Tikehau Capital (TKO) Q1 2025 earnings summary

Executive summary

• Assets under management (AuM) reached €50.6bn at 31 March 2025, up 14% year-over-year, with Asset Management AuM at €49.6bn, up 12% year-over-year.

• Q1 2025 saw €1.6bn in fundraising (+11% vs. Q1 2024), €1.8bn deployed, and €0.7bn realized, reflecting robust activity across strategies.

• International investors accounted for 75% of third-party inflows, and private clients represented 38% of inflows in Q1 2025.

• The investment portfolio grew to €4.4bn, with 69% invested in the Group's own strategies, demonstrating strong alignment with clients.

Financial highlights

• Group AuM increased by €6.2bn year-over-year and €935m sequentially from Q4 2024.

• Net new money totaled €1.6bn in Q1 2025 and €7.2bn over the last twelve months.

• Credit strategies led deployment (€1.3bn, 71% of Q1 2025), followed by Real Assets (€0.2bn, 11%) and Private Equity (€0.3bn, 18%).

• Realizations in Q1 2025 were €0.7bn, with Credit accounting for 90% of exits.

Outlook and guidance

• Tikehau Capital targets €65bn AuM, €250m Fee-Related Earnings, and €500m net income by 2026, with achievement dependent on market conditions.

• The Group is positioned to benefit from market volatility, focusing on downside-protected portfolios and thematic strategies in Europe.

• Strong pipeline supported by €6.4bn of dry powder at 31 March 2025.