Bridgepoint Group Plc · LSE:BPT
Bridgepoint — Merger or Acquisition (June 2026)
50 slides from Bridgepoint's merger presentation, Jun 29, 2026
Slide 1: Acquisition of Kayne Anderson Real Estate
CONFIDENTIAL 29 June 2026 Acquisition of Kayne Anderson Real Estate
Slide 2: Today’s speakers
Today’s speakers Raoul Hughes Ruth Prior Al Rabil Chief Executive CFO Co-founder Bridgepoint Group Bridgepoint Group Kayne Anderson Real Estate 2
Slide 3: Acquisition of KARE: value-added middle-market at scale
Acquisition of Kayne Anderson Real Estate (KARE): value-added middle-market at scale REAL ESTATE Day 1 EV $1,393m2 $95bn AuM1 $22bn AuM1 55% cash 45% stock Scaled Middle market Value-added Specialist sectors Clear strategic fit, consistent with Bridgepoint’s stated M&A strategy Dominant force in spe
Slide 4: KARE is the right opportunity at the right time in the cycle
KARE is the right opportunity at the right time in the cycle Unique and compelling strategic acquisition for the Group: Real estate as another Critical alternatives Real estate at an US real estate: large, strategic growth driver allocation for LPs inflection point growing and scalable market High g
Slide 5: Enhanced quality and diversity of earnings
Enhanced quality and diversity of earnings Current Combined Perimeter: platform: Consideration2: AUM1 $95bn $117bn Day 1 enterprise value Scale $1,393m Management £435m £540m fees FY253,4 Cash consideration Quality of FRE $759m earnings centricity5 ~50% ~60% Share issuance Fees from (with long-term
Slide 6: Bridgepoint Group: global midmarket leader present in all major asset classes
Bridgepoint Group: global midmarket leader present in all major asset classes $117bn AUM1 48% 45% Real Assets Private Equity Credit Infrastructure Real Estate Secondaries AuM 1 $40bn $21bn $30bn $22bn $4bn 2000 2020 2024 2026 2026 Independence from NatWest REAL ESTATE 2009 Credit PRIVATE EQUITY CAPI
Slide 7: Bridgepoint Group update: upgrading fundraising guidance
Bridgepoint Group update: upgrading fundraising guidance to reflect strong momentum ECP VI heading BE VIII closed BDL IV closed Closed 10th and towards hard €6.7bn to date €4.8bn to date priced 11th CLO cap of $7.5bn Fundraising in H2 BE VIII ECP VI BDL IV 2026: BCO V CLO XII On track to exceed fund
Slide 8: Kayne Anderson Real Estate
Kayne Anderson Real Estate market-leading specialist real estate investor Al Rabil | CEO, Kayne Anderson Real Estate
Slide 9: Kayne Bridgepoint: A leading middle market value-added real estate investor
Kayne Bridgepoint: A leading middle market value-added real estate investor Market leader in targeted real estate, with a track record of strong returns across market cycles Scale Performance Track record $22bn 15% realised net IRR >19 years flagship equity funds, since AUM1 inception7 track record
Slide 10: Kayne Bridgepoint’s strong capabilities in specialist real estate
Kayne Bridgepoint’s strong capabilities in specialist real estate Kayne Bridgepoint focuses on attractive sectors within Real Estate with capabilities that span the capital stack c.$17bn AuM1 c.$5bn AuM1 Equity strategies Debt strategies Opportunistic / Core Equity in Attainable Housing Real Estate
Slide 11: Private real estate: a large and growing asset class
Private real estate: a large and growing asset class with multiple attractions 1 Third largest asset class after fixed income and equities9 Real Estate 2 Critical Alts allocation for LPs, real estate target allocations up 20% since 2013 3 Attractive returns with lower volatility relative to public r
Slide 12: Cycle inflection point offers generational entry window
Cycle inflection point offers generational entry window Real Estate Recovery Underway Compelling Relative Value Green Street Commercial Property Price Index, April 2022 = 100 » U.S. CRE values down 20-25% from early 2022 to late 2023, up ~8% since; meanwhile: 100 » S&P 500 at / near all-time highs 9
Slide 13: Kayne Bridgepoint targets specialist sectors that are among the fastest-growing
Kayne Bridgepoint targets specialist sectors that are among the fastest-growing Specialist sectors are gaining share with institutional investors Specialist sectors are gaining share… … and benefit from a number of structural advantages NFI-ODCE11 mix of sectors over time 1 100% Highly fragmented ow
Slide 14: Overview of KB’s investment sectors
Overview of KB’s investment sectors12 19+ year track record developing Sector andsince % exposure investing inception in best-in-class mission-critical assets % gross transaction cost since inception Experience since inception Key operating partners $18.0bn gross transaction Exclusive Medical Office
Slide 15: Compelling supply & demand tailwinds across target sectors
Compelling supply & demand tailwinds across target sectors Demand compounding across key sectors, while new supply has fallen 24-77% from recent peaks Student Housing Medical Office Seniors Housing Light Industrial Power-4 enrollment 65+ Population 80+ Population E-commerce growth 78M 40 (% of total
Slide 16: Experienced management team
Experienced management team Deep real estate expertise across the capital stack, a team that has delivered strong returns across market cycles Al Rabil David Selznick Co-founder CIO 19 years with Kayne Anderson 14 years with Kayne Anderson Medical Office Seniors Housing Student & Multifamily Light I
Slide 17: Strong momentum in fundraising, deployment and resulting AUM
Strong momentum in fundraising, deployment and resulting AUM Significant and Strong growth despite accelerating AuM growth has difficult fundraising deployment amidst Continued focus on outperformed the market dislocated market return of capital to LPs market ~20% Flagship equity ~$40bn fund grew ~2
Slide 18: Strong track record achieved across the platform
Strong track record achieved across the platform Consistent top-quartiles performance, a strong fundraising cadence and uninterrupted growth in fund sizes Flagship KAREP strategy Fund sizes $136m $575m $750m $1,030m $1,850m $2,750m $5,120m COVID-Impacted Seniors Housing Vintages Total Fund Total (ex
Slide 19: Combination of two highly complementary businesses
Combination of two highly complementary businesses KARE joins Bridgepoint to create an exciting Real Estate platform positioned for further growth REAL ESTATE Real Estate at an inflection point Expertise in attractive specialist sectors Long-term successful track record Excellent cultural fit Scale
Slide 20: Kayne Bridgepoint: attractive transaction dynamics
CONFIDENTIAL Kayne Bridgepoint attractive transaction dynamics Ruth Prior | Group Chief Financial Officer
Slide 21: Transaction Snapshot
Transaction Snapshot ˃ 100% of FRE ˃ 15% carried interest in certain historic funds and up to 35% in future funds ˃ Up front enterprise value of $1,393m: 55% cash / 45% stock (189m shares / OP units), plus up to 102.5m earnout shares issued in 20302 ─ $759m cash funded with combination of existing b
Slide 22: Kayne Bridgepoint: proven track record of fund growth
Kayne Bridgepoint: proven track record of fund growth Flagship equity funds ($bn) Closed ended debt funds ($bn) 5.1 +86% 1.9 +81% 2.8 1.2 1.0 1.9 0.7 1.0 0.6 0.8 0.1 KAREP I KAREP II KAREP III KAREP IV KAREP V KAREP VI KAREP VII KARED I KARED II KARED III KARED IV (2007) (2011) (2013) (2015) (2017)
Slide 23: Proven successful track record of recent inorganic growth initiatives
Proven successful track record of recent inorganic growth initiatives Credit Closing (2020) Today Closing (2024) Today Closing (2026) +175% +47% AUM1 18 $20bn $30bn $4bn 6 EBITDA margin4 28% 56% 52% 64% Breakeven +117% +126% Increase in €5.0bn $7.5bn n/a flagship size €2.3bn Expected $3.3bn Expected
Slide 24: Bridgepoint Group: a well-diversified platform
Bridgepoint Group: a well-diversified platform Middle market growth driven by depth of market, flagship funds Product, geographic and sector diversity and ancillary vehicles • 13 strategies across five verticals AUM by vertical1 ($’bn) Real estate debt Other real estate equity KACORE • >315 investme
Slide 25: Broad platform of products supporting sustained growth
Broad platform of products supporting sustained growth Combination further strengthens offering of flagship products along with other complementary initiatives Full suite of flagship funds18 Continuous offering Expected Hard cap €8.0bn $7.5bn ˃ Bridgepoint Generations (wealth) Expected $5.1bn €5.0bn
Slide 26: Benefits of a scaled platform: strong distribution and cross-sell
Benefits of a scaled platform: strong distribution and cross-sell Strong IR platform and proven Flagship growth18 (bn) Stage cross-sell playbook supported flagship + >15% expected fund growth, with a clear opportunity Private Equity €8-8.5 First close to repeat the model with KB €7.0 Expected BE VII
Slide 27: Immediately enhances Bridgepoint’s profile & diversifies strategic footprint
Immediately enhances Bridgepoint’s profile & diversifies strategic footprint Increases growth rate and improves quality of earnings; diversifies revenues and reduces single fund concentration 2025 management fees (£m)3,4,6 2025 management fees by region3,4,20 540 28% 435 42% 72% 58% ~20% ~15% Existi
Slide 28: Kayne Bridgepoint medium term guidance
Kayne Bridgepoint medium term guidance ˃ KAREP VII closed oversubscribed at $5.12bn ˃ $15bn to be raised over the next 3 years, primarily through close-ended fund strategies, with the remainder from inflows into existing open-ended funds. FPAUM Step-up supported by recent fundraising momentum, with
Slide 29: Bridgepoint Group existing perimeter: update on recent activity
Bridgepoint Group existing perimeter: update on recent activity Fundraising Upgraded M&A Newbury secondaries closed on 6-Feb-26, expected to breakeven in first two years • BE VIII closed €6.7bn to date. Final close expected PE by Q1 2027 at €8-8.5bn th Management fees • BE VIII became fee paying on
Slide 30: Transaction continues Group’s progress on EBITDA and margin growth
Transaction continues Group’s progress on EBITDA and margin growth Underlying EBITDA Track Record (£’m)4 Illustrative Group impact of KARE per guidance 53% 54% 305 Summary of guidance Existing group KARE 292 £m $m 139 152 2025 management fees 428 141 45% 46% 42% 149 139 Management fee guidance growt
Slide 31: Cash generation and capital allocation
Cash generation and capital allocation Cash generation from investments (£’bn)21 Capital allocation policy Investments 1.0% of AUM Support organic 1.1 growth and Capital M&A seeding new distributions 3.1 funds 0.9 2.0 1.1 Balance sheet PRE from Total value from PRE from next Total value investments
Slide 32: Bridgepoint has continued to deliver operationally and strategically
Bridgepoint has continued to deliver operationally and strategically Strategic expansion into new verticals REAL ESTATE Record deployment €17.8bn €16.6bn and realisations Capital invested Capital returned ‘24-25 ‘24-25 Strong profitability +13% +21% 13 - 16% growth and guidance Management fees 4,22
Slide 33: Conclusion
Conclusion Raoul Hughes | Chief Executive
Slide 34: Next steps and conditions to completion of transaction
Next steps and conditions to completion of transaction • Transaction conditional upon shareholder approval. Circular convening general meeting to be published in due course Shareholder approval • Directors recommend that shareholders vote in favour of the transaction • Shareholders holding 36% of is
Slide 35: Right time to acquire real estate – consistent with our stated strategy
Right time to acquire real estate – consistent with our stated strategy Why real estate? Why now? Why the US? Why KARE? ✓ Third largest asset class after ✓ Once-in-a-cycle entry point ✓ Largest and deepest ✓ Leading mid market specialist fixed income and equities Real estate at an inflection opportu
Slide 36: Bridgepoint now: leading global middle market alternatives champion
Bridgepoint now: leading global middle market alternatives champion 1 Diversified group across all alternative assets with Real Assets and US representing broadly 50% of AuM Compelling financial performance for shareholders: increased FRE centricity, high cash generation and 2 EBITDA margin trending
Slide 37: Appendix
Appendix Bridgepoint Group
Slide 38: Pro forma shareholder structure
Pro forma shareholder structure25 Today At closing 28% 26% Bridgepoint Kayne Bridgepoint 47% Blue Owl 56% 5% Petershill 16% Public shareholders 13% 9% 38
Slide 39: Bridgepoint’s current perimeter: 2024-26 fundraising guidance increased to €28bn
Bridgepoint’s current perimeter: 2024-26 fundraising guidance increased to €28bn Fundraising commences 2024 2025 2026 BDC V Private Equity BE VIII BG II Generations Included in ECP ECPVIVI fundraising Infrastructure guidance ECP Evergreen Yield BDL IV Credit CLOs VI & VII BCO V CLOs VIII & IX CLOs X
Slide 40: Consistent fund performance underpins growth
Consistent fund performance underpins growth Fund details Fund performance at 31 December 2025 Asset class Strategy Established Fund name Vintage Size Gross MOIC DPI27 Gross IRR Bridgepoint BE V 2015 €4.0bn 2.3x 1.5x 18.0% 1984 Europe BE VI 2019 €5.8bn 2.0x 0.8x 15.8% BE VII 2022 €7.0bn 1.3x - 20.1%
Slide 41: Indicative timing of PRE contribution from existing funds
Indicative timing of PRE contribution from existing funds House P&L contribution from accrued carried interest and co-investment profits Fund Vintage Size carry 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 BE VI 2019 €5.8bn 7% BE VII 2022 €7.0bn 23% BDC IV 2021 £1.6bn 35% BDC V 2
Slide 42: KACORE, KCRED & other debt-funds track record
KACORE, KCRED & other debt-funds track record Open-end Funds Closed-end Debt Funds Equity Debt Traditional debt funds Opportunistic 17.1% Net IRR since 7.5% 11.0% 10.1% 11.8% 5.8% Net IRR14 9.6% inception15 KACORE KCRED KARED I KARED II KARED III KARED IV KAROD I 2017 2022 2016 2016 2018 2021 2020 N
Slide 43: Sector overview: Medical office
Sector overview: Medical office29 Nation’s largest owner of outpatient medical office ˃ Majority investment grade / credit-quality tenancy – primarily major healthcare or hospital systems ˃ High margin specialties (e.g., orthopedics, oncology, diagnostics, radiology, and cardiology) Target investmen
Slide 44: Sector overview: Student housing
Sector overview: Student housing29 Vast sector insights derived from nearly two decades of sector experience ˃ Class A / A+ assets pedestrian to campus (generally 1 mile or less) ˃ Top 100 public universities, primarily within the Power-4 conferences (Big 10, SEC, ACC, Big 12) Target investment ˃ Ma
Slide 45: Sector overview: Seniors housing
Sector overview: Seniors housing29 Specialized in private-pay Class A+ seniors housing communities ˃ Class A+ assets in top 50 MSAs, focused on private pay (no Medicare or Medicaid) ˃ Majority independent living; small portions of the unit mix being assisted living or memory care (allowing residents
Slide 46: Sector overview: Light industrial
Sector overview: Light industrial29,30 Driving value and aggregating scale in urban infill small-bay industrial ˃ Small-bay industrial assets acquired at attractive bases in infill locations ˃ Assets/industrial parks are each generally less than 200,000 sf Target investment ˃ Small bay tenant spaces
Slide 47: Overview of real estate funds, 31 March 2026 (1 of 2)
Overview of real estate funds, 31 March 2026 (1 of 2) Fee-charging Invested Capital Total Value Fund Fund size AUM AUM Realised Unrealised Total Realised Unrealised Total Flagship Value Added Equity KAREP V $1,850m $1,092m $963m $1,028m $1,209m $2,237m $1,495m $1,070m $2,565m KAREP VI $2,750m $3,779
Slide 48: Overview of real estate funds, 31 March 2026 (2 of 2)
Overview of real estate funds, 31 March 2026 (2 of 2) Accrued P&L Generated cash Fee-charging Group share of carried interest carried interest Fund Fund size AUM AUM Vintage Invested % Mgmt. fee basis Hurdle rate Carried interest carried interest yet? yet? Flagship Value Added Equity KAREP V $1,850m
Slide 49: End notes
End notes Page Note Reference 3, 4, 5, 6, 9, 1 Q2 26 estimated AUM based on Q1 26 actuals with overlays for known fundraising across ECP VI, BE VIII and BDL IV and CEG share sale in Q2. Includes Newbury AUM as at Q1 26 which completed in Feb-26. Kayne Anderson Real Estate AUM is per May 15 2026. 10,
Slide 50: Bridgepoint Group
Bridgepoint Group
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