Regulatory News:
Tikehau Capital (Paris:TKO):
€40.5bn1
€2.5bn
€3.3bn
Asset Management AuM2 at 30 June
2023
Capital deployment within
closed-end funds in H1 2023
Net new money in H1 2023
+16%
+20%
€72m
AuM from non-domestic clients YoY
growth
Fee-related earnings (FRE) YoY
growth
Net income, Group share in H1
2023
Asset Management AuM above the €40bn mark, reaching €40.5bn
at 30 June 2023 (+14% YoY)
- Record level of fundraising for a first half with €3.3bn
of net new money, despite market slowdown
- Selective deployment of €2.5bn, driven by the firm’s
integrated and bespoke private debt platform
- Strong performance delivered on exited transactions in
all asset classes
- Continued franchise expansion and recognition across
geographies and client types
- Tikehau Capital rated “2023 Top-Rated ESG Performer” by
Sustainalytics
Resilient financial performance year-over-year, on a high
comparison base
- 12% increase in management fees and 20% increase
in Fee-Related Earnings
- 51% growth in future fee-paying AuM securing incremental
long-term revenues
- Realized portfolio revenues up 4% driven by the growing
contribution from Tikehau Capital funds
- €72m of net income (Group share) in H1 2023
Tikehau Capital well-positioned to successfully navigate the
current context
- Strong and compounding balance sheet with €3.1bn of
shareholders’ equity and €1.1bn of short-term financial
resources
- Healthy fundraising pipeline ahead
- Partnership with Whistler Capital Partners on healthcare
private equity in North America
- Confirmation of 2026 targets
Antoine Flamarion and Mathieu Chabran, co-founders of
Tikehau Capital, said:
“Over the first 6 months of 2023, Tikehau Capital has kept
delivering strong performance, despite an increasingly challenging
and volatile backdrop. Surpassing the €40bn mark in assets under
management at end-June 2023 is a great achievement, as this is 4
times what we managed when we went public five years ago, and a
multiple of the €4m of capital managed when we created the firm.
Yet this achievement can also be seen as a mere milestone in our
entrepreneurial journey, which is set to continue. We are reaping
the benefits of our strong multi-local platform, which keeps
expanding. We are serving investors worldwide, building new
relationships with new clients every day, as evidenced by our
record first half fundraising. The breadth of investment solutions
we have developed and our second-to-none skin in the game allow us
to be ideally positioned to serve our clients’ needs for resilient
and long-term performance, in an increasingly discriminating
market. With a resilient spirit, seasoned and aligned teams as well
as our strong compounding balance sheet, we are poised to navigate
unstable markets, unlock new opportunities and keep creating value
for our stakeholders."
“We are poised to navigate unstable markets,
unlock new opportunities and keep creating value for our
stakeholders.”
Key operating metrics
2nd quarter
First-half
YoY change
In €bn, AM perimeter
2022
2023
2022
2023
Capital deployment
1.8
1.2
3.3
2.5
(25%)
Realizations
0.3
0.3
0.6
0.8
+33%
Net new money (NNM)
1.7
2.1
3.2
3.3
+3%
H1 2022
H1 2023
YoY change
Group AuM
€bn
36.7
41.1
+12%
Asset Management AuM
€bn
35.6
40.5
+14%
Fee-paying AuM
€bn
30.5
33.3
+9%
Management fees and others
€m
139.3
156.1
+12%
Asset Management revenues
€m
144.0
160.4
+11%
Fee-related earnings (FRE)
€m
40.7
48.9
+20%
Asset Management EBIT
€m
45.5
53.1
+17%
Net result, Group share
€m
277.3
72.0
n.m
Investment portfolio
€m
3,526
3,604
+3%
Group Shareholders’ equity
€m
3,140
3,087
n.m
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 later in the evening.
Financial calendar
19 October 2023
Q3 2023 announcement (after market
close)
28 February 2024
FY 2023 results (before market open)
23 April 2024
Q1 2024 announcement (after market
close)
6 May 2024
Annual General Meeting
30 July 2024
2024 half-year results (after market
close)
22 October 2024
Q3 2024 announcement (after market
close)
The Tikehau Capital Supervisory Board met on 26
July 2023 to review the consolidated financial statements3 at 30
June 2023.
OPERATING REVIEW
In the first half of 2023, Tikehau Capital’s Asset Management
activity continued to perform well.
Capital deployment within the firm’s closed-end funds was
healthy while being particularly selective in an environment that
remains uncertain.
Fund performance was robust reflecting the quality and
defensiveness of the firm’s portfolios of companies and assets.
Finally, Tikehau Capital recorded the highest level of
fundraising for a first half since inception. This achievement
illustrates how the relevance of the firm’s investment strategies
translates into continued client demand, despite a materially more
challenging environment globally.
At 30 June 2023, Tikehau Capital’s balance sheet investment
portfolio was valued at €3.6bn, of which 78% is invested in the
firm’s own investment strategies, thus generating a high
alignment of interests with investor-clients.
- Capital deployment remained healthy and selective in the
first half of 2023
Building on its multi-local platform and its solid deal sourcing
capabilities, Tikehau Capital’s closed-end funds deployed
€2.5bn over the period. Discipline remained a core focus for
the investment teams in a market which has not yet stabilized.
Selectivity rate on investment opportunities reached 98% at 30 June
2023, in line with the historical rate of above 95% maintained
since 2017.
- Private Debt funds accounted for 71% of total H1 2023
deployment, driven by the firm’s European and US CLO platform, its
Direct Lending and Secondaries strategies:
- Over the first half, the firm maintained solid momentum for its
CLO business with the pricing of its European CLO IX
(€400m), the launch of the warehouse of its European CLO X and the
pricing of its US CLO IV ($500m).
- The firm’s Direct Lending strategies continued to
benefit from an active deal flow resulting from the firm’s solid
positioning and track record coupled with the scarcity experienced
in other sources of mid-market financing.
- In addition, Tikehau Capital’s secondaries strategy
enjoyed a healthy deployment level over the first half. The firm is
well positioned to capture attractive investment opportunities,
capitalizing on its early mover positioning and robust sourcing
capacity. Private debt secondaries benefit from dynamic future
growth prospects driven by LPs seeking liquidity and active
portfolio management.
- Capital deployment across the firm’s Real Assets
strategies accounted for 17% of total deployment. Since the
beginning of the year, Tikehau Capital has adopted a prudent and
targeted approach in capital deployment, while taking advantage of
potential compelling investment opportunities offered by a
dislocated market.
- Capital deployment in Real Assets during H1 2023 were spread
across the Group’s European sale and leaseback practice, its
European value-add strategy (with the acquisition of a prime hotel
located in central Paris) as well as granular deployments by
Sofidy.
- In H1 2023, Private Equity funds accounted for 12% of
deployment, driven by the firm’s Special Opportunities
strategies.
- H1 2023 was in particular marked by the first investments of
Tikehau Capital’s 3rd vintage of Special Opportunities strategy.
This strategy is well positioned to leverage its broad and flexible
investment mandate to originate highly compelling, downside
protected and bespoke investment opportunities, in an environment
marked by rising cost of financing and widening credit
spreads.
- At 30 June 2023, Tikehau Capital had €6.7bn of dry
powder4 (compared to €6.1bn at 31 December 2022),
allowing the funds managed by the firm to capture attractive
investment opportunities.
- Realizations within Tikehau Capital funds amounted to €0.8bn
in H1 2023, driven by Private Debt (54% of total exits) followed by
Real Assets (24%) and Private Equity (22%)
- In Private Debt, approximately two-thirds of realizations were
carried out by the firm’s Direct Lending strategies.
- Realizations in Real Assets were mainly driven by
ongoing asset disposals from the firm’s real estate vehicles as
well as the firm’s US infrastructure funds.
- In Private Equity, H1 2023 was mainly marked by the
successful IPO of EuroGroup Laminations, the Milan-based
leader in the design and production of the motor core for electric
motors and generators. The IPO follows the execution of a
successful growth strategy since Tikehau Capital’s acquisition of a
30% stake in the company in September 2020. The investment was made
mainly through its European energy transition private equity
strategy.
- Net new money for Tikehau Capital strategies reached
a historic high for a first half since the firm’s inception, with
€3.3bn raised. In particular, client demand increased in Q2 2023,
against a more challenging macroeconomic backdrop
- In the first half of 2023, the firm continued to grow its
“Yield” strategies, which offer predictable,
inflation-hedged regular returns, representing 76% of H1 2023 net
new money. Client demand for the firm’s “Value-Add”
strategies, which generate higher objectives of returns derived
from asset transformation, positioned on targeted long-term
megatrends and offering strong potential for scalability
represented 24% of net new money, compared to 22% in FY22.
- Private Debt accounted for 53% of H1 2023 net new money
driven by the following successes:
- Despite an environment marked by continued macroeconomic
volatility, the firm successfully priced its European CLO IX
for €400m and its US CLO IV for $500m. In addition, the firm
launched the warehouse of its European CLO X in June 2023
for €200m.
- H1 2023 was also marked by the final closing of the firm’s
Impact Lending fund at c.€450m. Launched in 2020, this
innovative strategy aims at providing financing solutions with
terms and conditions depending on the portfolio companies’ ESG
performance.
- Tikehau Capital has been entrusted with the management of a
€200m multi-asset mandate from a large Middle East sovereign
wealth fund, co-investing alongside flagship funds across the
firm’s private markets strategies. This milestone reflects the
solid progress in the globalization of the firm’s franchise, which
announced early July the opening of its 15th office in Abu
Dhabi5.
- The firm is preparing for the forthcoming launch of its 6th
vintage of Direct Lending fund, one year after the final
closing of its predecessor fund, capitalizing on an initial
commitment from Tikehau Capital’s balance sheet.
- Real Assets accounted for 21% of H1 2023 net new money
with fundraising mainly driven by continued net inflows for the
real estate funds managed by Sofidy. In addition, Tikehau Capital
attracted inflows with a co-investment opportunity relating to the
acquisition of the majority of a sale and leaseback vehicle
owning a mixed-use portfolio of 130 assets let to a French utility
company. In Private Equity, net new money was driven by the
3rd vintage of Special Opportunities fund, the 4th vintage of
cybersecurity fund as well as commitments from Tikehau Capital and
TotalEnergies in the 2nd vintage of flagship Decarbonization
strategy. This follows the success of the first vintage of
European-focused Decarbonization strategy which closed in Q1 2021
with a final size of €1.4bn6. Leveraging on the solid track record
of the first generation of fund, this 2nd vintage will have a
global reach, investing in both European and North American SMEs
focused on clean energy generation, low-carbon mobility and energy
efficiency.
- In H1 2023, Capital Markets Strategies recorded net
inflows of €0.1bn driven by solid demand for the firm’s fixed
income and dated funds. These funds respectively provide investors
with a defensive approach as well as a substantial level of
visibility and returns, and benefit from solid performance.
- Over the first half of the year, Tikehau Capital continued to
make solid progress on:
- The globalization of its franchise. Since January 2022,
Tikehau Capital opened three new offices, one in Europe (Zurich)
and two in the Middle East (Israel and Abu Dhabi). The firm intends
to establish new connections and strengthen existing relationships
with key local players in geographies where demand for alternative
assets is growing. At 30 June 2023, non-domestic investors
accounted for 38% of AuM (compared to 37% at 31 December 2022) and
60% of third-party inflows7 in H1 2023.
- The steady and disciplined expansion of its strategies
dedicated to private investors. The unit-linked product,
launched in 2021 in partnership with MACSF, has become the mainstay
private credit product in France, channelling private investors’
savings into financing the growth of European mid-market companies.
In addition, following a dynamic start at launch in Q1 2023, the
new unit-linked product in partnership with Société Générale
Assurances8 continued to generate solid demand from high-net-worth
individuals throughout the second quarter. Across asset classes,
Tikehau Capital raised €0.7bn from private investors in H1
2023, representing close to 30% total third-party inflows.
- Investment portfolio of €3.6bn at 30 June 2023, with
continued investments in Tikehau Capital strategies, compounding
future growth
- Tikehau Capital’s investment portfolio is primarily composed of
investments in the asset management strategies developed and
managed by the firm for €2.8bn (78% of total portfolio9),
generating a high alignment of interests with its
investor-clients.
- 22% of the portfolio, i.e €0.8bn, is invested in
ecosystem and direct investments, notably direct private equity
investments, co-investments or investments in third-party funds,
complementary to the Group’s asset management strategies, most of
which aim at serving Tikehau Capital’s Asset Management franchise
globally.
- Portfolio movements throughout the half year are reflective of
the firm’s capital allocation policy, serving its growth
strategy:
- €0.5bn of investments were carried out in
H1 2023, of which €0.4bn into the Group’s Asset Management
strategies and co-investments alongside its strategies.
- €(0.4)bn of exits, including returns of
capital.
- Negative foreign exchange effects offsetting positive fair
value changes, reflecting the value appreciation across
portfolio assets, driven by the performance of Tikehau Capital
funds and ecosystem & direct investments.
- Tikehau Capital will continue to use its balance sheet, a
differentiating factor and enabler of growth, to strengthen its
platform by launching new families of products and vehicles, and
also maintain a high level of alignment of interests with its
shareholders and investor-clients.
PARTNERSHIP WITH WHISTLER CAPITAL
PARTNERS
Tikehau Capital is pleased to announce a strategic
partnership with Whistler Capital Partners, a Nashville-based
private equity firm specializing in growth buyouts within the
healthcare industry and related tech-enabled services in North
America. This collaboration between two innovative private equity
players will allow them to capitalize on the immense potential
within these high-growth verticals.
Using its strong balance sheet to invest in strategies managed
by high-quality teams on thriving verticals of the private
equity ecosystem is one key area of capital allocation
for Tikehau Capital. Through the partnership with Whistler Capital
Partners, the Group is enhancing its exposure to the private
equity ecosystem in North America, leveraging a seasoned team
positioned on an industry sustained by strong secular
tailwinds.
The Whistler Capital Partners’ team, led by industry-veterans
Eric Dobkin (former Partner at Goldman Sachs & Co and
Senior Advisor to Starr Investment Holdings), Geoff Clark
(former Senior Managing Director at Starr Investment Holdings and
Partner at Goldman Sachs & Co), and Darshan Prabhu
(former Managing Director at Starr Investment Holdings and
Executive Director at UBS Securities), brings extensive investment
expertise in growth buyouts within the healthcare industry. The
Whistler Capital Partners’ investment effort is augmented by a
differentiated group of skilled operating partners who bring deep
expertise in clinical proficiency, operations, data, technology,
and other critical functions in the healthcare industry. The
Whistler Capital Partners’ team has a track record of identifying
and nurturing innovative companies, accelerating their growth, and
creating value for all stakeholders involved. Their wide network
and deep industry connections in the United States make them a
well-positioned partner to drive expansion and unlock new
opportunities.
Tikehau Capital and the Whistler Capital Partners’ team have a
long history of investing together, as evidenced through multiple
investments carried out together over the past decade.
FINANCIAL REVIEW
- Asset Management revenues reached €160m in H1 2023,
up 11% YoY
- Management fees10 reached €156m in the first half of
the year, up 12% compared to a year ago, notably driven by the
continued progression in fee-paying AuM.
- Fee-paying AuM amounted to €33bn at 30 June 2023, up
€3bn (+9%) year-over-year, driven by the sustained deployment
momentum of the firm’s Direct Lending, CLOs and Special
Opportunities strategies. At 30 June 2023, fee-paying AuM
represented 82% of Asset Management AuM.
- Average management fee rate was maintained at a high
level at 0.97%, reflecting the fundraising mix over the last
twelve months.
- Of note, future fee-paying AuM grew by 51% year-over-year to
€4.4bn. This growth was driven by fundraising on strategies
charging fees on capital deployed (Private Debt, Real Assets and
Special Opportunities) and fundraising on Private Equity funds
which were not yet activated at 30 June 2023.
- Performance-related revenues amounted to €4m in H1 2023.
They include various contributions from several historical
mid-sized Private Equity and Private Debt vehicles.
- EBIT for the Asset Management activity amounted to €53m in
H1 2023
- Asset Management operating expenses amounted to €107m in
the first half, up 9% compared to H1 2022. This growth reflects the
investments carried out by the firm to strengthen its asset
management teams and its multi-local platform as well as the launch
of initiatives to support future growth. Personnel expenses
accounted for c. 70% of total asset management operating expenses
and included €9m of expenses linked to share-based payment
transactions (IFRS 2) in H1 2023 (vs. €6m in H1 2022).
- Fee-Related earnings (FRE) stood at €49m in H1 2023, up
20% compared to H1 2022. FRE margin reached 31.3% in H1 2023,
compared to 29.2% a year ago. Excluding expenses linked to
share-based payment transactions (IFRS 2), FRE grew 23%
year-over-year to €57m, representing an FRE margin of 36.8% (vs.
33.5% in H1 2022).
- Performance-related earnings (PRE) amounted to €4m in H1
2023. This amount is equal to performance-related revenues and
thus reflects the full conversion of such revenues into
profit.
- As a consequence, EBIT for the Asset Management
activity, which corresponds to the sum of FRE and PRE, amounted to
€53m in H1 2023. EBIT margin reached 33.1% at 30 June 2023,
compared to 31.6% a year ago.
- Group portfolio revenues reached €84m in H1 2023, on a high
comparison base
- Tikehau Capital’s portfolio generated €84m of revenues
in H1 2023, primarily driven by the investments the Group has made
in its own funds and strategies, which have contributed €85m. Those
revenue streams will continue to grow as the Group’s balance sheet
invests in its own strategies and benefits from the associated
returns.
- Realized revenues accounted for the bulk of the Group’s
portfolio revenues in H1 2023, reaching €82m. Realized revenues
were driven by a 4% growth in dividends, coupons and distributions,
mainly coming from the firm’s own asset management strategies.
Private Debt and Real Assets strategies were the main contributors
to realized revenues in H1 2023.
- Unrealized revenues stood at €2m in H1 2023. They
include positive contributions from the Tikehau Capital’s Private
Equity strategies, offset mainly by €/$ FX impacts and market
effects on the firm’s listed REITs. Of note, H1 2022 unrealized
revenues benefited from €56m of positive impact from €/$ FX effect
as well as a €73m positive change in fair value for the firm’s
co-investment in the US media group Univision.
- Net result, Group share reached €72m in H1 2023
- Group corporate expenses for H1 2023 amounted to €32m,
reflecting a carefully managed recruitment process as well as
investments in global franchise development.
- Financial result reached -€18m in H1 2023, compared to
€9m in H1 2022, which benefited from positive changes in swaps fair
value offsetting financial interests linked to the firm’s financial
debt.
- After taking into account €1m of positive result from
non-recurring and other items, a -€17m tax expense and €0.4m of
minority interests, net result, Group share for the first half
of 2023 reached €72m.
- A robust balance sheet with substantial skin in the
game
- At 30 June 2023, consolidated shareholders’ equity,
Group share reached €3.1bn and consolidated cash position reached
€0.3bn, compared to €0.5bn at end-December 2022, reflecting the
investments carried out over the period. The Group also benefits
from an undrawn revolving credit facility, which has been increased
to €800m in March 2022 with a maturity extended to July 2028.
- Financial debt at 30 June 2023 was stable and reached
€1.5bn, with a gearing ratio of 48%. ESG-linked debt accounted for
65% of the Group’s total debt at 30 June 2023. The firm has decided
to exercise its pre-maturity call option with respect to all
outstanding 3% bonds due 27 November 2023 issued on 27 November
2017. The redemption date will occur on 28 August 202311.
- In Q2 2023, 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.
CONTINUED ACHIEVEMENTS ON
SUSTAINABILITY
- Following its commitment set in 2021 to support the goal of
achieving net zero greenhouse gas emissions by 2050 or sooner, in
line with global efforts to limit global warming to 1.5°C, Tikehau
Capital finalized its Net Zero Asset Manager targets in
March 2023. The firm has made an initial commitment to manage close
to 40% of its AuM in line with this net zero goal. For Real
Estate assets, the Group aims to improve energy and carbon
intensity, with a focus on its assets in France. With regards to
Private Equity, Private Debt and Capital Markets
Strategies, it involves financing companies that are setting
decarbonization commitments and making progress towards their
low-carbon transition. The proportion of AuM to be managed in line
with net zero is intended to increase over time as new funds will
be launched with net zero strategies.
- In addition, Tikehau Capital has been actively developing
dedicated impact strategies and vehicles addressing key
structural issues such as decarbonization, nature &
biodiversity, cyber security and resilience. At 30 June 2023, the
AuM for Tikehau Capital’s impact platform amounted to €3.5bn, of
which €2.4bn was specifically dedicated to climate and biodiversity
to enable transition at scale. This puts Tikehau Capital on track
to reach its target to exceed €5bn by 2025.
- Finally, earlier this year, Tikehau Capital has been recognised
as a ‘2023 Top-Rated ESG Performer’ by Sustainalytics, for
the second year in a row, and ranks 33 out of an industry group of
910 companies, placing the Group in the top 4% best performers.
More recently, the Central Labelling Agency of Belgian SRI has
awarded the “Towards Sustainability” label to the firm’s
strategy dedicated to Regenerative Agriculture, which was launched
in partnership with AXA Climate and Unilever.
SHARE BUY-BACK
- Tikehau Capital announces it has extended until 19 October 2023
(included), the date of the Group’s Q3 2023 announcement, the share
buy-back mandate, which was signed and announced on 19 March 2020
and extended until 20 April 2023 (included).
- As of 27 July 2023, 4,974,618 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 2023 under number D. 23-0120) is
available on the company’s website in the Regulated Information
section
(https://www.tikehaucapital.com/en/finance/regulatory-information).
OUTLOOK
- After a strong H1 2023, Tikehau Capital already recorded
several successes in July, notably:
- The successful preferential offering completed by IREIT,
the firm’s listed REIT based in Singapore, raising approximately
€51m (S$76m), surpassing expectations with a subscription rate of
135%. The proceeds of the preferential offering will be mainly used
to fund the acquisition of a portfolio comprising 17 retail
properties located across France, which are fully let to B&M
Retail, Europe’s leading discount retailer. This new transaction
will allow IREIT to capitalise on future growth opportunities,
supported by a healthy leverage position of 33%12.
- Two highly value-creating exits with the disposal by Tikehau
Capital’s private equity secondary fund of its stake in Total
Eren to TotalEnergies13 and the partial disposal by Tikehau
Capital’s growth equity fund of its stake in the Italian company
Ecopol to SK Capital.
- Going forward, in an environment which has not yet stabilized,
Tikehau Capital relies on the breadth of its platform and its
diversified product offering to keep capturing client demand. The
fundraising pipeline is strong and well-suited to meet
investor-clients’ needs, with a clear focus on downside protection
and strong megatrends. As such, H2 2023 will be particularly marked
by:
- The launch of the sixth vintage of Tikehau Capital’s
flagship direct lending strategy, one year after the final
close of the fifth generation at €3.3bn of AuM, supported by a
leadership position and a strong track-record;
- The active marketing of the second vintage of the Group’s
decarbonization Private Equity strategy, supported by the
strong performance of the first vintage which already delivered
several high-performing exits;
- The launch of the second vintage of Tikehau Capital’s
secondary private credit fund, an innovative and
differentiating strategy which delivers strong returns.
- Tikehau Capital places skin in the game at the heart of
its operating model, in particular by deploying its strong and
liquid balance sheet in priority in its own strategies. The value
of having a compounding balance sheet to align interests between
management, shareholders and clients and serve the growth of its
asset management business is more critical than ever.
- Tikehau Capital is confident that it has the right set-up,
culture and firepower to navigate the current cycle and keep
delivering on its 2026 targets.
CALENDAR
19 October 2023
Q3 2023 announcement (after market
close)
28 February 2024
FY 2023 results (before market open)
23 April 2024
Q1 2024 announcement (after market
close)
6 May 2024
Annual General Meeting
30 July 2024
2024 half-year results (after market
close)
22 October 2024
Q3 2024 announcement (after market
close)
ABOUT TIKEHAU CAPITAL
Tikehau Capital is a global alternative asset management group
with €41.1 billion of assets under management (at 30 June
2023).
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 2023), the firm 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 742 employees (at 30 June 2023)
across its 15 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 30-06-2023
YoY change
QoQ change
In €m
Amount (€m)
Weight (%)
In %
In €m
In %
In €m
Private Debt
16,205
39%
+21%
+2,792
+6%
+942
Real Assets
13,985
34%
+6%
+763
(0%)
(57)
Capital Markets Strategies
4,323
11%
(5%)
(212)
+1%
+37
Private Equity
5,993
15%
+34%
+1,532
+14%
+715
Asset Management
40,506
99%
+14%
+4,875
+4%
+1,637
Investment activity
555
1%
(52%)
(591)
(35%)
(305)
Total AuM
41,062
100%
+12%
+4,285
+3%
+1,332
LTM evolution In €m
AuM at 30-06-2022
Net new money
Distri- butions
Market effects
Change in scope
AuM at 30-06-2023
Private Debt
13,412
+3,593
(931)
+130
-
16,205
Real Assets
13,223
+1,633
(476)
(392)
-
13,985
Capital Markets Strategies
4,535
(286)
(6)
+111
(32)
4,323
Private Equity
4,461
+1,534
(354)
+353
-
5,993
Total Asset Management
35,631
6,473
(1,767)
+202
(32)
40,506
YTD evolution In €m
AuM at 31-12-2022
Net new money
Distri- butions
Market effects
Change in scope
AuM at 30-06-2023
Private Debt
14,793
+1,758
(465)
+119
-
16,205
Real Assets
13,739
+698
(241)
(211)
-
13,985
Capital Markets Strategies
4,146
+108
(6)
+106
(32)
4,323
Private Equity
5,162
+722
(150)
+258
-
5,993
Total Asset Management
37,841
+3,287
(862)
+272
(32)
40,506
AuM at 30-06-2023
YoY change
In €m
In %
In €m
Fee-paying AuM
33,334
+9%
+2,846
Future fee-paying AuM
4,438
+51%
+1,500
Non-fee-paying AuM
2,734
+24%
+529
Total Asset Management AuM
40,506
+14%
+4,875
Fee-paying assets under
management
In €m
30-06-2021
30-06-2022
30-06-2023
Private Debt
7,485
11,763
13,396
Real Assets
9,258
10,721
11,660
Capital Markets Strategies
4,679
4,452
4,299
Private Equity
2,990
3,552
3,979
Fee-paying AuM
24,411
30,488
33,334
Weighted average management fee rate
(LTM)
In bps
30-06-2021
30-06-2022
30-06-2023
Private Debt
85
89
86
Real Assets
105
116
107
Capital Markets Strategies
56
50
50
Private Equity
>150
>150
>150
Management fees14
104
103
97
Performance-related fees
3
8
3
Total weighted average
fee-rate15
107
111
100
Portfolio revenues
breakdown
In €m
30-06-2022
30-06-2023
Tikehau Capital funds
116.9
84.8
SPACs
1.5
(3.1)
Investments alongside Tikehau Capital
funds
13.2
2.8
Tikehau Capital AM strategies
131.7
84.5
Ecosystem investments
126.1
2.4
Other direct investments
16.9
(2.9)
Ecosystem and direct
investments
143.0
(0.4)
783.2
Total portfolio revenues
274.7
84.1
In €m
30-06-2022
30-06-2023
Dividends, coupons and distributions
78.7
82.2
Realized change in fair value
(0.3)
0.0
Realized portfolio revenues
78.4
82.2
Unrealized portfolio revenues
196.2
1.9
Total portfolio revenues
274.7
84.1
Simplified consolidated
P&L
Published
In €m
H1 2022
H1 2023
Management fees & other revenues
139.3
156.1
Operating costs
(98.6)
(107.3)
Fee Related Earnings (FRE)
40.7
48.9
FRE margin
29.2%
31.3%
Realized Performance-related earnings
(PRE)
4.8
4.3
Asset Management EBIT
45.5
53.1
AM EBIT margin
31.6%
33.1%
Group portfolio revenues16
274.7
84.1
of which Realized portfolio revenues
78.4
82.2
of which Unrealized portfolio revenues
196.4
1.9
Group corporate expenses
(30.0)
(32.4)
Financial interests
8.9
(17.8)
Non-recurring items and others17
20.5
1.2
Tax
(42.4)
(16.6)
Minority interests
(0.0)
0.4
Net result, Group share
277.3
72.0
FRE (excl. expenses linked to share-based
payment transactions (IFRS 2))
46.6
57.4
FRE margin (excl. expenses linked to
share-based payment transactions (IFRS 2))
33.5%
36.8%
Simplified consolidated balance
sheet
Published
In €m
31-12-2022
30-06-2023
Investment portfolio
3,526
3,604
Cash & cash equivalents
522
340
Other current and non-current assets
844
866
Total assets
4,893
4,810
Shareholders’ equity, Group share
3,144
3,087
Minority interests
7
6
Financial debt
1,472
1,471
Other current and non-current
liabilities
270
246
Total liabilities
4,893
4,810
Gearing18
47%
48%
Undrawn credit facilities
800
800
1 Figures have been rounded for presentation purposes, which in
some cases may result in rounding differences. The audit procedures
have been carried out, the audit report relating to the review of
auditors on the interim consolidated financial statements at 30
June 2023 is in the process of being issued. 2 Assets under
management for the Group’s Asset Management activity. 3 The audit
procedures have been carried out, the audit report relating to the
review of auditors on the interim consolidated financial statements
at 30 June 2023 is in the process of being issued. 4 Amounts
available for investment at the level of the funds managed by the
Group. 5 Please refer to press release dated 6 July 2023. 6 Total
size of the strategy, including co-investment vehicles. 7
Third-party net new money excluding Sofidy funds. 8 Please refer to
press release dated 7 February 2023. 9 Includes investments in
funds managed by Tikehau Capital, co-investments alongside Tikehau
Capital asset management strategies and SPAC sponsoring. 10 Include
management fees, subscription fees, arrangement fees and other
revenues, net of distribution fees. 11 Please refer to press
release dated 17 July 2023. 12 Leverage level post-completion of
the acquisition. 13 Please refer to press release dated 25 July
2023. 14 Corresponding to management fees, subscription fees and
arrangement fees. 15 Implied fee rates are calculated based on
average fee-paying AuM over the last 12 months. 16 Group portfolio
revenues are broken down between €84m (€132m in H1 2022) generated
from Tikehau Capital’s asset management strategies and €(1)m (€143m
in H1 2022) from ecosystem and other investments. 17 Include net
result from associates, derivatives portfolio result and
non-recurring items. 18 Gearing = Total financial debt /
Shareholders’ Equity, Group share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230727171634/en/
Press Contacts
Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30 UK – Prosek
Partners: Matthieu Roussellier – +44 (0) 7843 279 966 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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