Eurazeo (RF) Q3 2024 earnings summary

Executive summary

• Achieved €3bn in fundraising in the first nine months of 2024, up 76% year-over-year, with strong momentum in private debt (+110%) and private equity (+59%).

• Fee-paying AUM increased 12% to €25.2bn, and total AUM rose 7% to €35.5bn compared to the same period last year.

• Realizations surged to €2.4bn, three times higher than the same period last year, and deployments increased 5% to €3.2bn.

• Portfolio companies delivered robust revenue growth: Buyout +7%, Growth +14%, Real Assets +21%.

• Continued progress in ESG and impact, with 33 impact investments and successful fundraising for sustainable infrastructure and biotech funds.

Financial highlights

• Third-party AUM at €25.2bn (+12% year-over-year); total AUM at €35.5bn (+7% year-over-year); balance sheet AUM stable at €8.3bn.

• Fee-paying AUM up 9% year-over-year, with third-party FPAUM up 12%.

• Management fees totaled €312m (+9%), with third-party management fees up 15%.

• Performance fees reached €12m, with total asset management fees at €324m (+12%).

• Realizations reached €2.4bn, and deployments totaled €3.2bn, both up year-over-year.

Outlook and guidance

• Full-year 2024 fundraising expected to reach around €4bn, continuing the growth trend from previous years.

• Confident in surpassing the current 11% asset rotation rate by year-end, though not expecting to reach the typical 20-25% pace in 2024.

• Guidance for 15% average annual growth in third-party management fees through 2027 reiterated.

• Operating leverage expected in 2024, balancing cost discipline with growth investments.

• Anticipates further increase in realization volumes, supported by a strong exit pipeline.