AUM of $127bn, dry powder of $36, fundraising of $4.4bn
Highlights
- AUM of $127bn; fee-earning AUM of $85bn, up 1%1 in the quarter, up 11%1 year-on-year
- Dry powder of $36bn, of which $19bn is not yet earning fees
- Fundraising of $4.4bn, including Europe IX ($1.6bn), Metropolitan II ($0.6bn) and LP Secondaries II ($0.3bn). LP Secondaries II expected to be activated and fee-earning in the coming quarters. Remaining fundraising largely due to Credit ($0.8bn)
- Closed-end funds and associated SMAs that were actively fundraising included Europe IX, LP Secondaries II, Asia-Pacific Infrastructure I and Real Estate equity2
- Transaction activity continuing to show modest recovery with some variability between asset classes
- Positive Total Balance Sheet Return at a Group level in the quarter and YTD
- Total available liquidity of £1.4bn (H1 FY26: £1.3bn) and net financial debt of £239m (H1 FY26: £401m)
1 On a constant currency basis; 2 At 31 December 2025. The timings of launches and closes depend on a number of factors, including the prevailing market conditions.
Fee-earning AUM
| $m | Structured Capital and Secondaries | Real Assets | Debt | Total |
| At 30 September 2025 | 40,285 | 9,491 | 34,013 | 83,789 |
| Funds raised: fees on committed capital | 1,552 | 245 | — | 1,797 |
| Deployment of funds: fees on invested capital | 120 | 322 | 1,986 | 2,428 |
| Total additions | 1,672 | 567 | 1,986 | 4,225 |
| Realisations | (134) | (165) | (2,598) | (2,897) |
| Net additions / (realisations) | 1,538 | 402 | (612) | 1,328 |
| Stepdowns | — | (153) | — | (153) |
| FX and other | 32 | (192) | 52 | (108) |
| At 31 December 2025 | 41,855 | 9,548 | 33,453 | 84,856 |
| Q-o-Q change $m | 1,570 | 57 | (560) | 1,067 |
| Q-o-Q change % | 4% | 1% | (2%) | 1% |
| Constant currency growth: | ||||
| Q-o-Q change % | 4% | – | (2%) | 1% |
| Y-o-Y change % | 22% | 17% | (3%) | 11% |
| Last five years change % | 26% | 14% | 6% | 15% |
Business activity
| Fundraising | Deployment1 | Realisations1,2 | ||||
| $bn | Q3 FY26 | LTM | Q3 FY26 | LTM | Q3 FY26 | LTM |
| Structured Capital and Secondaries | 2.5 | 11.4 | 2.8 | 9.4 | 0.1 | 2.2 |
| Real Assets | 0.6 | 4.5 | 0.6 | 3.0 | 0.2 | 1.7 |
| Debt3 | 1.3 | 3.7 | 1.6 | 5.2 | 1.7 | 5.0 |
| Total | 4.4 | 19.6 | 5.0 | 17.6 | 2.0 | 8.9 |
1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.
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