Tikehau IM holds €2.1bn close across funds

Francesca Veronesi
13 February 2019

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Tikehau IM, the asset management subsidiary of Euronext-listed Tikehau Capital, has held a final close for four funds, collecting €2.1bn overall.

The four vehicles have been on the fundraising trail for around a year. This fourth generation of vehicles collected more than triple what the previous generation of funds had raised. The previous generation included Tikehau Direct Lending III, closed on €610m in 2016.

Tikehau Direct Lending IV is the flagship vehicle of the fourth-generation of funds. Several compartments are available across the vehicles - including some dedicated to leverage; dollar-denominated commitments; and commitments from LPs that wish to back first lien and unitranche financings and not mezzanine, Unquote understands.

A spokesperson for Tikehau IM underlined that the fund does not include separately managed accounts.

The firm is a direct lending pioneer in France: Tikehau launched in 2004 and was the first asset manager to obtain the licence to manage private debt funds in the country, kicking off direct lending in 2007, as reported in Unquote's Tikehau GP profile.

Today Tikehau Capital is an alternative asset management and investment group that managed €15.9bn of assets as of September 2018. The group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiary Tikehau IM.

Investors
According to a statement, Tikehau IM has sought an increasingly international investor base for its latest generation of funds: 30% of backers are based in France, while 40% are non-French Europeans (Italian and Belgian) and 30% extra-European (Korean and Middle-Eastern).

Over half of LPs backing the previous generation have re-committed to the fourth generation of funds, Unquote has learned.

Investments
The funds provide a range of bespoke financing solutions to SMEs, including stretched senior, unitranche, mezzanine financing and PIK notes.

Up to €700m across the funds have already been invested in around 20 SMEs based in France, Spain, Germany, Denmark, Luxembourg, Norway and the UK.

TDL III targeted companies valued between €50-500m. Tikehau Direct Lending IV has increased the range to up to €1bn. Businesses backed by this fund will post an EBITDA in the €7-75m range.

People
Tikehau IM - Cécile Mayer-Levi (head of private debt).