Tikehau holds EUR 3.3bn final close for TDL V, plans further fundraises

TDL V was launched at the end of 2020 and aims to provide an array of bespoke financing options to European SMEs.

The announcement of the final close of TDL V comes shortly after the GP released its H1 2022 results. Tikehau stated in its results that further fundraises are on the horizon across flagship strategies during the next quarter, raising successor funds including for its real assets strategy. At 30 June 2022, Tikehau had dry powder of EUR 5.8bn across the funds that it manages, meaning that it can take advantage of any investment opportunities provided by market dislocations, the GP said in its results.

The GP said in a webcast relating to the results announcement that its new direct lending fund will not stray from its predecessor funds’ strategy in terms of the companies it targets.

In the webcast, the GP emphasised the importance of its direct lending strategy, saying: “CLO is very scalable for us. We are debt-friendly managers. Despite the current adverse environment, we are no longer just asset gatherers, we are in partnership with both debt and equity investors.”

Tikehau’s private debt strategies deployed EUR 2.1bn during H1 2022, accounting for 64% of the capital deployed by its closed-end funds in the period. This included the firm's direct lending strategies and the CLO platform in Europe and the US.

Tikehau also said in its H1 2022 results that it deployed EUR 600m across its private equity platform, predominantly from its energy transition, aerospace and special opportunities verticals. Private equity fundraising amounted to EUR 282m in the first half of the year and included the GP’s new regenerative agricultural impact fund, which received commitments of EUR 100m, as reported.

Direct lending exits in H1 2022 amounted to EUR 296m, private equity and tactical strategies accounted for EUR 141m and real assets amounted to EUR 129m.

Tikehau divested its holding in Assiteca, an Italian insurance broker, in March 2022. The investment, which was signed in 2019, generated an exit multiple of 2.6x with an IRR of 45%, according to the GP’s half-year results.

Through Tikehau’s direct lending strategy, the GP exited ba&sh, a France-based woman’s clothing chain, in May 2022, following the repayment of a unitranche facility. This generated an IRR of 9%, according to the results.

The GP sold its minority stake in French B2B low-cost green energy provider GreenYellow to Ardian earlier this month, reinvesting for a minority stake, as reported.

The H1 2022 report also shows that net new money for Tikehau’s asset management activities amounted to EUR 3.2bn in the first half of the year, which is a 36% increase compared to the EUR 2.4bn fundraising in H1 2021. This was driven by private market strategies, according to the report.

Net new money for Tikehau’s private markets strategies came to a total of EUR 3.5bn through H1 2022, a 77% increase compared to the amounts raised in H1 2021. Private debt accounted for 53% of that amount, followed by real assets (39%) and private equity (8%).

Investors
Investors in the fund include family offices, pension funds, and insurance companies, and investors from the previous vintage re-upped increasing their commitments by 60% in the fifth generation. The fund also gained new international LPs; 83% of capital commitments were received from LPs based outside of France, and more than 35% outside of Europe, according to the press release.

Investments
TDL V’s financing solutions include mezzanine, stretched senior, unitranche and PIK notes, according to a press release. The fund has invested in 55 SMEs across Europe including Benelux, Spain, Italy, Germany, the UK and France, as well as in Canada.

People
Tikehau Capital – Mathieu Chabran (co-founder), Henri Marcoux (deputy CEO).

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