Key metrics to assess our assets under management, income statement and balance sheet.
Assets under management
The Group's assets under management are defined as the sum of the capital managed by Tikehau (from clients and its balance sheet) to be invested in the funds developed by the Group. This is a key indicator in the assessment of the Group’s performance, which mainly reflects Tikehau’s capacity to collect assets from investor-clients and therefore the attractiveness of the strategies that the Group develops and manages.
Positioned on four major asset classes, the Group provides its clients with a complementary exposure to alternative assets. Since its IPO, the Group has significantly increased assets under management in each of these strategies and kept on rebalancing its business mix.
Fee-Paying Asset under Management evolution
The increase in Fee-Paying Assets under Management derives on the one hand from the growth of fundraising pace from investor-clients and on the other hand from the progressive deployment of the funds raised. As of 30 June 2026, Fee-Paying Assets under Management reached €43bn, implying a 2017-June 2026 CAGR of 20%.
Core FRE evolution
Core Fee-Related Earnings (Core FRE) correspond to Fee-Related Earnings (FRE) excluding expenses linked to share-based payment transactions, but for the social charges linked to share-based compensation.
The strong growth in Core FRE reflects the significant operating leverage from which the Group has benefited, with revenues growing faster than the cost base.
At the end of 2025, Core Fee-Related Earnings reached €148m, implying a 2017-2025 CAGR of 37%.
Asset Management EBIT evolution
Asset Management EBIT corresponds to the sum of Fee-Related Earnings (FRE) and Performance-Related Earnings (PRE).
At the end of 2025, Asset Management EBIT reached €150m, implying a 2017-2025 CAGR of 32%
Balance sheet investment portfolio fair value (€bn)
Tikehau has built up a strong, balanced and diversified investment portfolio in terms of sector and geography, composed of assets with an attractive return potential. The assets of the Group's investment portfolio are classified in two categories: on the one hand, investments in strategies developed and managed by the Group (funds and co-investments) and, on the other hand, ecosystem and direct investments (for example in funds managed by third parties or in listed investments).
As such, the Group invests consistently and as a priority within its own strategies. As of 30 June 2026, 76% of the Group’s portfolio was invested in its strategies alongside its investor-clients. This guarantees a strong alignment of interests between Tikehau and its investor-clients and allows the Group to benefit from the performance of its funds and strategies.
Consolidated shareholders’ equity (€bn)
A substantial and differentiating asset, the Group’s shareholders’ equity allows it to rapidly deploy new funds, accelerate investment in its platforms or strengthen them through external growth operations.
