European Alternative Asset Managers: Eur Alts – Still Worried About Downside Risks

Research evidence excerpt

European Alternative Asset Managers: Eur Alts – Still Worried About Downside Risks

European Alternative Asset Managers

02 July 2026 Citi Research

Sector Preference Order

Our preference order for European alternatives is shown in Figure 1. The order is

informed, but not determined by, our quantitative sector screen as summarised in

Figure 2-Figure 3. These screens rank each covered manager across a variety of

themes including growth, profitability, resilience, consensus upside/downside, and

valuation (on which we place relatively greater weight).

Figure 1. European Alternative Asset Managers – Preference, Recommendations, Key Positives & Key Concerns

Rating Company Key Positives Key Concerns

1 Bridgepoint Strong fundamentals, particularly in Infra; significant upside to consensus FRE Very significant overhang risk in next 2-3 years

Target: £ 4.00 Very highly discounted vs peers (mid-SD FRE multiple) Relatively high(er) reliance on PRE

2 CVC Highest quality anchor product; superior FRE growth profile vs peers to FY28 High concentration risk around flagship fund(s)

Buy

Target : € 16.2 Highly discounted valuation on FY28 FRE (comparable) Limited catalysts in near term; limited free float

3 ICG Upside to consensus FRE expectations Slower FPAUM growth vs peers, given higher gearing to and slower-growing credit

Target: £ 24.0 Highly discounted vs peers and own trading history Balance sheet creates undesirable P&L volatility and lower RoE

4 EQT Multiple catalysts incl. activity, fundraising, upside to guidance on Coller Notable downside risk on consensus earnings (performance- and mgmt fee-related)

Target: SEK 315 Significant optionality from cap mkts recovery, real estate recovery, M&A Relatively higher gearing to software; trades at significant premium to sector