Key Takeaways
- • Tikehau distributed and returned 2,2 mds€ to clients over the first nine months of 2026, including 1,1 md€ in Q3 2026, the strongest quarter of the year, according to the company's regulatory release.
- • Tikehau Asset Management reported 51,7 mds€ of assets under management at 30 September 2026, up 3% year on year at constant scope, and 42,5 mds€ of fee-generating AUM, up 6%.
- • Tikehau raised 2,2 mds€ year to date, with net inflows into real assets up 22% year on year to 730 m€, and sold Aubert & Duval for about 260 m€ and fully liquidated its third direct lending vintage (8,1% net IRR).
- • Tikehau guides to 1,5-2,0 mds€ of Q4 2026 fundraising and AUM of 52,0-52,5 mds€ at 31 December 2026, supported by private equity pipeline.
- • Dry powder stood at 7,2 mds€ and available resources at 1,5 md€ at 30 September 2026, with the investment portfolio at 4,0 mds€ versus 4,4 mds€ at year-end 2025.
Summary
Tikehau Asset Management, the alternative asset manager listed on Euronext Paris (TKO), reported in a regulatory news release that it distributed and returned 2,2 mds€ to clients during the first nine months of 2026, of which 1,1 md€ fell in the third quarter, the highest quarterly level of the year. The company said the figures illustrate its platform's capacity to provide liquidity to investors. Distributions in Q3 were mainly linked to divestments across strategies and the move into post-investment phase of certain credit and infrastructure funds.
At 30 September 2026, assets under management stood at 51,7 mds€, up 3% over 12 months at constant scope, while fee-generating AUM reached 42,5 mds€, up 6%. Tikehau raised 2,2 mds€ over the nine months, including 0,5 md€ in Q3, which the company described as a selective fundraising approach aimed at supporting fee-related earnings. Net inflows into real assets rose 22% year on year to 730 m€, and a third secondary credit vehicle, backed by a Korean institutional investor, completed its first closing. Capital markets strategies recorded 24 m€ of net outflows in Q3, mainly technical outflows from the Tikehau 2027 fund.
On the deployment side, Tikehau invested 3,4 mds€ and divested 1,9 md€ over nine months. Notable exits included the sale of Aubert & Duval, a metal materials specialist, for about 260 m€ from its aerospace and defence private equity strategy, and the full liquidation of its third direct lending vintage, launched in December 2014, which was invested in 31 companies and delivered a 9,4% gross and 8,1% net IRR, with 15 m€ of performance fees earned between 1 January 2023 and 30 June 2026. Private equity divestments were realised at an average gross multiple of 1,7x, and direct lending exits at 1,3x. The balance sheet showed a portfolio of 4,0 mds€ at 30 September 2026, down from 4,4 mds€ at 31 December 2025, reflecting 846 m€ of capital returns and divestments, including Schroders at a 1,65x gross multiple.
Looking ahead, Tikehau expects activity to accelerate in Q4 2026, with more than 200 m€ of private equity investments and three signed divestments due to close in the quarter, and fundraising of 1,5-2,0 mds€. Co-founders Antoine Flamarion and Mathieu Chabran said the company was entering the fourth quarter with positive prospects, with a stated objective of profitable AUM growth and long-term value creation for clients and shareholders.
At 30 September 2026, assets under management stood at 51,7 mds€, up 3% over 12 months at constant scope, while fee-generating AUM reached 42,5 mds€, up 6%. Tikehau raised 2,2 mds€ over the nine months, including 0,5 md€ in Q3, which the company described as a selective fundraising approach aimed at supporting fee-related earnings. Net inflows into real assets rose 22% year on year to 730 m€, and a third secondary credit vehicle, backed by a Korean institutional investor, completed its first closing. Capital markets strategies recorded 24 m€ of net outflows in Q3, mainly technical outflows from the Tikehau 2027 fund.
On the deployment side, Tikehau invested 3,4 mds€ and divested 1,9 md€ over nine months. Notable exits included the sale of Aubert & Duval, a metal materials specialist, for about 260 m€ from its aerospace and defence private equity strategy, and the full liquidation of its third direct lending vintage, launched in December 2014, which was invested in 31 companies and delivered a 9,4% gross and 8,1% net IRR, with 15 m€ of performance fees earned between 1 January 2023 and 30 June 2026. Private equity divestments were realised at an average gross multiple of 1,7x, and direct lending exits at 1,3x. The balance sheet showed a portfolio of 4,0 mds€ at 30 September 2026, down from 4,4 mds€ at 31 December 2025, reflecting 846 m€ of capital returns and divestments, including Schroders at a 1,65x gross multiple.
Looking ahead, Tikehau expects activity to accelerate in Q4 2026, with more than 200 m€ of private equity investments and three signed divestments due to close in the quarter, and fundraising of 1,5-2,0 mds€. Co-founders Antoine Flamarion and Mathieu Chabran said the company was entering the fourth quarter with positive prospects, with a stated objective of profitable AUM growth and long-term value creation for clients and shareholders.
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