Key Highlights
Q3 2024 Activity Update
- FPAUM increased from €98.2bn as at 31 December 2023 to €144.1bn as at 30 September 2024, or +47%. Total AUM reached €191bn
- Our portfolio performance remains resilient, and we continue to see a recovery in deployment activity: +97% YTD Sep-24 vs. YTD Sep-23, primarily driven by an increase in Private Equity investing
- Realisation volumes remain strongly ahead of prior year: +106% YTD Sep-24 vs. YTD Sep-23. Whilst Q3 realisations remain significantly ahead of prior year (+99%), we continue to expect H2 to be lower than H1
- From a fundraising perspective, we continue to execute on our overall targets and we are preparing to launch the next generation of Infrastructure funds and a new Private Equity Wealth offering in H1 2025
- As we progress into Q4, our overall guidance is unchanged, and we remain confident in delivering strong year-on-year earnings growth, driven by a significant increase in MFE. We continue to expect 2024 PRE to remain well below the medium-term runrate, and slightly lower than prior year
Rob Lucas, CEO, comments: “We are pleased by the continued overall resilience of our investment performance, which underpins our continued growth and fundraising success. We are encouraged by the number of attractive investment opportunities we are seeing across our platforms, and deployment activity in the quarter remained strong. Whilst we expect the volume of realisations in the second half of the year to be lower than the first half, year-to-date realisations remain materially above prior year.”