AUM increases to $123bn
Highlights
- AUM of $123bn; fee-earning AUM of $82bn; AUM not yet earning fees of $19bn
- Fee-earning AUM up 4%1 in the quarter, up 11%1 year-on-year
- Fundraising in the quarter of $3.4bn, driven by Europe IX ($1.5bn / €1.3bn) and Infrastructure Europe II ($1.2bn / €1.0bn). Focus from LPs on liquidity and investment performance is continuing to drive manager selection
- Infrastructure Europe has shown strong momentum into its final close, with Fund II receiving substantially more client capital than the prior vintage: at 30 June 2025 Infrastructure Europe II had a Total Fund Size of €2.5bn (Fund I: €1.5bn), and we expect to close a further €0.6bn before the end of the current quarter, reaching the hard cap for the strategy
- Europe IX has had an impressive start to the fundraise, with global demand from current and new clients attracted by the strategy’s track record of private equity-like returns with downside protection and high DPI. At 30 June 2025 the Total Fund Size was €5.8bn (Europe VIII: €8.1bn)
- Investment landscape remains very attractive for a number of strategies, including structured capital, secondaries and real assets equity
- FY25 Sustainability and People Report published in June 2025, available here
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References
Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results.
1. On a constant currency basis
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