Key Takeaways
- • Tikehau Capital has deployed €3.4bn (£2.8bn) year-to-date, with €943m of credit investments in Q3 making it the firm's busiest credit quarter of 2026, according to its third-quarter trading update.
- • Add-on loans to existing borrowers accounted for around 45% of direct lending deployment over the first nine months, as the firm backed portfolio companies' growth and acquisitions in a more selective credit environment.
- • Tikehau returned €2.2bn to investors over the first nine months, including €1.1bn in Q3, while assets under management stood at €51.7bn at end-September.
- • The firm took in €459m of net new money in Q3, of which €215m went to private credit, down from €715m in the same period of 2025.
- • Heightened market volatility is creating attractive entry points and more favourable valuations, with acceleration in credit secondaries and further special opportunities deployment expected in Q4.
Summary
Paris-listed alternative asset manager Tikehau Capital has deployed €3.4bn (£2.8bn) so far in 2026, according to its third-quarter trading update. Credit investments totalled €943m in the third quarter, making it the busiest quarter of the year for the asset class.
Add-on loans to existing borrowers made up around 45% of direct lending deployment over the first nine months. The firm described its approach as backing portfolio companies' growth and acquisitions in what it characterised as a more selective credit environment. Tikehau also deployed capital through its special opportunities strategy, with further deployment expected in the fourth quarter, and reported an acceleration in credit secondaries. The firm said heightened market volatility had created a growing set of opportunities at attractive entry points and more favourable valuations.
Assets under management stood at €51.7bn at the end of September. Tikehau returned €2.2bn to investors over the first nine months, including €1.1bn in the third quarter. Co-founders Antoine Flamarion and Mathieu Chabran cited the realisation of outcomes including Aubert & Duval and the full liquidation of the firm's third direct lending vintage, and said real assets and credit secondaries continued to gain momentum.
Net new money in the quarter totalled €459m, of which €215m went to private credit, down from €715m in the same period of 2025. Notable transactions included an €80m reset of the firm's sixth European collateralised loan obligation (CLO) in the third quarter, followed by the early-October pricing of European CLO XVI, upsized to €450m.
Add-on loans to existing borrowers made up around 45% of direct lending deployment over the first nine months. The firm described its approach as backing portfolio companies' growth and acquisitions in what it characterised as a more selective credit environment. Tikehau also deployed capital through its special opportunities strategy, with further deployment expected in the fourth quarter, and reported an acceleration in credit secondaries. The firm said heightened market volatility had created a growing set of opportunities at attractive entry points and more favourable valuations.
Assets under management stood at €51.7bn at the end of September. Tikehau returned €2.2bn to investors over the first nine months, including €1.1bn in the third quarter. Co-founders Antoine Flamarion and Mathieu Chabran cited the realisation of outcomes including Aubert & Duval and the full liquidation of the firm's third direct lending vintage, and said real assets and credit secondaries continued to gain momentum.
Net new money in the quarter totalled €459m, of which €215m went to private credit, down from €715m in the same period of 2025. Notable transactions included an €80m reset of the firm's sixth European collateralised loan obligation (CLO) in the third quarter, followed by the early-October pricing of European CLO XVI, upsized to €450m.
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