Tikehau Capital contemplates €500m capital increase

The contemplated share capital increase would be opened to all Tikehau shareholders, and would help the group prepare its next phase of development.

If it goes ahead, the capital increase would be completed at a price of €22 per new share. The GP will be advised by Natixis, Citi, BNP Paribas and Morgan Stanley on the projected capital increase.

Tikehau said it had already received indications of interest from some of its shareholders, as well as from other institutional investors. Tikehau's controlling shareholders – Tikehau Capital Advisors and Fakarava Capital – intend to participate in the capital increase for an aggregate amount of €165m, the GP added.

Tikehau's decision to effectively proceed with the transaction "could be taken quickly", the firm said in a statement, but remains subject to market conditions and approval by the AMF.

In parallel, Tikehau has also launched the off-market repurchase of 79% of the convertible bond Ornane 2022, which expires in 2022.

Overall, Tikehau intends to reach €20bn of assets under management by 2020.

According to French publication Capital Finance, the GP could also soon be launching a new vehicle – Tikehau Direct Lending IV (TDL IV), a private debt fund with a target of €1bn. Last year, Tikehau closed TDL III, with €610m in commitments.

Tikehau IM – Tikehau's private debt and direct lending arm – provides European SMEs with financing in the form of senior debt, stretched senior, unitranche, mezzanine or preferred shares.

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