TIKEHAU CAPITAL INVESTOR PRESENTATION - APRIL 2021
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TIKEHAU CAPITAL INVESTOR PRESENTATION APRIL 2021
DISCLAIMER
By viewing or receiving or reading this Presentation (as such term is defined herein) or This Presentation contains forward looking statements about the Group and its
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The information contained in this Presentation is of an indicative nature and has not
events, or otherwise. Any information relating to past performance contained herein is
been verified independently. No representation or warranty, whether express or
no indication as to future performance.
implied, is given regarding the correctness, comprehensiveness or accuracy of the
information and opinions contained in this Presentation. This Presentation is not The market data and certain industry forecasts included in this Presentation were
meant to serve as a basis for, and shall not be used in connection with an investment obtained from internal surveys, estimates, reports and studies, where appropriate, as
decision. No person shall be entitled to rely on, or shall have any claims against the well as from external market research, publicly available information and industry
Company, Tikehau Capital General Partner (the “General Partner”), Tikehau Capital publications. Neither the Company, nor its affiliates, directors, officers, advisors,
Advisors, any of their affiliates, officers, directors, employees, any of their advisers, employees, consultants or agents have independently verified the accuracy of any
consultants or any other person arising from this Presentation. external market data and industry forecasts and do not make any undertakings
representations or warranties in relation thereto. Such data and forecasts are included
The information contained in this Presentation is indicative as at the date of this
herein for information purposes only.
Presentation and may have to be updated, amended or completed significantly. This
Presentation contains only summary information and does not purport to be
comprehensive. The Company, Tikehau Capital General Partner and Tikehau Capital
Advisors do not undertake to update, amend or complete the information contained
in the Presentation in order to reflect new information, new events or for any other
reason and the information contained in this Presentation may therefore be modified
without prior notification.
INVESTOR PRESENTATION
Tikehau Capital 2
DISCLAIMER
This Presentation includes certain IFRS pro forma financial information about the investors, which will reduce returns and, in the aggregate, are expected to be
Group. This pro forma financial information has been prepared on the basis of substantial. Actual returns will be substantially lower on a net basis.
historical financial statements of the Company but has not been audited by the Calculations of Gross Return at the investment level use the date of the relevant
Group’s auditors. The pro forma financial information is presented for illustrative investment without regard to whether the investment was initially funded by investor
purposes only and is not indicative of the results of operations or financial condition. contributions or by borrowings under a revolving credit facility to be subsequently
This Presentation or any part thereof is not for publication, release or distribution in the repaid with investor contributions.
United States. No securities of the Company have been or will be registered under Calculations of Gross Return at the fund level use the scheduled date of contribution
the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any by fund investors to the fund for the relevant investments. For funds that borrow on a
state securities laws, and the securities of the Company may not be offered or sold in temporary basis prior to calling capital, if calculations of Gross Return at the fund level
the U.S. (or to, or for the account or benefit of U.S. Persons) except pursuant to an used the dates of each investment rather than the dates of each contribution by fund
exemption from, or a transaction not subject to, the registration requirements of the investors, the Gross Return may be lower since internal rate of return calculations are
U.S. Securities Act. time-weighted and the relevant calculations would incorporate longer periods of time
The distribution of this Presentation and any information contained herein in certain during which capital is deployed.
jurisdictions may be restricted by law or regulation and persons into whose There is no guarantee any of the companies acquired will reach their IRR targets.
possession this document comes should make themselves aware of the existence There can be no assurance that investment objectives or investments made by Fund
of, and observe any such restriction. In particular, neither this Presentation, nor any will be successful.
part of it may be distributed, directly or indirectly, in the United-States, Canada,
Targeted investments are based on generally prevailing industry conditions. Adverse
Australia or Japan. Non-compliance with these restrictions may result in the violation
economic, regulatory and market conditions could negatively impact our business
of legal or regulatory restrictions in certain jurisdictions.
assumptions.
All projections, forecasts and estimates of returns and other “forward-looking”
The term sheet relating to the Star America acquisition that the parties have signed is
information not purely historical in nature are based on assumptions, which are
non-binding with respect to the terms of the transaction and there can be no
unlikely to be consistent with, and may differ materially from, actual events or
assurance that such discussions will result in an agreement or, if an agreement is
conditions. Such forward-looking information only illustrates hypothetical results under
signed, that it will be consummated
certain assumptions and does not reflect actual investment results and is not a
guarantee of future results. Actual results will vary with each use and over time, and
the variations may be material. Nothing herein should be construed as an investment
recommendation or as legal, tax, investment or accounting advice.
“Gross IRR” represents the aggregate, compound, annualized internal rate of return
calculated on the basis of cash flows to and from all investors, but disregarding
carried interest, management fees, taxes and organizational expenses payable by
INVESTOR PRESENTATION
Tikehau Capital 3
AGENDA
1 Introduction to Tikehau
Capital
p. 5
4 Granular and Resilient
Investment Portfolio
p. 42
2 A Large Spectrum Of Expertise p. 15
5 Outlook p. 47
3 Asset Management: Accretive
Growth Model
p. 21
6 Appendix p. 54
INVESTOR PRESENTATION
Tikehau Capital 4
1 Introduction to
Tikehau Capital
INVESTOR PRESENTATION
Tikehau Capital 5
A GROWING PAN-EUROPEAN DIVERSIFIED ASSET GROUP
MANAGEMENT AND INVESTMENT FIRM
Founded in IPO in €28.5bn €2.8bn 12 594
2004 March 2017 of AuM of shareholders’ countries employees
equity
Recurring and predictable Strong shareholders’ equity
revenues supporting the alignment of
Asset interests between shareholders,
Scalable platform Investment
Management investor-clients and
Access to complementary activity
activity management
asset classes
Increasing exposure to our own
strategies to:
− Support growth of the Asset
Management activity
− Benefit from returns generated
by our funds
A double exposure to alternative asset classes
Figures as at 31.12.2020
INVESTOR PRESENTATION
Tikehau Capital 6
+30% CAGR IN AUM SINCE IPO
AuM growth trajectory set to continue, with target of more than €35bn at end-2022
Total Assets under Management in €bn(1)
>35
+30%
CAGR p.a 28.5
25.8
22.0
13.8
10.0
6.4
4.3
1.6 3.0
2004 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022
2022
target
(1) Including direct investments through Tikehau Capital’s balance sheet
INVESTOR PRESENTATION
Tikehau Capital 7
A SOLID GROWTH TRACK RECORD
Tikehau Capital delivers on its strategy set at the time of its IPO
AuM from international investors Fee-paying AuM Management fee rate
€bn €bn bps
+45% 9.3 +40% 23.2 +17 92.0 92.0
CAGR bps
CAGR 7.5 19.9
5.7 16.2 81.0
75.0
3.1 9.2 71.0
2.1 6.0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 (1) 2019 2020
Revenue from Asset Mgt activity FRE and FRE(2) margin NOPAM and NOPAM(3) margin
€m €m, % €m
37.3%
35.3%
33.5%
30.1% 31.4% 76.4
+51% 204.8 29.4%
70.2 27.6%
CAGR 174.8 58.5
22.1%
50.0
125.8 39.5
36.0
8.9%
57.9 7.0% 16.0
39.4 11.9 +126% +116%
CAGR CAGR
2.7 3.5
(1) (1)
2016 2017 2018
(1)
2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
(2) Fee Related Earnings
(3) Net Operating Profit for the Asset Management activity
INVESTOR PRESENTATION
Tikehau Capital 8
STRONG TAILWINDS FOR ALTERNATIVES
Continued projected growth in sector AuM and revenue generation
Global AuM by product Global revenue by product
$106Tn
$333bn
$89Tn 18 17%
$296bn
15%
15 16% 16 15%
162 49%
14 16% 16 137 46%
19% 15%
12 14%
13%
31 30% 56 17%
$31Tn 54 18%
15% $104bn
29 33% 12%
3 9% 39
5 17% 30 29% 30 10%
2 6% 15% 4 25 23%
4% 57 19% 57 17%
18 60% 25 23%
18 21% 42 41%
3 8% 3 3% 18 6% 20 6%
2003 2019 2024e 2003 2019 2024e
Alternative assets Specialty products Solutions/LDI/diversified products Active Management Passive management
Source: BCG Global AM 2020 report
INVESTOR PRESENTATION
Tikehau Capital 9
ALLOCATIONS TO ALTERNATIVES ARE WELL-ORIENTED
Appetite for alternatives remain high despite the economic fallout from Covid-19
Medium-term capital commitments for alternative assets Attractiveness of investing in private markets
Private Equity 41% 49% 11% Better-than-market-average performance
Private Debt 48% 30% 22%
Real Estate
Uncorrelated returns
23% 37% 40%
Infrastructure 40% 36% 24% Illiquidity premiums
Natural Resources 36% 21% 43%
More Capital Same amount of capital Less capital
Portfolio diversification
Investors’ intentions for their private capital portfolios in High absolute and risk-adjusted returns in Private
response to the economic uncertainty Equity
8% Inflation hedge and reliable income stream in Real
33% Invest more capital
Estate
No change High risk-adjusted returns and reliable income stream
60%
in Private Debt
Reduce amount of
capital invested
Sources: Preqin, Alternative assets (H2 2020), BCG Global AM 2020 report
INVESTOR PRESENTATION
Tikehau Capital 10CORE PILLARS OF OUR BUSINESS
Our activity is relying on three powerful engines of revenue generation
Growing Assets under Management Performance of Tikehau Capital funds
PERFORMANCE
Asset Management MANAGEMENT Asset Management
FEES / CARRIED
activity FEES INTERESTS(1) activity
Investment activity DIVIDENDS, COUPONS /
CAPITAL GAINS
Balance sheet deployment:
Investments in Tikehau Capital funds
Direct investments
Platform & Strategic investments
(1) 53.3% of carried interests are allocated to Tikehau Capital or its subsidiaries
INVESTOR PRESENTATION
Tikehau Capital 11ALIGNMENT OF INTERESTS, A KEY DIFFERENTIATOR
A strong shareholder base supporting a dynamic long term development
Tikehau Capital simplified organization(1) Unique alignment of interests
Including:
Management and
Others
employees(2) Management is the largest shareholder of
Management the listed company (44% of the capital)
44% FSP(3)
56%
● Never sold a share of Tikehau Capital
● Reinvested along new investors during
past capital raises
Listed
company Tikehau Capital Shareholders
● Capital allocation priority: invest in
Tikehau Capital funds
Asset Management activity
● 53% of carried interest and 100% of
Tikehau IM (100%) performance fees remain within the
Tikehau Capital Europe (100%) Investor- listed company, thus available for
Sofidy (100%)
Ace Capital Partners (100%)
clients shareholders
Credit.fr (96%)
IREIT Global Group (50%)
Star America Infrastructure Partners (100%)
Interests are fully aligned with an enhanced risk management
(1) As at 31.12.2020
(2) Including Tikehau Capital Advisors (37%) and Fakarava Capital (7%)
(3) FSP’s shareholders are CNP Assurances, SOGECAP, Groupama, Natixis Assurance, Suravenir, BNP Paribas Cardif, and Crédit Agricole Assurances
INVESTOR PRESENTATION
Tikehau Capital 12ESG: AT THE HEART OF TIKEHAU CAPITAL’S STRATEGY
Key pillars of our responsible investment strategy External Recognition
Exclusions ESG integration Engagement A+ rating
(Confirmed in July 2020)
Sustainability-themed & impact investing
13 funds labelled to date
+ 2 funds with ESG applicant
T2 Energy Transition Fund fund status label(2)
2018
Private equity
Tikehau Capital ranked 4th
out of >250 companies in its
sector
Tikehau Impact Lending (TIL)
2020
Private debt Inaugural rating of 66/100,
ranking Tikehau Capital among
the best companies in its sector
(in September 2020)
High Yield Impact Strategy
2021
Capital markets strategies Group ESG rating above
sector average
March 25, 2021: successful placement of a €500 million inaugural sustainable bond (8-year maturity, 1.625% coupon), the
first of its kind in the asset management industry
INVESTOR PRESENTATION (1) Excluding newly acquired affiliates
(2) Tikehau Direct lending V and Tikehau Impact Lending due to investment period not yet started
Tikehau Capital 13RECOGNITION OF TIKEHAU CAPITAL’S ESG EFFORTS BY
RATING AGENCIES
ESG DISCLOSURE
Investor EQT Eurazeo
3i Tikehau Capital 2 3i
ICG Jupiter
Wendel
DWS Amundi
Tikehau Capital 14
LionTrust Schroders
Amundi Brookfield
Amundi
Schroders TKO 39
Wendel
Partners Group Ashmore
Ninety One
Ashmore ICG
Eurazeo
Wendel
Eurazeo Schroders
Partners Group
Jupiter Investor
Investor
ICG Partners Group
DWS
Patrizia
KKR Carlyle
Jupiter
Apollo Patrizia
Ashmore KKR
Carlyle
Brookfield AM Hamilton Lane
EQT KKR Ares
Ares Ares EQT
Blackstone Apollo Apollo
Blackstone
Tikehau Capital ranks #4 Tikehau Capital ranks #2 (1) Tikehau Capital ranks #7 (2)
(1) The ISS Governance quality score indicates a company’s governance risk. Tikehau Capital is not yet part of the ISS ESG corporate rating universe
INVESTOR PRESENTATION (2) Bloomberg ESG disclosure score compared to its peer group
Tikehau Capital 142 A large spectrum
of expertise
INVESTOR PRESENTATION
Tikehau Capital 15A LARGE SPECTRUM OF INVESTMENT EXPERTISE GROUP
A comprehensive offering across asset classes and investment vehicles
DIRECT INVESTMENTS
€1.2bn
CAPITAL MARKETS
STRATEGIES
PRIVATE DEBT
€4.2bn
€9.3bn
• Fixed Income
• Direct Lending
• Equity
• Secondaries
PRIVATE EQUITY
€28.5bn •
•
Leverage Loans
CLOs
Total AuM at 31.12.20 Multi-asset strategies 1
€3.5bn •
• Growth Equity +11% vs 31.12.19
• Energy Transition
• Aero & Cybersecurity REAL ASSETS
• Special Opportunities 1
€10.3bn
• Real Estate
• Infrastructure
1
TACTICAL STRATEGIES
Special Opportunities (€0.6bn) / Multi-asset strategies (€0.2bn)
Permanent Closed-end SMA & evergreen Open-ended
SPACs
capital funds mandates funds
INVESTOR PRESENTATION
Tikehau Capital 16TIKEHAU CAPITAL’S PRIVATE DEBT PLATFORM PRIVATE DEBT
Key figures (31 December 2020) Areas of expertise Investment universe & key features
Direct Lending Senior loans, stretched senior,
€9.3bn of Assets under Management Corporate Direct
unitranche, mezzanine, preferred equity
European
lending to French Targeted companies with revenues
Direct Lending
+8% AuM yoy growth SMEs between €50m and €2bn
Leveraged loans Innovative & flexible structuring
capabilities
+5% AuM growth over Q4 2020 European
CLOs Strong partnership with PE funds
Leveraged Loans & banks
Latest developments A disciplined investment approach (TDL IV)
First closing of TDL V with €220m of commitments Lower Risk Higher Risk
4.4x 5.6x 5.8x
Novo 2020 fund with €55m Leverage 3.5x 6.0x
€150m evergreen mandate granted to Tikehau Capital by a
Cyclical risk metrics
0% 82% 86%
French institutional investor Cov-lite Loans 0% 100%
Launch of CLO VI with €200m of AuM 0.0% 2.6% 4.2%
Launch of the Impact Lending (TIL) and Secondary Private Default Rates 0% 6%
Debt (TPDS) strategies 54% 48% 44%
Equity
Deployment mainly driven by Direct Lending funds and loan 60% 30%
Contribution
funds
Current Levels in Tikehau Current Market Levels Current Market Levels in
Direct Lending IV in Europe the US
TDL IV portfolio metrics as of 30.06.2020
INVESTOR PRESENTATION Sources: S&P Global Market Intelligence, S&P ELLI, S&P/LSTA Loan Index, Tikehau Capital
Tikehau Capital 17TIKEHAU CAPITAL’S REAL ASSETS PLATFORM REAL ESTATE
REAL ASSETS
A comprehensive real assets platform diversified across clients’ types and asset classes
Key figures (31 December 2020) A granular and diversified business line
4
Liquid funds & others
€10.3bn of Assets under Management 7%
1
Closed-end
1 European Core+ and opportunistic real estate
North-American mid-market infrastructure
funds
29%
+13% AuM yoy growth €10.3bn
2 Listed REITs in Singapore and in France
3 European Core/Core+ Real Estate (through
of AuM
SCPIs, i.e Real Estate investment vehicles
+1% AuM growth over Q4 2020 3
SCPI(1)
52% 12%
2
dedicated to retail investors)
Permanent 4 UCITs funds (European listed Real Estate)
capital
Latest developments A wide range of opportunities across the Risk / Return spectrum
Resilient portfolio skewed towards offices, light industrial, +
retail parks and asset conversion strategy to residential
Solid fundraising for Sofidy and several acquisitions carried Opportunistic
out 15-20%
Gross Return
Final closing of the value-add fund TREO, raising €560m Value-add
11-14%
Successful rights issue completed by IREIT Global in October
2020, raising c.€89m Core+
7-10%
Integration of Star America Infrastructure Partners
− AuM of €560m as of end-December 2020 Core
3-6%
(1) “Société civile de Placement Immobilier” (Real estate investment vehicle) Risk Profile +
Actual returns will be substantially lower on a net basis. Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 18TIKEHAU CAPITAL’S APPROACH TO PRIVATE EQUITY PRIVATE EQUITY
Growth Equity: growing an emerging segment with attractive returns
Areas of expertise
Key figures (31 December 2020)
Growth and expansion Equity to Entrepreneurs
€3.5bn of Assets under Management Thematic expertise
in partnership with large international corporates
B2B Macro Trends
+73% AuM yoy growth Aerospace Energy transition
Tech-enabled B2B
services
Healthcare
+17% AuM growth over Q4 2020 Cybersecurity Medtechs / biotechs
Industrials
Financial services
Secular and emerging Macro Trends
Latest developments Key features
Further fundraising of Ace Capital Partners (Ace Aero Partenaires) Growth and expansion capital for founders /
with c.€750m of AuM at end-December 2020 entrepreneurs
“Relance” label attributed to T2 Energy Transition Fund as well as
to Tikehau Growth Equity II (TGE II) Offers performance comparable to buyout, but with less
leverage
Closing of TGE II with AuM of €375m at end-December 2020
Strong deal flow and less competition
Expected closing of TKO Energy Transition fund (T2) at the
beginning of 2021 An international investment team with complementary
skills and expertise
INVESTOR PRESENTATION
Tikehau Capital 19CAPITAL MARKETS STRATEGIES CAPITAL MARKETS
STRATEGIES
Performing and scalable
Key figures Investment universe ESG label awarded to 10 TKO funds
Open-ended funds and managed
€4.2bn of Assets under Management accounts (High Yield, Investment Grade
corporates, Subordinated financials)
LuxFLAG ESG label has been
awarded to 10 open-ended funds
managed by Tikehau Capital
+10% AuM yoy growth Primarily pan-European
Asian credit
credit and Acknowledges the incorporation of
ESG considerations throughout
entire investment process
+8% AuM growth over Q4 2020 Value Quality and Special Situations
equity stocks
Latest developments Outlook and strategy
Solid inflows in Equity funds despite the complex market Launch of new innovative products (notably in the US)
conditions
Launch of a long-term equity fund (TLTE) with innovative
Good overall performance especially on the subordinated
Private Equity approach applied to public equities
financials
Flexible and balanced management in the equity and credit Further development of “long only” strategies such as
markets Tikehau Global Value and Tikehau Global Credit to capture
Strong internal research capabilities, allowing to perform more international and institutional clients
conviction-based management
Highly scalable strategies
Portfolios designed to navigate potential volatility in the
coming quarters
INVESTOR PRESENTATION
Tikehau Capital 203 Asset Management:
accretive growth model
INVESTOR PRESENTATION
Tikehau Capital 21OPERATING MODEL IN ASSET MANAGEMENT AM
On-track to deliver strong bottom line growth
Strong fundraising, increasing fee-paying AuM base, and
Management fees
business mix improvement
-
(Operating Costs) Increased scalability with controlled opex growth
Fee-Related Earnings
(FRE) Strong FRE growth
+
Performance-Related Cautious P&L recognition, and shareholder-friendly allocation for
Earnings (PRE) performance fees and carried interest
Net Operating Profit from
Asset Management Profitability improvement embedded in TKO’s model
(NOPAM)
INVESTOR PRESENTATION
Tikehau Capital 223.1 Strong fundraising momentum INVESTOR PRESENTATION Tikehau Capital 23
FUNDRAISING CLOSE TO HISTORICAL HIGHS IN 2020 AM
Asset Management NNM exceeds €4bn for the 3rd year in a row , an outstanding performance
given the unprecedented global disruptions linked to the Covid-19 pandemic.
€15.7bn of cumulative AM Net New Money since 2017
4.3 4.2 All asset classes contributed to the
4.1
performance
PE
PE 38%
3.1 RA Private Equity leads NNM for the
first time in 2020
RA 22%
PD Demonstrates LPs’ confidence in
Tikehau Capital
PD 32%
The Group continues to rebalance
€bn
CMS CMS 8% its business mix
2017 2018 2019 2020
INVESTOR PRESENTATION
Tikehau Capital 24SOLID AUM GROWTH IN EACH ASSET CLASS AM
Private Debt Real Assets
€bn €bn
+8.2% +12.6%
9.3 10.3
8.6 9.2
31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20
Private Equity Capital Markets Strategies
€bn €bn
3.5
+73.3% +9.8% 4.2
2.0 3.8
31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20
INVESTOR PRESENTATION
Tikehau Capital 25CONTINUED DIVERSIFICATION AND AM
INTERNATIONALIZATION OF OUR CLIENT BASE
Clients by geography Clients by category
5% 10%
2% Tikehau Capital group
5%
Asia
20% Family offices & Private
€27.4bn Europe (excl. France) €27.4bn clients
62% 21% Tikehau Capital Group AM AuM
AM AuM Banks and other
at 31.12.20 at 31.12.20
France 49% distributors
RoW Asset Managers &
16% Institutionals
10%
Other
34%
International AUM as
32% Ongoing initiatives to
a % of AM AuM:
A highly address the retail & private
9.3 diversified investor base clients (Banca March,
25% 7.5 Fideuram, etc.)
2.1
2016 2019 2020
INVESTOR PRESENTATION (1) Including corporate groups, funds of funds and foundations
Tikehau Capital (2) Including commitments by Tikehau Capital and its subsidiaries
26A RELEVANT PLATFORM TO ADDRESS PRIVATE CLIENTS AM
Recent initiatives
A wide range of Open- 2019: dedicated 2020: ELTIF
solutions already ended Listed mandate with with
SCPIs(1)
available to private REITs
funds
investors
Mandates
Digital /
Tikehau Capital and feeders Unit-linked
ELTIF Fintech
will keep moving distributed investment
solutions
forward through solutions
private banks
Multi-asset initiatives
(1) “Société civile de Placement Immobilier” (Real estate investment vehicle)
INVESTOR PRESENTATION
Tikehau Capital 27STRONG COMPOUNDING EFFECT OF TIKEHAU CAPITAL AM
INVESTMENTS IN ITS OWN FUNDS
AuM breakdown between 3rd party investors and TKO
Third Party AuM TKO commitments
27.4 Undrawn 0.4
€1.0bn
23.6 +0.6 2.6 0.5
€2.6bn
20.4 2.0
1.5 0.2 0.6 Drawn
€1.6bn
+3.1 24.7
0.2
21.6
(in €bn)
0.9
18.9 0.7
€2.6bn
0.7
31-Dec-18 31-Dec-19 31-Dec-20 Private Equity Private Debt Real Assets
Capital Markets Strategies
INVESTOR PRESENTATION
Tikehau Capital 283.2 High degree of discipline in deployment INVESTOR PRESENTATION Tikehau Capital 29
SECTORIAL EXPOSURE WITHIN TIKEHAU CAPITAL FUNDS AM
Low exposure to sectors most-impacted by the pandemic
Capital Equipment
Business Services 2.6%
Construction & Building
3.2%
2.2%
High tech industries Finance
3.7% 1.5%
Banking Other
Beverage & Food 0.1%
4.1%
1.9% Aerospace & Defense
Healthcare & Pharma
1.4%
4.7% Other
11.7% Retail
1.9%
€27.4bn Sectors most
impacted by Covid
Automotive
1.4%
8.1%
AM AuM at Media &
Dry powder
31 Dec. 2020 Advertising
2.0%
22.6%
Hotel, Gaming
& Leisure
1.3%
Real Estate
33.9%
INVESTOR PRESENTATION
Tikehau Capital 30CAUTIOUS AND SELECTIVE DEPLOYMENT IN AN AM
UNPRECEDENTED BACKDROP
€2.8bn deployed by Tikehau Capital’s closed-end funds in 2020, with an acceleration in H2
3.6
2.8 2020/2019 evolution mainly linked
2.4 to an atypical H1, given the context
2.2 60%
Overall 2020 deployment level in
69%
H2 55%
51% line with 3-year average of €2.8bn
40%
ESG criteria fully integrated in the
49%
H1 45% 31% selection process
€bn
2017 2018 2019 2020
€6.2bn
Private
Equity
Private
Split by Debt
asset class of dry powder within
Real
Assets AM funds
INVESTOR PRESENTATION
Tikehau Capital 31TIKEHAU CAPITAL DEPLOYMENT AM
Screening and execution in FY20 show maintained high selectivity
Real Assets team(4)
Private Debt team(1) (including Sofidy) Private Equity team
391 screened deals 2,642 screened deals 747 screened deals
82 screening
26 firm offers 176 firm offers
committees
22 closed 52 closed 39 closed
deals(2) deals(5) deals
Selectivity /
Rejection rate(3) 94.4% 98.0% 94.8%
(1) Only relates to Direct Lending activities
(2) Closed deals exclude follow-ons
(3) Calculated as 1 – (total closed deals / total screened deals)
(4) 2,642 screened deals in 2020, of which c.2,420 performed by Sofidy’s Real Assets investment team
(5) Only relates to Sofidy and Star America deals
INVESTOR PRESENTATION
Tikehau Capital 323.3 An increasingly profitable growth model INVESTOR PRESENTATION Tikehau Capital 33
ONGOING INCREASE IN FEE-PAYING AUM IN 2020 AM
27.4
23.6
20.4
+17% +36%
fee-paying AuM growth 2017-2020 CAGR
in 2020 for fee-paying AUM
+17%
11.4
19.9
23.2
85% 96%
16.2 of AuM is fee-paying at of AuM in closed-end
31 December 2020 funds have duration
9.2 Stable level compared to above 3 years
2019
€bn
2017 2018 2019 2020
Fee-paying AuM Future fee-paying and non fee-paying AuM
INVESTOR PRESENTATION (1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
Tikehau Capital 34MANAGEMENT FEE RATE MAINTAINED AT A HIGH LEVEL AM
+21 bps in management fee margin since 2017, reflecting the accretive evolution of
Tikehau Capital’s business mix towards higher fee-generating strategies
92 92
+21bps
81
71
(1)
2017 2018 2019 2020
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
INVESTOR PRESENTATION
Tikehau Capital 35> 95% OF AM REVENUES COME FROM MANAGEMENT FEES AM
CAGR
2018 PF-2020
204.8
Management fees & others(1)
174.8 6.3
+28%
Performance fees & carried interests Asset Management
8.5 revenues
125.8
3.5
+27%
198.6
57.9
166.3
(97%) +27%
4.1 (95%) Management fees
122.3 & others
(97%)
53.8
(€m)
(93%)
31-Dec-2017 31-Dec-2018 31-Dec-2019 31-Dec-2020
(proforma, incl. Sofidy & ACE)
(1) Include management fees, subscription fees, arrangement fees and other revenues
INVESTOR PRESENTATION
Tikehau Capital 36CONTINUED INCREASE IN AM PROFITABILITY AM
Growth vs.
Strong ramp-up in NOPAM (1) and NOPAM margin since 2015 2019
37.3%
31.4%
33.5%
76.4 +3.9pts
NOPAM margin
27.6% +31%
58.5
+31%
NOPAM
39.5
+17%
AM net revenues
8.9%
16.0
3.5
+10%
AM costs
€m
(1.0)
2015 2016 2017 2018 (1) 2019 2020
(3.6%)
(1) Net Operating Profit from Asset Management Activities
(2) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
INVESTOR PRESENTATION
Tikehau Capital 37STRONG NOPAM INCREASE PRIMARILY DUE TO FRE AM
CAGR CAGR
+126% CAGR (2016-20) in FRE, well above industry average 2016-2020 2016-2022e
>100 >+83%
6.3
70.2 +126%
8.5
vs +36%(2)
for peer group
3.5
50.0 average
36.0
4.1
€m
0.8 11.9
1.9 2.7
(2.9)
(1)
2015 2016 2017 2018 2019 2020 - 2022
FRE target
FRE PRE (realized)
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
(2) Average for Partners Group, Intermediate Capital Group and EQT
INVESTOR PRESENTATION
Tikehau Capital 38FRE MARGIN TRENDS SIGNIFICANTLY UPWARDS AM
Increased scalability and business mix improvement are driving FRE margin up
NOPAM margin, including realized PRE, structurally exceeds FRE margin
37.3%
33.5%
31.4%
35.3%
27.6%
29.4% 30.1%
22.1% +5.2 pts
8.9%
7.0%
(1)
2015 2016 2017 2018 2019 2020
(3.6%)
FRE Margin NOPAM Margin
(11.2%)
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
INVESTOR PRESENTATION
Tikehau Capital 39PERFORMANCE-RELATED EARNINGS POTENTIAL AM
x3.7 in AuM eligible to carried interest since 2016 Tikehau Capital’s approach to carried interest
+30% 11.2
8.6
Shareholder-friendly allocation
PD
4.3
6.8
4.0 PD RA 3.5
3.0
Cautious P&L recognition
PD RA
PE 3.5
€bn
RA
PE
2016 2017 2018 2019 2020
Material mid-term profitability driver
€6.3bn €3.0bn
+25% yoy +10% yoy
AuM eligible to carried AuM eligible to carried
interests and currently interests, currently invested
invested and above hurdle rate
INVESTOR PRESENTATION
Tikehau Capital 40LARGE VINTAGES OF OUR FLAGSHIP FUNDS ARE YOUNG AM
9 of the Group’s 10 largest flagship funds eligible to carried interest have been launched since 2017
AuM at end-
1600
Dec 2020
(€m)
1200
Still in fundraising
800
400
0
Fund TDL III TDL IV TRE III T2 TGE2 TREO TSO II TDL V AAP Star America
(launch) (2014) (2017) (2017) (2018) (2018) (2018) (2019) (2020) (2020) Fund II
(2020)
Private Debt Real Assets Private Equity
INVESTOR PRESENTATION
Tikehau Capital 414 Granular and resilient
investment portfolio
INVESTOR PRESENTATION
Tikehau Capital 42INVESTMENT PORTFOLIO AS AT 31 DECEMBER 2020 IM
Tikehau Capital is ahead on its objective for 2022 with 66% of the portfolio invested in its strategies
# of 207 206 211
investments
2,083 2,335 2,410
(€m)
2 investments > €50m
€444m 444
9 investments between €10m and €50m
823 Non-listed investments
95 investments < €10m
34% 25
32 Other listed investments
Direct 39% Foncière Atland
€379m 36 DWS (vs. €189m at 31 December 2019)
investments Listed investments
287 Eurazeo
57%
206 Capital Markets Strategies
368 Private Equity
1,586
66%
61% 558 Real Assets
Tikehau Capital
funds
43%
455 Private Debt
31-Dec-2018 31-Dec-2019 31-Dec-2020
INVESTOR PRESENTATION
Tikehau Capital 43REALIZED INVESTMENT REVENUES IN 2020 IM
+29% growth in realized investment revenues in 2020 Growth vs.
2019
133.9 133.9 +29%
Realized investment revenues
104.1 47.0 Other(1)
82.4
97.2 11.5 DWS
+9%
Dividends, coupons and
distribution
89.0
69.8
75.4 TKO funds
36.6
+144%
(€m)
Realized capital gains
12.6 15.0
2018 2019 2020
2020
Realized capital gains Dividends, coupons and distributions
(1) Including -€0.1m for Eurazeo
INVESTOR PRESENTATION
Tikehau Capital 44TOTAL INVESTMENT PORTFOLIO REVENUE IM
Major systemic crisis was probable
at end-Q1 2020, leading the Group
to take action to protect its
investment portfolio
238.5 Implementation of derivative
instruments was part of the Group’s
risk management policy
97.2
11.5 85.8
36.6 10.0 26.6 Derivatives instruments played out
(49.0) negatively in 2020, from Q2 to Q4,
due to massive central banks
Implementation interventions
(287.5) of derivatives (286.5)
(286.5) instruments
Impact from such instruments offset
positive unrealized change in fair
value over the same period
2020
100% of the positions related to the
Q1 2020 Q2-Q4 2020 financial instruments were unwound.
Costs of €71.5m on the 2021 P&L
Dividends, coupons, distributions Realized change in fair value Unrealized change in fair value Impact from derivatives
INVESTOR PRESENTATION
Tikehau Capital 45FOCUS ON TKO FUNDS IM
Increasing contribution of dividends, coupons and distributions in TKO funds revenues
+18% growth in realized revenue contribution of TKO funds to Investment revenues (€m)
57.7 57.7 +10%
97.2
88.5 vs. 2019
69.8
Other invest.
66.8
56.6
66.8 +18%
TKO funds 40.4 vs. 2019
8.6
2020 (17.8) 2018 2019 2020
Dividends, coupons, distributions Realized change in fair value Unrealized change in fair value
INVESTOR PRESENTATION
Tikehau Capital 465 Outlook INVESTOR PRESENTATION Tikehau Capital 47
CONFIRMATION OF THE GROUP’S GUIDANCE
Tikehau Capital is on track to deliver its targets
Mid-term guidance
>€35bn of total AuM by 2022
>€100m(1) of Fee-Related Earnings by 2022
of investment portfolio comprised of investments
65-75% within Tikehau Capital funds
run rate return on capital invested by the Group in
10-15% its own funds
Note: (1) Net operating profit for Asset Management activities (NOPAM) excluding performance fees and carried interests
INVESTOR PRESENTATION
Tikehau Capital 482021 FUNDRAISING PRIORITIES
Multi-asset / dedicated funds for private investors
Private debt Private equity Real assets Capital markets
Tikehau Direct Ace Aero Partenaires Ongoing fundraising Ongoing fundraising
Lending V for Sofidy for existing funds
Brienne III
CLO VI Star America High Yield Impact
Tikehau Special Infrastructure Fund II fund
Tikehau Private Debt Opportunities II
Secondaries Club-deals
Tikehau Impact
Lending
INVESTOR PRESENTATION
Tikehau Capital 49TIKEHAU CAPITAL IS STARTING 2021 IN A STRONG POSITION
Experienced, committed and diverse team
594 employees from 26 different nationalities
Our team Strong focus on inclusion and gender equality (41% of women within the Group)
Diversity initiatives (partnerships with associations, employee training and awareness)
A multi-local footprint, in 12 countries, with new additions
The successful integration of Star America Infrastructure Partners
Our footprint The recent opening of a new office opening in Germany
The upcoming launch of a private equity secondary business in Asia
Strong and liquid balance sheet, with €2.8bn of equity and limited debt
Our balance Keep investing in our funds alongside our investor-clients
sheet Complete targeted and accretive acquisitions
Launch new high-growth initiatives, such as a first SPAC1 announced in 2021
1 Special Purpose Acquisition Company
INVESTOR PRESENTATION
Tikehau Capital 50LAUNCH OF A SPAC FOCUSED ON THE EUROPEAN
FINANCIAL SERVICES SECTOR
Key investment themes
Tikehau Capital joins forces with Financière Agache,
Jean-Pierre Mustier and Diego de Giorgi to sponsor Asset management platforms
a SPAC focused on the European financial services sector
The 4 sponsors will invest a minimum of 10% of the initial Innovative financial technology firms
amount raised and enter into a substantial forward purchase
agreement
Insurance and insurance-related services
SPACs: a natural extension of Tikehau Capital’s existing
investment expertise
Diversified financial services companies
Leveraging on Tikehau Capital’s global network, origination
capacity and strong equity base
INVESTOR PRESENTATION
Tikehau Capital 51WHAT WE LOOK FOR IN AN ACQUISITION
Strong track record in terms of opportunistic accretive and value-creating M&A operations
Culture Value creation Strategic Accretion
M&A deals carried out by Tikehau Capital, and main benefits associated with each transaction
Expand
AuM at International Business mix Client base
Year Asset category product
acquisition Expansion rebalancing diversification
offering
Star America 2020 Infrastructure €0.55bn
Homunity 2019 Real Estate n.a
ACE Management 2018 Private Equity €0.4bn
Sofidy 2018 Real Estate €5.1bn
Credit.fr 2017 Private Debt n.a
IREIT 2016 Real Estate €0.5bn
Lyxor 2016 Private Debt €0.7bn
INVESTOR PRESENTATION
Tikehau Capital 52TIKEHAU CAPITAL VALUATION FRAMEWORK
€2.3bn €4.8bn
€35 per share
€17 per share
€2.5bn
€18 per share
Fee-Related Balance sheet Floor valuation Performance-Related Fair value
earnings portfolio earnings
1 2 3
€100m+ €2.3bn Material driver of value in
investment portfolio minus the medium term
2022 FRE target
net debt at 31 Dec. 2020
Pure incremental margin,
25x(1) FRE multiple 1.0x P/B multiple no costs attached
INVESTOR PRESENTATION (1) Based on recent sell-side analysts’ research reports
Tikehau Capital 536 Appendix INVESTOR PRESENTATION Tikehau Capital 54
SIMPLIFIED CONSOLIDATED P&L GROUP
Actual Change
In €m 2019 2020 €m %
Management fees & other revenues 166.3 198.6 +32.3 +19.4%
Operating costs (116.3) (128.4) (12.1) +10.4%
Fee Related Earnings (FRE) 50.0 70.2 +20.2 +40.4% FRE Margin up 5.3 pts
FRE margin 30.1% 35.3% +5.3pts
Realized Performance-related earnings (PRE) 8.5 6.3 (2.2) n.s
AM net operating profit (NOPAM) 58.5 76.4 +18.0 +30.7% NOPAM up +30.7%
NOPAM margin 33.5% 37.3% +3.9pts
Realized portfolio revenues 104.1 133.9 +29.8 +28.7% Portfolio resilience
Operating costs (1) (78.0) (98.5) (20.6) +26.4%
Change in fair value (unrealized) 173.7 (49.0) (222.8) n.s
Net result from associates (0.2) (1.2) (1.0)
Financial interests (33.3) (36.1) (2.7)
Derivative portfolio result - (286.5) (286.5) Risk management policy
Non-recurring items (2) (5.8) (3.8) +2.1
Tax (39.7) 58.6 +98.3
Minority interests (0.6) (0.5) +0.1 H1 2020 H2 2020
Net result, Group share 178.7 (206.6) (385.3) (240.9) 34.3
Net result, Group share (excluding derivatives) 178.7 13.0(3) (165.7) (116.7) 129.7
(1) Investment activity operating costs include the remuneration of the General Partner for managing the Group, amounting to -€71m in 2020 (-€51m in 2019)
(2) Non-recurring items in 2020 include in particular non-recurring share-based payments for -€2.3m (free shares charges (incl. social charges) of 01 December 2017 plan
(3) Restated for tax effects related to the derivative instruments
INVESTOR PRESENTATION
Tikehau Capital 55CONSOLIDATED BALANCE SHEET GROUP
Very solid financial structure, supporting the Group’s strategy
BBB- / stable outlook
credit rating confirmed by Fitch Ratings to Tikehau Capital in January 2021
Robust equity structure supporting the
in €m 31-Dec-20 31-Dec-19 ∆ business model
Investment portfolio 2,410 2,335 +75
Cash & cash equivalents(1) 845 1,307 (462)
Other current & non-current assets 764 699 +65 €2.8bn €845m
Total assets 4,018 4,341 (323)
Shareholders’ Equity Level of cash(1)
Shareholders' equity - Group share 2,797 3,139 (342)
Minority interests 7 7 -
Total Group shareholders’ equity 2,804 3,146 (342)
Financial debt
Other current & non-current liabilities
999
216
997
198
+2
(18) €500m Stable
Total liabilities 4,018 4,341 (323) Undrawn facilities Level of financial debt
Gearing(2) 36% 32% +4pts
Undrawn committed facilities 500 500 -
(1) Cash and cash equivalents and cash management financial assets of €747.3m and security deposit and margin calls relating to the portfolio derivative instruments of €97.7m
(2) Gearing = Total financial debt / Group share shareholders’ equity
INVESTOR PRESENTATION
Tikehau Capital 565.5 YEARS OF AVERAGE DEBT MATURITY GROUP
A well spread debt repayment schedule, no maturity before 2023
Financial indebtedness as 31 December 20201 and amortization plan
Amortization Plan
€2,000m
Term Loan
2017 Bond - €300m
500 €1,500m
2019 Bond - €500m
2021 Sustainable Bond - €500m
500 500 RCF - €500m
500 500
500
300 300
(in €m)
500 500
300
200 200 200
Total Facilities Drawn Debt 2021 2022 2023 2024 2025 2026 2027 2028 2029
On March 25, 2021, Tikehau Capital successfully placed a €500 million inaugural sustainable bond with a 8-
year maturity and a 1.625% coupon, the first of its kind in the asset management industry
INVESTOR PRESENTATION (1) Pro forma the €500m Sustainable bond issue realized on March 25th, 2021
Tikehau Capital 57FUNDS PERFORMANCE IN DIRECT LENDING PRIVATE DEBT
Portfolio actions in 2020
Direct Lending Direct Lending Direct Lending Direct Lending
I(1) II(2) III IV
Fund size €85m €134m €610m €2.1bn(3) Close contact with portfolio
companies
Inception 2010 2012 2014 2017
Current: 6 / Current: 13 / Current: 53 /
# investments Exited: 13
Exited: 18 Exited: 21 Exited: 9
Regular assessment of short- and
medium-term impacts on business
Average inv. Size €18.8m €21.3m €21.8m €30.0m
models
Gross IRR on
9.1% 16.7% 10.4% 12.5%
exited transactions
Focus on cash preservation and
cost control
Diversified sector exposure in TDL III & TDL IV
Consumer High Tech
When needed, implementation of
Automotive Forest Product Transportation
goods Retail industries Retail
TMT
Construction &
Building
& Paper
TMT
specific measures to create liquidity
Finance Construction &
Beverage & Building
Aerospace &
buffers
food Capital
Defense
Equipment
Consumer − state-backed loans
Real Estate services
Healthcare &
Hotel, Gaming
Consumer
Pharma − covenant waivers
& Leisure TDL III goods
TDL IV
Healthcare &
− interest postponement, etc.
Beverage &
Chemicals Pharma food
Environmental
Insurance Industries Business
High Tech services
industries Capital
Aerospace & Insurance
Defense Business Consumer Equipment Hotel, Gaming
services services & Leisure
(1) Tikehau Situations Spéciales II
INVESTOR PRESENTATION (2) Tikehau Preferred Capital
(3) Fund size corresponds to TDL IV fund and associated vehicles and SMAs, whereas credit statistics relate to the TDL IV flagship fund
Tikehau Capital Actual retuns will be substantially lower on a net basis. Past performance is not indicative of future results 58FUNDS PERFORMANCE IN REAL ESTATE REAL ASSETS
Solid performance for Sofidy’s main funds Snapshot on main Real Estate funds performance
Tikehau Tikehau Tikehau Tikehau Tikehau
Real Estate Real Estate Retail Logistics Real Estate
Fund type SCPI SCPI II III Properties I Property I I
AuM (1)
€3.4bn €1.7bn Fund size €273m €354m €132m €84m €100m
Diversified
Offices Inception 2016 2017 2014 2016 2014
Strategy Largest cap. in
properties
France
Sale & Sale & Sale &
Creation date Sale &
1988 1987 Lease-back Lease-back Lease-back Asset
Strategy Lease-
/ assets / assets / assets conversion
2020 perf (%) back
4.42% 4.80% conversion conversion conversion
IRR since Tenant
inception(1) (%)
9.46% 8.78%
Multiple on
1.7x 1.7x 1.3x 2.0x 1.9x
Rent collection exited assets(2)
rate (%)
90% 93%
Financial occup.
rate (%)
93% 93%
(1) As of 31 December 2020
(2) Total proceeds from exited assets compared to initial investment
Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 59PRIVATE EQUITY TRACK RECORD PRIVATE EQUITY
Track record of divestments: average multiple of 2.4x since 2012 (1)(2)
Buyer: GIC
Buyer: Ardian
2.4x
Tikehau
multiple 8.3x
Buyer: Hellman & Friedman Average (1)(2)
(3)
5.0x
(4)
3.7x
3.3x
2.7x
2.5x 2.4x 2.4x 2.3x 2.2x 2.1x
1.8x 1.8x 1.7x 1.6x 1.6x 1.5x 1.4x 1.4x 1.3x 1.3x 1.3x 1.2x
1.1x 1.0x 0.9x
0.3x
0.0x
Aug-15 / Dec-13 / Mar-14 / Jun-12 / Sept-09 / Dec-13 / Jun-08 / Juil-13 / Jun-10 / Oct-14 / Sept-06 / Nov-07 / Apr-14 / May-08 / May-00 / Apr-14 / Dec-09 / Mar-09 / Nov-05 / Mar-11 / Sept-14 / Jun-08 / Jun-05 / May-08 / Dec-10 / Mar-11 / Dec-15/ Oct-12/
Dec-19 Dec-17 Jun-16 Apr-17 Dec-17 Nov-19 Jul-14 Aug-18 May-19 May-16 Feb-13 Feb-15 Oct-17 Feb-15 May-13 Jun-17 Dec-13 Feb-13 2015 Jun-13 Aug-17 Jan-13 Apr-13 Feb-13 Jan-17 Jul-13 May-18 Jun-17
(1) As at 31.12.2020
(2) Weighted average on amount invested
(3) Based on exchange rate $/€ on 06.05.2016
(4) Excluding earn-out
Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 60FUNDS PERFORMANCE IN FLAGSHIP CMS FUNDS CAPITAL MARKETS
STRATEGIES
Fixed Income Funds Balanced & Equity Fund
Tikehau International
Tikehau Taux Variables Tikehau Credit Plus Tikehau SubFin Fund
Cross Assets
Subordinated debt market in
Flexible investments in Equities
Core Investment Grade fund Core High Yield Fund core European financial & Fixed Income markets
institutions
€1,379m €408m €402m €1,080m
AuM (1) AuM (1) AuM (1) AuM (1)
+1.6% +1.8% +4.4% -1.9%
Performance 2020 Performance 2020 Performance 2020 Performance 2020
(1) As at 31.12.2020
Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 61SUSTAINED FUNDRAISING MOMENTUM
Combination of strong organic growth and selected acquisitions
AuM growth drivers since 2013 Vintage funds increasing in size
Distributions €2.1bn
Fundraising
• Sofidy
Mark-to-market
• ACE
External growth
5.4
Star x3.4
America
0.6
• Lyxor 0.4
0.2 0.6
• IREIT 1.2
0.2 4.6
0.1 3.9 3.7 3.6 €610m
0.3 2.4
1.5 2.0 x4.6
1.2
(0.2) (0.2) (0.1) (0.2) (0.5) (1.1) (1.4) (1.1) x1.6 €134m 600
(0.3) €85m
214
2013 2014 2015 2016 2017 2018 2019 2020 26 41 60
Direct Lending Direct Lending Direct Lending Direct Lending Direct Lending
Total
1 2 3 4 5
AuM 3.0 4.3 6.4 10.0 13.8 22.0 25.8 28.5
(EoP) Vintage 2010-2020 2012-2022 2014-2022 2017-2025 2020-
Net
+1.4 +1.3 +2.1 +3.6 +3.8 +8.2 +3.8 +2.7 Committed by Tikehau Capital Third parties
change
INVESTOR PRESENTATION
Tikehau Capital 62CAPITAL STRUCTURE AT 31 DECEMBER 2020
Shareholding structure
Share capital ownership
4
1 Includes Fakarava Capital (6.8%) and Tikehau
Other institutionals and Capital Advisors (37.0%) which owns 100% of
free float Tikehau Capital General Partner, the general partner
25.3% of Tikehau Capital SCA (the listed company)
44.3% 1
2 Shareholders which are also shareholders of
Management Tikehau Capital Advisors and / or part of a
3 8.9% shareholders’ agreement with Management
Fonds Stratégique
de Participations 3 FSP’s shareholders are 7 of the largest French
21.5% insurance companies: CNP Assurances, Sogecap,
Groupama, Natixis Assurance, Suravenir, BNP
Paribas Cardif, and Crédit Agricole Assurances
2
Strategic shareholders
Shareholders bound by a shareholders’
agreement representing a total of 59% of the
share capital: Management (44.3%), MACSF
(9.0%), Crédit Mutuel Arkea (3.8%) and Neuflize Vie
(1.7%)
INVESTOR PRESENTATION
Tikehau Capital 63EXPERIENCED AND COMMITTED LEADERSHIP TEAM 1/2
Co-Founders Tikehau Capital – Group Management
Henri Marcoux Antoine Onfray
Deputy CEO Chief Financial Officer
Antoine Flamarion Mathieu Chabran
Emmanuelle Costa Geoffroy Renard
Head of Human Capital General Counsel
Ephraim Marquer Anne Le Stanguennec
Head of Compliance Head of Internal Audit
Bertrand Honoré Grégoire Lucas
Chief Technology Officer Head of External Relations
INVESTOR PRESENTATION
Tikehau Capital 64EXPERIENCED AND COMMITTED LEADERSHIP TEAM 2/2
Asset Management Executive Team
Thomas Friedberger Henri Marcoux Jean-Baptiste Feat Bruno de Pampelonne Frédéric Giovansili Guillaume Spinner
TIM Co-CEO & Co-CIO TIM Co-CEO TIM co-CIO TIM Chairman TIM Deputy CEO TIM COO
Head of Sales and Marketing
Private Debt Real Assets Private Equity Capital Markets Strategies Tactical Strategies
Peter Cirenza
Raphael Thuin
Cécile Mayer-Lévi Frédéric Jariel Emmanuel Laillier Chairman of Tactical Strategies,
Head of Capital Markets
Head of Private Debt Co-Head of Real Estate Head of Private Equity Private Equity and Chairman of
Strategies
the London office
Debra Anderson Pierre Vaquier Guillaume Benhamou Jean-Marc Delfieux Maxime Laurent-Bellue
Head of CLO Business CEO of Ace Capital Head of Fixed Income Head of Tactical Strategies
Co-Head of Real Estate
Partners
Marwan Lahoud Vincent Mercadier Research
Nathalie Bleunven Guillaume Arnaud Head of Balanced & Equity
Head of Corporate Executive Chairman of
Chairman of Sofidy Ace Capital Partners Strategies Rodolfo Caceres
Lending
Head of Credit Research
Olga Kosters
Head of Private Debt Jean-Marc Peter
Secondaries CEO of Sofidy Regional Heads
Carmen Alonso Neil Parekh Timothy Grell
William A. Marino United Kingdom & Iberia Asia, Australia and New North America
Co-Founder and CEO of Region Zealand
Star America
Infrastructure Partners
Edouard Chatenoud Luca Bucelli Andrea Potsios
Christophe Petit Italy
Benelux Italy
Co-Founder and
President of Star America
Infrastructure Partners
Young Joon Moon Sergei Diakov
Korea Japan
INVESTOR PRESENTATION
Tikehau Capital 65SIMPLIFIED ORGANIZATION CHART AT 31 DECEMBER 2020
Founders &
Management
33% 67%
Public
shareholders including
58% Tikehau Capital
Fakarava Capital FSP
Advisors(1)
c60 FTE
7% 37% 56%
Tikehau Capital SCA
€2.8bn of shareholders’ equity
0 FTE
100%(2)
Asset Management activity
c470 FTE
Listed consolidated perimeter
(1) Owns 100% of Tikehau Capital General Partner, the general partner of Tikehau Capital SCA
(2) Except IREIT Global Group (50%) and Credit.fr (96%)
INVESTOR PRESENTATION
Tikehau Capital 66INTERNATIONAL ADVISORY BOARD
Distinguished and complementary advisory board members with significant expertise in international affairs
Stéphane Abrial Jean Charest Fu Hua Hsieh Noboyuki Idei
Former Chief of Staff of the French Former Premier of Quebec Chairman of ACR Capital and Board Former CEO of Sony Corporation
Air Force, and former NATO Chairman NUS Board
Supreme Allied Commander
Former President of Temasek Holdings
Transformation
Margery Kraus Enrico Letta Lord Peter Levene
Founder & Executive Chairman of Former Italian Prime Minister Former Chairman of Lloyd's London
APCO Worldwide
François Pauly Kenichiro Sasae Sir Peter Westmacott * Fernando Zobel de Ayala
Chairman of Compagnie Financière La Former Japanese Ambassador Former British Ambassador President and COO of the Ayala
Luxembourgeoise Corporation
INVESTOR PRESENTATION
Tikehau Capital * Chairman of the International Advisory Board 67TIKEHAU CAPITAL - SUPERVISORY BOARD
Independence, experience and expertise
Independent members represent 50% of the Board
Christian de Labriffe Jean-Louis Charon
Chairman of the Supervisory board Chairman of City Star
Roger Caniard Troismer, represented by Léon Seynave
Head of MACSF Financial Management Managing Director of an investment group
Fonds Stratégique de Participations, Jean Charest
represented by Florence Lustman Former Premier of Québec, Partner at the McCarthy Tétrault law firm
Chief Financial Officer of Fédération Française de l’Assurance (Canada)
Anne-Laure Naveos Fanny Picard
Director in charge of External Growth & Partnerships at
Chair of Alter Equity SAS, Management Company of the FPCI Alter Equity
Crédit Mutuel Arkéa
Constance de Poncins
Remmert Laan Managing Director of AGIPI (General Interprofessional Retirement and
Former General Partner at Lazard Investment Association)
Jean-Pierre Denis (non-voting member)
CEO of Crédit Mutuel Arkéa and President of the
Fédération du Crédit Mutuel de Bretagne
INVESTOR PRESENTATION
Tikehau Capital 68CONTACTS
Paris London Amsterdam Brussels Luxembourg
32, rue de Monceau 30 St. Mary Axe ITO Tower - Gustav Mahlerplein 104 IT Tower, Avenue Louise 480 4ème étage
75008 Paris London EC3A 8BF 1082 MA Amsterdam 1050 Brussels 37A avenue J-F Kennedy
FRANCE UK NETHERLANDS BELGIUM L-1855, Luxembourg
Phone: +33 1 40 06 26 26 Phone: +44 203 821 1000 Phone: +31 20 796 93 61 Phone: +32 2894 0080 LUXEMBOURG
Phone: +352 2733 5450
Madrid Milan
Calle de Velazquez 98 Galleria San Fedele – Via Agnello 20
28 006 Madrid 20121 Milan
SPAIN ITALY
Phone: +34 91 048 1666 Phone: +39 02 0063 1500
New York Seoul
412 West 15th St. 43FI, Three IFC
18th Floor 10 Gukjegeumyung-ro,
New York, NY 10011 Youngdeungpo-gu
UNITED STATES Seoul, 07326
Phone: +1 212 922 3734 KOREA
Phone: +82 2 6138 4331
Singapore Tokyo
1 Wallich Street #15-03 Marunouchi Nakadori bldg. 6F
Guoco Tower 3-2-2 Marunouchi, Chiyoda-ku,
Singapore 078881 Tokyo 100-0005
SINGAPORE JAPAN
Phone: +65 6718 2111 Phone: + 81 3 6837 5430
INVESTOR PRESENTATION
Tikehau Capital 69The information contained in this presentation is confidential and is for the exclusive use of the original listed recipient(s). The contents of this presentation are for TIKEHAU CAPITAL informational purposes only, and should not be regarded as an offer to sell or a solicitation of an offer to buy any securities, futures, options, investment products, share of funds or other financial product or services. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change 32, rue de Monceau - 75008 Paris - France without notice. Tikehau Capital shall not be held liable in any case for any decision taken based on the present document. Past performances are no indicator of future Phone: +33 1 40 06 26 26 performances. Fax: +33 1 40 06 09 37
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