Key Takeaways
- • Tikehau returned €2.2bn to LPs in the first nine months of 2026, including €1.1bn in Q3 2026, its highest quarter of the year, according to its Business Wire release dated 22 October 2026.
- • Tikehau Asset Management reported €51.7bn of AuM as of 30 September 2026, up 3% year-on-year at constant perimeter, and €42.5bn of fee-paying AuM, up 6%.
- • The firm deployed €3.4bn and realized €1.9bn year-to-date, with Q3 realizations including the exit of Aubert & Duval for approximately €260m.
- • Tikehau expects Q4 2026 fundraising of €1.5bn to €2.0bn and projects AuM of €52.0bn to €52.5bn by 31 December 2026.
- • The firm did not meet the conditions for its 2026 net income and return on equity objectives, citing market conditions that are likely to weigh on portfolio revenues.
Summary
Tikehau reported distributions and returns of capital to limited partners of €2.2bn year-to-date as of 30 September 2026, including €1.1bn in the third quarter, which the firm described as the highest quarter of the year. Co-founders Antoine Flamarion and Mathieu Chabran said the figures demonstrate the platform's ability to deliver liquidity to clients. Q3 distributions were driven mainly by realizations across strategies, along with some Credit and Infrastructure funds entering the post-investment phase.
The firm's fee-paying AuM stood at €42.5bn, up 6% year-on-year at constant perimeter, while total AuM reached €51.7bn, up 3%. Year-to-date, Tikehau deployed €3.4bn and realized €1.9bn. Realizations included the exit of Aubert & Duval from its Aerospace & Defense private equity strategy for approximately €260m, and the full liquidation of the third Direct Lending vintage, which delivered a 9.4% gross IRR and 8.1% net IRR and generated €15m of performance-related earnings. The Schroders exit in February 2026 generated €369m of returns of capital and a 1.65x gross MOIC. The investment portfolio fell to €4.0bn from €4.4bn at year-end 2025.
Fundraising totaled €2.2bn year-to-date, including €0.5bn in Q3. Real Assets net inflows rose 22% year-on-year to €730m. The third Credit Secondaries vehicle, an evergreen, semi-liquid strategy anchored by a Korean institutional investor, held its first close. Private Equity Decarbonization and Aerospace & Defense flagship strategies reached €2.7bn and €0.8bn in AuM, respectively. Capital Markets Strategies recorded €24m of net outflows in Q3, mainly technical outflows from the Tikehau 2027 fund. Dry powder stood at €7.2bn.
For Q4 2026, the company expects activity to accelerate, with over €200m of Private Equity transactions signed or expected to close and three signed exits. It anticipates raising €1.5bn to €2.0bn in the quarter, and AuM is forecast at €52.0bn to €52.5bn by year-end. Available resources were €1.5bn as of 30 September 2026.
Tikehau also cautioned that while FRE generation remains solid and broadly in line with the lower end of its objective range, the market environment is likely to continue weighing on portfolio revenues, particularly unrealized gains. As a result, the conditions to meet its 2026 net income and return on equity objectives are not in place at this stage, according to the release.
The firm's fee-paying AuM stood at €42.5bn, up 6% year-on-year at constant perimeter, while total AuM reached €51.7bn, up 3%. Year-to-date, Tikehau deployed €3.4bn and realized €1.9bn. Realizations included the exit of Aubert & Duval from its Aerospace & Defense private equity strategy for approximately €260m, and the full liquidation of the third Direct Lending vintage, which delivered a 9.4% gross IRR and 8.1% net IRR and generated €15m of performance-related earnings. The Schroders exit in February 2026 generated €369m of returns of capital and a 1.65x gross MOIC. The investment portfolio fell to €4.0bn from €4.4bn at year-end 2025.
Fundraising totaled €2.2bn year-to-date, including €0.5bn in Q3. Real Assets net inflows rose 22% year-on-year to €730m. The third Credit Secondaries vehicle, an evergreen, semi-liquid strategy anchored by a Korean institutional investor, held its first close. Private Equity Decarbonization and Aerospace & Defense flagship strategies reached €2.7bn and €0.8bn in AuM, respectively. Capital Markets Strategies recorded €24m of net outflows in Q3, mainly technical outflows from the Tikehau 2027 fund. Dry powder stood at €7.2bn.
For Q4 2026, the company expects activity to accelerate, with over €200m of Private Equity transactions signed or expected to close and three signed exits. It anticipates raising €1.5bn to €2.0bn in the quarter, and AuM is forecast at €52.0bn to €52.5bn by year-end. Available resources were €1.5bn as of 30 September 2026.
Tikehau also cautioned that while FRE generation remains solid and broadly in line with the lower end of its objective range, the market environment is likely to continue weighing on portfolio revenues, particularly unrealized gains. As a result, the conditions to meet its 2026 net income and return on equity objectives are not in place at this stage, according to the release.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.