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Tikehau launches SPAC to invest in financial services sector

Alessia Argentieri
15 February 2021

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Alternative asset manager Tikehau Capital will launch a Special Purpose Acquisition Company (SPAC) to invest in the European financial services sector.

The SPAC will be called Pegasus Europe and will list on the Euronext Amsterdam.

Tikehau will sponsor the vehicle in partnership with Financière Agache, a luxury goods holding company controlled by Groupe Arnault.

The two financial sponsors will be joined by former UniCredit CEO Jean-Pierre Mustier and former head of global investment banking at Bank of America Diego De Giorgi, who will be appointed as operating partners of the company.

Tikehau, Financière Agache, Mustier and De Giorgi will acquire at least of 10% of Pegasus Europe's IPO and will enter into a substantial forward purchase agreement.

The SPAC will focus on companies operating across four segments of the financial services sector: traditional and alternative asset management platforms; innovative financial technology firms; insurance and insurance-related services; and diversified financial services with strong customer propositions in attractive segments.

Financière Agache and Tikehau have previously collaborated on several deals across various strategies and sectors. An affiliate of Financière Agache has been a shareholder of Tikehau Capital for the last 15 years.

Mustier was a partner of Tikehau from January 2015 to July 2016 and has worked closely with Diego De Giorgi on several mergers and acquisitions and capital markets transactions.

Tikehau has €28.5bn in assets under management, and specialises in investments across private debt, real estate, private equity and capital markets, as well as multi-asset and special opportunities.