Bridgepoint staff shared £484m profit bonanza

A group of Bridgepoint employees and former staff pocketed nearly half a billion pounds two years ago after the private equity firm’s funds recorded a bumper profit.

The large award came from a scheme that allows Bridgepoint workers, from investment managers to junior colleagues, to invest their own money in funds managed by the firm.

The buyout group, which unveiled plans last week to list on the stock market, earns most of its revenue from a fee for managing funds. It also receives “carried interest” — a 20 per cent cut of fund profits above a hurdle rate of return, once fees and expenses are deducted.

Source: The Times