Tikehau Capital entered the second half of 2025 on a strong footing. The French asset manager reported €51.0 billion in assets under management as of 30 June 2025, representing a 12% increase compared to mid-2024. This growth comes despite persistent macroeconomic headwinds, including high interest rates across Europe and slowing GDP expansion in core markets. The milestone positions Tikehau among Europe’s leading independent alternative investment houses.
Record Fundraising Momentum
The first half brought record fundraising figures. Tikehau generated €5.2 billion in gross inflows and €4.0 billion in net inflows, marking its strongest half-year ever. Deployment also remained active, with €2.9 billion invested into portfolio opportunities and €1.5 billion in realizations, allowing for efficient recycling of capital.
This balance between new capital raising, selective deployment, and timely exits reflects the firm’s cautious but growth-oriented approach. At a time when some competitors have struggled to maintain inflows, Tikehau’s performance underscores both investor trust and the resilience of its platform.
Core Business Lines
Credit – The Flagship
Credit continues to be the cornerstone of Tikehau’s model. With European banks limiting lending capacity, mid-sized and large corporates are increasingly turning to alternative lenders. Tikehau has consolidated its reputation as a financing partner, making Credit its largest and most stable source of assets.
Real Assets – Growing Portfolio
Real Assets stood at €13.8 billion, representing around 27% of AUM. This segment spans real estate and infrastructure, covering both traditional European markets and newer sectors such as energy transition projects. The weight of Real Assets demonstrates Tikehau’s ambition to balance growth with long-term tangible value.
ESG and Sustainability – Strategic Priority
Sustainability remains central to Tikehau’s investment philosophy. Approximately two-thirds of Asset Management AUM are now classified under SFDR Articles 8 and 9, signalling a clear orientation toward funds that integrate environmental or social objectives. In particular, climate and biodiversity strategies, as well as decarbonization initiatives, are areas of strong investor demand.
Geographic Diversification Beyond Europe
Although headquartered in Paris, Tikehau has been steadily broadening its reach. The firm has a presence in North America and has deepened its Asian footprint, including partnerships and fundraising platforms across the region. Expansion into Latin America has been mentioned in strategic outlooks (projection), though not yet confirmed in official targets.
Strategic Roadmap Toward 2026
Tikehau has reaffirmed medium-term objectives for 2026:
- €65 billion in AUM
- €250 million in fee-related earnings (FRE)
- €500 million in net income
These targets are backed by three growth levers: scaling private credit, expanding real assets with emphasis on infrastructure, and accelerating ESG-oriented funds.
Competitive Landscape
Ardian
Ardian, another French private investment powerhouse, manages assets that industry estimates place at over €180 billion. Its main focus areas include private equity, infrastructure, and funds of funds. Compared with Tikehau, Ardian is much larger in scale, but Tikehau differentiates itself through agility and its strong concentration on credit strategies.
Partners Group
Swiss-based Partners Group reported assets under management of over €150 billion in 2025. The firm has a diversified portfolio covering private equity, infrastructure, and private debt. Like Tikehau, it emphasizes sustainability and ESG. However, its global scale allows it to participate in mega-deals, while Tikehau is more focused on the mid-market.
EQT
Sweden’s EQT ranks among the largest European managers, with assets under management estimated at over €200 billion. It has strong positions in private equity and infrastructure, alongside leadership in digital and green investments. Against this backdrop, Tikehau’s €51 billion appears modest, yet its 12% growth in just the first half of 2025 highlights momentum that sets it apart among mid-tier managers.
Competitive Comparison: Tikehau vs Major Peers
| Manager | AUM (2025, approx.) | Core Strengths | Geographic Reach | ESG Focus |
|---|---|---|---|---|
| Tikehau Capital | €51bn (+12% YoY, official) | Private credit, mid-market strategies, real assets (~27% AUM) | Europe, North America, Asia (expanding) | ~67% AUM in SFDR 8/9 funds |
| Ardian | ~€180bn (industry estimate) | Private equity, infrastructure, global FoF | Europe, US, Asia, Middle East | Active ESG integration |
| Partners Group | ~€150bn (reported range) | Private equity, infrastructure, private debt | Global — strong institutional base | Strong ESG and sustainability platforms |
| EQT | >€200bn (estimate) | Private equity, digital & green infrastructure | Global scale — strong in Europe, US, Asia | Advanced ESG / impact investing framework |
Although Tikehau’s €51 billion AUM is smaller compared with Ardian, Partners Group, and EQT, its growth trajectory is stronger. Expanding 12% in just six months demonstrates an ability to scale rapidly. By focusing on private credit, building real assets, and integrating ESG, Tikehau positions itself as an attractive option for institutional investors seeking resilient returns in the mid-market.
Visual Insights
AUM Comparison Across Managers (2025)
Tikehau’s €51 billion AUM places it behind Europe’s giants, but the relative growth rate is higher than many of them. This positions Tikehau as a fast-moving challenger rather than a mature heavyweight, with momentum that could shift market dynamics over time.
Tikehau Capital AUM Growth (2022–2025)
From €38 billion in 2022 to €51 billion in 2025, Tikehau has delivered compound growth of around 10% annually. The surge in 2025, fueled by record inflows and ESG strategies, shows that its platform combines consistent fundraising appeal with disciplined capital deployment. For investors, this steady track record reduces perceived risk and signals that Tikehau can maintain momentum across different market conditions.
Outlook
Going forward, the key drivers of Tikehau’s expansion will be:
- Maintaining fundraising momentum in Credit funds
- Growing Real Assets with an emphasis on green infrastructure
- Leveraging ESG positioning to attract institutional mandates
- Continuing measured international expansion (projection)
If these strategies succeed, reaching €65 billion AUM by 2026 appears realistic, reinforcing Tikehau’s position as one of Europe’s most dynamic mid-tier asset managers.
