A sensible acquisition; Legacy business trading well; Re-iterate Buy

研报英文原文证据摘录

A sensible acquisition; Legacy business trading well; Re-iterate Buy

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Bridgepoint Group 30 June 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 29 Jun 2026 (GBP) 270.00

BPTB.L BPT LN LSE BPTB

Price Target (GBP) 360.00

Diversified Financials

354.80 -

Asset Managers 52-week range (GBP) 222.60

A sensible acquisition; Legacy business

Valuation & Risks trading well; Re-iterate Buy

David McCann

A sensible diversifying fit and a contrarian investment Research Analyst

Bridgepoint recently announced that it has agreed to acquire Kayne Anderson Real +44-20-754-11564

Estate (KARE), a US based real estate (equity and debt) asset manager with $22bn

Jonas Dohlen

AuM. We see this transaction as a sensible, diversifying fit with the wider group, Research Associate

adding a fifth private markets segment alongside PE, Infra, PC and Secondaries. +44-20-7541-1561

Whilst we do not anticipate any material cost synergies, there are some potential

marketing capability synergies, most obviously with the US Infra business, but also Price/price relative

given the complementary European and US heritages more generally. 600

Whilst Real Estate in general has been a sub-sector under pressure since interest

rates rose in 2022, we regard this as a contrarian investment by Bridgepoint 200

management, aiming to buy during a period of cyclical weakness. We would 0

2024 2025 2026

highlight however, that KARE itself appears to be trading well despite the sector

backdrop, with flagship equity fund VI having just (Q226) raised at a $5.1bn fund, Bridgepoint Group – (Rebased)

an 86% increase vs. the prior 2021 vintage. Also, management expects $15bn to be Performance (%) 1m 3m 12m