Tikehau Capital's Q1 Shines with Profitable Exit, Global Expansion

PARIS – April 23, 2026 – Tikehau Capital has reported a robust first quarter for 2026, demonstrating financial resilience and strategic foresight amidst a complex market environment. The global alternative asset manager's performance was bolstered by a highly profitable exit from its Schroders investment and significant progress in its global expansion, particularly in the United States and Asia. The firm's assets under management (AuM) grew to €53.0 billion, a 7% increase year-over-year.

In a statement, co-founders Antoine Flamarion and Mathieu Chabran highlighted the firm's ability to "generate value across market cycles," citing the Schroders exit, the expansion of its Real Estate Debt franchise, and the launch of Tikehau Amova Investment Management as proof of the platform's maturity.

A Landmark Exit and Financial Fortitude

A key highlight of the quarter was the successful disposal of Tikehau Capital's stake in British fund manager Schroders in February. The exit was exceptionally profitable, generating a 64% Gross Internal Rate of Return (IRR) and €239 million in total revenues over the holding period. This single transaction contributed a significant €179 million to the firm's net P&L in the first quarter, resulting in €369 million in returns of capital. The move significantly impacted the firm's investment portfolio, which stood at €3.9 billion at the end of March, down from €4.4 billion at the end of 2025.

This profitable realization underscores the firm's active portfolio management strategy. Alongside the Schroders exit, Tikehau Capital also successfully reduced its investment in EYSA, a company acquired through its Private Equity Decarbonization strategy, by bringing in new cornerstone investors from the Middle East and Asia. Total realizations for the quarter amounted to €0.4 billion.

The firm's fundraising continued its steady pace, with net new money reaching €1.0 billion for its private markets strategies. However, when including its liquid Capital Markets Strategies, the figure was €0.7 billion, reflecting €315 million in outflows from Fixed Income funds amid ongoing market uncertainty. Despite the outflows, Tikehau noted that performance across these strategies remained robust. In a move signaling confidence in its own valuation and future, the company also announced an extension of its share buy-back mandate until late July 2026.

Charting New Territories in the US and Asia

Tikehau Capital made significant strides in its strategic global expansion during the quarter, launching two major partnerships aimed at capturing growth in key international markets.

In a major push into the lucrative Asian private assets market, the firm officially launched Tikehau Amova Investment Management in Singapore. The joint venture with Amova Asset Management (formerly Nikko Asset Management) is the first of its kind between a European and a Japanese-headquartered asset manager in Asia. Having received regulatory approval from the Monetary Authority of Singapore, the venture will develop and distribute investment strategies focused on regional opportunities, including Asian private credit, climate and biodiversity solutions, and private equity targeting decarbonization. The partnership, which builds on an alliance formed in 2024, plans to introduce an inaugural Japan private equity fund targeting approximately $350 million.

Simultaneously, Tikehau Capital expanded its Real Estate Debt platform across the Atlantic. The firm announced a new partnership with The Brodsky Organization, a veteran US real estate developer, to pursue debt investment opportunities across the United States. The collaboration aims to invest over $500 million, focusing primarily on the residential and hospitality sectors in the New York Tri-state area. This move taps into a growing trend of non-bank lenders filling financing gaps left by traditional banks in the US real estate market, combining Tikehau's global credit expertise with Brodsky's deep local market knowledge.

The Enduring Strength of Private Credit

In a market environment that has become increasingly selective for private credit, Tikehau Capital's portfolio demonstrated notable resilience. The firm reported a low annualized default rate of just 1.3% for its Direct Lending strategies as of the end of 2025, a figure consistent with its long-term averages.

This performance stands out against a backdrop of rising concerns in some corners of the private credit market. While Fitch Ratings reported that the U.S. Private Credit Default Rate had declined from a recent peak, the overall market has seen increased scrutiny. Tikehau attributes its strong performance to a disciplined approach characterized by rigorous selection, diversified sector exposure, and a focus on cash-flow-positive companies. Notably, the firm emphasizes that 100% of its transactions are covenanted, providing a layer of investor protection.

Further highlighting the health of its portfolio, Tikehau noted that companies within the sixth vintage of its flagship Direct Lending strategy have actively deleveraged, with average leverage decreasing from 4.0x at closing to 3.5x today, driven primarily by EBITDA growth. This trend reflects robust underlying operational performance within its portfolio companies. The firm's credit strategies continue to attract capital, with its sixth Direct Lending fund vintage reaching €4.9 billion in AuM.

Disciplined Deployment Across Asset Classes

Tikehau Capital deployed €1.0 billion of capital in the first quarter, maintaining a conviction-led approach across its four main asset classes. In Private Equity, deployment was driven by its Aerospace & Defense and Decarbonization strategies. The Real Assets division focused on Core/Core+ strategies, exemplified by the post-quarter acquisition of a prime office building in Paris in a joint venture with Batipart.

The Credit division remained highly active, with deployment in Direct Lending spanning multiple European geographies and the pricing of two new Collateralized Loan Obligations (CLOs), one in Europe and one in the US. The firm's Real Estate Debt strategy was also active, providing a c.€28 million development financing loan for two logistics assets in Italy. This disciplined deployment, coupled with €7.5 billion of available dry powder, positions the firm to act on attractive investment opportunities as they arise in the coming months.