Tikehau: Assets Under Management rise to €51.7bn, but 2026 targets out of reach at this stage
Tikehau published its activity update at the end of September on 22 October 2026. It reveals two distinct developments. Asset management activity is progressing: assets under management reach €51.7bn, up 3% over twelve months on a constant scope basis, and assets under management generating management fees amount to €42.5bn, up 6%. Constant scope excludes the disposal of an 80% stake in Homunity and Opale Capital, which represented €1bn in assets under management.
The portfolio invested on equity capital recorded negative fair value changes instead. The group stated that "the conditions to achieve net income and return on equity objectives for 2026 are not met at this stage".
€2.2bn distributed to clients, including €1.1bn in the third quarter
Over the first nine months of 2026, Tikehau distributed €2.2bn in distributions and capital returns to its clients. The third quarter accounts for €1.1bn alone, representing the highest quarterly amount of the year according to the group. These distributions are mainly linked to divestments carried out across all strategies and the entry into the post-investment phase of certain credit and infrastructure funds.
Divestments reached €1.9bn over the period, including €0.8bn in the third quarter. This amount includes the disposal of Aubert & Duval for approximately €260m. The third vintage of the direct lending strategy was also fully liquidated, with a net IRR of 8.1% and €15m in performance-related revenues generated between 1 January 2023 and 30 June 2026.
On the fundraising side, €2.2bn were raised over nine months, including €0.5bn in the third quarter. The group presents this level as the result of a selective approach. Net fundraising from real assets increased by 22%, to €730m. Deployment amounted to €3.4bn, including €1.1bn in the third quarter.
Own portfolio at €4.0bn, conditions for net income targets not met
The fair value of the investment portfolio held by the group stands at €4.0bn as of 30 September 2026, compared to €4.4bn as of 31 December 2025. This decline reflects in particular €846m in capital returns and divestments. Among these are €369m from the exit of Schroders in February 2026 (gross IRR of 64%, gross multiple of 1.65x). Conversely, the portfolio recorded €503m in capital calls and investments.
Fair value variations on the remaining portfolio portion stand at -€97m. The group cites negative developments in CLOs, in a context of credit spread compression and increased uncertainty. It also mentions certain historical or listed direct investments, including its listed real estate fund in Singapore. Positive revaluations concerned private equity and the listed real estate fund in France, and currency effects contributed €45m.
It is this segment that underpins the group's position on its annual targets. According to Tikehau, the market environment should continue to weigh on portfolio revenues, particularly on their unrealised component. At the same time, earnings generation from fees remains "broadly in line with the lower end of the group's target". Available resources reach €1.5bn, including cash and undrawn portion of the revolving credit facility.
Assets under management targeted between €52.0bn and €52.5bn at end of December 2026
For the fourth quarter, the group anticipates fundraising between €1.5bn and €2.0bn. It relies on ongoing discussions across all strategies, notably in private equity. In this business, more than €200m in investments and three already signed exits are expected to be finalised by year-end. CLO XVI in Europe, whose size has been increased to €450m, will be recognised in the fourth quarter for €250m.
Capital available for investment in managed funds amounts to €7.2bn as of 30 September 2026. It was €7.6bn as of 31 December 2025 and is stable compared to 30 June 2026. Co-founders Antoine Flamarion and Mathieu Chabran stated they approach the quarter "with positive perspectives".
According to analyst consensus, the stock was trading at approximately 9.4 times expected earnings for the current fiscal year. Tikehau targets assets under management between €52.0bn and €52.5bn as of 31 December 2026, at constant assets for capital markets strategies activity, versus €51.7bn as of 30 September.
