Tikehau Capital Reaches €52.8 Billion in Assets in 2025 (+8%) After a Record Year with €10.5 Billion in Fundraising

The alternative asset management platform Tikehau Capital closed 2025 with €52.8 billion in assets under management (AuM) as of December 31, representing year-on-year growth of 8%. The group recorded €10.5 billion in gross inflows—surpassing the €10 billion threshold for the first time—and €8 billion in net inflows for the year.

Since its IPO in 2016, assets under management have posted a compound annual growth rate of 22%.

In 2025, Spain participated in Private Equity operations, particularly in Decarbonization and Aerospace & Defense strategies, as well as in the deployment of Direct Lending. In addition, the Spanish market is among the geographies contributing to the growth of the group’s international investor base.

Tikehau Capital aims to accelerate profitability generation across its asset management platform, leveraging its strong foundations. The note also states that the group’s balance sheet will be allocated with greater strategic selectivity, supporting higher portfolio rotation and return generation. Moreover, it explains that with its two distinct and complementary growth engines, the group is well-positioned to maximize significant growth opportunities.

“In the past 22 years, we have built an entrepreneurial platform based on conviction and collaboration. We are excited to begin the next chapter (...) We are confident that our trajectory will not only generate value but should also translate into higher returns for our shareholders. Our strong entrepreneurial culture underpins our two differentiated and complementary engines—the asset management platform and the principal investment platform—which offer significant optionality to seize future opportunities,” stated Antoine Flamarion and Mathieu Chabran, co-founders of Tikehau Capital.

KEY HIGHLIGHTS:

2025 was also marked by intense investment activity and portfolio rotation: €7.6 billion deployed in 2025 (+35% vs. 2024) and €4.0 billion in divestments, nearly double the previous year. These realizations enabled distributions of €4.1 billion to investors.

Beyond volume, 2025 reflects an acceleration in results generation.

Management fees amounted to €358.3 million (+6%), while total revenue from the asset management business reached €380.3 million (+8%). Core Fee-Related Earnings (Core FRE) stood at €147.6 million (+12%), with a margin of 41%, surpassing the 40% threshold for the first time.

EBIT of the asset management business reached €149.6 million (+18%).

Net income, group share, was €136.4 million in 2025. Excluding major currency effects, net income increased by 51% year-on-year.

Realized portfolio income reached €239 million (+19%), while unrealized income reflected a negative impact of €73 million, including €52 million from currency effects and €21 million from valuation adjustments. Excluding currency effects, portfolio income grew 33% year-on-year.

Investment activity in 2025 was characterized by larger and more internationally-oriented deals while maintaining a selective approach (98% exclusion rate).

BY AREA:

▪ Credit (55% of net inflows):

€4.8 billion in assets under management for the sixth generation of the Direct Lending strategy, with the two largest individual LP commitments in the group’s history from German and U.S. reinsurer groups, which committed €350 million and $500 million, respectively, in Q4 2025.
In Q4 2025, final closing of the second generation of the Credit Secondaries strategy, with over $1 billion in LP commitments, exceeding the target size and representing more than double the size of the first generation.
In Q4 2025, pricing of the European CLO XIV (€400 million accounted for in 2025 net inflows), reaching a total size of €600 million, making it the group’s largest European CLO.

▪ Private Equity (25% of net inflows):

Additional inflows for flagship Decarbonization and Aerospace & Defense strategies, including co-investments in Spain and Belgium. The second generation of the Decarbonization strategy reached €2.5 billion in assets under management as of December 31, 2025.
2025 was marked by the final closings of the first generation of Regenerative Agriculture (approx. €600 million) and the fourth generation of Cybersecurity (€335 million), representing an approximate 90% increase versus the previous generation and placing it among the largest European Cybersecurity funds to date.

▪ Real Assets (16% of net inflows): Contributions from Value-Add and Core/Core+ strategies, as well as co-investments, including the completion of the acquisition from GIC of a standard residential asset portfolio valued at over €350 million.

▪ Capital Markets Strategies (3% of net inflows): Continued momentum in fixed-income strategies, which maintained strong performance.

In parallel, climate and biodiversity-dedicated assets reached €5.8 billion.

80% of 2025 net inflows came from international investors, versus 66% in 2024, with strong activity in the United States, United Kingdom, Spain, Germany, United Arab Emirates, Japan, South Korea, and Israel. Assets under management from international clients reached €24 billion (+13%).

Private investors represented 25% of net inflows. Assets managed for private clients reached €18 billion (+20%).

OTHER DATA:

As of December 31, 2025, consolidated equity, group share, stood at €3.148 billion, with a cash position close to €200 million.

In December, Tikehau Capital renewed and expanded its revolving credit line to €1.15 billion. Financial debt stood at €1.9 billion, with a leverage ratio of 61%.

The Board will propose a dividend of €0.80 per share to the General Meeting, in line with the previous year.

Download the Tikehau Capital Full-Year 2025 Results report at this link