indirectly by the Company as at 31\u00a0December 2025 and its
ownership interest in each entity. The registered office of each subsidiary is referenced to a table below the list of subsidiaries. All
subsidiaries operate in the countries where they are registered or incorporated and are stated in the accounts at cost less, where
appropriate, provision for impairment.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
101 Investments (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP LLP
2
UK
General Partner
N/A
\u2013
BBTPS GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BBTPS FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BBTPS Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BC II FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BC II FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BC GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BC MLP UK Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BC SMA Carry GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
BC SMA II Carry GP LLP
2
UK
General Partner
N/A
\u2013
BC SMA II FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BCLO Credit Investments I S.\u00e0 r.l.
3
Luxembourg
CLO management company
Ordinary shares
87.5%
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
87.5%
BCO V Carry GP LLP
1
UK
General Partner
N/A
\u2013
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
BDC GP LP
2
UK
General Partner
N/A
\u2013
BDC II (SGP) Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II GP LP
2
UK
General Partner
N/A
\u2013
BDC II Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP LLP
1
UK
General Partner
N/A
\u2013
BDC III Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC III Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC IV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BDC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC IV Finance 1 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
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
87.5%
BDC V GP LLP
1
UK
General Partner
N/A
\u2013
BDC V MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC V GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BDC V GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC V SLP GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC Special 1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special 2 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special GP LLP
2
UK
General Partner
N/A
\u2013
BDCP II (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDCP II GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDCP II GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDCP II MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDCP II SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDL III Carry GP LLP
2
UK
General Partner
N/A
\u2013
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDL IV Carry GP LLP
2
UK
General Partner
N/A
\u2013
BEP IV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEP IV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEP IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
BEV Germany GP Co Limited
4
Guernsey
General Partner
Ordinary shares
87.5%
BEV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEV GP LLP
1
UK
General Partner
N/A
\u2013
BEV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV GPC Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BEV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BEV Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BE VI FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BE VI GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 1 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 2 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 3 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VII GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BECM I GP1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BG II GP LLP
1
UK
General Partner
N/A
\u2013
BG II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Advisers Singapore Pte. Ltd
15
Singapore
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint AB
5
Sweden
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advantage Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Advantage FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Advantage GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Advisers Europe Limited
1
UK
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advisers Group Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers Holdings
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers II Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers UK Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint AIV Holdings Corp.
13
United States
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Doolittle) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Capital Directorships Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
Bridgepoint Capital Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Advisers UK Limited
1
UK
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Empire GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Conseil France SAS
11
France
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit FSBA GP S.\u00e0 r.l
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit GP Verwaltungs GmbH
12
Germany
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Holdings Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Credit Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit Management Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit MSPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit MPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Credit Opportunities II GP GmbH & Co.
KG
12
Germany
General Partner
N/A
\u2013
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
87.5%
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit PPF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit PS GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Services S.\u00e0 r.l.
3
Luxembourg
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Debt Funding Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Debt Management Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Debt Managers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital V GP S.a r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Development Capital V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending E GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending II GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending III GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Europe (SGP) Ltd
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Europe III GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Europe IV (Nominees) 1 Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV (Nominees) Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Europe Managerial LLP
1
UK
Limited Partner
N/A
\u2013
Bridgepoint Europe Private Equity (Spain) GP 2 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe V Finance 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
87.5%
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
87.5%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Europe VII GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe VII GP LLP
1
UK
General Partner
N/A
\u2013
Bridgepoint Europe VII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Europe VII MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII (GP) S.\u00e0 r.l.
3
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP 2 Limited
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP LLP
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII MLP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Fund Management S.\u00e0 r.l.
3
Luxembourg
Private equity management company
Ordinary Shares
87.5%
Bridgepoint Generations Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Generations Sub-Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint GmbH
6
Germany
Private equity advisory company
Ordinary shares
87.5%
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
87.5%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Group Holdings Limited
1
UK
Holding company
Ordinary shares
87.5%
Bridgepoint Group Hong Kong Limited
18
China
Advisory company
Ordinary shares
87.5%
Bridgepoint Growth Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Holdco 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Infrastructure Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure GP Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint International Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Investment Consultants (Shanghai) Co Ltd
8
China
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Management Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint ECP ME Limited
19
UAE
Advisory company
Ordinary shares
87.5%
Bridgepoint Netherlands B.V.
9
Netherlands
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint OP GP Limited
1
UK
General Partner
Ordinary shares
100.0%
Bridgepoint OP LP
1
UK
Investment holding partnership
N/A
\u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint PC SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Preservation Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP GP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP SGP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) GP LLP
1
UK
General partner
N/A
\u2013
Bridgepoint SAS
7
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services France SAS
11
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Private Equity Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Wealth Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Property Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Property Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint SA
10
Spain
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services S.\u00e0.r.l.
3
Luxembourg
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Structured Credit Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint UK Holdco Limited
1
UK
Investment holding company
Ordinary shares
100.0%
Bridgepoint UK Midco Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint US Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint US Holdco Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Holdco 2 Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Ventures Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint, LLC
17
United States
Private equity advisory company
Ordinary shares
87.5%
Burgundy GP LLP
1
UK
General Partner
N/A
\u2013
Burgundy GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Energy Capital Partners Holdings, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management Asia, LLC
13
United States
Infrastructure advisory company
Ordinary shares
87.5%
GeorgeTown (Nominees) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Horninghaven Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Horningway Limited
1
UK
General Partner
Ordinary shares
87.5%
HPE II GP LP
2
UK
General Partner
N/A
\u2013
HPE SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
LORAC 5 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC V Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BECM I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BC SMA II Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO IV Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BDL III Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC Eagle Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC KITE Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC (1998) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 3 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 4 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 5991 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BBTPS Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BPC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BDL IV Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC ECP V Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
Quantum US Holding L.P
16
United States
Limited partner
N/A
\u2013
Ruby Investments (UK) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Sapphire Investments (Guernsey) Limited
4
Guernsey
Investment holding company
Ordinary shares
87.5%
Throttle Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Thompson Trustees Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Vigny Advisory
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Participation
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Holding
14
France
Dormant entity
Ordinary shares
87.5%
Wigeavenmore GP LLP
1
UK
General Partner
N/A
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
29\u00a0 Subsidiaries and interests in other entities
The Group consists of the Company and entities controlled by the Company. This note sets out those subsidiary entities owned by
the Company and that are consolidated, those which are not, and those structured entities which are consolidated in the financial
statements.
Company
2025
\u00a3 m
2024
\u00a3 m
Balance as at 1 January
1,375.0
1,026.9
Increase in investment in subsidiary and other Group affiliates
135.0
348.1
At 31 December
1,510.0
1,375.0
The additions in 2025 primarily arise from equity settled share awards granted during the year. Further details are set out in note 7.
(a)\u00a0 List of subsidiaries
The table below shows details of subsidiaries owned directly or indirectly by the Company as at 31\u00a0December 2025 and its
ownership interest in each entity. The registered office of each subsidiary is referenced to a table below the list of subsidiaries. All
subsidiaries operate in the countries where they are registered or incorporated and are stated in the accounts at cost less, where
appropriate, provision for impairment.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
101 Investments (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP LLP
2
UK
General Partner
N/A
\u2013
BBTPS GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BBTPS FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BBTPS Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BC II FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BC II FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BC GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BC MLP UK Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BC SMA Carry GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
BC SMA II Carry GP LLP
2
UK
General Partner
N/A
\u2013
BC SMA II FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BCLO Credit Investments I S.\u00e0 r.l.
3
Luxembourg
CLO management company
Ordinary shares
87.5%
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
87.5%
BCO V Carry GP LLP
1
UK
General Partner
N/A
\u2013
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
BDC GP LP
2
UK
General Partner
N/A
\u2013
BDC II (SGP) Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II GP LP
2
UK
General Partner
N/A
\u2013
BDC II Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP LLP
1
UK
General Partner
N/A
\u2013
BDC III Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC III Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC IV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BDC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC IV Finance 1 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
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
87.5%
BDC V GP LLP
1
UK
General Partner
N/A
\u2013
BDC V MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC V GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BDC V GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC V SLP GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC Special 1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special 2 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special GP LLP
2
UK
General Partner
N/A
\u2013
BDCP II (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDCP II GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDCP II GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDCP II MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDCP II SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDL III Carry GP LLP
2
UK
General Partner
N/A
\u2013
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDL IV Carry GP LLP
2
UK
General Partner
N/A
\u2013
BEP IV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEP IV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEP IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
BEV Germany GP Co Limited
4
Guernsey
General Partner
Ordinary shares
87.5%
BEV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEV GP LLP
1
UK
General Partner
N/A
\u2013
BEV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV GPC Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BEV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BEV Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BE VI FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BE VI GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 1 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 2 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 3 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VII GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BECM I GP1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BG II GP LLP
1
UK
General Partner
N/A
\u2013
BG II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Advisers Singapore Pte. Ltd
15
Singapore
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint AB
5
Sweden
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advantage Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Advantage FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Advantage GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Advisers Europe Limited
1
UK
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advisers Group Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers Holdings
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers II Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers UK Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint AIV Holdings Corp.
13
United States
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Doolittle) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Capital Directorships Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
Bridgepoint Capital Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Advisers UK Limited
1
UK
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Empire GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Conseil France SAS
11
France
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit FSBA GP S.\u00e0 r.l
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit GP Verwaltungs GmbH
12
Germany
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Holdings Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Credit Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit Management Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit MSPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit MPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Credit Opportunities II GP GmbH & Co.
KG
12
Germany
General Partner
N/A
\u2013
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
87.5%
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit PPF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit PS GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Services S.\u00e0 r.l.
3
Luxembourg
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Debt Funding Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Debt Management Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Debt Managers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital V GP S.a r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Development Capital V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending E GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending II GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending III GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Europe (SGP) Ltd
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Europe III GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Europe IV (Nominees) 1 Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV (Nominees) Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Europe Managerial LLP
1
UK
Limited Partner
N/A
\u2013
Bridgepoint Europe Private Equity (Spain) GP 2 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe V Finance 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
87.5%
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
87.5%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Europe VII GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe VII GP LLP
1
UK
General Partner
N/A
\u2013
Bridgepoint Europe VII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Europe VII MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII (GP) S.\u00e0 r.l.
3
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP 2 Limited
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP LLP
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII MLP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Fund Management S.\u00e0 r.l.
3
Luxembourg
Private equity management company
Ordinary Shares
87.5%
Bridgepoint Generations Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Generations Sub-Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint GmbH
6
Germany
Private equity advisory company
Ordinary shares
87.5%
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
87.5%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Group Holdings Limited
1
UK
Holding company
Ordinary shares
87.5%
Bridgepoint Group Hong Kong Limited
18
China
Advisory company
Ordinary shares
87.5%
Bridgepoint Growth Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Holdco 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Infrastructure Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure GP Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint International Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Investment Consultants (Shanghai) Co Ltd
8
China
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Management Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint ECP ME Limited
19
UAE
Advisory company
Ordinary shares
87.5%
Bridgepoint Netherlands B.V.
9
Netherlands
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint OP GP Limited
1
UK
General Partner
Ordinary shares
100.0%
Bridgepoint OP LP
1
UK
Investment holding partnership
N/A
\u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint PC SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Preservation Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP GP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP SGP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) GP LLP
1
UK
General partner
N/A
\u2013
Bridgepoint SAS
7
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services France SAS
11
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Private Equity Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Wealth Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Property Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Property Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint SA
10
Spain
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services S.\u00e0.r.l.
3
Luxembourg
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Structured Credit Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint UK Holdco Limited
1
UK
Investment holding company
Ordinary shares
100.0%
Bridgepoint UK Midco Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint US Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint US Holdco Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Holdco 2 Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Ventures Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint, LLC
17
United States
Private equity advisory company
Ordinary shares
87.5%
Burgundy GP LLP
1
UK
General Partner
N/A
\u2013
Burgundy GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Energy Capital Partners Holdings, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management Asia, LLC
13
United States
Infrastructure advisory company
Ordinary shares
87.5%
GeorgeTown (Nominees) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Horninghaven Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Horningway Limited
1
UK
General Partner
Ordinary shares
87.5%
HPE II GP LP
2
UK
General Partner
N/A
\u2013
HPE SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
LORAC 5 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC V Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BECM I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BC SMA II Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO IV Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BDL III Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC Eagle Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC KITE Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC (1998) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 3 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 4 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 5991 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BBTPS Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BPC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BDL IV Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC ECP V Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
Quantum US Holding L.P
16
United States
Limited partner
N/A
\u2013
Ruby Investments (UK) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Sapphire Investments (Guernsey) Limited
4
Guernsey
Investment holding company
Ordinary shares
87.5%
Throttle Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Thompson Trustees Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Vigny Advisory
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Participation
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Holding
14
France
Dormant entity
Ordinary shares
87.5%
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
21 rue La P\u00e9rouse, 75116, Paris, France
12
C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany
13
40 Beechwood Rd, Summit, NJ 07901, USA
14
21 rue La P\u00e9rouse, 75017, Paris, France
15
10 Anson Road, #22-02, International Plaza, Singapore (079903)
16
251 Little Falls Drive, City of Wilmington 19808, County of New Castle, USA
17
80 route d'Esch, Luxembourg, Luxembourg, L-1470, Luxembourg
18
30th Floor, Jardine House, One Connaught Place, Central, Hong Kong
19
Cloud Suite 402, Level 14, Al Sarab Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates
(b)\u00a0 Entities not consolidated
The table below shows entities that are indirect subsidiaries of the Company, but the Group does not have the power to direct
activities or rights to variable returns from the entity and they are therefore not consolidated in the financial information.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Proportion of
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
100.0%
Sapphire Sub II B Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III A Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III B Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III C Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub South Limited*
4
Guernsey
Investment holding company
Ordinary shares
25.0%
* Entities are in liquidation.
The profit or loss for the above entities for the years ended 31\u00a0December 2025 and 2024 are not material.
(c)\u00a0 Consolidated structured entities
The table below shows details of structured entities that the Group is deemed to control and are consolidated within the financial
statements for the periods referenced.
Name of structured entities
Country of
incorporation
Group\u2019s
proportion
of ownership
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
All periods
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
66.2%
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
All periods
Bridgepoint CLO VIII DAC
Ireland
65.8%
Subordinated note in the residual class
All periods
Bridgepoint CLO IX DAC
Ireland
50.7%
Subordinated note in the residual class
2025
Bridgepoint CLO X DAC
Ireland
50.0%
Warehouse entity
2025
Bridgepoint Generations S.A. SICAV
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Master SCSp SICAV
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Aggregator - I SCSp
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Sub-Aggregator- I SCSp
Luxembourg
76.8%
Limited partner
2025
Bridgepoint European CLO Management I SCSp
Luxembourg
68.2%
Limited partner
All periods
Opal Investments LP
UK
85.0%
Limited partner
All periods
Maple Tree VII LP
UK
21.7%*
Limited partner
All periods
* A control assessment of Maple Tree VII LP has been performed in accordance with the Group\u2019s accounting policies and concluded that the Group has power and exposure to
variable returns in profit sharing. As a result, the Group consolidates the vehicle. Under the limited partnership agreement, third-party investors have the right to receive a
minimum return on drawn commitments, along with a share of residual profits from the partnership.
The assets held in some of these consolidated structured entities are restricted to use for the Group. These are primarily:
\u2013 The consolidated CLO assets of \u00a32,878.8m (2024: \u00a31,978.2m) and consolidated CLO cash of \u00a3138.4m (2024: \u00a369.0m) which
are restricted to settle the associated consolidated CLO liabilities of \u00a32,816.9m (2024: \u00a31,929.5m); and
\u2013 Fund investments amounting to \u00a397.1m\u00a0 (2024: nil) and restricted cash of \u00a33.0m (2024: nil) held in structured fund vehicles.
(d)\u00a0 Associates
Where the Group holds investments in funds, CIP, intermediate holding companies or GPs that give the Group significant influence,
but not control, through participation in financial and operating policy decisions, the Group measures investments in associates at
fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. Where the Group
holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments
are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position.
Proportion of
ownership interest/
voting rights held by
the Group
Income distributions
received from
associate
Name of associates
Ref
Country of
incorporation
Principal activity
2025
2024
2025
\u00a3 m
2024
\u00a3 m
BDC III SFP LP*
1
UK
Investment holding vehicle
25.0%
25.0%
14.3
39.0
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
BE IV FP LP
1
UK
Investment holding vehicle
28.1%
28.1%
2.0
4.4
BEP IV SFP LP*
1
UK
Investment holding vehicle
31.8%
31.8%
4.5
21.0
BE VI SFP LP*
1
UK
Investment holding vehicle
22.5%
22.5%
\u2013
\u2013
BE VI Co-Investment (Feeder) Partnership LP
1
UK
Investment holding vehicle
45.2%
45.2%
0.8
0.6
BE VII Co-Investment Partnership LP
1
UK
Investment holding vehicle
22.4%
10.2%
\u2013
\u2013
Bridgepoint Growth I SFP LP*
1
UK
Investment holding vehicle
35.0%
35.0%
\u2013
\u2013
ECP TerraSol GP, LP*
2
USA
Investment holding vehicle
22.5%
n/a
\u2013
n/a
ECP GP IV, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
13.7
\u2013
ECP GP V, LP*
2
USA
Investment holding vehicle
13.3%
13.3%
2.7
0.3
ECP Calpine Fund GP LP*
2
USA
Investment holding vehicle
12.4%
12.4%
\u2013
1.4
ECP Credit Solutions GP II LP*
2
USA
Investment holding vehicle
15.0%
15.0%
4.2
0.7
ECP IV (Liberty Recycling Co-invest), LP*
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
ECP FBO Energy Infra, LLC*
2
USA
Investment holding vehicle
\u2013%
15.0%
0.6
\u2013
ECP Renewables GP, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
\u2013
\u2013
ECP Energy Transition Opportunities GP LP
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
* Only ownership interests relating to carried interest are presented when a vehicle is also entitled to co-investment income as the carried interest is expected to be more
valuable.
1. The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK
2. The partnership or the company\u2019s registered address is 40 Beechwood Rd, Summit, NJ 07901, USA
ECP GP IV LP
The group has an investment that has a holding of 50% of the limited partner commitments of ECP GP IV LP. Where the Group
holds an interest that is greater than 20%, the Group is considered to have significant influence, but not control. Accordingly, ECP
GP IV LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
585.2
526.2
Other assets
0.1
20.1
Total liabilities
(0.3)
\u2013
Net Assets
585.1
546.3
Profit for the year
106.9
167.2
Group's carried interest
15.0%
15.0%
BDC III SFP LP
Within investments in funds, the Group has an interest of 25.0% in BDC III SFP LP, a partnership that is a co-investor into the BDC
III fund partnerships. Where the Group holds an interest that is greater than 20% the Group is considered to have significant
influence, but not control. Accordingly, BDC III SFP LP is considered to be an associate of the Group. Key financial information
about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
114.8
132.4
Other assets
0.5
52.0
Total liabilities
(0.1)
(51.0)
Net Assets
115.3
133.3
Profit for the year
57.6
152.0
Group interest
25.0%
25.0%
(e)\u00a0 Subsidiaries not audited
For the year ended 31\u00a0December 2025 the following UK subsidiaries were expected to be entitled to exemption from audit under
section 479A of the Companies Act 2006 relating to subsidiary companies:
101 Investments (GP) Limited
BDC III GP 2 Limited
BDL I Carry GP LLP
Bridgepoint Europe III FP (GP) Limited
Atlantic GP LLP
BDC III SFP GP Limited
BDL III Carry GP LLP
Bridgepoint Europe IV FP (GP) Limited
Atlantic GP 1 Limited
BDC IV MLP Limited
BDL IV Carry GP LLP
Bridgepoint Europe Private Equity
(Spain) GP 2 Limited
BBTPS FP GP Limited
BDC IV SFP GP Limited
BE VI FP SGP Limited
Bridgepoint Europe VI Bridge 2 GP LLP
BC GP 2 Limited
BDC Special 1 Limited
BE VI GP 2 Limited
Bridgepoint Europe VI Bridge 3 GP LLP
BC II FP SGP Limited
BDC Special 2 Limited
BE VI MLP Limited
Bridgepoint Europe VI Bridge GP LLP
BC II MLP Limited
BDC Special GP LLP
BECM I GP1 Limited
Bridgepoint Europe VI Bridge Holding
GP LLP
BC MLP UK Limited
BDC V GP 2 Limited
BEP IV FP SGP Limited
Bridgepoint Europe VII FP SGP Limited
BC SMA II Carry GP LLP
BDC V MLP Limited
BEP IV GP 2 Limited
Bridgepoint Europe VII GP 2 Limited
BCO II Carry GP LLP
BDC V SLP GP Limited
BEP IV MLP Limited
Bridgepoint Europe VII MLP Limited
BCO III Carry GP LLP
BDCP II GP 1 Limited
BEV FP SGP Limited
Bridgepoint PC SGP Limited
BCO IV Carry GP LLP
BDCP II GP 2 Limited
BEV MLP Limited
Bridgepoint Private Equity (Spain) FP
Limited
BDC II FP GP Limited
BDCP II MLP Limited
Bridgepoint Advantage FP SGP Limited
Bridgepoint Private Equity (Spain) FP
SGP Limited
BDC II Limited
BDCP II SFP GP Limited
Bridgepoint Credit Carry GP LLP
Burgundy GP LLP
For the year ended 31\u00a0December 2025 a subsidiary of the Company, Bridgepoint OP LP, was expected to take exemption under
section 7 of The Partnerships (Accounts) Regulations 2008 (as amended by the Companies and Partnerships (Accounts and Audit)
Regulations 2013).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
29\u00a0 Subsidiaries and interests in other entities
The Group consists of the Company and entities controlled by the Company. This note sets out those subsidiary entities owned by
the Company and that are consolidated, those which are not, and those structured entities which are consolidated in the financial
statements.
Company
2025
\u00a3 m
2024
\u00a3 m
Balance as at 1 January
1,375.0
1,026.9
Increase in investment in subsidiary and other Group affiliates
135.0
348.1
At 31 December
1,510.0
1,375.0
The additions in 2025 primarily arise from equity settled share awards granted during the year. Further details are set out in note 7.
(a)\u00a0 List of subsidiaries
The table below shows details of subsidiaries owned directly or indirectly by the Company as at 31\u00a0December 2025 and its
ownership interest in each entity. The registered office of each subsidiary is referenced to a table below the list of subsidiaries. All
subsidiaries operate in the countries where they are registered or incorporated and are stated in the accounts at cost less, where
appropriate, provision for impairment.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
101 Investments (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP LLP
2
UK
General Partner
N/A
\u2013
BBTPS GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BBTPS FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BBTPS Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BC II FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BC II FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BC GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BC MLP UK Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BC SMA Carry GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
BC SMA II Carry GP LLP
2
UK
General Partner
N/A
\u2013
BC SMA II FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BCLO Credit Investments I S.\u00e0 r.l.
3
Luxembourg
CLO management company
Ordinary shares
87.5%
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
87.5%
BCO V Carry GP LLP
1
UK
General Partner
N/A
\u2013
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
BDC GP LP
2
UK
General Partner
N/A
\u2013
BDC II (SGP) Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II GP LP
2
UK
General Partner
N/A
\u2013
BDC II Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP LLP
1
UK
General Partner
N/A
\u2013
BDC III Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC III Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC IV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BDC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC IV Finance 1 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
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
87.5%
BDC V GP LLP
1
UK
General Partner
N/A
\u2013
BDC V MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC V GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BDC V GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC V SLP GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC Special 1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special 2 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special GP LLP
2
UK
General Partner
N/A
\u2013
BDCP II (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDCP II GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDCP II GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDCP II MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDCP II SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDL III Carry GP LLP
2
UK
General Partner
N/A
\u2013
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDL IV Carry GP LLP
2
UK
General Partner
N/A
\u2013
BEP IV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEP IV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEP IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
BEV Germany GP Co Limited
4
Guernsey
General Partner
Ordinary shares
87.5%
BEV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEV GP LLP
1
UK
General Partner
N/A
\u2013
BEV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV GPC Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BEV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BEV Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BE VI FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BE VI GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 1 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 2 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 3 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VII GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BECM I GP1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BG II GP LLP
1
UK
General Partner
N/A
\u2013
BG II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Advisers Singapore Pte. Ltd
15
Singapore
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint AB
5
Sweden
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advantage Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Advantage FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Advantage GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Advisers Europe Limited
1
UK
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advisers Group Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers Holdings
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers II Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers UK Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint AIV Holdings Corp.
13
United States
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Doolittle) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Capital Directorships Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
Bridgepoint Capital Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Advisers UK Limited
1
UK
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Empire GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Conseil France SAS
11
France
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit FSBA GP S.\u00e0 r.l
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit GP Verwaltungs GmbH
12
Germany
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Holdings Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Credit Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit Management Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit MSPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit MPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Credit Opportunities II GP GmbH & Co.
KG
12
Germany
General Partner
N/A
\u2013
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
87.5%
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit PPF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit PS GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Services S.\u00e0 r.l.
3
Luxembourg
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Debt Funding Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Debt Management Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Debt Managers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital V GP S.a r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Development Capital V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending E GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending II GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending III GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Europe (SGP) Ltd
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Europe III GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Europe IV (Nominees) 1 Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV (Nominees) Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Europe Managerial LLP
1
UK
Limited Partner
N/A
\u2013
Bridgepoint Europe Private Equity (Spain) GP 2 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe V Finance 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
87.5%
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
87.5%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Europe VII GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe VII GP LLP
1
UK
General Partner
N/A
\u2013
Bridgepoint Europe VII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Europe VII MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII (GP) S.\u00e0 r.l.
3
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP 2 Limited
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP LLP
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII MLP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Fund Management S.\u00e0 r.l.
3
Luxembourg
Private equity management company
Ordinary Shares
87.5%
Bridgepoint Generations Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Generations Sub-Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint GmbH
6
Germany
Private equity advisory company
Ordinary shares
87.5%
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
87.5%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Group Holdings Limited
1
UK
Holding company
Ordinary shares
87.5%
Bridgepoint Group Hong Kong Limited
18
China
Advisory company
Ordinary shares
87.5%
Bridgepoint Growth Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Holdco 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Infrastructure Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure GP Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint International Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Investment Consultants (Shanghai) Co Ltd
8
China
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Management Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint ECP ME Limited
19
UAE
Advisory company
Ordinary shares
87.5%
Bridgepoint Netherlands B.V.
9
Netherlands
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint OP GP Limited
1
UK
General Partner
Ordinary shares
100.0%
Bridgepoint OP LP
1
UK
Investment holding partnership
N/A
\u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint PC SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Preservation Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP GP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP SGP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) GP LLP
1
UK
General partner
N/A
\u2013
Bridgepoint SAS
7
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services France SAS
11
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Private Equity Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Wealth Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Property Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Property Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint SA
10
Spain
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services S.\u00e0.r.l.
3
Luxembourg
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Structured Credit Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint UK Holdco Limited
1
UK
Investment holding company
Ordinary shares
100.0%
Bridgepoint UK Midco Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint US Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint US Holdco Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Holdco 2 Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Ventures Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint, LLC
17
United States
Private equity advisory company
Ordinary shares
87.5%
Burgundy GP LLP
1
UK
General Partner
N/A
\u2013
Burgundy GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Energy Capital Partners Holdings, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management Asia, LLC
13
United States
Infrastructure advisory company
Ordinary shares
87.5%
GeorgeTown (Nominees) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Horninghaven Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Horningway Limited
1
UK
General Partner
Ordinary shares
87.5%
HPE II GP LP
2
UK
General Partner
N/A
\u2013
HPE SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
LORAC 5 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC V Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BECM I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BC SMA II Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO IV Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BDL III Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC Eagle Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC KITE Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC (1998) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 3 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 4 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 5991 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BBTPS Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BPC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BDL IV Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC ECP V Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
Quantum US Holding L.P
16
United States
Limited partner
N/A
\u2013
Ruby Investments (UK) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Sapphire Investments (Guernsey) Limited
4
Guernsey
Investment holding company
Ordinary shares
87.5%
Throttle Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Thompson Trustees Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Vigny Advisory
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Participation
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Holding
14
France
Dormant entity
Ordinary shares
87.5%
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
21 rue La P\u00e9rouse, 75116, Paris, France
12
C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany
13
40 Beechwood Rd, Summit, NJ 07901, USA
14
21 rue La P\u00e9rouse, 75017, Paris, France
15
10 Anson Road, #22-02, International Plaza, Singapore (079903)
16
251 Little Falls Drive, City of Wilmington 19808, County of New Castle, USA
17
80 route d'Esch, Luxembourg, Luxembourg, L-1470, Luxembourg
18
30th Floor, Jardine House, One Connaught Place, Central, Hong Kong
19
Cloud Suite 402, Level 14, Al Sarab Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates
(b)\u00a0 Entities not consolidated
The table below shows entities that are indirect subsidiaries of the Company, but the Group does not have the power to direct
activities or rights to variable returns from the entity and they are therefore not consolidated in the financial information.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Proportion of
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
100.0%
Sapphire Sub II B Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III A Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III B Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III C Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub South Limited*
4
Guernsey
Investment holding company
Ordinary shares
25.0%
* Entities are in liquidation.
The profit or loss for the above entities for the years ended 31\u00a0December 2025 and 2024 are not material.
(c)\u00a0 Consolidated structured entities
The table below shows details of structured entities that the Group is deemed to control and are consolidated within the financial
statements for the periods referenced.
Name of structured entities
Country of
incorporation
Group\u2019s
proportion
of ownership
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
All periods
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
66.2%
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
All periods
Bridgepoint CLO VIII DAC
Ireland
65.8%
Subordinated note in the residual class
All periods
Bridgepoint CLO IX DAC
Ireland
50.7%
Subordinated note in the residual class
2025
Bridgepoint CLO X DAC
Ireland
50.0%
Warehouse entity
2025
Bridgepoint Generations S.A. SICAV
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Master SCSp SICAV
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Aggregator - I SCSp
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Sub-Aggregator- I SCSp
Luxembourg
76.8%
Limited partner
2025
Bridgepoint European CLO Management I SCSp
Luxembourg
68.2%
Limited partner
All periods
Opal Investments LP
UK
85.0%
Limited partner
All periods
Maple Tree VII LP
UK
21.7%*
Limited partner
All periods
* A control assessment of Maple Tree VII LP has been performed in accordance with the Group\u2019s accounting policies and concluded that the Group has power and exposure to
variable returns in profit sharing. As a result, the Group consolidates the vehicle. Under the limited partnership agreement, third-party investors have the right to receive a
minimum return on drawn commitments, along with a share of residual profits from the partnership.
The assets held in some of these consolidated structured entities are restricted to use for the Group. These are primarily:
\u2013 The consolidated CLO assets of \u00a32,878.8m (2024: \u00a31,978.2m) and consolidated CLO cash of \u00a3138.4m (2024: \u00a369.0m) which
are restricted to settle the associated consolidated CLO liabilities of \u00a32,816.9m (2024: \u00a31,929.5m); and
\u2013 Fund investments amounting to \u00a397.1m\u00a0 (2024: nil) and restricted cash of \u00a33.0m (2024: nil) held in structured fund vehicles.
(d)\u00a0 Associates
Where the Group holds investments in funds, CIP, intermediate holding companies or GPs that give the Group significant influence,
but not control, through participation in financial and operating policy decisions, the Group measures investments in associates at
fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. Where the Group
holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments
are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position.
Proportion of
ownership interest/
voting rights held by
the Group
Income distributions
received from
associate
Name of associates
Ref
Country of
incorporation
Principal activity
2025
2024
2025
\u00a3 m
2024
\u00a3 m
BDC III SFP LP*
1
UK
Investment holding vehicle
25.0%
25.0%
14.3
39.0
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
BE IV FP LP
1
UK
Investment holding vehicle
28.1%
28.1%
2.0
4.4
BEP IV SFP LP*
1
UK
Investment holding vehicle
31.8%
31.8%
4.5
21.0
BE VI SFP LP*
1
UK
Investment holding vehicle
22.5%
22.5%
\u2013
\u2013
BE VI Co-Investment (Feeder) Partnership LP
1
UK
Investment holding vehicle
45.2%
45.2%
0.8
0.6
BE VII Co-Investment Partnership LP
1
UK
Investment holding vehicle
22.4%
10.2%
\u2013
\u2013
Bridgepoint Growth I SFP LP*
1
UK
Investment holding vehicle
35.0%
35.0%
\u2013
\u2013
ECP TerraSol GP, LP*
2
USA
Investment holding vehicle
22.5%
n/a
\u2013
n/a
ECP GP IV, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
13.7
\u2013
ECP GP V, LP*
2
USA
Investment holding vehicle
13.3%
13.3%
2.7
0.3
ECP Calpine Fund GP LP*
2
USA
Investment holding vehicle
12.4%
12.4%
\u2013
1.4
ECP Credit Solutions GP II LP*
2
USA
Investment holding vehicle
15.0%
15.0%
4.2
0.7
ECP IV (Liberty Recycling Co-invest), LP*
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
ECP FBO Energy Infra, LLC*
2
USA
Investment holding vehicle
\u2013%
15.0%
0.6
\u2013
ECP Renewables GP, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
\u2013
\u2013
ECP Energy Transition Opportunities GP LP
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
* Only ownership interests relating to carried interest are presented when a vehicle is also entitled to co-investment income as the carried interest is expected to be more
valuable.
1. The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK
2. The partnership or the company\u2019s registered address is 40 Beechwood Rd, Summit, NJ 07901, USA
ECP GP IV LP
The group has an investment that has a holding of 50% of the limited partner commitments of ECP GP IV LP. Where the Group
holds an interest that is greater than 20%, the Group is considered to have significant influence, but not control. Accordingly, ECP
GP IV LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
585.2
526.2
Other assets
0.1
20.1
Total liabilities
(0.3)
\u2013
Net Assets
585.1
546.3
Profit for the year
106.9
167.2
Group's carried interest
15.0%
15.0%
BDC III SFP LP
Within investments in funds, the Group has an interest of 25.0% in BDC III SFP LP, a partnership that is a co-investor into the BDC
III fund partnerships. Where the Group holds an interest that is greater than 20% the Group is considered to have significant
influence, but not control. Accordingly, BDC III SFP LP is considered to be an associate of the Group. Key financial information
about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
114.8
132.4
Other assets
0.5
52.0
Total liabilities
(0.1)
(51.0)
Net Assets
115.3
133.3
Profit for the year
57.6
152.0
Group interest
25.0%
25.0%
(e)\u00a0 Subsidiaries not audited
For the year ended 31\u00a0December 2025 the following UK subsidiaries were expected to be entitled to exemption from audit under
section 479A of the Companies Act 2006 relating to subsidiary companies:
101 Investments (GP) Limited
BDC III GP 2 Limited
BDL I Carry GP LLP
Bridgepoint Europe III FP (GP) Limited
Atlantic GP LLP
BDC III SFP GP Limited
BDL III Carry GP LLP
Bridgepoint Europe IV FP (GP) Limited
Atlantic GP 1 Limited
BDC IV MLP Limited
BDL IV Carry GP LLP
Bridgepoint Europe Private Equity
(Spain) GP 2 Limited
BBTPS FP GP Limited
BDC IV SFP GP Limited
BE VI FP SGP Limited
Bridgepoint Europe VI Bridge 2 GP LLP
BC GP 2 Limited
BDC Special 1 Limited
BE VI GP 2 Limited
Bridgepoint Europe VI Bridge 3 GP LLP
BC II FP SGP Limited
BDC Special 2 Limited
BE VI MLP Limited
Bridgepoint Europe VI Bridge GP LLP
BC II MLP Limited
BDC Special GP LLP
BECM I GP1 Limited
Bridgepoint Europe VI Bridge Holding
GP LLP
BC MLP UK Limited
BDC V GP 2 Limited
BEP IV FP SGP Limited
Bridgepoint Europe VII FP SGP Limited
BC SMA II Carry GP LLP
BDC V MLP Limited
BEP IV GP 2 Limited
Bridgepoint Europe VII GP 2 Limited
BCO II Carry GP LLP
BDC V SLP GP Limited
BEP IV MLP Limited
Bridgepoint Europe VII MLP Limited
BCO III Carry GP LLP
BDCP II GP 1 Limited
BEV FP SGP Limited
Bridgepoint PC SGP Limited
BCO IV Carry GP LLP
BDCP II GP 2 Limited
BEV MLP Limited
Bridgepoint Private Equity (Spain) FP
Limited
BDC II FP GP Limited
BDCP II MLP Limited
Bridgepoint Advantage FP SGP Limited
Bridgepoint Private Equity (Spain) FP
SGP Limited
BDC II Limited
BDCP II SFP GP Limited
Bridgepoint Credit Carry GP LLP
Burgundy GP LLP
For the year ended 31\u00a0December 2025 a subsidiary of the Company, Bridgepoint OP LP, was expected to take exemption under
section 7 of The Partnerships (Accounts) Regulations 2008 (as amended by the Companies and Partnerships (Accounts and Audit)
Regulations 2013).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
29\u00a0 Subsidiaries and interests in other entities
The Group consists of the Company and entities controlled by the Company. This note sets out those subsidiary entities owned by
the Company and that are consolidated, those which are not, and those structured entities which are consolidated in the financial
statements.
Company
2025
\u00a3 m
2024
\u00a3 m
Balance as at 1 January
1,375.0
1,026.9
Increase in investment in subsidiary and other Group affiliates
135.0
348.1
At 31 December
1,510.0
1,375.0
The additions in 2025 primarily arise from equity settled share awards granted during the year. Further details are set out in note 7.
(a)\u00a0 List of subsidiaries
The table below shows details of subsidiaries owned directly or indirectly by the Company as at 31\u00a0December 2025 and its
ownership interest in each entity. The registered office of each subsidiary is referenced to a table below the list of subsidiaries. All
subsidiaries operate in the countries where they are registered or incorporated and are stated in the accounts at cost less, where
appropriate, provision for impairment.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
101 Investments (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Atlantic GP LLP
2
UK
General Partner
N/A
\u2013
BBTPS GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BBTPS FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BBTPS Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BC II FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BC II FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BC GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BC MLP UK Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BC SMA Carry GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
BC SMA II Carry GP LLP
2
UK
General Partner
N/A
\u2013
BC SMA II FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BCLO Credit Investments I S.\u00e0 r.l.
3
Luxembourg
CLO management company
Ordinary shares
87.5%
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
87.5%
BCO V Carry GP LLP
1
UK
General Partner
N/A
\u2013
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
BDC GP LP
2
UK
General Partner
N/A
\u2013
BDC II (SGP) Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II FP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC II GP LP
2
UK
General Partner
N/A
\u2013
BDC II Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC III GP LLP
1
UK
General Partner
N/A
\u2013
BDC III Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BDC III Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC III SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC IV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BDC GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC IV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC IV Finance 1 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
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
87.5%
BDC V GP LLP
1
UK
General Partner
N/A
\u2013
BDC V MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDC V GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BDC V GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC V SLP GP Limited
1
UK
General Partner
Ordinary shares
87.5%
BDC Special 1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special 2 Limited
2
UK
General Partner
Ordinary shares
87.5%
BDC Special GP LLP
2
UK
General Partner
N/A
\u2013
BDCP II (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDCP II GP 1 Limited
1
UK
General Partner
Ordinary shares
87.5%
BDCP II GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDCP II MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BDCP II SFP GP Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BDL III Carry GP LLP
2
UK
General Partner
N/A
\u2013
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
BDL IV Carry GP LLP
2
UK
General Partner
N/A
\u2013
BEP IV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEP IV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEP IV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
BEV Germany GP Co Limited
4
Guernsey
General Partner
Ordinary shares
87.5%
BEV FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
BEV GP LLP
1
UK
General Partner
N/A
\u2013
BEV FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BEV GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV GPC Limited
1
UK
General Partner
Ordinary shares
87.5%
BEV MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
BEV Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BEV Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
BE VI FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
BE VI GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Nominees II Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 1 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 2 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VI Bridge 3 Nominee Limited
1
UK
Nominee company
Ordinary shares
87.5%
BE VII GP SCSp
3
Luxembourg
General Partner
N/A
\u2013
BECM I GP1 Limited
2
UK
General Partner
Ordinary shares
87.5%
BG II GP LLP
1
UK
General Partner
N/A
\u2013
BG II Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Advisers Singapore Pte. Ltd
15
Singapore
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint AB
5
Sweden
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advantage Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Advantage FP Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Advantage FP SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Advantage GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Advisers Europe Limited
1
UK
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Advisers Group Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers Holdings
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Advisers II Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint Advisers UK Limited
1
UK
Private equity management company
Ordinary shares
87.5%
Bridgepoint AIV Holdings Corp.
13
United States
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Doolittle) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Capital (Nominees) Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Capital Directorships Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
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
87.5%
Bridgepoint Capital Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Advisers UK Limited
1
UK
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Credit BOCPIF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Credit Co-Invest GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Co-investment (French) GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Empire GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Conseil France SAS
11
France
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit FSBA GP S.\u00e0 r.l
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit GP Verwaltungs GmbH
12
Germany
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Holdings Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint Credit Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit Management Limited
1
UK
Credit fund management company
Ordinary shares
87.5%
Bridgepoint Credit MSPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit MPD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities II GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Credit Opportunities II GP GmbH & Co.
KG
12
Germany
General Partner
N/A
\u2013
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
87.5%
Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities V GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Credit PPF GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit PS GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Credit Services S.\u00e0 r.l.
3
Luxembourg
Credit fund advisory company
Ordinary shares
87.5%
Bridgepoint Debt Funding Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Debt Management Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Debt Managers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Development Capital V GP S.a r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Development Capital V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending E GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending II GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending III GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Direct Lending IV GP S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
87.5%
Bridgepoint Europe (SGP) Ltd
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe III (GP) Limited
1
UK
General Partner
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Europe III GP LP
2
UK
General Partner
N/A
\u2013
Bridgepoint Europe IV (Nominees) 1 Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV (Nominees) Limited
1
UK
Nominee entity
Ordinary shares
87.5%
Bridgepoint Europe IV FP (GP) Limited
2
UK
General Partner
Ordinary shares
87.5%
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
87.5%
Bridgepoint Europe Managerial LLP
1
UK
Limited Partner
N/A
\u2013
Bridgepoint Europe Private Equity (Spain) GP 2 Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe V Finance 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
87.5%
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
87.5%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Europe VII GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Europe VII GP LLP
1
UK
General Partner
N/A
\u2013
Bridgepoint Europe VII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Europe VII MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII (GP) S.\u00e0 r.l.
3
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP 2 Limited
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII GP LLP
1
UK
General partner
Ordinary shares
87.5%
Bridgepoint Europe VIII MLP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Europe VIII Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Fund Management S.\u00e0 r.l.
3
Luxembourg
Private equity management company
Ordinary Shares
87.5%
Bridgepoint Generations Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint Generations Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Generations Sub-Aggregator GP S.\u00e0 r.l.
17
Luxembourg
General partner
Ordinary shares
87.5%
Bridgepoint GmbH
6
Germany
Private equity advisory company
Ordinary shares
87.5%
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
87.5%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Group Holdings Limited
1
UK
Holding company
Ordinary shares
87.5%
Bridgepoint Group Hong Kong Limited
18
China
Advisory company
Ordinary shares
87.5%
Bridgepoint Growth Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Bridgepoint Holdco 1 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Bridgepoint Infrastructure Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Infrastructure GP Limited
1
UK
General Partner
Ordinary shares
87.5%
Bridgepoint International Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Investment Consultants (Shanghai) Co Ltd
8
China
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Management Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint ECP ME Limited
19
UAE
Advisory company
Ordinary shares
87.5%
Bridgepoint Netherlands B.V.
9
Netherlands
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint OP GP Limited
1
UK
General Partner
Ordinary shares
100.0%
Bridgepoint OP LP
1
UK
Investment holding partnership
N/A
\u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint PC SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
Bridgepoint Preservation Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP GP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) FP SGP Limited
2
UK
General partner
Ordinary shares
87.5%
Bridgepoint Private Equity (Spain) GP LLP
1
UK
General partner
N/A
\u2013
Bridgepoint SAS
7
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services France SAS
11
France
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Private Equity Group Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Equity Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Private Wealth Limited
1
UK
Limited Partner
Ordinary shares
87.5%
Bridgepoint Property Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Property Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Advisers Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Development Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Estate Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint Real Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint SA
10
Spain
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Services S.\u00e0.r.l.
3
Luxembourg
Private equity advisory company
Ordinary shares
87.5%
Bridgepoint Structured Credit Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint UK Holdco Limited
1
UK
Investment holding company
Ordinary shares
100.0%
Bridgepoint UK Midco Limited
1
UK
Investment holding company
Ordinary shares
87.5%
Bridgepoint US Holdings Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint US Holdco Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Holdco 2 Limited
16
United States
Investment holding company
Ordinary shares
100.0%
Bridgepoint US Finance Limited
1
UK
Financing entity
Ordinary shares
87.5%
Bridgepoint Ventures Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Bridgepoint, LLC
17
United States
Private equity advisory company
Ordinary shares
87.5%
Burgundy GP LLP
1
UK
General Partner
N/A
\u2013
Burgundy GP 2 Limited
1
UK
General Partner
Ordinary shares
87.5%
Energy Capital Partners Holdings, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management, LP
13
United States
Limited Partner
N/A
\u2013
Energy Capital Partners Management Asia, LLC
13
United States
Infrastructure advisory company
Ordinary shares
87.5%
GeorgeTown (Nominees) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Horninghaven Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Company\u2019s
proportion
of
ownership
interest
Horningway Limited
1
UK
General Partner
Ordinary shares
87.5%
HPE II GP LP
2
UK
General Partner
N/A
\u2013
HPE SGP Limited
2
UK
General Partner
Ordinary shares
87.5%
LORAC 5 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC V Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BECM I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG I Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BG II Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BC SMA II Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO IV Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BDL III Limited
1
UK
Investment holding company
Ordinary shares
87.5%
LORAC Carry BCO V Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC Eagle Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC KITE Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC (1998) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 3 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 4 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC 5991 Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BBTPS Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BE VII Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC BPC Limited
1
UK
Dormant entity
Ordinary shares
87.5%
LORAC Carry BDL IV Limited
1
UK
Limited Partner
Ordinary shares
87.5%
LORAC ECP V Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
87.5%
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
Quantum US Holding L.P
16
United States
Limited partner
N/A
\u2013
Ruby Investments (UK) Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Sapphire Investments (Guernsey) Limited
4
Guernsey
Investment holding company
Ordinary shares
87.5%
Throttle Nominees Limited
1
UK
Nominee company
Ordinary shares
87.5%
Thompson Trustees Limited
1
UK
Dormant entity
Ordinary shares
87.5%
Vigny Advisory
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Participation
14
France
Dormant entity
Ordinary shares
87.5%
Vigny Holding
14
France
Dormant entity
Ordinary shares
87.5%
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
21 rue La P\u00e9rouse, 75116, Paris, France
12
C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany
13
40 Beechwood Rd, Summit, NJ 07901, USA
14
21 rue La P\u00e9rouse, 75017, Paris, France
15
10 Anson Road, #22-02, International Plaza, Singapore (079903)
16
251 Little Falls Drive, City of Wilmington 19808, County of New Castle, USA
17
80 route d'Esch, Luxembourg, Luxembourg, L-1470, Luxembourg
18
30th Floor, Jardine House, One Connaught Place, Central, Hong Kong
19
Cloud Suite 402, Level 14, Al Sarab Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates
(b)\u00a0 Entities not consolidated
The table below shows entities that are indirect subsidiaries of the Company, but the Group does not have the power to direct
activities or rights to variable returns from the entity and they are therefore not consolidated in the financial information.
Name of subsidiary
Ref
Country of
incorporation
Principal activity
Share class
Proportion of
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
100.0%
Sapphire Sub II B Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III A Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III B Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub III C Limited*
4
Guernsey
Investment holding company
Ordinary shares
100.0%
Sapphire Sub South Limited*
4
Guernsey
Investment holding company
Ordinary shares
25.0%
* Entities are in liquidation.
The profit or loss for the above entities for the years ended 31\u00a0December 2025 and 2024 are not material.
(c)\u00a0 Consolidated structured entities
The table below shows details of structured entities that the Group is deemed to control and are consolidated within the financial
statements for the periods referenced.
Name of structured entities
Country of
incorporation
Group\u2019s
proportion
of ownership
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
All periods
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
66.2%
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
All periods
Bridgepoint CLO VIII DAC
Ireland
65.8%
Subordinated note in the residual class
All periods
Bridgepoint CLO IX DAC
Ireland
50.7%
Subordinated note in the residual class
2025
Bridgepoint CLO X DAC
Ireland
50.0%
Warehouse entity
2025
Bridgepoint Generations S.A. SICAV
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Master SCSp SICAV
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Aggregator - I SCSp
Luxembourg
76.8%
Limited partner
2025
Bridgepoint Generations Sub-Aggregator- I SCSp
Luxembourg
76.8%
Limited partner
2025
Bridgepoint European CLO Management I SCSp
Luxembourg
68.2%
Limited partner
All periods
Opal Investments LP
UK
85.0%
Limited partner
All periods
Maple Tree VII LP
UK
21.7%*
Limited partner
All periods
* A control assessment of Maple Tree VII LP has been performed in accordance with the Group\u2019s accounting policies and concluded that the Group has power and exposure to
variable returns in profit sharing. As a result, the Group consolidates the vehicle. Under the limited partnership agreement, third-party investors have the right to receive a
minimum return on drawn commitments, along with a share of residual profits from the partnership.
The assets held in some of these consolidated structured entities are restricted to use for the Group. These are primarily:
\u2013 The consolidated CLO assets of \u00a32,878.8m (2024: \u00a31,978.2m) and consolidated CLO cash of \u00a3138.4m (2024: \u00a369.0m) which
are restricted to settle the associated consolidated CLO liabilities of \u00a32,816.9m (2024: \u00a31,929.5m); and
\u2013 Fund investments amounting to \u00a397.1m\u00a0 (2024: nil) and restricted cash of \u00a33.0m (2024: nil) held in structured fund vehicles.
(d)\u00a0 Associates
Where the Group holds investments in funds, CIP, intermediate holding companies or GPs that give the Group significant influence,
but not control, through participation in financial and operating policy decisions, the Group measures investments in associates at
fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. Where the Group
holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments
are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position.
Proportion of
ownership interest/
voting rights held by
the Group
Income distributions
received from
associate
Name of associates
Ref
Country of
incorporation
Principal activity
2025
2024
2025
\u00a3 m
2024
\u00a3 m
BDC III SFP LP*
1
UK
Investment holding vehicle
25.0%
25.0%
14.3
39.0
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
BE IV FP LP
1
UK
Investment holding vehicle
28.1%
28.1%
2.0
4.4
BEP IV SFP LP*
1
UK
Investment holding vehicle
31.8%
31.8%
4.5
21.0
BE VI SFP LP*
1
UK
Investment holding vehicle
22.5%
22.5%
\u2013
\u2013
BE VI Co-Investment (Feeder) Partnership LP
1
UK
Investment holding vehicle
45.2%
45.2%
0.8
0.6
BE VII Co-Investment Partnership LP
1
UK
Investment holding vehicle
22.4%
10.2%
\u2013
\u2013
Bridgepoint Growth I SFP LP*
1
UK
Investment holding vehicle
35.0%
35.0%
\u2013
\u2013
ECP TerraSol GP, LP*
2
USA
Investment holding vehicle
22.5%
n/a
\u2013
n/a
ECP GP IV, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
13.7
\u2013
ECP GP V, LP*
2
USA
Investment holding vehicle
13.3%
13.3%
2.7
0.3
ECP Calpine Fund GP LP*
2
USA
Investment holding vehicle
12.4%
12.4%
\u2013
1.4
ECP Credit Solutions GP II LP*
2
USA
Investment holding vehicle
15.0%
15.0%
4.2
0.7
ECP IV (Liberty Recycling Co-invest), LP*
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
ECP FBO Energy Infra, LLC*
2
USA
Investment holding vehicle
\u2013%
15.0%
0.6
\u2013
ECP Renewables GP, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
\u2013
\u2013
ECP Energy Transition Opportunities GP LP
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
* Only ownership interests relating to carried interest are presented when a vehicle is also entitled to co-investment income as the carried interest is expected to be more
valuable.
1. The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK
2. The partnership or the company\u2019s registered address is 40 Beechwood Rd, Summit, NJ 07901, USA
ECP GP IV LP
The group has an investment that has a holding of 50% of the limited partner commitments of ECP GP IV LP. Where the Group
holds an interest that is greater than 20%, the Group is considered to have significant influence, but not control. Accordingly, ECP
GP IV LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
585.2
526.2
Other assets
0.1
20.1
Total liabilities
(0.3)
\u2013
Net Assets
585.1
546.3
Profit for the year
106.9
167.2
Group's carried interest
15.0%
15.0%
BDC III SFP LP
Within investments in funds, the Group has an interest of 25.0% in BDC III SFP LP, a partnership that is a co-investor into the BDC
III fund partnerships. Where the Group holds an interest that is greater than 20% the Group is considered to have significant
influence, but not control. Accordingly, BDC III SFP LP is considered to be an associate of the Group. Key financial information
about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
114.8
132.4
Other assets
0.5
52.0
Total liabilities
(0.1)
(51.0)
Net Assets
115.3
133.3
Profit for the year
57.6
152.0
Group interest
25.0%
25.0%
(e)\u00a0 Subsidiaries not audited
For the year ended 31\u00a0December 2025 the following UK subsidiaries were expected to be entitled to exemption from audit under
section 479A of the Companies Act 2006 relating to subsidiary companies:
101 Investments (GP) Limited
BDC III GP 2 Limited
BDL I Carry GP LLP
Bridgepoint Europe III FP (GP) Limited
Atlantic GP LLP
BDC III SFP GP Limited
BDL III Carry GP LLP
Bridgepoint Europe IV FP (GP) Limited
Atlantic GP 1 Limited
BDC IV MLP Limited
BDL IV Carry GP LLP
Bridgepoint Europe Private Equity
(Spain) GP 2 Limited
BBTPS FP GP Limited
BDC IV SFP GP Limited
BE VI FP SGP Limited
Bridgepoint Europe VI Bridge 2 GP LLP
BC GP 2 Limited
BDC Special 1 Limited
BE VI GP 2 Limited
Bridgepoint Europe VI Bridge 3 GP LLP
BC II FP SGP Limited
BDC Special 2 Limited
BE VI MLP Limited
Bridgepoint Europe VI Bridge GP LLP
BC II MLP Limited
BDC Special GP LLP
BECM I GP1 Limited
Bridgepoint Europe VI Bridge Holding
GP LLP
BC MLP UK Limited
BDC V GP 2 Limited
BEP IV FP SGP Limited
Bridgepoint Europe VII FP SGP Limited
BC SMA II Carry GP LLP
BDC V MLP Limited
BEP IV GP 2 Limited
Bridgepoint Europe VII GP 2 Limited
BCO II Carry GP LLP
BDC V SLP GP Limited
BEP IV MLP Limited
Bridgepoint Europe VII MLP Limited
BCO III Carry GP LLP
BDCP II GP 1 Limited
BEV FP SGP Limited
Bridgepoint PC SGP Limited
BCO IV Carry GP LLP
BDCP II GP 2 Limited
BEV MLP Limited
Bridgepoint Private Equity (Spain) FP
Limited
BDC II FP GP Limited
BDCP II MLP Limited
Bridgepoint Advantage FP SGP Limited
Bridgepoint Private Equity (Spain) FP
SGP Limited
BDC II Limited
BDCP II SFP GP Limited
Bridgepoint Credit Carry GP LLP
Burgundy GP LLP
For the year ended 31\u00a0December 2025 a subsidiary of the Company, Bridgepoint OP LP, was expected to take exemption under
section 7 of The Partnerships (Accounts) Regulations 2008 (as amended by the Companies and Partnerships (Accounts and Audit)
Regulations 2013).
30\u00a0 Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by
means of\u00a0contractual arrangements.
The Group has determined that where the Group holds an investment, loan, fee receivable, commitment with an investment fund,
CIP, intermediate holding companies or GPs with a right to carried interest, this represents an interest in a structured entity. Where
the Group does not hold an investment in the structured entity, the Group has determined that the characteristics of control are not
met. As set out in note 3 (a), CIPs that currently have value are those where the Group is exposed to variable returns of below 50%
with the main beneficiaries of the CIP being the other participants.
The disclosure below includes CLO 2 for the years ended 31\u00a0December 2025 and 31\u00a0December 2024, which is not consolidated
in\u00a0either year, as explained in note 3 (a).
The Group acts in accordance with pre-determined parameters set out in various agreements and the decision-making authority is
well\u00a0defined, including third-party rights in respect of the investment manager. The agreements include management fees that are
commensurate with the services provided and performance fee arrangements that are industry standard. As such the Group is acting
as\u00a0agent on behalf of these investors and therefore these entities are not consolidated into the Group\u2019s financial statements.
The Group\u2019s interest in, and exposure to, unconsolidated structured entities, including outstanding management fees, is detailed in
the table below and recognised within trade and other receivables in the Consolidated Statement of Financial Position. The carried
interest receivable is included within the Consolidated Statement of Financial Position.
at 31 December
Value of the
Group\u2019s co-
investments*
at\u00a0year end
\u00a3 m
Typical
Group
commitment
to the fund as
%
Total investor
commitments
\u00a3 bn
Net asset
value of
the funds
at
year\u00a0end
\u00a3 bn
Management
fees
recognised by
the Group
\u00a3 m
Typical
management
fee range
%
Carried interest
rate
%
(where
applicable)
Typical
Group share
of carried
interest
%
Group
accrued
carried
interest
receivable
at\u00a0year end
\u00a3 m
Group
maximum
exposure
to loss at
year end
\u00a3 m
2025
Private equity
funds
682.6
\u22482%
33.9
18.1
241.3
0.75 to
2.00%
Generally up
to 20% of
profits over
threshold
Up to 35%
64.4
747.0
Credit funds
23.4
\u22482%
8.5
4.4
69.9
0.50 to
1.75%
Generally up
to 20% of
profits over
threshold
Up to 35%
2.6
26.0
Infrastructure
funds
150.0
\u22483%
10.3
12.5
112.6
0.75 to
1.50%
Generally up
to 20% of
profits over
threshold
12.4-22.5%
81.9
311.9
856.0
52.7
35.0
423.8
148.9
773.0
* Investments attributable to third-party investors are excluded.
at 31 December
Value of the
Group\u2019s co-
investments*
at\u00a0year end
\u00a3 m
Typical
Group
commitment
to the fund as
%
Total investor
commitments
\u00a3 bn
Net asset
value of
the funds
at
year\u00a0end
\u00a3 bn
Management
fees
recognised by
the Group
\u00a3 m
Typical
management
fee range
%
Carried interest
rate
%
(where applicable)
Typical
Group
share of
carried
interest
%
Group
accrued
carried
interest
receivable
at\u00a0year end
\u00a3 m
Group
maximum
exposure
to loss at
year end
\u00a3 m
2024
Private equity
funds
470.8
\u22482%
31.9
18.2
238.8
0.75 to
2.00%
Generally up to
20% of profits
over threshold
Up to
35%
49.0
519.8
Credit funds
129.1
\u22482%
7.2
4.4
61.3
0.50 to
1.75%
Generally up to
20% of profits
over threshold
Up to
35%
2.5
131.6
Infrastructure
funds
140.6
\u22483%
9.9
11.6
33.0
0.75 to
1.50%
Generally up to
20% of profits
over threshold
12-15
%
61.8
202.4
740.5
49.0
34.2
333.1
113.3
853.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "5 Marble Arch, London, W1H 7EJ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "5 Marble Arch, London, W1H 7EJ, United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
(d)\u00a0 Associates
Where the Group holds investments in funds, CIP, intermediate holding companies or GPs that give the Group significant influence,
but not control, through participation in financial and operating policy decisions, the Group measures investments in associates at
fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. Where the Group
holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments
are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position.
Proportion of
ownership interest/
voting rights held by
the Group
Income distributions
received from
associate
Name of associates
Ref
Country of
incorporation
Principal activity
2025
2024
2025
\u00a3 m
2024
\u00a3 m
BDC III SFP LP*
1
UK
Investment holding vehicle
25.0%
25.0%
14.3
39.0
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
BE IV FP LP
1
UK
Investment holding vehicle
28.1%
28.1%
2.0
4.4
BEP IV SFP LP*
1
UK
Investment holding vehicle
31.8%
31.8%
4.5
21.0
BE VI SFP LP*
1
UK
Investment holding vehicle
22.5%
22.5%
\u2013
\u2013
BE VI Co-Investment (Feeder) Partnership LP
1
UK
Investment holding vehicle
45.2%
45.2%
0.8
0.6
BE VII Co-Investment Partnership LP
1
UK
Investment holding vehicle
22.4%
10.2%
\u2013
\u2013
Bridgepoint Growth I SFP LP*
1
UK
Investment holding vehicle
35.0%
35.0%
\u2013
\u2013
ECP TerraSol GP, LP*
2
USA
Investment holding vehicle
22.5%
n/a
\u2013
n/a
ECP GP IV, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
13.7
\u2013
ECP GP V, LP*
2
USA
Investment holding vehicle
13.3%
13.3%
2.7
0.3
ECP Calpine Fund GP LP*
2
USA
Investment holding vehicle
12.4%
12.4%
\u2013
1.4
ECP Credit Solutions GP II LP*
2
USA
Investment holding vehicle
15.0%
15.0%
4.2
0.7
ECP IV (Liberty Recycling Co-invest), LP*
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
ECP FBO Energy Infra, LLC*
2
USA
Investment holding vehicle
\u2013%
15.0%
0.6
\u2013
ECP Renewables GP, LP*
2
USA
Investment holding vehicle
15.0%
15.0%
\u2013
\u2013
ECP Energy Transition Opportunities GP LP
2
USA
Investment holding vehicle
50.0%
50.0%
\u2013
\u2013
* Only ownership interests relating to carried interest are presented when a vehicle is also entitled to co-investment income as the carried interest is expected to be more
valuable.
1. The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK
2. The partnership or the company\u2019s registered address is 40 Beechwood Rd, Summit, NJ 07901, USA
ECP GP IV LP
The group has an investment that has a holding of 50% of the limited partner commitments of ECP GP IV LP. Where the Group
holds an interest that is greater than 20%, the Group is considered to have significant influence, but not control. Accordingly, ECP
GP IV LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
585.2
526.2
Other assets
0.1
20.1
Total liabilities
(0.3)
\u2013
Net Assets
585.1
546.3
Profit for the year
106.9
167.2
Group's carried interest
15.0%
15.0%
BDC III SFP LP
Within investments in funds, the Group has an interest of 25.0% in BDC III SFP LP, a partnership that is a co-investor into the BDC
III fund partnerships. Where the Group holds an interest that is greater than 20% the Group is considered to have significant
influence, but not control. Accordingly, BDC III SFP LP is considered to be an associate of the Group. Key financial information
about the fund is set out in the table below.
2025
\u00a3 m
2024
\u00a3 m
Investments at fair value
114.8
132.4
Other assets
0.5
52.0
Total liabilities
(0.1)
(51.0)
Net Assets
115.3
133.3
Profit for the year
57.6
152.0
Group interest
25.0%
25.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
30\u00a0 Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by
means of\u00a0contractual arrangements.
The Group has determined that where the Group holds an investment, loan, fee receivable, commitment with an investment fund,
CIP, intermediate holding companies or GPs with a right to carried interest, this represents an interest in a structured entity. Where
the Group does not hold an investment in the structured entity, the Group has determined that the characteristics of control are not
met. As set out in note 3 (a), CIPs that currently have value are those where the Group is exposed to variable returns of below 50%
with the main beneficiaries of the CIP being the other participants.
The disclosure below includes CLO 2 for the years ended 31\u00a0December 2025 and 31\u00a0December 2024, which is not consolidated
in\u00a0either year, as explained in note 3 (a).
The Group acts in accordance with pre-determined parameters set out in various agreements and the decision-making authority is
well\u00a0defined, including third-party rights in respect of the investment manager. The agreements include management fees that are
commensurate with the services provided and performance fee arrangements that are industry standard. As such the Group is acting
as\u00a0agent on behalf of these investors and therefore these entities are not consolidated into the Group\u2019s financial statements.
The Group\u2019s interest in, and exposure to, unconsolidated structured entities, including outstanding management fees, is detailed in
the table below and recognised within trade and other receivables in the Consolidated Statement of Financial Position. The carried
interest receivable is included within the Consolidated Statement of Financial Position.
at 31 December
Value of the
Group\u2019s co-
investments*
at\u00a0year end
\u00a3 m
Typical
Group
commitment
to the fund as
%
Total investor
commitments
\u00a3 bn
Net asset
value of
the funds
at
year\u00a0end
\u00a3 bn
Management
fees
recognised by
the Group
\u00a3 m
Typical
management
fee range
%
Carried interest
rate
%
(where
applicable)
Typical
Group share
of carried
interest
%
Group
accrued
carried
interest
receivable
at\u00a0year end
\u00a3 m
Group
maximum
exposure
to loss at
year end
\u00a3 m
2025
Private equity
funds
682.6
\u22482%
33.9
18.1
241.3
0.75 to
2.00%
Generally up
to 20% of
profits over
threshold
Up to 35%
64.4
747.0
Credit funds
23.4
\u22482%
8.5
4.4
69.9
0.50 to
1.75%
Generally up
to 20% of
profits over
threshold
Up to 35%
2.6
26.0
Infrastructure
funds
150.0
\u22483%
10.3
12.5
112.6
0.75 to
1.50%
Generally up
to 20% of
profits over
threshold
12.4-22.5%
81.9
311.9
856.0
52.7
35.0
423.8
148.9
773.0
* Investments attributable to third-party investors are excluded.
at 31 December
Value of the
Group\u2019s co-
investments*
at\u00a0year end
\u00a3 m
Typical
Group
commitment
to the fund as
%
Total investor
commitments
\u00a3 bn
Net asset
value of
the funds
at
year\u00a0end
\u00a3 bn
Management
fees
recognised by
the Group
\u00a3 m
Typical
management
fee range
%
Carried interest
rate
%
(where applicable)
Typical
Group
share of
carried
interest
%
Group
accrued
carried
interest
receivable
at\u00a0year end
\u00a3 m
Group
maximum
exposure
to loss at
year end
\u00a3 m
2024
Private equity
funds
470.8
\u22482%
31.9
18.2
238.8
0.75 to
2.00%
Generally up to
20% of profits
over threshold
Up to
35%
49.0
519.8
Credit funds
129.1
\u22482%
7.2
4.4
61.3
0.50 to
1.75%
Generally up to
20% of profits
over threshold
Up to
35%
2.5
131.6
Infrastructure
funds
140.6
\u22483%
9.9
11.6
33.0
0.75 to
1.50%
Generally up to
20% of profits
over threshold
12-15
%
61.8
202.4
740.5
49.0
34.2
333.1
113.3
853.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
31\u00a0 Events after the reporting period
On 6 February 2026, the Group completed a transaction to add the team from Newbury Partners, a specialist middle market
secondaries investment firm headquartered in Stamford, Connecticut, USA to the Bridgepoint platform.
The addition will be accounted for as a business combination in accordance with IFRS 3.
As control transferred after 31 December 2025, no adjustment in respect of this transaction has been made to the Group\u2019s
consolidated financial statements for the year ended 31 December 2025, in accordance with IAS 10 \u201cEvents after the Reporting
Period\u201d (\u201cIAS 10\u201d).
The Group will recognise the identifiable assets acquired and liabilities assumed at their fair values as at the date of completion in the
consolidated financial statements for the year ending 31 December 2026, together with any goodwill and intangible assets arising in
the transaction.
The initial accounting for the acquisition, including the fair value assessment of acquired intangible assets, working capital, and the
determination of goodwill, is ongoing. As a result, it is not practicable at the date of authorisation of these financial statements to
provide reliable estimates of the fair values of the identifiable assets acquired and liabilities assumed or the resulting goodwill, nor the
associated impact on the Group\u2019s consolidated statement of financial position.
The addition is expected to contribute to the Group\u2019s results from 6 February 2026. Further information, including the final
purchase price allocation and any material acquired intangible assets, will be disclosed in the Group\u2019s consolidated financial
statements for the year ending 31 December 2026.
There were no other material events after the reporting date requiring adjustment or disclosure since 31\u00a0December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }