Dynamic commercial and transaction activity,
solid underlying financial performance
€45.6bn1
Asset Management AuM2 at 30 June 2024
€2.8bn
Capital deployment within closed- end funds in
H1 2024
€3.4bn
Net new money in H1 2024
c.75%
H1 2024 net inflows3 from international
investors4
€55.7m
Core Fee-Related Earnings5 in H1 2024
€57.5m
Net income, Group share in H1 2024
Regulatory News:
Tikehau Capital (Paris:TKO):
13% year-over-year growth in Asset Management AuM, reaching
€45.6bn at 30 June 2024
- Net inflows reached a new record for the Group at €3.4bn in
H1 2024, driven by diversified and complementary investment
strategies and an increasingly larger investor base, despite a
difficult market for fundraising
- All asset classes contributed to net inflows in H1 2024,
particularly Private Debt and Capital Markets
Strategies, building on solid positioning and performance
- A widely globalized fundraising with c.75% of net
inflows in the first half coming from international
clients
- Deployment of capital from closed-end funds amounted
€2.8bn in H1 2024, with a focus on high selectivity,
leveraging the firm’s multi-local platform and solid deal-sourcing
capabilities
- Realizations momentum remained good, reaching
€0.9bn, and the exit pipeline across asset classes is
strong
- Sustainability-themed strategies ramp up steadily, with
a 10% increase in AuM in SFDR Article 8 and 9 funds, reaching
€30bn at 30 June 2024
Robust underlying financial performance
- 12% year-over-year growth in Fee-Paying AuM securing
long-term management fee generation
- 13% year-over-year growth in underlying management fees
offset by cyclical effects linked to fundraising in Real
Estate
- Resilient Core FRE margin at 36% in H1 2024 thanks to
ongoing cost discipline
- 16% year-over-year growth in realized portfolio
revenues, driven by the growing contribution from Tikehau
Capital strategies
Solid outlook ahead
- Business acceleration anticipated for H2 2024, with a
continued robust momentum in commercial and transaction
activity
- Confirmation of 2026 targets6
Antoine Flamarion and Mathieu Chabran,
co-founders of Tikehau Capital, said:
“In the first half of 2024, Tikehau Capital continued delivering
solid results amid a complex market environment. We achieved a
record level of net inflows for a first half of the year,
reflecting the attractiveness of our investment strategies, and
maintained dynamic capital deployment in future value-creation
projects.
During this period, we have further strengthened our multi-local
platform, which boasts an increasingly larger and more
international investor base. Our investors value our strong
alignment of interests, supported by our balance sheet, and our
disciplined approach characterized by high selectivity and
conviction in key strategic themes that resonate globally – values
that have guided us since our inception.
As we celebrate, this year, 20 years of entrepreneurial
adventure, Tikehau Capital is well positioned to continue growing
and delivering value and is on track to achieve its 2026
objectives.”
“Our investors value our strong alignment of
interests, supported by our balance sheet, and our disciplined
approach characterized by selectivity and conviction in key
strategic themes that resonate globally.”
Key operating metrics
Q2
H1
YoY change
In €bn, AM perimeter
2023
2024
2023
2024
Capital deployment
1.2
1.9
2.5
2.8
+12%
Realizations
0.3
0.6
0.8
0.9
+15%
Net new money (NNM)
2.1
1.9
3.3
3.4
+1%
H1 2023
H1 2024
YoY change
Group AuM
€bn
41.1
46.1
+12%
Asset Management AuM
€bn
40.5
45.6
+13%
Fee-paying AuM
€bn
33.3
37.2
+12%
Management fees and others
€m
156.1
155.9
(0%)
Asset Management revenues
€m
160.4
161.0
+0%
Core Fee-Related Earnings (FRE)
€m
56.5
55.7
(1%)
Fee-related earnings (FRE)
€m
48.9
46.3
(5%)
Asset Management EBIT
€m
53.1
51.4
(3%)
Net result, Group share
€m
72.0
57.5
(20%)
Investment portfolio
€m
3,604
4,017
+12%
Group Shareholders’ equity
€m
3,087
3,127
+1%
Company
presentation
A presentation for investors and analysts will
be held at 6:15pm CEST today and will be broadcasted live. To watch
the presentation, please connect via the following link.
A recording of the presentation will be
available on Tikehau Capital’s website.
Financial calendar
22 October 2024
Q3 2024 announcement (after market
close)
20 February 2025
FY 2024 results (before market open)
24 April 2025
Q1 2025 announcement (after market
close)
30 April 2025
Annual General Meeting
30 July 2025
2025 half-year results (after market
close)
23 October 2025
Q3 2025 announcement (after market
close)
The Tikehau Capital Supervisory Board met on 29
July 2024 to review the consolidated financial statements7 at 30
June 2024.
OPERATING REVIEW
AuM for Tikehau Capital’s Asset Management business
amounted to €45.6bn at 30 June 2024, up +6.6% compared to 31
December 2023 and up +12.6% compared to a year ago.
Group AuM at 30 June 2024 reached €46.1bn, up +
6.8% compared to 31 December 2023 and 12.3% compared to a year
ago.
- Capital deployment was dynamic, leveraging the firm’s robust
sourcing capabilities, while remaining particularly
selective
Building on its multi-local platform and its solid deal sourcing
capabilities, Tikehau Capital’s closed-end funds deployed
€2.8bn over the first half, with an acceleration in the
second quarter to €1.9bn. Discipline remained a core focus
for the investment teams in a market which has not yet stabilized,
as evidenced by an exclusion rate of 99% (vs. 98% in H1 2023).
Private Debt accounted for 74% of total deployment,
driven by the firm’s European and US CLO platform, as well as its
flagship Direct Lending and Secondaries strategies.
- Over the first half, the firm maintained solid momentum for its
CLO business (accounting for 63% of Private Debt
deployments) with the pricing of its European CLO XII (€400m) and
its US CLO VI ($500m). In a competitive CLO issuance market, the
firm successfully onboarded several new international
investors.
- The firm’s Direct Lending strategies continued to
benefit from an active deal flow, attributed to its pioneering
position, and established track record amid the scarcity
experienced in other mid-market financing sources. Asset selection
is key for the firm, and Tikehau Capital remained disciplined in
its deployment, carefully managing leverage levels and maintaining
stringent documentation standards. In the first half, Tikehau
Capital acted as a lead arranger of c.€150m unitranche to support
the acquisition of Défense Conseil International by Group
ADIT, a European leader in strategic intelligence with a
presence in the maintenance, repair and operations sector.
In addition, the fifth vintage of the Group’s Direct Lending
strategy continued to deploy capital and provided a €100m senior
financing to support Musixmatch8, an Italian global music
data platform and a portfolio company of global alternative asset
management firm TPG. This investment underscores Tikehau Capital's
commitment to investing in cutting-edge companies that drive
innovation and growth in their respective industries.
- In Private Debt Secondaries, the firm is well positioned
to seize attractive investment opportunities, capitalizing on its
early mover advantage in a context marked by active portfolio
management and LPs seeking liquidity.
Capital deployment across the firm’s Real Assets
strategies accounted for 13% of total deployment. Despite a muted
overall market environment, Tikehau Capital has been able to source
compelling bilateral investment opportunities leveraging its robust
origination capabilities across geographies.
- Sofidy represented 77% of capital deployment in Real Assets.
The first half was notably marked by the acquisition of a dominant
shopping centre in the North of Paris, executed through a
club deal with Klepierre and institutional co-investors. This
transaction, amounting to approximately €200m, illustrates the
Group’s ability to source, structure, and finance transactions with
leading financial and real estate players, in an environment
offering attractive opportunities.
- The firm’s European value-add strategy continued invest
selectively and opportunistically with the signing of a binding
agreement with Casino for the acquisition of a portfolio of
30 retail assets for approximately €200m, comprising hypermarket
and supermarket premises leased to the Casino, Intermarché,
Carrefour and Auchan banners.
- In addition, Tikehau Capital announced its fifth investment
in Portugal9 which is expected to deliver up to 958
residential units distributed across five land plots in Porto. This
landmark acquisition represents Tikehau Capital’s seventh
residential investment in Iberia, highlighting its real estate
strategy’s strong commitment to the residential asset class in this
market. Over the past five years, Tikehau Capital has solidified
its presence in the Iberian real estate market with approximately
€1bn invested in the region.
In H1 2024, Private Equity and Special
Opportunities funds accounted for 13% of total deployment,
driven by thematic investments across long-term growth trends such
as decarbonization, regenerative agriculture, cybersecurity and
aerospace. H1 2024 was particularly marked by the finlaization of
the investment in Vulcain, an engineering group specializing in
energy transition and life sciences. This is the first investment
of Tikehau Capital’s second vintage of Private Equity
Decarbonization strategy. In addition, this strategy finalized in
early July its second investment, deploying approximately €130m in
CEBAT10, an Italian utility infrastructure service provider
specialized in the installation of utility networks and maintenance
services critical for the enhancement and upgrade of electricity,
water and telecommunication grids.
Looking ahead, Tikehau Capital benefits from a solid pipeline of
deployment opportunities across asset classes. At 30 June 2024,
Tikehau Capital had €6.7bn of dry powder11 (compared to
€6.9bn at 31 December 2023), supporting the funds managed by the
firm to capture attractive investment opportunities.
- Realizations within Tikehau Capital funds amounted to €0.9bn
in H1 2024, with a robust contribution of Private Debt
- Within Private Debt, approximately 70% of realizations were
carried out by the firm’s Direct Lending and Corporate Lending
strategies, corresponding to financing repayments. The first
half was notably marked by:
- The repayment of a €50m subordinated notes financing to
Jakala, an Italian company specialized in the B2B Sales
& Marketing consultancy industry.
- The repayment of Tikehau Capital’s €200m exposure in
JJA, a company specialized in the design and supply of
affordable household equipment.
- The repayment of a €60m unitranche financing to Intellera
Consulting, an Italian company specialized in consulting
services for public and healthcare administrations.
- Realizations in Real Assets were mainly driven by asset
disposals of mid-sized and granular assets from the firm’s real
estate vehicles, notably from the portfolio of residential assets
in Iberia.
- In Private Equity, H1 2024 was highlighted by the
announcement of exclusive discussions with Safran to acquire
Preligens12, specialized in artificial intelligence
for the aerospace and defence sectors. This first exit of the
Tikehau Capital’s third vintage of its Cybersecurity strategy
supports its approach of investing in fast-growing and emerging
category leaders in the Cybersecurity and Defence sectors. These
companies have the potential to become targets for both strategic
and private equity buyers. In addition, in July, Tikehau Capital
announced exclusive discussions with STS Metals to acquire Brown
Europe13, specialized in wire drawing of high-performance
alloys for the aerospace industry. This transaction marks the first
divestment of first vintage of the Group’s strategy dedicated to
aerospace, confirming its leadership in the aerospace and defence
sector, where Tikehau Capital invest in niche players with leading
market positions to support their growth.
- Net new money reached €3.4bn in H1 2024, a historical high
for a half-year
In H1 2024, Tikehau Capital recorded a robust level of client
demand in an environment marked by reduced client resources and
continued uncertainty. This performance illustrates the firm’s
growing reach and visibility as well as its ability to address
clients’ evolving needs. Fundraising for the Group’s flagship
strategies progressed well, reflecting client confidence and the
Group’s solid market positioning across long-term growth
themes.
Tikehau Capital attracted €4.4bn of gross inflows for its
Asset Management business. For the first half 2024, net inflows
reached €3.4bn.
This level of client demand was primarily driven by the firm’s
“Yield” strategies which are characterised by floating-rate
instruments, offering largely predictable, inflation-hedged regular
returns.
Net new money in H1 2024 was driven by the following
developments:
- Additional fundraising for the sixth vintage of Tikehau
Capital’s Direct Lending strategy, reaching approximately €2bn
of AuM at 30 June 2024. Building on its leadership position in
Europe and track-record, Tikehau Capital onboarded new clients over
the first half while further diversifying its international client
base;
- Continued solid momentum for the firm’s CLO business in
Europe and in the US, with a total of €7.5bn of AuM at 30 June
2024, up +19% since 31 December 2023;
- A record first half for the Group’s Capital Markets
Strategies, reaching €0.6bn in net inflows, driven by a solid
momentum for Tikehau Short Duration and dated funds, which
benefit from robust performance. Demand was mainly driven by French
and Spanish clients;
- Ongoing progress for the second vintage of Private Equity
Decarbonization strategy, reaching approximately €800m of AuM
at 30 June 2024. Tikehau Capital notably benefited from the re-up
of a large existing Spanish private bank, further contributing to
the democratization of the strategy;
- Continued inflows for Tikehau Capital’s third vintage of
Special Opportunities strategy, reaching approximately €850m of
AuM at 30 June 2024, nearing the target of €1bn.
- Platform internationalization accelerates
In H1 2024, Tikehau Capital made further progress in
diversifying its capital formation across geographies.
International investors accounted for approximately 75% of
net inflows14 in H1 2024 and 42% of Asset Management AuM at
30 June 2024.
Tikehau Capital continued to expand its footprint in Asia
by finalizing its strategic partnership with Nikko Asset
Management15. The partnership includes three key components
designed to enhance both groups’ global investment capabilities and
presence: a distribution agreement, a joint venture, and Nikko
Asset Management taking an equity stake in Tikehau Capital.
In early July, Tikehau Capital received approval of its license
in Hong-Kong, marking the opening of the Group’s 17th office
globally and reaffirming its commitment to growth and engagement in
Asia.
- Democratization momentum remains strong
Tikehau Capital recorded additional progress in democratizing
private markets with strategic partners. The firm’s private debt
unit-linked products launched with MACSF, Société Générale
Assurances and Suravenir continued to benefit from robust momentum
and attracted c.€1bn since inception and approximately €200m in H1
2024.
Since its inception, Opale Capital, an innovative digital
platform supporting private investors in accessing private markets
investment products, has raised over €130m offering a wide
range of alternative strategies, including private equity,
secondaries and opportunistic credit.
These efforts are reflected in fundraising as private investors
accounted for approximately 35% of net inflows16 in H1 2024,
compared to 30% in H1 2023, and 30% of Asset Management AuM
at 30 June 2024, compared to 28% in H1 2023.
- Tikehau Capital’s balance sheet investment portfolio
reached €4.0bn at 30 June 2024, a stable level compared to
31 December 2023. Over the first half, the main variations in the
portfolio were the following:
- €0.4bn of investments were carried out in
H1 2024, mainly into the Group’s asset management strategies (in
particular CLOs and Private Equity strategies) and co-investments
alongside its strategies;
- €(0.2)bn of exits, including returns of capital
from the firm’s Special Opportunities, Private Debt Secondaries and
CLO strategies;
- Negative fair value changes resulting from market
effects linked to the firm’s listed REITs offset by positive
foreign exchange effects, mainly €/$.
At 30 June 2024, the firm’s investment portfolio can be broken
down as follows:
- €3.1bn (77% of total portfolio17) was invested in or
alongside the Asset Management strategies developed and managed by
the Group, generating a high alignment of interests with its
investor-clients.
- €0.9bn (23% of total portfolio) was invested in
ecosystem and direct investments, notably direct private equity
investments, co-investments or investments in third-party funds,
most of which aim at serving Tikehau Capital’s asset management
franchise globally.
Tikehau Capital’s investment portfolio benefits from a high
level of diversification and granularity with approximately 270
investments spread across several industry sectors and geographies,
thus complementing the firm’s asset management activity exposure.
On top of generating continued alignment of interests with
investor-clients, the firm’s investment portfolio also supports the
firm to fostering opportunities and long-term relationships with
partners.
CONTINUED ACHIEVEMENTS ON
SUSTAINABILITY
- Over the first half of the year, Tikehau Capital continued to
develop existing and new funds that include sustainability features
in their legal documentation. At 30 June 2024, AuM in SFDR Article
8 and 9 funds grew 10%, reaching €30bn.
- Sustainability characteristics may include defining a
sustainability roadmap for private equity funds or setting ESG
ratchets for private debt funds. At 30 June 2024, approximately
40% of portfolio companies across the firm’s Private Equity
strategies have established a sustainability roadmap. In H1 2024,
close to two-thirds of new Direct and Corporate Lending
transactions have been carried out with an ESG ratchet
attached.
- In addition, Tikehau Capital has further strengthened its
sustainability-themed and impact platform, through which it
aims at addressing key systemic issues, including decarbonization,
nature and biodiversity, cybersecurity, and resilient cities. The
Group’s objective is to keep increasing the share of funds with
robust decarbonization strategies. At 30 June 2024, the firm’s
sustainability-themed and impact platform comprised €3.3bn of
AuM specifically allocated to climate and biodiversity to
enable transition at scale, representing a 35% year-over-year
growth. This puts Tikehau Capital on track to reach its target
of exceeding €5bn by 2025.
FINANCIAL REVIEW
- Continued increase in Fee-Paying AuM, supporting recurring
long-term management fee generation
- Fee-paying AuM amounted to €37.2bn at 30 June 2024, up
12% year-over-year. This growth was notably driven by Private Debt
funds which have been particularly dynamic in both fundraising and
deployment across Direct Lending, CLOs and Secondaries strategies,
as well as inflows for Private Equity funds and Capital Markets
Strategies.
- Management fees and other revenues18 reached €156m in H1
2024, maintaining a stable level compared to H1 2023, which
benefited from a high basis of comparison due to subscription fees
linked to fundraising for Real Estate strategies. Excluding the
effects of subscription fees, net management fees grew 13% year
over year.
- Average management fee rate stood at 0.88% in H1 2024,
its evolution year-over-year reflecting the basis of comparison
described above, the fundraising mix as well as calendar effects on
high fee-generating strategies.
- Performance-related revenues amounted to €5.1m in H1
2024. They include €4.3m of performance fees linked to Capital
Markets Strategies, driven by Tikehau 2027 dated fund as well as
contributions from several historical mid-sized private equity and
private debt vehicles. Performance-related revenues represent a
significant value-creation driver embedded in Tikehau Capital’s
operating model with €20.5bn of AuM eligible for carried
interest at 30 June 2024, representing a 13% year-over-year
growth. This profit engine is not yet crystallized in its financial
statements, given the firm’s conservative accounting policy.
Unrealized performance-related revenues for Tikehau Capital,
provisioned within the Group’s funds stand at approximately
€200m19 at 31 March 2024. This amount only reflects a
portion of the long-term value creation potential linked to this
type of revenue and will increase as the funds approach maturity
and crystallize their performance.
- As a result, asset management revenues reached a total
of €161m in H1 2024.
- Structural growth in Core FRE offset by cyclical
effects
- Asset management operating expenses20 amounted to
€100m in H1 2024, a stable level compared to H1 2023, with
personnel expenses accounting for c.70% of operating expenses. This
reflects selective investments carried out by the firm in H1 2024
to strengthen its asset management teams and its multi-local
platform as well as the launch of initiatives to support future
growth, coupled with efficient cost management.
- Core Fee-Related Earnings21 (Core FRE) amounted to €55.7m in
H1 2024, compared to €56.5m in H1 2023. Core FRE margin was
resilient at 36% in H1 2024 (stable compared to H1 2023). The
underlying Core FRE margin progression resulting from underlying
management fee growth and discipline costs evolution has been
temporarily offset by the high basis of comparison due to higher
subscription fees from Real Estate strategies recorded in H1
2023.
- Fee-Related earnings (FRE) stood at €46.3m in H1 2024,
compared to €48.9m in H1 2023. FRE margin reached 30% compared to
31% in H1 2023.
- Performance-related earnings (PRE) amounted to €5.1m in H1
2024. This amount is equal to performance-related revenues and
thus reflects the 100% conversion of such revenues into
profit.
- As a consequence, EBIT for the asset management
business, which corresponds to the sum of FRE and PRE, amounted to
€51.4m in H1 2024, compared to €53.1m in H1 2023.
- Group portfolio revenues reached €78m in H1 2024
Tikehau Capital’s investment portfolio generated €78m of
revenues in H1 2024
- Realized revenues accounted for the bulk of the Group’s
portfolio revenues in H1 2024, reaching €95m. Realized revenues
were driven by a 15% growth in dividends, coupons and
distributions, mainly coming from Tikehau Capital’s asset
management strategies. Private Debt and Real Assets strategies were
the main contributors to realized revenues in H1 2024.
- Unrealized revenues stood at €(17)m in H1 2024. They
include €35m of net positive unrealized revenues from the firm’s
Private Equity strategies and ecosystem investments, offset by €52m
negative market effects on the firm’s listed REITs.
- Net result, Group share reached €58m in H1 2024
- Group corporate expenses for H1 2024 amounted to €36m,
reflecting investments in global franchise development.
- Financial result reached -€21m in H1 2024, compared to
-€18m in H1 2023, the increase in financial interests was mainly
driven by the €300m sustainable bond issued in September 202322 and
€220m RCF drawdown in H1 2024.
- After taking into account €2.5m of positive result from
non-recurring and other items, a -€17.4m tax expense and €0.3m of
minority interests, net result, Group share for the first half
of 2024 reached €58m.
- A balance sheet generating a substantial skin in the
game
- At 30 June 2024, consolidated shareholders’ equity,
Group share reached €3.1bn and consolidated cash position reached
€0.2bn, a stable level compared to end-December 2023, reflecting
the investments carried out over the period. The Group also has a
€800m revolving credit facility, maturing in July 2028, drawn for
€220m at 30 June 2024.
- Financial debt at 30 June 2024 increased to €1.7bn, with
a gearing ratio of 54%. ESG-linked debt accounted for 78% of the
Group’s total debt at 30 June 2024.
- In Q2 2024, the financial ratings agencies Fitch Ratings and
S&P Global Ratings both confirmed Tikehau Capital’s
Investment Grade credit rating (BBB-) with a stable outlook,
confirming the strength of the firm's financial profile.
SHARE BUY-BACK
- Tikehau Capital announces it has extended until 22 October 2024
(inclusive), the date of the Group’s Q3 2024 announcement, the
share buy-back mandate, which was signed and announced on 19 March
2020 and extended until today. The size of this mandate is
increased from €140m to €150m.
- The shares repurchased will from now be used in the context of
external growth, merger, spin-off or investment transactions,
within the limit of 5% of the share capital in accordance with the
law.
- As of 30 July 2024, 5,766,042 shares were repurchased under the
share buy-back mandate. The description of the share buy-back
program (published in paragraph 8.3.4 of the Tikehau Capital
Universal Registration Document filed with the French Financial
Markets Authority on 21 March 2024 under number D. 24-0146) is
available on the company’s website in the Regulated Information
section
(https://www.tikehaucapital.com/en/shareholders/regulated-information).
OUTLOOK
- Tikehau Capital anticipates ongoing strong structural demand
for alternative assets, and the firm is strategically positioned to
benefit from this trend.
- The firm’s strategic focus on alternative assets, combined with
its robust operational framework and diversified investment
strategies, continues to deliver sustainable growth and returns for
its stakeholders.
- Looking ahead to the remainder of 2024, Tikehau Capital is
well-positioned to build on the solid momentum demonstrated in the
first half. The fundraising pipeline for the Group’s flagship
funds, coupled with continued robust momentum for CLOs and Capital
Markets Strategies, should contribute to accelerate net new money,
revenue and Core FRE generation in the second half of the year,
with continued discipline on costs.
- Tikehau Capital will adapt its AuM reporting going forward, to
better reflect its Credit platform and expertise. From now on, the
AuM for the Special Opportunities strategy will be reported in a
new “Credit” business unit, alongside Tikehau Capital’s other
private debt strategies. Until now, this strategy was historically
reported in the Private Equity segment. This change will provide a
more comprehensive view of the firm’s broad credit capabilities and
bring greater consistency in the reporting of Private Equity
AuM.
- Thanks to a disciplined investment approach, reinforced by its
deep sector expertise and commitment to ESG principles, Tikehau
Capital is well-equipped to identify and capitalize on attractive
opportunities across various asset classes.
- Tikehau Capital confirms its mid-term outlook23, and remains
confident in its ability to successfully navigate the current
evolving landscape.
ABOUT TIKEHAU CAPITAL
Tikehau Capital is a global alternative asset management Group
with €46.1 billion of assets under management (at 30 June 2024).
Tikehau Capital has developed a wide range of expertise across four
asset classes (private debt, real assets, private equity and
capital markets strategies) as well as multi-asset and special
opportunities strategies. Tikehau Capital is a founder-led team
with a differentiated business model, a strong balance sheet,
proprietary global deal flow and a track record of backing high
quality companies and executives. Deeply rooted in the real
economy, Tikehau Capital provides bespoke and innovative
alternative financing solutions to companies it invests in and
seeks to create long-term value for its investors, while generating
positive impacts on society. Leveraging its strong equity base
(€3.1 billion of shareholders’ equity at 30 June 2024), the Group
invests its own capital alongside its investor-clients within each
of its strategies. Controlled by its managers alongside leading
institutional partners, Tikehau Capital is guided by a strong
entrepreneurial spirit and DNA, shared by its 763 employees (at 30
June 2024) across its 16 offices in Europe, Middle East, Asia and
North America. Tikehau Capital is listed in compartment A of the
regulated Euronext Paris market (ISIN code: FR0013230612; Ticker:
TKO.FP). For more information, please visit:
www.tikehaucapital.com.
DISCLAIMER
This document does not constitute an offer of securities for
sale or investment advisory services. It contains general
information only and is not intended to provide general or specific
investment advice. Past performance is not a reliable indicator of
future earnings and profit, and targets are not guaranteed.
Certain statements and forecasted data are based on current
forecasts, prevailing market and economic conditions, estimates,
projections and opinions of Tikehau Capital and/or its affiliates.
Due to various risks and uncertainties, actual results may differ
materially from those reflected or expected in such forward-looking
statements or in any of the case studies or forecasts. All
references to Tikehau Capital’s advisory activities in the US or
with respect to US persons relate to Tikehau Capital North
America.
APPENDIX
Assets under management
AuM at 30-06-2024
YoY change
QoQ change
In €m
Amount (€m)
Weight (%)
In %
In €m
In %
In €m
Private Debt
19,982
43%
+23%
+3,777
+6%
+1,142
Real Assets
13,193
29%
(6%)
(792)
(1%)
(184)
Capital Markets Strategies
5,424
12%
+26%
+1,101
+7%
+350
Private Equity
7,030
15%
+17%
+1,037
+3%
+219
Asset Management
45,629
99%
+13%
+5,123
+4%
+1,527
Investment activity
475
1%
(15%)
(81)
+58%
+175
Total AuM
46,104
100%
+12%
+5,042
+4%
+1,701
LTM evolution In €m
AuM at 30-06-2023
Net new money
Distributions
Market effects
Change in scope
AuM at 30-06-2024
Private Debt
16,205
+4,521
(775)
+82
(51)
19,982
Real Assets
13,985
+156
(681)
(268)
-
13,193
Capital Markets Strategies
4,323
+753
(2)
+351
-
5,424
Private Equity
5,993
+1,132
(598)
+462
+41
7,030
Total Asset Management
40,506
+6,562
(2,055)
+627
(10)
45,629
YTD evolution In €m
AuM at 31-12-2023
Net new money
Distributions
Market effects
Change in scope
AuM at 30-06-2024
Private Debt
18,193
+2,088
(362)
+115
(51)
19,982
Real Assets
13,464
+132
(377)
(26)
-
13,193
Capital Markets Strategies
4,649
+637
(1)
+139
-
5,424
Private Equity
6,508
+494
(295)
+282
41
7,030
Total Asset Management
42,814
+3,351
(1,035)
+510
(10)
45,629
Q2 evolution In €m
AuM at 31-03-2024
Net new money
Distributions
Market effects
Change in scope
AuM at 30-06-2024
Private Debt
18,840
+1,271
(235)
+7
+100
19,982
Real Assets
13,377
(6)
(171)
(7)
-
13,193
Capital Markets Strategies
5,074
+294
(1)
+57
-
5,424
Private Equity
6,811
+310
(132)
+40
-
7,030
Total Asset Management
44,103
+1,868
(539)
+97
+100
45,629
AuM at 30-06-2023
AuM at 31-12-2023
AuM at 30-06-2024
YTD change
YoY change
In €m
In %
In €m
In %
In €m
Fee-paying AuM
33,334
34,947
37,233
+7%
+2,286
+12%
+3,889
Future fee-paying AuM
4,438
4,224
4,388
+4%
+164
(1%)
(51)
Non-fee-paying AuM
2,734
3,643
4,009
+10%
+366
+47%
+1,274
Total Asset Management AuM
40,506
42,814
45,629
+7%
+2,815
+13%
+5,123
Fee-paying assets under
management
In €m
30-06-2023
30-06-2024
Private Debt
13,396
15,843
Real Assets
11,660
11,212
Capital Markets Strategies
4,299
5,417
Private Equity
3,979
4,760
Fee-paying AuM
33,334
37,233
Weighted average management fee rate
(LTM)
In bps
30-06-2023
30-06-2024
Private Debt
86
77
Real Assets
107
88
Capital Markets Strategies
50
51
Private Equity
>150
>150
Management fees24
97
88
Performance-related fees
3
3
Total weighted average
fee-rate25
100
92
New AuM presentation as of Q3
2024
Former presentation
New presentation
Asset class
AuM as of 30 June 2024
(€m)
Asset class
AuM as of 30 June 2024
(€m)
Private debt
19,982
Credit
21,442
Real assets
13,193
o/w Special
opp.
1,460
Capital markets strategies
5,424
Real assets
13,193
Private equity
7,030
Capital markets strategies
5,424
o/w Special
opp.
1,460
Private equity
5,570
Total Asset Management
45,629
Total Asset Management
45,629
Portfolio revenues
breakdown
In €m
H1 2023
H1 2024
Tikehau Capital funds
84.8
18.1
Investments alongside Tikehau Capital
funds
(0.3)
9.5
Tikehau Capital AM strategies
84.5
27.6
Ecosystem investments
2.4
51.5
Other direct investments
(2.9)
(1.1)
Ecosystem and direct
investments
(0.4)
50.4
Total portfolio revenues
84.1
78.0
In €m
H1 2023
H1 2024
Dividends, coupons and distributions
82.2
94.0
Realized change in fair value
0.0
1.3
Realized portfolio revenues
82.2
95.3
Unrealized portfolio revenues
1.9
(17.3)
Total portfolio revenues
84.1
78.0
Simplified consolidated
P&L
Published
In €m
H1 2023
H1 2024
Management fees & other revenues26
156.1
155.9
Operating costs
(99.6)
(100.2)
Core Fee Related Earnings
(FRE)27
56.5
55.7
Core FRE margin
36.2%
35.7%
Share-based compensation (non-cash)
(7.6)
(9.4)
Fee Related Earnings (FRE)
48.9
46.3
Realized Performance-related earnings
(PRE)
4.3
5.1
Asset Management EBIT
53.1
51.4
AM EBIT margin
33.1%
31.9%
Group portfolio revenues28
84.1
78.0
of which Realized portfolio revenues
82.2
95.3
of which Unrealized portfolio revenues
1.9
(17.3)
Group corporate expenses
(32.4)
(36.4)
Financial interests
(17.8)
(20.9)
Non-recurring items and others29
1.2
2.5
Tax
(16.6)
(17.4)
Minority interests
0.4
0.3
Net result, Group share
72.0
57.5
Simplified consolidated balance
sheet
Published
In €m
31-Dec-2023
30-Jun-2024
Investment portfolio
3,858
4,017
Cash & cash equivalents
228
227
Other current and non-current assets
818
867
Total assets
4,905
5,111
Shareholders’ equity, Group share
3,184
3,127
Minority interests
5
5
Financial debt
1,470
1,697
Other current and non-current
liabilities
245
282
Total liabilities
4,905
5,111
Gearing30
46%
54%
Undrawn credit facilities
800
580
_________________________________ 1 Figures have been rounded
for presentation purposes, which in some cases may result in
rounding differences. On 29 July 2024, the auditors issued their
report on their review of the interim consolidated financial
statements at 30 June 2024. 2 Assets under management for the
Group’s Asset Management activity. 3 Third-party net inflows,
excluding Sofidy. 4 International investors refer to non-French
investors. 5 Core FRE correspond to Fee-related Earnings excluding
expenses linked to share-based payment transactions (IFRS 2), but
for the social charges linked to share-based compensation. 6
Mid-term outlook: reach, by 2026, more than €65bn of AuM for its
asset management business, more than €250m of Fee-Related Earnings,
and increase return on equity to mid-teens level, driven by c.€500m
of net income (Group share). 7 On 29 July 2024, the auditors issued
their report on their review of the interim consolidated financial
statements at 30 June 2024. 8 Please refer to press release dated 1
July 2024. 9 Please refer to press release dated 8 July 2024. 10
Please refer to press release dated 9 July 2024. 11 Amounts
available for investment at the level of the funds managed by the
Group. 12 Please refer to press release dated 24 June 2024. 13
Please refer to press release dated 25 July 2024. 14 Third party
net new money excluding Sofidy. International investors refer to
non-French investors. 15 Please refer to press release dated 27
June 2024. 16 Third-party net new money. 17 Includes investments in
funds managed by Tikehau Capital, co-investments alongside Tikehau
Capital asset management strategies. 18 Include management fees,
subscription fees, arrangement fees & structuring fees as well
as incentive fees. 19 Unrealized performance related revenues,
share allocated to the listed firm. 20 Excluding the non-cash
impact of share-based compensation. 21 Core FRE correspond to
Fee-related Earnings excluding expenses linked to share-based
payment transactions (IFRS 2), but for the social charges linked to
share-based compensation. 22 Please refer to press release dated 8
September 2023. 23 Mid-term outlook: reach, by 2026, more than
€65bn of AuM for its asset management business, more than €250m of
Fee-Related Earnings, and increase return on equity to mid-teens
level, driven by c.€500m of net income (Group share). 24
Corresponding to management fees, subscription fees and arrangement
fees. 25 Implied fee rates are calculated based on average
fee-paying AuM over the last 12 months. 26 Include management fees,
subscription fees, arrangement fees & structuring fees as well
as incentive fees. 27 Core FRE correspond to Fee-Related Earnings
excluding expenses linked to share-based payment transactions (IFRS
2), but for the social charges linked to share-based compensation.
28 Group portfolio revenues are broken down between €27m (€84m in
H1 2023) generated from Tikehau Capital’s asset management
strategies and €51m (-€0.7m in H1 2023) from ecosystem and other
investments. 29 Include net result from associates, derivatives
portfolio result and non-recurring items. 30 Gearing = Total
financial debt / Shareholders’ Equity, Group share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730572522/en/
Press Contacts
Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30 UK – Prosek
Partners: Philip Walters – +44 (0) 7773 331 589 USA – Prosek
Partners: Trevor Gibbons – +1 646 818 9238
press@tikehaucapital.com
Shareholder and Investor
Contacts
Louis Igonet – +33 1 40 06 11 11 Théodora Xu – +33 1 40 06 18 56
shareholders@tikehaucapital.com
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