Credit

A pioneer and leader in credit

As pioneers in alternative private debt financing in Europe, we have leveraged our expertise to build a comprehensive global credit platform, offering a wide range of flexible financing solutions across the capital structure, including direct lending, corporate lending, private debt secondaries, CLOs, real estate credit, special opportunities and multi-asset solutions.

 

Our diverse solutions enable us to address the unique needs of companies, entrepreneurs and investors across various sectors. With deep sector knowledge and an active approach to financing, we support businesses throughout their development, providing tailored solutions that adapt to changing market conditions. Our integrated strategy allows us to deliver stable, long-term financing that aligns with both financial and strategic objectives.

In addition to capital, we pool our expertise, ecosystem and teams to help companies implement and monitor their sustainability objectives. Since 2015, Tikehau Capital has been committed to including clauses binding borrowers to progress strategies and ESG approaches. Since 2020, Tikehau Capital has regularly encouraged borrowers to improve their ESG performance through an incentive mechanism known as ESG ratchets. This involves incorporating two or three ESG objectives – tailored to the company – into the financing contracts. If they are achieved, the borrower is rewarded with a reduction in the interest rate margin. This margin will increase if these non-financial objectives are not met.

Find out more about our Credit strategies

Direct Lending

01

Direct Lending: supporting today's and tomorrow's leaders

We offer entrepreneurs and business leaders a comprehensive range of flexible debt financing solutions to support their growth ambitions. Our offerings include:

  • Senior Debt
  • Stretched Senior Debt
  • Unitranche
  • Mezzanine Financing
  • Preferred Equity
  • Leveraged Loans

These solutions generally range from €3 million to €300 million, covering the entire capital structure.

Key aspects of our approach:

  • Partnership with SMEs: We collaborate with small and medium-sized enterprises that are leaders in their respective fields, supporting them as they seek to make acquisitions or expand their businesses.
  • Sector focus: Our primary focus is on sectors where access to financing is challenging, but which hold exceptional potential for the European economy.

CLOs & Leveraged Loans

02

Delivering consistent credit performance through our Collaterised Loan Obligations (CLOs)

Our European and US CLO businesses provides investors with access to well-structured, diversified credit portfolios

Key features:

  • Tailored CLO solutions that adapt to both regional and global trends
  • Active oversight ensuring strong risk management
  • Diversified credit portfolios for balanced investment approach

Leveraging our deep market expertise, we focus on structuring CLOs that:

  • Balance yield generation with disciplined credit selection
  • Meet the financing needs of borrowers
  • Deliver stable returns for our investors

 

Private Debt Secondaries

03

Private Debt Secondaries: addressing the allocation needs of our investor-clients

Supported by a dedicated investment team actively deploying capital across diverse opportunities, our Private Debt Secondaries strategy leverages a deep network of relationships with:

  • Blue-chip General Partners (GPs)
  • LPs
  • Advisors
  • Key market participants

Key features of our strategy:

  • Proactive portfolio management: Private Debt Secondaries have emerged as a proactive tool for both LPs and GPs, enabling them to manage portfolios effectively and anticipate new allocations rather than relying solely on liquidity needs.
  • Bespoke solutions: Our tailored solutions provide investors with the flexibility to navigate evolving market dynamics.

Corporate & Impact Lending

04

Corporate & Direct Lending

LONG-TERM INVESTMENTS ALIGNED WITH DECARBONISATION GOALS

  • Financing strategies focused on long-term sustainable impact, contributing to the decarbonisation of mid-market companies.
  • Private debt as a tool for deeper engagement, providing direct access to portfolio management and the opportunity to drive meaningful change.
  • Average investment horizon of 5 years, allowing sufficient time to implement, monitor and measure sustainable transformations.
  • Targeting mid-market companies with high growth potential and a focus on sectors where sustainability-linked financing can unlock new opportunities.

Tactical Strategies

05

Tactical Strategies: flexible solutions for asymmetric risk/return profiles

SPECIAL OPPORTUNITIES: A COMPREHENSIVE CAPITAL SOLUTIONS MANDATE

We finance companies in both private and public markets, across the entire capital structure, addressing situations of both performance and underperformance.

We offered tailored capital solutions for sponsors, borrowers and management teams:

  • Liquid credit: high-quality credit opportunities presenting valuation anomalies due to market dislocations or idiosyncrasies.
  • Opportunistic real estate credit: the ability to structure financing for complex projects that traditional banks will not finance.
  • Flexible capital solutions: supporting companies in need of tailor-made financing to strengthen their liquidity or seize growth opportunities.

MULTI-ASSET STRATEGIES: BESPOKE AND DIVERSIFIED ASSET ALLOCATION

We provide allocation solutions across different asset classes, with a strong emphasis on private assets. Our solutions are tailored for:

  • Private investors
  • Family offices
  • Institutional investors

Drawing on our expertise in multi-asset and multi-credit strategies, we aim to build highly diversified portfolios.

Key features:

  • The Tactical Strategies team works hand in hand with the investment teams across Tikehau Capital business lines. Our mandates can therefore leverage the Group’s global reach and capabilities at every step of the investment process.

The team

Cécile Mayer-Lévi

Co-Head of Credit
Head of Private Debt

Cécile Lévi joined Tikehau Capital in 2013 and serves as Co-Head of Credit and Head of Private Debt. Cécile previously worked at Ardian (formerly AXA Private Equity) where she notably broadened the investment scope to include unitranche debt, with a strong focus on forming partnerships. She began her career in 1988 at Merrill Lynch (Corporate Finance and M&A) in Paris and then in New York. In 1991, she joined Elig, one of the pioneering private equity funds in France. In 2001, Cécile's focus pivoted to mezzanine debt investments and she was appointed Investment Director at Omnes (formerly CAPE - Mezzanis).

Education: HEC Paris

Maxime Laurent-Bellue

Co-Head of Credit
Head of Tactical Strategies & Head of Structured Credit Strategies

Maxime Laurent-Bellue joined Tikehau Capital in 2007 and serves as Co-Head of Credit and Head of Tactical Strategies & Structured Credit Strategies. Since 2008, he has contributed to establishing and developing the Group’s private credit division. Maxime has been involved in new investments, as well as fundraising and strategic launches for several segments, including special situations, direct lending and leveraged loans. From 2012, he established and ran the Group’s senior loan business and was responsible for portfolio management, in addition to playing an active role in deal sourcing and execution for both senior loans and direct lending opportunities.

Education: Sciences Po Paris, King's College London

Nathalie Bleunven

Head of Corporate Lending

Nathalie Bleunven joined Tikehau Capital in 2014 as Head of Corporate Lending (Private Debt team). Prior to joining Tikehau Capital, Nathalie worked as a Partner at Indigo Capital France, an investment fund specialized in mezzanine debt. Nathalie started her career at Société Générale in 1987, first as a Credit Analyst and then as a Senior Banker in charge of French large corporates at Société Générale Investment Banking in London. Nathalie spent more than 25 years at Société Générale and she became Managing Director, Deputy Head of the LBO and Corporate Acquisition Finance team dedicated to Midcaps of SG in 2000.

Education: Paris - Dauphine University

Pierpaolo Casamento

Head of Private Debt Secondaries

Pierpaolo Casamento joined Tikehau Capital in 2016 and serves as Head of Tikehau Capital’s Private Debt Secondaries (TPDS) business. Pierpaolo was previously based in Paris within the Sales & Marketing team, before relocating to New York in 2019 to help launch Tikehau Capital’s Private Debt Secondaries business.

Education: Bocconi University

John Fraser

Chairman of Global Structured Credit Strategies

John Fraser joined Tikehau Capital in 2021 as Chairman of Global Structured Credit Strategies. Based in New York, John oversees the Global Structured Credit strategy in Europe and the US. John brings 30 years of experience in the CLO business. Prior to working at Tikehau Capital, he was at Investcorp where he was an independent member of its Board of Directors since 2019. Most recently, he was managing director and head of Investcorp’s U.S. credit business. From 2012 to 2017, he was managing partner and CIO of 3i Debt Management US LLC. In 2005, he founded Fraser Sullivan Investment Management, LLC, which was subsequently sold to 3i Group. John previously held management positions with Angelo Gordon, Continental Bank, Merrill Lynch Asset Management and Chase Manhattan Bank North America.

Education: Cornell University

Erika Morris

Head of US CLOs

Erika Morris joined Tikehau Capital in 2019 and serves as Head of US CLOs. Erika brings over 20 years of leveraged finance industry experience. Prior to joining Tikehau Capital, Erika was a portfolio manager at Semper Capital in New York and Airlie Opportunity Capital Management in London and Greenwich, CT focusing on credit funds including CLOs and high yield funds. Erika began her career at Bankers Trust/Deutsche Bank and at Lehman Brothers.

Education: Skidmore College (BA)

Jean Odendall

Deputy Head of Tactical Strategies

Jean Odendall joined Tikehau Capital in 2011 and currently serves as Deputy Head of Tactical Strategies. He first joined the Group as part of the High Yield team and was the lead credit analyst for several sectors. Prior to Tikehau Capital, he worked at Jabre Capital in Geneva, where he supported the launch of their special opportunities fund.

Education : HEC University of Lausanne

Christoph Zens

Head of European CLOs

Christoph Zens joined Tikehau Capital in 2021 and serves as Head of European CLOs. Christoph brings more than 16 years of experience in European sub-investment grade debt markets. Prior to joining Tikehau Capital, Christoph worked at Commerzbank in London as an Investment Director within the Bosphorus Debt Fund Management team, which he helped create and develop into an established CLO management platform. Christoph’s previous experience includes roles in LBO origination and CLO investment analysis, covering loan and high yield bond financings across multiple industries, company profiles and credit cycles. Christoph started his career at Credit Agricole in Paris within the Global Risk department for LBOs and securitisations.

Education: Paris Dauphine University (BA) & Baruch College New York (MBA)

Cécile Mayer-Lévi

Co-Head of Credit
Head of Private Debt

Cécile Lévi joined Tikehau Capital in 2013 as Head of Private Debt activity. Cécile previously worked at Ardian (formerly AXA Private Equity) where she notably broadened the investment scope to include unitranche debt, with a strong focus on forming partnerships. She began her career in 1988 at Merrill Lynch (Corporate Finance and M&A) in Paris and then in New York. In 1991, she joined Elig, one of the pioneering private equity funds in France. In 2001, Cécile's focus pivoted to mezzanine debt investments and she was appointed Investment Director at Omnes (formerly CAPE - Mezzanis).

Education: HEC Paris

Cécile Lévi joined Tikehau Capital in 2013 as Head of Private Debt activity. Cécile previously worked at Ardian (formerly AXA Private Equity) where she notably broadened the investment scope to include unitranche debt, with a strong focus on forming partnerships. She began her career in 1988 at Merrill Lynch (Corporate Finance and M&A) in Paris and then in New York. In 1991, she joined Elig, one of the pioneering private equity funds in France. In 2001, Cécile's focus pivoted to mezzanine debt investments and she was appointed Investment Director at Omnes (formerly CAPE - Mezzanis).

Education: HEC Paris

Maxime Laurent-Bellue

Co-Head of Credit
Head of Tactical Strategies & Head of Structured Credit Strategies

Maxime Laurent-Bellue joined Tikehau Capital in 2007 and serves as Co-head of Credit and Head of Tactical Strategies & Structured Credit Strategies. Since 2008, he has contributed to establishing and developing the Group’s private credit division. Maxime has been involved in new investments, as well as fundraising and strategic launches for several segments, including special situations, direct lending and leveraged loans. From 2012, he established and ran the Group’s senior loan business and was responsible for portfolio management, in addition to playing an active role in deal sourcing and execution for both senior loans and direct lending opportunities.

Education: Sciences Po Paris, King's College London

Maxime Laurent-Bellue joined Tikehau Capital in 2007 and serves as Co-head of Credit and Head of Tactical Strategies & Structured Credit Strategies. Since 2008, he has contributed to establishing and developing the Group’s private credit division. Maxime has been involved in new investments, as well as fundraising and strategic launches for several segments, including special situations, direct lending and leveraged loans. From 2012, he established and ran the Group’s senior loan business and was responsible for portfolio management, in addition to playing an active role in deal sourcing and execution for both senior loans and direct lending opportunities.

Education: Sciences Po Paris, King's College London

Nathalie Bleunven

Head of Corporate Lending

Nathalie Bleunven joined Tikehau Capital in 2014 as Head of Corporate Lending (Private Debt team). Prior to joining Tikehau Capital, Nathalie worked as a Partner at Indigo Capital France, an investment fund specialized in mezzanine debt. Nathalie started her career at Société Générale in 1987, first as a Credit Analyst and then as a Senior Banker in charge of French large corporates at Société Générale Investment Banking in London. Nathalie spent more than 25 years at Société Générale and she became Managing Director, Deputy Head of the LBO and Corporate Acquisition Finance team dedicated to Midcaps of SG in 2000.

Education: Paris - Dauphine University

Nathalie Bleunven joined Tikehau Capital in 2014 as Head of Corporate Lending (Private Debt team). Prior to joining Tikehau Capital, Nathalie worked as a Partner at Indigo Capital France, an investment fund specialized in mezzanine debt. Nathalie started her career at Société Générale in 1987, first as a Credit Analyst and then as a Senior Banker in charge of French large corporates at Société Générale Investment Banking in London. Nathalie spent more than 25 years at Société Générale and she became Managing Director, Deputy Head of the LBO and Corporate Acquisition Finance team dedicated to Midcaps of SG in 2000.

Education: Paris - Dauphine University

Pierpaolo Casamento

Head of Private Debt Secondaries

Pierpaolo Casamento joined Tikehau Capital in 2016 and serves as Head of Tikehau Capital’s Private Debt Secondaries (TPDS) business. Pierpaolo was previously based in Paris within the Sales & Marketing team, before relocating to New York in 2019 to help launch Tikehau Capital’s Private Debt Secondaries business.

Education: Bocconi University

Pierpaolo Casamento joined Tikehau Capital in 2016 and serves as Head of Tikehau Capital’s Private Debt Secondaries (TPDS) business. Pierpaolo was previously based in Paris within the Sales & Marketing team, before relocating to New York in 2019 to help launch Tikehau Capital’s Private Debt Secondaries business.

Education: Bocconi University

John Fraser

Chairman of Global Structured Credit Strategies

John Fraser joined Tikehau Capital in 2021 as Partner and Chairman of its Global Structured Credit Strategies. Based in New York, John oversees the Global Structured Credit strategy in Europe and the US. John brings 30 years of experience in the CLO business. Prior to working at Tikehau Capital, he was at Investcorp where he was an independent member of its Board of Directors since 2019. Most recently, he was managing director and head of Investcorp’s U.S. credit business. From 2012 to 2017, he was managing partner and CIO of 3i Debt Management US LLC. In 2005, he founded Fraser Sullivan Investment Management, LLC, which was subsequently sold to 3i Group. John previously held management positions with Angelo Gordon, Continental Bank, Merrill Lynch Asset Management and Chase Manhattan Bank North America.

Education: Cornell University

John Fraser joined Tikehau Capital in 2021 as Partner and Chairman of its Global Structured Credit Strategies. Based in New York, John oversees the Global Structured Credit strategy in Europe and the US. John brings 30 years of experience in the CLO business. Prior to working at Tikehau Capital, he was at Investcorp where he was an independent member of its Board of Directors since 2019. Most recently, he was managing director and head of Investcorp’s U.S. credit business. From 2012 to 2017, he was managing partner and CIO of 3i Debt Management US LLC. In 2005, he founded Fraser Sullivan Investment Management, LLC, which was subsequently sold to 3i Group. John previously held management positions with Angelo Gordon, Continental Bank, Merrill Lynch Asset Management and Chase Manhattan Bank North America.

Education: Cornell University

Erika Morris

Head of US CLOs

Erika Morris joined Tikehau Capital in 2019 and serves as Head of the US CLO activities. Erika brings over 20 years of leveraged finance industry experience. Prior to joining Tikehau Capital, Erika was a portfolio manager at Semper Capital in New York and Airlie Opportunity Capital Management in London and Greenwich, CT focusing on credit funds including CLOs and high yield funds. Erika began her career at Bankers Trust/Deutsche Bank and at Lehman Brothers.

Education: Skidmore College (BA)

Erika Morris joined Tikehau Capital in 2019 and serves as Head of the US CLO activities. Erika brings over 20 years of leveraged finance industry experience. Prior to joining Tikehau Capital, Erika was a portfolio manager at Semper Capital in New York and Airlie Opportunity Capital Management in London and Greenwich, CT focusing on credit funds including CLOs and high yield funds. Erika began her career at Bankers Trust/Deutsche Bank and at Lehman Brothers.

Education: Skidmore College (BA)

Jean Odendall

Deputy Head of Tactical Strategies

Jean Odendall joined Tikehau Capital in 2011 and currently serves as Deputy Head of Tactical Strategies. He first joined the Group as part of the High Yield team and was the lead credit analyst for several sectors. Prior to Tikehau Capital, he worked at Jabre Capital in Geneva, where he supported the launch of their special opportunities fund.

Education : HEC University of Lausanne

Jean Odendall joined Tikehau Capital in 2011 and currently serves as Deputy Head of Tactical Strategies. He first joined the Group as part of the High Yield team and was the lead credit analyst for several sectors. Prior to Tikehau Capital, he worked at Jabre Capital in Geneva, where he supported the launch of their special opportunities fund.

Education : HEC University of Lausanne

Christoph Zens

Head of European CLOs

Christoph Zens joined Tikehau Capital in 2021 and serves as Head of European CLO activities. Christoph brings more than 16 years of experience in European sub-investment grade debt markets. Prior to joining Tikehau Capital, Christoph worked at Commerzbank in London as an Investment Director within the Bosphorus Debt Fund Management team, which he helped create and develop into an established CLO management platform. Christoph’s previous experience includes roles in LBO origination and CLO investment analysis, covering loan and high yield bond financings across multiple industries, company profiles and credit cycles. Christoph started his career at Credit Agricole in Paris within the Global Risk department for LBOs and securitisations.

Education: Paris Dauphine University (BA) & Baruch College New York (MBA)

Christoph Zens joined Tikehau Capital in 2021 and serves as Head of European CLO activities. Christoph brings more than 16 years of experience in European sub-investment grade debt markets. Prior to joining Tikehau Capital, Christoph worked at Commerzbank in London as an Investment Director within the Bosphorus Debt Fund Management team, which he helped create and develop into an established CLO management platform. Christoph’s previous experience includes roles in LBO origination and CLO investment analysis, covering loan and high yield bond financings across multiple industries, company profiles and credit cycles. Christoph started his career at Credit Agricole in Paris within the Global Risk department for LBOs and securitisations.

Education: Paris Dauphine University (BA) & Baruch College New York (MBA)

Our investment portfolio

Selection of portfolio companies

Lebronze Alloys

Investment date : 01/2025
Expertise : Credit
Country : France

LBA is a global leader in the formulation and manufacturing of high specialty alloys principally made of copper, brass and nickel, designed for mission critical products.

Haudecoeur

Investment date : 12/2024
Expertise : Credit
Country : France

Founded in 1932, Haudecoeur is a leading distributor and brand operator of North African, Sub-Saharan African and Asian prime necessity, dry, ethnic food products in the French market. The Group operates an asset-light business model, being responsible for the sourcing, the processing (i.e. reception, storage, sorting and packaging), the marketing and the wholesale/distribution.

Agora

Investment date : 12/2024
Expertise : Credit
Country : France
Founded in 1837, Agora Makers (formerly Agora Technologies) is a French historical player specialising in the design, manufacture and sale of lighting equipment and street furniture for the public sector through the Eclatec and Metalec brands. In 2023, the group strengthened its street furniture offerings by acquiring TPM, an Italian company founded in 1984, known for premium public-sector street furniture under the Metalco brand.

MSA Mizar

Investment date : 11/2024
Expertise : Credit
Country : Italy

MSA Mizar is an Italian insurance services outsourcing provider, almost entirely focused on the motor segment.

BOMA

Investment date : 10/2024
Expertise : Credit
Country : Belgium

BOMA is an established leading value-added distributor of professional cleaning solutions across the Benelux (#1 in BE and #3 in NL) and France, offering a wide variety of innovative and sustainable cleaning solutions, ranging from detergents and cleaning equipment to hygiene & toilet facilities and machinery.

Lumion

Investment date : 10/2024
Expertise : Credit
Country : Netherlands

Lumion, founded in 1998 in the Netherlands with a first product launch in 2010, grew to a leading provider of architectural visualisation software offering a visualization solution for architectural, interior, and landscape design by transforming any CAD model into life-like and real-time render mainly serving AEC professionals.

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