Tikehau Capital’s AGM 2025: A Blueprint for Navigating Volatility with Defensive Momentum

Tikehau Capital’s 2025 Annual General Meeting (AGM) marked a pivotal moment for the alternative asset manager, showcasing its ability to deliver resilient performance amid macroeconomic uncertainty. With €50.6 billion in total assets under management (AuM) as of March 2025—a 14% year-over-year increase—the firm demonstrated strategic execution across fundraising, deployment, and risk management. Let’s dissect the key outcomes and what they mean for investors.

AGM Outcomes: Unanimous Approval and Strategic Alignment

The AGM, held on April 24, 2025, saw shareholders approve all proposed resolutions with a quorum of 92.66%. Key decisions included the adoption of 2024 financial statements, appointment of auditors, and dividend distribution. This strong alignment underscores investor confidence in Tikehau’s leadership and defensive growth strategy.

Fundraising Dominance: Credit and Global Diversification

Tikehau’s Q1 2025 fundraising of €1.6 billion (up 11% YoY) reflects its ability to attract capital across geographies. Notably, 75% of inflows originated from international investors, with the UK, U.S., and Spain as key contributors. Private clients contributed 38% of third-party inflows, buoyed by products like Opale Capital and fixed-income strategies.

The Direct Lending strategy reached €3.2 billion in AuM, while the Special Opportunities fund surpassed its €1 billion target, closing at €1.2 billion and deploying over 50% of its capital by March 2025. These results highlight investor appetite for Tikehau’s credit-focused, yield-driven offerings.

Investment Activity: Credit Leadership and Thematic Focus

Tikehau’s Q1 deployment of €1.8 billion (vs. €0.9 billion in 2024) was driven by credit strategies, which accounted for 71% of activity. Key highlights:
- CLO Platforms: Priced $500M U.S. CLO VII and €500M European CLO XIII, with $200M U.S. CLO IX launched to capitalize on structured credit opportunities.
- Real Assets: Deployed €200M, including a €80M Senior Secured Loan for a Norwegian data center and acquisitions of residential properties in Cologne, Germany, and a Manhattan multifamily building.
- Private Equity: €300M deployed in decarbonization (e.g., TTSP HWP, a German data center services firm), cybersecurity (e.g., FTAPI), and regenerative agriculture (e.g., Spanish paprika processor Juan Navarro Garcia).

Realizations: Proving the Value of Defensive Bets

Tikehau’s Q1 realizations of €700M (90% from Credit) included the €250M return from European CLO I, which delivered a 11.8% net IRR and 1.4x MOIC since its 2021 reset. This underscores the firm’s discipline in structuring deals with exit-oriented timelines.

Governance Evolution: Leadership for Global Scale

Critical leadership changes signal Tikehau’s ambition to scale its global footprint:
- Maxime Laurent-Bellue named Deputy CEO, co-leading the Credit platform.
- Thomas Friedberger & Louis Igonet appointed Global Co-Heads of Investors & Capital Formation, tasked with expanding client relationships.
- Victoria Gillam & Jean-Baptiste Feat co-head Tikehau UK, targeting London’s institutional market.

Financial Fortitude: Debt Management and Share Buybacks

Tikehau’s €500M senior bond issuance at 4.25% (oversubscribed 2.8x) extended its debt maturity to 4.2 years, improving liquidity. The share buyback program, extended to July 2025, has repurchased 6.1 million shares, reinforcing capital efficiency.

Defensive Resilience: Mitigating Geopolitical Risks

With <1% of portfolio companies deriving >20% revenue from the U.S., Tikehau’s 84% European asset focus shields it from trade tensions. 75% of private assets are in tariff-insulated sectors like software, healthcare, and commercial real estate—a testament to its thematic expertise in “sovereignty plays”.

2026 Targets: Ambitious but Achievable?

Tikehau aims to reach €65B AuM, €250M fee-related earnings, and €500M net income by 2026. With €6.4B dry powder and a selectivity rate of 97%, the firm is poised to capitalize on opportunities in CLOs, Credit Secondaries, and European real estate.

Conclusion: A Well-Positioned Play for Defensive Investors

Tikehau Capital’s Q1 2025 performance and AGM outcomes paint a compelling picture of a firm leveraging credit expertise, geographic diversification, and thematic investing to navigate volatility. Its 14% AuM growth, €7.2B twelve-month fundraising, and €2.6B realizations over twelve months validate its strategy.

Crucially, its low tariff exposure, extended debt maturity, and leadership succession position it to sustain growth even as markets face headwinds. With €1.2B raised for its Special Opportunities fund and €500M in new debt at favorable rates, Tikehau is primed to deliver on its 2026 targets. For investors seeking exposure to a resilient, Europe-focused alternative asset manager, Tikehau Capital remains a top-tier option.