BPM originally invested CAD$30 (£19) into SSRU in 2017 and today, announcing an exit to Ryan Specialty, have turned that into CAD$51.9m (£27.8m) an eye catching 90% IRR over the 8yr investment period and a 21% uplift vs the most recent rep’d (Jul-25) carrying value. BPM has yet again demonstrated its proven investment process; providing development capital to leading management teams in the insurance intermediary space. We estimate that BPM will have c.£65m cash on the balance sheet following the receipt of sale proceeds (c.30% current market cap) and will update on intended use of proceeds in due course, including potential for capital return. We reiterate our BUY/1000p 12m TP, with further value embedded in the portfolio, and the shares trading at a 27% discount to the last reported NAV.
