TIKEHAU CAPITAL INVESTOR PRESENTATION - FEBRUARY 2022
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TIKEHAU CAPITAL INVESTOR PRESENTATION FEBRUARY 2022
AGENDA
1 Introduction to Tikehau
Capital
p. 3
4 Granular and Resilient
Investment Portfolio
p. 33
2 A Large Spectrum Of Expertise p. 12
5 Outlook p. 39
3 Asset Management: Accretive
Growth Model
p. 19
6 Appendix p. 45
INVESTOR PRESENTATION
Tikehau Capital 2
1 Introduction to
Tikehau Capital
INVESTOR PRESENTATION
Tikehau Capital 3
A GROWING GLOBAL ALTERNATIVE ASSET MANAGER GROUP
Founded in IPO in €34.3bn €2.9bn 12 683
2004 March 2017 of AuM(1) of shareholders’ countries employees(1)
equity(2)
Recurring and predictable Strong equity base
management fees Capital allocation priority: invest
Asset
Strong potential for Investment in TKO funds to:
performance fees and carried
Management
activity − Support Asset Management
interest activity growth
Scalable platform − Benefit from returns generated
Access to complementary by our funds
asset classes Second-to-none alignment of
interest
A double exposure to alternative asset classes
(1) At 31 December 2021
(2) At 30 June 2021
INVESTOR PRESENTATION
Tikehau Capital 4
PERFORMANCE DRIVES SUSTAINABLE GROWTH GROUP
Selective Balance sheet
investments returns
ASSET
FUND INVESTMENT
MANAGEMENT
PERFORMANCE ACTIVITY
ACTIVITY
Dynamic Investments in
fundraising TKO funds
Increasingly scalable platform Second-to-none alignment of interest
INVESTOR PRESENTATION
Tikehau Capital 5
17 YEARS OF CONTINUED AUM GROWTH GROUP
Inception and ramp-up Institutionalization Internationalization and acceleration
Create the brand Develop the brand Expand the brand
683
IPO 594
Euronext
Paris 532
34.3
434
28.5
25.8
22.0
209
170
94 13.8
40 43 10.0
20
6.4
3.0 4.3
1.6
€4m
2004 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Creation Acquisition London Singapore Brussels Madrid New York Tokyo Amsterdam & Frankfurt
of TCP of & Milan & Seoul Luxembourg
INVESTOR PRESENTATION
AuM (€bn) FTEs(1) (#) (1) Group FTE including both TC and TCA FTEs
Tikehau Capital 6
STRONG GROWTH ACROSS ALL METRICS AM
Net new money Fee-paying AuM AuM from international investors
€bn €bn €bn
2016-21 CAGR +28% 6.4
+37% 24.4 +42% 10.1
1.9
6.0 2.1
(1) (1)
2016 2017 2018 (1) 2019 2020 2021 2016 2017 2018 2019 2020 H1 2021 2016 2017 2018 2019 2020 H1 2021
Management fee rate Revenue from Asset Mgt activity FRE and FRE(2) margin
bps €m €m, %
35.3% 36.7%
+29 104.0 204.8
bps 70.2
+51%
122.2 44.5
75.0
39.4 7.0% +126%
2.7
2016 2017 2018 (1) 2019 2020 H1 2021 2016 2017 2018 (1) 2019 2020 H1 2021 2016 2017 2018 (1) 2019 2020 H1 2021
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
(2) Fee-Related Earnings
INVESTOR PRESENTATION
Tikehau Capital 7
STRUCTURAL TAILWINDS FOR ALTERNATIVES
Continued projected growth in sector AuM and revenue generation
Global AuM by product Global revenue by product
$136Tn $437bn
22 16%
$103Tn 15% $331bn
23 17% 202 46%
15 15%
19
19%
18% 21 15% 140 42%
15 13%
14% 75 17%
$32Tn 36 26% $112bn 61 19%
15% 13%
32 31% 59
3 9% 27% 43 13%
22% 15% 30
7 26%
2 7% 6 28 70 16%
34 25% 6% 65 20%
17 53% 22 21% 39%
43 31 7%
3 9% 4 3% 21 6%
2003 2020 2025e 2003 2020 2025e
Alternative assets Specialty products Solutions/LDI/diversified products Active Management Passive management
Source: BCG Global AM 2021 report
INVESTOR PRESENTATION
Tikehau Capital 8
CORE PILLARS OF OUR BUSINESS GROUP
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 9
ALIGNMENT OF INTERESTS: A KEY DIFFERENTIATOR GROUP
Tikehau Capital simplified organization(1) Unique alignment of interests
Management and
Others Management #1 shareholder
employees(2) Management
Capital allocation priority: invest in TKO
56% funds
44%
Shareholders
53% of carried interest(4) retained
by the firm
Investor- Dividend policy: distribute
clients >80% of FRE+PRE
2021 milestone
Alternative asset manager with Implementation of a future-facing and simplified organization
a strong balance sheet
Regroup Reset
central corporate General Partner
€34.3bn €2.9bn functions and expertise remuneration
of AuM(1) of shareholders’
equity(3)
(1) As at 31 December 2021 Simplified Improved Revised
(2) Mainly Tikehau Capital Advisors (51%) and Fakarava Capital (5%) organization financial profile dividend policy
(3) As at 30 June 2021
(4) And 100% of performance fees generated by open-ended funds
INVESTOR PRESENTATION
Tikehau Capital 10ESG: AT THE HEART OF TIKEHAU CAPITAL’S STRATEGY GROUP
Key pillars of our responsible investment strategy Strong commitment to address climate change
Exclusions ESG integration Engagement Climate Action Center:
− Platform harnessing financial innovation and focus on
Sustainability-themed & impact investing decarbonization, biodiversity, sustainable agriculture
and food
2018 2020 2021 − Deploy climate-focused investment strategies
Ambition to formalize science-based targets for the
T2 Energy Tikehau Impact High Yield Impact private equity business by 2023
Transition Fund Lending (TIL) Strategy (TIC)
Private equity
Article 9 of SFDR
Private debt
Article 9 of SFDR
Capital markets strategies
Article 9 of SFDR
€1.5bn >€5bn
Climate-dedicated AuM as 2025 climate-dedicated
at 31 December 2021 AuM objective
Sustainable financings at Group level
Sustainable bond Sustainability-linked loan
Successful placement of a €500m inaugural sustainable Indexation of the RCF margin to ESG criteria
bond, the first of its kind in the asset management industry
INVESTOR PRESENTATION
Tikehau Capital 112 A large spectrum
of expertise
INVESTOR PRESENTATION
Tikehau Capital 12A LARGE SPECTRUM OF INVESTMENT EXPERTISE GROUP
A comprehensive offering across asset classes and investment vehicles
DIRECT INVESTMENTS
€1.3bn
CAPITAL MARKETS
STRATEGIES
PRIVATE DEBT
€5.1bn
€11.7bn
• Fixed Income
• Direct Lending
• Equity
• Secondaries
PRIVATE EQUITY
€34.3bn •
•
Leverage Loans
CLOs
Total AuM at 31.12.21 Multi-asset strategies 1
€4.1bn •
• Growth Equity +20.2% y-o-y
• Energy Transition
• Aero & Cybersecurity REAL ASSETS
• Special Opportunities 1
€12.0bn
• European Core / Core+ real estate
• European value-add real estate
1 • US infrastructure
TACTICAL STRATEGIES
Special Opportunities (€0.7bn) / Multi-asset strategies (€0.2bn)
Permanent Closed-end SMA & evergreen Open-ended
SPACs
capital funds mandates funds
INVESTOR PRESENTATION
Tikehau Capital 13AREAS OF EXPERTISE AM
Private Debt
Secondaries (3%)
Key figures (31 December 2021)
Direct Lending
(69%)
Leveraged Europ. Direct &
€11.7bn +25% 95% Loans (43%)
European Lev. loans €11.7bn
of AuM
Corporate Lending
of Assets under AuM yoy growth Selectivity rate in H1 2021 & CLOs
Management
Debt Risk/ Return Profile Investment universe & key features
Gross Asset classes addressed by Tikehau Direct Lending
Return
Asset classes addressed by other departments of Tikehau Capital
Senior loans, stretched senior, unitranche,
15%
mezzanine, preferred equity
PIK notes
10-15%
Mezzanine Targeted companies with revenues between
10-14%
€50m and €2bn
10% Unitranche
7-9%
High Yield (Single B)
First Lien Innovative & flexible structuring capabilities
6-8%
Stretched Senior
5% 5-7%
Strong partnership with PE funds
& banks
Investment Grade
1.5-2%
0%
Risk Profile +
INVESTOR PRESENTATION
Tikehau Capital 14AREAS OF EXPERTISE REAL ESTATE
AM
Real Assets
A granular and diversified business line
Key figures (31 December 2021)
Liquid funds & others 4
1 Closed-end funds
€12.0bn +16% 93% 8%
29%
of Assets under AuM yoy growth Selectivity rate in H1 2021
Management
€12.0bn
3 of AuM
SCPI(1) 50%
13%
A wide range of opportunities across the Risk / Return spectrum 2 Permanent capital
+
1 European Core+ and opportunistic real estate
Opportunistic North-American mid-market infrastructure
15-20%
Gross Return
2 Listed REITs in Singapore and in France
Value-add
11-14%
3 European Core/Core+ Real Estate (through SCPIs,
Core+ i.e Real Estate investment vehicles dedicated to retail
7-10% investors)
Core
4 UCITs funds (European listed Real Estate)
3-6%
Risk Profile +
Actual returns will be substantially lower on a net basis. Past performance is not indicative of future results (1) “Société civile de Placement Immobilier” (Real estate investment vehicle)
INVESTOR PRESENTATION
Tikehau Capital 15AREAS OF EXPERTISE AM
Private Equity
Targeted verticals
Key figures (31 December 2021)
Growth and expansion Equity to Entrepreneurs
Thematic expertise B2B Macro Trends
€4.1bn +19% 98% Aerospace Energy transition
Tech-enabled B2B
services
of Assets under AuM yoy growth Selectivity rate in H1 2021
Healthcare
Management Industrials
Medtechs /
Cybersecurity Financial services
biotechs
Secular and emerging Macro Trends
Key features of our Private Equity expertise Investment universe
Growth and expansion capital for founders / entrepreneurs Equity investments in non-listed companies
with growing and profitable fundamentals in
Western Europe
Offers performance comparable to buyout, but with less leverage
Invest at inflection point where our
Strong deal flow and less competition investment can support business
acceleration:
An international investment team with complementary skills and − Expanding and scaling operations
expertise − Entering new markets
INVESTOR PRESENTATION
Tikehau Capital 16AREAS OF EXPERTISE AM
Capital Markets Strategies
Flexible
Key figures (31 December 2021)
& Equity (21%)
€5.1bn +23% 11 €5.1bn
of AuM Fixed income
of Assets under AuM yoy growth funds with LuxFlag ESG (79%)
Management certification
Investment universe Investment approach Tikehau Impact Credit
Investments in High Yield, Investment Conviction based management Launched in July 2021
Grade corporates and Subordinated through flexible and dynamic asset
financials in various open-ended funds allocation and benchmark free High yield impact credit fund
and managed accounts approach
Focus on lowering companies’
Primarily pan-European and Asian Fundamental investment approach carbon footprint to help
credit combining macro and bottom-up facilitate the transition towards a
inputs net zero carbon economy
Value Quality and Special Situations
equity stocks Disciplined investment process, strong
proprietary capabilities Tikehau Capital balance sheet
commitment: €30m
INVESTOR PRESENTATION
Tikehau Capital 17TIKEHAU CAPITAL’S AUM IS INCREASINGLY DIVERSE AM
Verticals Existing at IPO Added since IPO Launch ongoing(1)
Direct Lending Europe
Corporate Lending(2) Europe Europe
Private Debt Leverage Loans Europe
CLOs Europe Americas
Secondaries Europe & Americas
Core / Core + Europe
Value-Add Europe
Real Assets REITs Asia Europe
Real Estate Debt Europe
Infrastructure Americas
Growth Equity Europe
Energy Transition Europe Americas
Private Equity Secondaries Europe / Asia
Aero & Cybersecurity Europe
Fund of Funds / Co-invest Asia
Capital Markets Fixed Income Europe / Asia Europe / Americas
Strategies Equity Europe / Americas
Tactical Special Opportunities Europe Americas & Asia
Strategies Multi-asset solutions Europe
(1) Launch ongoing / considered Impact strategies classified Article 9 as per the SFDR
INVESTOR PRESENTATION
(2) Including Impact Lending
Tikehau Capital 183 Asset Management:
accretive growth model
INVESTOR PRESENTATION
Tikehau Capital 19KEY SUCCESS FACTORS IN ASSET MANAGEMENT AM
SELECTIVE INVESTMENTS
High level of discipline and
selectivity
DYNAMIC FUNDRAISING 1 Strong sourcing capabilities with
local teams
Increased AuM diversification ESG criteria fully integrated in the
Continued business mix selection process
rebalancing
3
Further client base
diversification
Strong track record across asset
classes and verticals
2 Strong potential for performance
fees and carried interest
SOLID PERFORMANCE
4 INCREASINGLY SCALABLE
PLATFORM
INVESTOR PRESENTATION
Tikehau Capital 201 ACCELERATION IN FUND DEPLOYMENT OVER 2021 AM
€5.5bn invested in 2021
2021 deployment driven by Private Debt
+83% 5.5 funds, followed by Real Assets
vs. 3-year average
High level of discipline and selectivity
98% of selectivity rate on average(1)
Strong ESG focus across asset classes
Healthy pipeline ahead
€bn
3.6
2.7 2.8
€6.2bn
of dry powder within AM funds
(32.12.21)
2018 PF 2019 2020 2021
(1) As at 30 June 2021 and calculated as 1 – (total closed deals / total screened deals)
INVESTOR PRESENTATION
Tikehau Capital 212 STRONG REALIZED RETURNS WITHIN TKO FUNDS AM
Gross IRR(1) on
exited transactions >10% >10% >30% >30% >15%
2.0x 1.9x
1.6x
1.5x
Gross MOIC(1) on
exited transactions 1.2x 1.2x 1.2x
TDL III (2) TDL IV (2) TSO II (2) TGES (2) Star America I (3) Tikehau Logistics Tikehau Real
Property I Estate I
Real Estate Real Estate
Direct Lending Direct Lending Special Opps. PE Secondaries Infrastructure
Asset conversion Sale and lease-back
Closing date H1 2015 H1 2019 H1 2021 H2 2019 H2 2013 H2 2016 H1 2014
Fund size at
€0.6bn €2.1bn(4) €0.6bn €0.2bn €0.3bn €0.1bn €0.1bn
closing
>90% >40%
Fund status Divesting Fully invested Fully invested Liquidated funds
invested invested
Actual returns will be substantially lower on a net basis. Past performance is not indicative of future results
(1) Gross IRR is defined as internal rate of return on realized investments, before management fees and carried interest. Gross MOIC on
realized assets is defined as the proceeds received from the realization divided by the value of the initial amount invested, before
management fees and carried interest.
INVESTOR PRESENTATION (2) Fund managed by Tikehau IM
Tikehau Capital (3) Fund managed by Star America Infrastructure Partners, acquired by Tikehau Capital in July 2020 22
(4) Fund size includes TDL IV flagship fund as well as associated vehicles3 RECORD FUNDRAISING LEVEL IN 2021 AM
€22.1bn of cumulative AM Net New Money since 2017
6.4
+53%
Compared to the average yearly
fundraising over 2018-20
4.3 4.2
4.1 4.0
3.1 €2.6bn
Net new money in Q4 2021
Record quarter in fundraising
H2
2.4
€bn
Demonstrates the strong performance of the Group’s
H1 strategies and the continued interest of investors in the
asset classes on which Tikehau Capital is positioned
2017 2018 2019 2020 2021
INVESTOR PRESENTATION
Tikehau Capital 233 CONTINUED DIVERSIFICATION AND AM
INTERNATIONALIZATION OF OUR CLIENT BASE
Clients by geography (at 30-Jun-21) Clients by category (at 30-Jun-21)
30.9 Group AuM
Direct investments 3% 5% 10% Tikehau Capital group
6%
x3 Asset Managers, Banks &
Institutionals
AuM from local
14% €30.9bn HNWI, Retail, private banks
investors
Group AuM
at 30.06.21 Family offices
10.0
Other
x5 10.1 AuM from international
investors
62% Direct investments
€bn
2.1
31/12/2016 30/06/2021
A highly diversified investor base
35% 54% Ongoing initiatives to address the retail & private clients
of AuM from of third-party NNM from (Banca March, Fideuram, unit-linked products, etc.)
international investors international investors
(excl. Sofidy) over H1 2021
at 30 June 2021
INVESTOR PRESENTATION
Tikehau Capital 243 A RELEVANT PLATFORM TO ADDRESS PRIVATE CLIENTS AM
Open- Recent initiatives
ended Listed
A wide range of REITs 2019: 2020: 2021: 2021:
solutions already funds
Dedicated ELTIF with PE unit-linked PD unit-
available to private mandate with with linked with
investors
SCPI(1)
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 253 TIKEHAU CAPITAL: A PARTNER OF CHOICE FOR EUROPEAN
GOVERNMENTS TO FINANCE THE ECONOMIC RECOVERY
TKO’s 8 European 2021 office TKO managing government-led Investors &
Industry mandates
offices opening recovery funds Strategic partners
2013 CDC, French Insurance Federation
Novo 2
(FFA), Institutional investors
2015 Novi 1 CDC, FFA, Institutional investors
2018 Tikehau
CDC, FFA, Institutional investors
Novo 2018
Tikehau
CDC, FFA
Novo 2020
2020
Ace Aero
Partenaires
Ace Aerofondo
Belgian and
2021 Belgian Recovery Fund
intern. investors
“Obligations Relance” CDC, FFA
INVESTOR PRESENTATION
Tikehau Capital 264 SUSTAINED GROWTH IN FEE-PAYING AUM AM
+20% 95%
fee-paying AuM growth of AuM in closed-end funds have
over the LTM duration above 3 years
29.4
1.4
24.0 Growth in fee-paying AuM driven by sound
3.6
AM AuM 21.2 deployment in Private Debt and Real
1.0 Assets as well as solid fundraising for
2.7 Capital Markets Strategies and Private
Non fee-paying AuM 1.1
Future fee-paying 2.7 Equity (mainly T2)
24.4
+20%
€3.6bn of future fee-paying AuM (+33%
Fee-paying yoy), representing >€30m of potential
AuM 20.3 additional revenues
17.4
€bn
30-Jun-19 30-Jun-20 30-Jun-21
INVESTOR PRESENTATION
Tikehau Capital 274 CONTINUED INCREASE IN MANAGEMENT FEE RATE AM
+20bps in management fee(1) rate since 30 June 2019
104
Accretive business mix evolution
94
Favourable mix in Private Debt (with
Direct Lending)
+10bps
84 Positive effect of arrangement fees in
Real Assets
+10bps
Positive impact of late management
71 fees in Private Equity
31-Dec-17 30-Jun-19 30-Jun-20 30-Jun-21
(1) Include management fees, subscription fees, arrangement fees and other revenues
INVESTOR PRESENTATION
Tikehau Capital 284 > 95% OF AM REVENUES COME FROM MANAGEMENT FEES AM
+39% +28%
Management fees Management fees & others
& others growth over the LTM CAGR over the last 3 years
122.2
1.1
88.3 Strong management fee growth
+39% reflects solid fundraising and fund
AM revenues 75.9
1.2 deployment
Performance fees 0.9
& carried interest High reliance on long-term,
121.1
predictable, revenue generation
(99%)
87.1
(99%)
Strong optionality from carried
Management fees 75.0
& others(1) (99%) interest in the mid-term
(€m)
30-Jun-2019 30-Jun-2020 30-Jun-2021
(1) Include management fees, subscription fees, arrangement fees and other revenues
INVESTOR PRESENTATION
Tikehau Capital 294 STRONG FRE GROWTH DRIVING AM PROFITS AM
Fee-Related Earnings up +62% yoy, bringing FRE margin to 36.7%, up 5.2 points vs. H1 2020
36.7%
€44.5m 31.5%
+62% 26.2%
+5.2 pts
19.1% +5.4 pts
121.1
€27.4m
€19.6m
87.1
75.0 (76.6) 4.7%
(59.7)
(55.4)
(5.0%)
H1 2016 PF H1 2017 H1 2018 H1 2019 H1 2020 H1 2021
H1 2019 H1 2020 H1 2021
Management fees and others AM costs Fee-related earnings (FRE) FRE margin
INVESTOR PRESENTATION
Tikehau Capital 304 PERFORMANCE-RELATED EARNINGS POTENTIAL AM
1.7x in AuM eligible to carried interest since 30 June 2019
12.5
+39%
+39% +41%
9.0 AuM eligible for carried AuM eligible to carried
interest growth yoy interest, currently invested
7.5
7.1 and above hurdle rate
growth yoy
5.8
4.2 3.9
2.6 2.8
Tikehau Capital’s approach to carried interest
€bn
Shareholder- Cautious P&L Material mid-
friendly recognition term
30-Jun-2019 30-Jun-2020 30-Jun-2021
allocation profitability
driver
AuM eligible for AuM eligible to carried interest AuM eligible to carried interest,
carried interest and currently invested currently invested and above
hurdle rate
INVESTOR PRESENTATION
Tikehau Capital 314 LARGE 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
Still in fundraising
AuM at 31
Dec. 2021
1600
(€m)
1200
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 324 Granular and resilient
investment portfolio
INVESTOR PRESENTATION
Tikehau Capital 33INVESTMENT PORTFOLIO AS AT 31 DECEMBER 2021 (1/2) IM
# of 206 211 229
investments
2,685
2,410 2 investments > €50m
2,336 €569m
681 Non-listed investments 569 12 investments between €10m and €50m
122 investments < €10m
(25%)
€112m Listed investments
Listed investments 112
823 136 Capital Markets Strategies
Ecosystem
911
investments
508 Private Equity
2,004 673 Real Assets
1,586 (75%)
Tikehau Capital
1,425
funds
686 Private Debt
(€m)
31-Dec-2019 31-Dec-2020 31-Dec-2021
INVESTOR PRESENTATION
Tikehau Capital 34INVESTMENT PORTFOLIO AS AT 31 DECEMBER 2021 (2/2) IM
Investments in Tikehau Capital funds representing 75% of total portfolio
€668m On track
to bring the share of the portfolio comprised of
of portfolio investments over H1 2021
investments within own funds to between 65 and 75%
Tikehau Capital’s balance sheet as a
€2,685m €2,685m key differentiator and enabler of growth
Provides initial capital to launch new strategies and vehicles
681
Ecosystem 569 Non-listed investments
Enables to ensure alignment of interests with investor-clients
investments (25%)
112 Listed investments
136 Capital Markets Strategies Drawn
commitments
508 Private Equity €2.0bn
2,004
€3.0bn
673 commitments in
funds Real Assets Undrawn
(75%) TKO funds
commitments at 31 Dec. 21
€1.0bn
686 Private Debt
(€m)
31-Dec-2021
INVESTOR PRESENTATION
Tikehau Capital 35FOCUS ON NON-LISTED INVESTMENTS IM
A complementary and granular exposure serving the Group’s asset management ecosystem
High level of granularity Top 5 investments (by size)
Total
Investment type Sector Geography
investment €2,685m 2 investments
portfolio PE invest. High tech UK
> €50m
12 investments Co-invest. Healthcare & Pharma USA
Non-listed between €10m and €50m Funds-Invest. High Tech Industries France
569
investments 122 investments
Co-invest. Healthcare & Pharma Italy
< €10m
Listed 112 Co-Invest. TMT USA
investments
Breakdown by
Investment types Sector Geography
Other RoW
2,004 Private Equity Other APAC
Fund
investments Europe
investments
funds (excl. FR & UK)
Beverage & US
Food
€569m €569m High tech
€569m
2021 TMT 2021 2021
France
Co- Finance
31-Dec-2021 investments
Healthcare & Pharma UK
INVESTOR PRESENTATION
Tikehau Capital 36ROBUST GROWTH IN REALIZED INVESTMENT REVENUES IM
Growth vs.
Tikehau Capital funds are the #1 contributors to realized investment revenues H1 2020
+19%
78.1 Realized investment revenues
66.1 5.9
56.9
29.7 Other
+71%
Dividends, coupons and
7.7 Eurazeo distribution
72.2
40.6 TKO funds
+29%
TKO funds realized investment
(€m)
revenues growth
30-Jun-2019 30-Jun-2020 30-Jun-2021
30-Jun-2021 H1 2021
Dividends, coupons, distributions Realized change in fair value
INVESTOR PRESENTATION
Tikehau Capital 37RESILIENT PORTFOLIO PERFORMANCE IN H1 2021 IM
Positive fair value changes in H1 across all components of the portfolio
252.2
Eurazeo: €93m
Total 157.7
174.1 Unlisted investments: €38m
TKO funds: €25m
Unrealized change
(€m)
in fair value Other listed investments: €19m
Realized portfolio
revenue 78.1
(77.2)
30-Jun-2019 30-Jun-2020 30-Jun-2021
INVESTOR PRESENTATION
Tikehau Capital 385 Outlook INVESTOR PRESENTATION Tikehau Capital 39
TIKEHAU CAPITAL IS WELL ON TRACK TO DELIVER ON ITS TARGETS
Short-term target Status
Group AUM >€35bn On track
from Dec. 2022
Fee Related Earnings >€100m On track
(FRE) from 2022 Updated mid-term
outlook to be provided
during Capital Markets
Share of the portfolio
comprised of investments 65-75% On track Day on 22 March 2022
within Tikehau Capital funds from 2022
Return on capital invested by 10-15% On track
the Group in its own funds from 2022
INVESTOR PRESENTATION
Tikehau Capital 40SUCCESS OF THE GROUP’S REORGANIZATION
A reorganization based on two pillars
Regroup & Reset
central corporate functions and the financial flows of the listed
expertise under the listed perimeter perimeter(1)
Simplified Improved Revised Strengthened
organisation and financial profile distribution policy alignment of interests
structure
629 >€40m >80% 56%
employees regrouped post-tax cash-flow of FRE and PRE distributed Founders and Management
generation p.a as ordinary dividend ownership(2) in
(floored at €0.50 for 2021) Tikehau Capital
(1) Regrouping central corporate functions and expertise under the listed company leads to the modification of remuneration flows between Tikehau Capital and its Manager and of preferred dividend flows between Tikehau Capital
and its General Partner.
(2) Defined as the combined ownership of Tikehau Capital Advisors and Fakarava Capital.
INVESTOR PRESENTATION
Tikehau Capital 41CAPITAL ALLOCATION PRIORITIES
Organic Keep investing in Group’s funds and vehicles serving
growth AM growth
External Proceed to targeted and accretive M&A transactions
growth Geography, asset class, client type
>80% of FRE and PRE to be distributed through ordinary dividend
Shareholder (a €0.50 distribution floor for 2021)
returns Increased visibility on shareholder remuneration
INVESTOR PRESENTATION
Tikehau Capital 42WHAT 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
Foundation PE 2021 Private Equity €0.1bn
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 43A STRONG INTERNATIONAL PLATFORM TO FUEL FURTHER
GROWTH
Experienced, committed and diverse team
683 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
Finalization of the acquisition of a private equity secondary business in Asia
Strong and liquid balance sheet, with €2.9bn 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 SPAC announced in 2021
INVESTOR PRESENTATION
Tikehau Capital 446 Appendix INVESTOR PRESENTATION Tikehau Capital 45
RECOGNITION OF TIKEHAU CAPITAL’S ESG EFFORTS BY GROUP
RATING AGENCIES
External Recognition
(1)
#4 #3
A+ rating
(Confirmed in July 2020)
Investor AB EQT
Tikehau Capital ranked 4th Wendel DWS
out of >250 companies in its 3i TKO
sector ICG
Tikehau Capital
Jupiter Jupiter
ESG rating of 65/100, LionTrust
ICG
corresponding to A1 rating
Wendel
EQT
Amundi
Schroders
Group ESG rating above Ninety One
sector average Amundi
Schroders
Eurazeo
Ashmore
Positive second party opinion Partners Group
Partners Group
on sustainable bond Ashmore
Eurazeo
framework
Apollo Investor AB
KKR Apollo
16 funds labelled as of July Carlyle Ares
2021
(ESG and ESG applicant fund status) Ares KKR
Blackstone Patrizia
Data as of September 2021
INVESTOR PRESENTATION (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
Tikehau Capital 46AUM GROWTH BY ASSET CLASS GROUP
AuM at 31-Dec.-2021 YoY change QoQ change
In €m Amount (€m) Weight (%) In % In €m In % In €m
Private debt 11,709 34% +25.3% +2,366 +15.0% +1,526
Real assets 11,989 35% +16.0% +1,656 +6.5% +735
Capital markets strategies 5,124 15% +22.5% +940 +0.7% +34
Private equity 4,139 12% +18.6% +648 +3.6% +144
Asset Management 32,961 96% +20.5% +5,610 +8.0% +2,440
Direct investment 1,304 4% +10.5% +124 +2.2% +28
Total AuM 34,265 100% +20.1% +5,734 +7.8% +2,468
INVESTOR PRESENTATION
Tikehau Capital 47FEE-PAYING AUM AND MANAGEMENT FEE RATE AM
BY ASSET CLASS
30-Jun-2018
In €bn 30-Jun-2019 30-Jun-2020 30-Jun-2021
PF(1)
Real assets 6.4 6.9 8.0 9.3
Private debt 4.9 6.0 6.7 7.5
Capital markets strategies 3.6 3.3 3.8 4.7
Private equity 0.8 1.2 1.7 3.0
Total fee-paying AuM 15.6 17.4 20.3 24.4
30-Jun-2018
In bps 30-Jun-2019 30-Jun-2020 30-Jun-2021
PF(1)
Real assets 102 99 107 105
Private debt 74 69 79 85
Capital markets strategies 51 53 62 56
Private equity >150 >150 >150 >150
Management fees(2) 83 84 94 104
Performance-related fees 4 1 5 3
Total weighted average fee-rate(3) 87 85 99 107
(1) Proforma the acquisitions of Sofidy and Ace Capital Partners
(2) AM fees include management fees, subscription fees, arrangement fees and other revenues, net of distribution fees
(3) Implied fee rates are calculated based on average fee-paying AuM
INVESTOR PRESENTATION
Tikehau Capital 48SIMPLIFIED CONSOLIDATED P&L GROUP
H1 2020 H1 2021
Proforma Impact of the reorganization
In €m Published Pre-reorg. Post-reorg.
(post-reorg.)
Management fees & other revenues 87.1 87.1 121.1 121.1
Operating costs (59.7) (59.7) (76.6) (76.6)
Fee-Related Earnings (FRE) 27.4 27.4 44.5 44.5 No impact
Realized PRE 1.2 1.2 1.1 1.1
AM net operating profit (NOPAM) 28.6 28.6 45.6 45.6 No impact
Realized portfolio revenues 66.1 66.1 78.1 78.1 No impact
Change in fair value (unrealized) (143.3) (143.3) 174.1 174.1
Corporate expenses (47.3) (20.9) (44.1) (20.4) +€23.7m cost savings
Net result from associates (0.4) (0.4) (0.3) (0.3)
Financial interests (19.2) (19.3) (9.0) (9.1)
Derivative portfolio result (165.4) (165.4) (71.9) (71.9)
Non-recurring items (1.3) (1.3) - -
Tax 41.4 36.5 (19.8) (19.9)
Minority interests - - (0.2) (0.2)
Net result, Group share (240.9) (219.5) 152.6 176.1 +€23.5m improvement
INVESTOR PRESENTATION
Tikehau Capital 49CONSOLIDATED BALANCE SHEET GROUP
Very solid financial structure, supporting the Group’s strategy
30-Jun-21
Impact of the reorganization
31-Dec-20
in €m Pre-reorg. Post-reorg.
Investment portfolio 2,410 2,878 2,878
(1)
Cash & cash equivalents 845 937 964 +€27m positive impact on cash
Other current & non-current assets 764 784 789
Total assets 4,018 4,600 4,632
Marginal impact on consolidated
Shareholders' equity - Group share 2,797 2,880 2,898
shareholders’ equity
Minority interests 7 6 6
Total Group shareholders’ equity 2,804 2,887 2,905
Financial debt 999 1,506 1,506 No impact
Other current & non-current liabilities 216 207 221
Total liabilities 4,018 4,600 4,632
Gearing(2) 36% 52% 52%
Undrawn committed facilities 500 500 500
(1) Including “Cash management and financial assets” for €76.2m as at 31/12/2020 and €68.3m as at 30/06/2021 and including “net collateralised cash from derivatives” for €97.7m as at 31/12/2020 (€0m as at 30/06/2021 – all positions
related to derivatives were fully unwound in Q1 2021)
(2) Gearing = Total financial debt / Group share shareholders’ equity
INVESTOR PRESENTATION
Tikehau Capital 505.6 YEARS OF AVERAGE DEBT MATURITY GROUP
A well spread debt repayment schedule, no maturity before 2023
Financial indebtedness as 15 July 20211 and amortization plan
Amortization Plan
€2,000m
2017 Bond - €0.3bn
2019 Bond - €0.5bn
0.7
2021 Sustainable Bond - €0.5bn
€1,300m
RCF - €0.7bn - Undrawn
0.5 0.5
0.7
0.5 0.5
(in €bn)
0.5 0.5
0.3 0.3 0.3
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) Following the refinancing of the €0.7bn bank loan facility (repayment of the €0.2bn drawn term loan and increase of the RCF from €0.5bn to €0.7bn)
Tikehau Capital 51SUSTAINED 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
1.2 986
(0.2) (0.2) (0.1) (0.2) (0.5) (1.1) (1.4) (1.1) x1.6 €134m
(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 52CAPITAL STRUCTURE AT 31 DECEMBER 2021
Shareholding structure
Share capital ownership
4
1 Mainly Fakarava Capital (5.3%) and Tikehau Capital
Other institutionals and Advisors (51.0%) which owns 100% of Tikehau
free float Capital Commandité, the general partner of Tikehau
19.7% Capital SCA (the listed company)
3
1 2 Shareholders which are also shareholders of
Fonds Stratégique 6.9% Tikehau Capital Advisors and / or part of a
de Participations Management shareholders’ agreement with Management
56.7%
16.7% 3 FSP’s shareholders are 7 of the largest French
insurance companies: CNP Assurances, Sogecap,
2 Groupama, Natixis Assurances, Suravenir, BNP
Paribas Cardif, and Crédit Agricole Assurances
Strategic shareholders
Shareholders bound by a shareholders’
agreement representing a total of 68% of the
share capital: Management (56.7%), MACSF
(7.0%), Crédit Mutuel Arkea (3.0%) and Neuflize Vie
(1.3%)
INVESTOR PRESENTATION
Tikehau Capital 53AN EXPERIENCED AND COMMITTED LEADERSHIP TEAM (1/2)
Co-Founders
Antoine Flamarion Mathieu Chabran
Tikehau Capital – Group Management
Henri Marcoux Thomas Friedberger
Cécile Cabanis
Deputy CEO Deputy CEO
Deputy CEO
Antoine Onfray Geoffroy Renard Anne Le Stanguennec Emmanuelle Costa
Chief Financial Officer Head of Internal Audit Head of Human Capital
General Counsel
Bertrand Honoré
Grégoire Lucas
Head of Information
Head of External Relations
Technologies
INVESTOR PRESENTATION
Tikehau Capital 54AN EXPERIENCED AND COMMITTED LEADERSHIP TEAM (2/2)
Asset Management Executive Team
Thomas Friedberger Henri Marcoux Peter Cirenza Jean-Baptiste Feat Bruno de Pampelonne Frédéric Giovansili Guillaume Spinner
TIM CEO & Co-CIO TIM CEO TIM Co-CIO TIM Co-CIO Chairman of TIM TIM Deputy CEO TIM COO
& co-Head of Asia & Head of Asia Global Head of Sales and Product
Marketing & Structuring
Private Debt Real Assets Private Equity Capital Markets Strategies Tactical Strategies
Cécile Mayer-Lévi Frédéric Jariel Raphael Thuin Peter Cirenza
Head of Private Debt Co-Head of Real Estate
Emmanuel Laillier Head of Capital Markets Chairman of the UK, Chairman
activity activity Head of Private Equity Strategies of the Private Equity activity &
Chairman of Tactical Strategies
Jean-Marc Delfieux
Nathalie Bleunven Pierre Vaquier Marwan Lahoud Maxime Laurent-Bellue
Head of Fixed Income
Head of Corporate Co-Head of Real Estate Executive Chairman of Head of Tactical Strategies
Investments
Lending activity Ace Capital Partners
Laura Scolan Research
Guillaume Arnaud Guillaume Benhamou
Head of France & COO CEO of Ace Capital
of the Private Debt Chairman of Sofidy Partners Rodolfo Caceres
activity Head of Credit Research
Christoph Zens Jean-Marc Peter
CEO of Sofidy
Regional Heads
Head of CLO activities
Carmen Alonso Neil Parekh Timothy Grell
William A. Marino Asia, Australia & New
United Kingdom & Iberia North America
Co-Founder and CEO of
Zealand
Star America
Infrastructure Partners
Edouard Chatenoud Luca Bucelli Dominik P. Felsmann
Christophe Petit Italy Germany
Benelux
Co-Founder and
President of Star America
Infrastructure Partners
Young Joon Moon Sergei Diakov
Korea Japan
INVESTOR PRESENTATION
Tikehau Capital 55POST-REORGANIZATION SIMPLIFIED ORGANIZATION CHART
Founders &
Management
29% 71%
Other
shareholders including
58% Tikehau Capital
Fakarava Capital FSP
Advisors(1)
5% 51% 43%
Tikehau Capital SCA
€2.9bn of shareholders’ equity(2)
100%(3)
Asset Management activity
Listed consolidated perimeter (683 employees)
(1) Owns 100% of Tikehau Capital Commandité, the general partner of Tikehau Capital SCA (the listed company). Total Management ownership including Tikehau Capital Advisors, Fakarava Capital, Makemo Capital and Tikehau
Employee Fund 2018 reaches 56.7%
(2) At 30 June 2021
(3) Except IREIT Global Group (50%)
INVESTOR PRESENTATION
Tikehau Capital 56INTERNATIONAL ADVISORY BOARD
Distinguished members with significant expertise in international affairs and complementary profiles
Stéphane Abrial Jean Charest Fu Hua Hsieh
Former Chief of Staff of the French Former Premier of Quebec Former President of Temasek Holdings
Air Force
Noboyuki Idei Margery Kraus Lord Peter Levene François Pauly
Former CEO of Sony Corporation Founder & Executive Chairman of Former Chairman of Lloyd's London CEO of Edmond de Rothschild
APCO Worldwide Chairman of Compagnie Financière La
Luxembourgeoise
Kenichiro Sasae Sir Peter Westmacott * Fernando Zobel de Ayala
Former Japanese Ambassador Former British Ambassador President and COO of the Ayala
Corporation
INVESTOR PRESENTATION
Tikehau Capital * Chairman of the International Advisory Board 57TIKEHAU CAPITAL RELIES ON A BEST-IN-CLASS GOVERNANCE
A highly independent and experienced Supervisory Board Capital Allocation Committee
Role: assist the Manager in its
Board composition Board Committees investment decisions and in
monitoring the financial performance
11 Audit & Risk Committee
expected from these investments.
Members, including 1 non- Composition:
voting member
3 members • Chairman and Chief Executive Officers
2/3 independent of Tikehau IM
50% 100% attendance rate in 2020
• Group Deputy Chief Executive Officer
Independent members • Group General Counsel
Governance & Sustainability • Group CFO
40% Committee • Group CIO
Of women
• Other senior partners of the Group
3 members
100% independent
>95% 100% attendance rate in 2020
Attendance rate in 2020
INVESTOR PRESENTATION
Tikehau Capital 58TIKEHAU 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)
Hélène Bernicot Fanny Picard
Chief Executive Officer of Crédit Mutuel Arkéa Chair of Alter Equity SAS, Management Company of the FPCI Alter Equity
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 59CONTACTS
Paris London Amsterdam Brussels Frankfurt
32, rue de Monceau 30 St. Mary Axe ITO Tower - Gustav Mahlerplein 104 IT Tower, Avenue Louise 480 OpernTurm
75008 Paris London EC3A 8BF 1082 MA Amsterdam 1050 Brussels Bockenheimer Landstraße 2-4
FRANCE UK NETHERLANDS BELGIUM 60306 Frankfurt a.M.
Phone: +33 1 40 06 26 26 Phone: +44 203 821 1000 Phone: +31 20 796 93 61 Phone: +32 2894 0080 GERMANY
Phone: +49 175 9900499
Luxembourg Madrid Milan
37A, avenue J-F Kennedy c/Velázquez, 98, 6ª pl. Via Agnello 20 – Galleria San Fedele
L-1855, Luxembourg 28006 Madrid 20121 Milan
LUXEMBOURG SPAIN ITALY
Phone: +352 2733 5450 Phone: +34 91 048 1666 Phone: +39 02 0063 1500
New York Seoul
412 West 15th St. 18FI, Three IFC
New York, NY 10011 10 Gukjegeumyung-ro,
UNITED STATES Youngdeungpo-gu
Phone: +1 212 922 3734 Seoul, 07326
KOREA
Phone: +82 02 6265 8781
Singapore Tokyo
1 Wallich Street #15-03 Marunouchi Nakadori bldg. 6F,
Guoco Tower 2-2-3, Marunouchi, Chiyoda-ku,
Singapore 078881 Tokyo 100-0005
SINGAPORE JAPAN
Phone: +65 6718 2111 Phone: +81 3 5843 2770
INVESTOR PRESENTATION
Tikehau Capital 60CONTACTS
Shareholders and Investors contact
Louis IGONET Théodora XU
Head of Investor Relations Investor Relations Officer
ligonet@tikehaucapital.com txu@tikehaucapital.com
+33 (0) 1 40 06 11 11 +33 (0) 1 40 06 18 56
Analyst coverage
Bank of America Citi Exane BNP Paribas Kepler Cheuvreux RBC
Philip Middleton Nicholas Herman Arnaud Giblat Nicolas Payen Mandeep Jagpal
Berenberg Degroof Petercam Jefferies Oddo BHF Société Générale
Christoph Greulich Joren Van Aken Tom Mills Geoffroy Michalet Carlo Tommaselli
INVESTOR PRESENTATION
Tikehau Capital 61DISCLAIMER
By viewing or receiving or reading this Presentation (as such term is defined herein) or comprehensive. The Company, AF&Co Management, MCH Management and
attending any meeting where this Presentation is made, you agree to be bound by Tikehau Capital Advisors do not undertake to update, amend or complete the
the limitations, qualifications and restrictions set out below: information contained in the Presentation in order to reflect new information, new
The existence and content of the presentation that follows (the “Presentation”), events or for any other reason and the information contained in this Presentation may
regarding Tikehau Capital SCA (the “Company”) and the group to which it belongs therefore be modified without prior notification.
(the “Group”), does not constitute and should not be construed as a contract or an This Presentation contains forward looking statements about the Group and its
offer to contract or a public or non-public, binding or non-binding, offer to sell or a subsidiaries. These statements include financial projections and estimates and their
solicitation of an offer to buy any securities, investment products, share of funds or underlying assumptions, statements regarding plans, objectives and expectations
other financial product or services in any jurisdiction. This Presentation is not directed with respect to future operations, products and services, and statements regarding
to, or intended for distribution to or use by, any person or entity that is a citizen or future performance. Although the Group believes that the expectations reflected in
resident or located in any locality, state, country or other jurisdiction where such such forward-looking statements are reasonable, investors and holders of the
distribution, transmission, publication, availability or use would be contrary to law or Group’s securities are cautioned that forward-looking information and statements are
regulation or which would require any registration or licensing within such jurisdiction. subject to various risks, whether known or unknown, uncertainties and other factors,
The information contained in this Presentation is of an indicative nature and has not which may be beyond the control of the Group and which may result in significant
been verified independently. No representation or warranty, whether express or differences between the actual performances and those expressly or impliedly set out
implied, is given regarding the correctness, comprehensiveness or accuracy of the in such forward looking statements. These risks and uncertainties include those
information and opinions contained in this Presentation. This Presentation is not discussed or identified in filings with the Autorité des Marchés Financiers (“AMF”)
meant to serve as a basis for, and shall not be used in connection with an investment made or to be made by the Group. The Group undertakes no obligation to publicly
decision. No person shall be entitled to rely on, or shall have any claims against the update its forward-looking statements, whether as a result of new information, future
Company, AF&Co Management, MCH Management, Tikehau Capital Advisors, any events, or otherwise. Any information relating to past performance contained herein is
of their affiliates, officers, directors, employees, any of their advisers, consultants or no indication as to future performance.
any other person arising from this Presentation. The market data and certain industry forecasts included in this Presentation were
Investors are invited to consult the risk factors described in Chapter 2 (Risk Factors) obtained from internal surveys, estimates, reports and studies, where appropriate, as
of the Universal Registration Document of Tikehau Capital before making any well as from external market research, publicly available information and industry
investment decision. Should all or some of those risks actually occur, they would be publications. Neither the Company, nor its affiliates, directors, officers, advisors,
likely to have a negative effect on Tikehau Capital’s business, financial position, employees, consultants or agents have independently verified the accuracy of any
financial results or targets. 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
INVESTOR PRESENTATION
Tikehau Capital 62DISCLAIMER
This Presentation includes certain pro forma financial information about the Group. investors, which will reduce returns and, in the aggregate, are expected to be
This pro forma financial information has been prepared on the basis of historical substantial. Actual returns will be substantially lower on a net basis.
financial statements of the Company but has not been audited by the Group’s Calculations of Gross Return at the investment level use the date of the relevant
auditors. The pro forma financial information is presented for illustrative purposes only investment without regard to whether the investment was initially funded by investor
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”
information not purely historical in nature are based on assumptions, which are
unlikely to be consistent with, and may differ materially from, actual events or
conditions. Such forward-looking information only illustrates hypothetical results under
certain assumptions and does not reflect actual investment results and is not a
guarantee of future results. Actual results will vary 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 63The 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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