Tikehau Capital (TKO) Q3 2025 TU earnings summary

Executive summary

• Assets under management reached €51.1bn as of 30 September 2025, up 9% year-over-year, with strong growth across all asset classes.

• Year-to-date fundraising totaled €5.2bn, with €1.2bn raised in Q3 2025, driven by Credit and Private Equity strategies.

• Capital deployment hit €5.3bn YTD, with a record €2.5bn in Q3 2025, reflecting increased transaction size and global reach.

• Realizations doubled year-over-year to €3.1bn YTD, highlighting successful exits and value creation for investors.

• The investment portfolio grew to €4.5bn, with 71% invested in the firm's own strategies, ensuring strong alignment with clients.

Financial highlights

• AuM increased by €4.4bn year-over-year and €141m quarter-over-quarter, with Private Equity showing the highest YoY growth at 30%.

• Net new money reached €5.2bn YTD (+9% vs. 9m 2024), with Q3 2025 contributing €1.2bn.

• Q3 2025 saw €2.5bn deployed (double Q3 2024), and €1.6bn realized (triple Q3 2024).

• Private Equity and Credit strategies led both deployment and fundraising.

Outlook and guidance

• Anticipates record-high fundraising for FY25, targeting at least €7.2bn in net inflows.

• Plans a strategic review and medium-term outlook update on 19 February 2026.

• Demand for alternative assets remains robust, with continued expansion in Asia and thematic strategies.