Eurazeo: management fees up 6% at end-September, up 14% for third parties
Eurazeo published its activity update for the end of September on November 5, 2026. The main takeaway lies in the gap between its overall aggregates and its third-party client base: management fees rise 6% to €322 million, while fees received from third parties increase 14%.
The same gap appears in assets under management, up 8% to €40.4 billion, but up 12% for the third-party share over twelve months. On the eve of this publication, on November 4, 2026, the stock had reached a 30-session high, up 15.5% over one month.
Third-party AUM and fees grow faster than the group as a whole
The gap is visible in each of the indicators published. Fee-paying assets (FPAUM) increase 6% to €29.5 billion, compared with a 13% increase for the share held by third parties. Management fees follow the same pattern: 14% growth for third parties, 6% overall.
Mechanically, the component not related to third parties grows more slowly than the whole, which is consistent with the strategy set out by management. Christophe Bavière, chief executive officer, stated he wants to “complete our shift to an asset-light model by reducing the weight of the balance sheet”.
Disposals made from the balance sheet represent about 13% of the portfolio, against a target of about 15% for 2026. Performance fees, smaller in amount than management fees, reach €16 million, up 58%.
Realizations up over 30%, deployments at €3.5 billion
On the operational front, the group reports €2.3 billion of realizations, up more than 30%. Deployments reach €3.5 billion, in what Eurazeo describes as “a sluggish market”.
At its half-year results publication on July 23, 2026, the group had cited a significant volume of exits expected in 2026, with several processes underway. The amount of realizations published at the end of September includes the disposals and reinvestments announced in the third quarter around Aroma-Zone.
On the side of portfolio companies, revenue of Buyout holdings rises 6% and that of Growth companies 18%. Within this second group, the EGF IV companies, which correspond to the most recent investments, show a 43% increase.
Fundraising of €2.8 billion at end-September, more than €4.5 billion expected in 2026
Third-party fundraising stands at €2.8 billion over nine months, including €0.5 billion in the Wealth Solutions business. At the July 23, 2026 publication, it had reached €2.3 billion over the first half, against €2.1 billion a year earlier.
For the full year, the group indicates that fundraising should exceed €4.5 billion. Christophe Bavière stressed that “fundraising remains robust and is becoming increasingly international”.
The shareholder return programme continues in parallel: Eurazeo plans to buy back about 4% of its capital in 2026, of which 3% has already been completed since the start of the year. Over the 2024-2026 period, about 15% of the capital will thus have been repurchased, according to the group.
The publication therefore combines third-party business growing faster than total assets under management with a balance sheet that the group continues to lighten through disposals, in line with its 2026 target.
