TIKEHAU CAPITAL INVESTOR PRESENTATION - AUGUST 2021
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TIKEHAU CAPITAL INVESTOR PRESENTATION AUGUST 2021
DISCLAIMER
By viewing or receiving or reading this Presentation (as such term is defined herein) or This Presentation contains forward looking statements about the Group and its
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The existence and content of the presentation that follows (the “Presentation”), with respect to future operations, products and services, and statements regarding
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(the “Group”), does not constitute and should not be construed as a contract or an such forward-looking statements are reasonable, investors and holders of the
offer to contract or a public or non-public, binding or non-binding, offer to sell or a Group’s securities are cautioned that forward-looking information and statements are
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The information contained in this Presentation is of an indicative nature and has not
events, or otherwise. Any information relating to past performance contained herein is
been verified independently. No representation or warranty, whether express or
no indication as to future performance.
implied, is given regarding the correctness, comprehensiveness or accuracy of the
information and opinions contained in this Presentation. This Presentation is not The market data and certain industry forecasts included in this Presentation were
meant to serve as a basis for, and shall not be used in connection with an investment obtained from internal surveys, estimates, reports and studies, where appropriate, as
decision. No person shall be entitled to rely on, or shall have any claims against the well as from external market research, publicly available information and industry
Company, AF&Co Management, MCH Management, Tikehau Capital Advisors, any publications. Neither the Company, nor its affiliates, directors, officers, advisors,
of their affiliates, officers, directors, employees, any of their advisers, consultants or employees, consultants or agents have independently verified the accuracy of any
any other person arising from this Presentation. external market data and industry forecasts and do not make any undertakings
representations or warranties in relation thereto. Such data and forecasts are included
The information contained in this Presentation is indicative as at the date of this
herein for information purposes only.
Presentation and may have to be updated, amended or completed significantly. This
Presentation contains only summary information and does not purport to be
comprehensive. The Company, AF&Co Management, MCH Management and
Tikehau Capital Advisors do not undertake to update, amend or complete the
information contained in the Presentation in order to reflect new information, new
events or for any other reason and the information contained in this Presentation may
therefore be modified without prior notification.
INVESTOR PRESENTATION
Tikehau Capital 2
DISCLAIMER
This Presentation includes certain pro forma financial information about the Group. investors, which will reduce returns and, in the aggregate, are expected to be
This pro forma financial information has been prepared on the basis of historical substantial. Actual returns will be substantially lower on a net basis.
financial statements of the Company but has not been audited by the Group’s Calculations of Gross Return at the investment level use the date of the relevant
auditors. The pro forma financial information is presented for illustrative purposes only investment without regard to whether the investment was initially funded by investor
and is not indicative of the results of operations or financial condition. contributions or by borrowings under a revolving credit facility to be subsequently
This Presentation or any part thereof is not for publication, release or distribution in the repaid with investor contributions.
United States. No securities of the Company have been or will be registered under Calculations of Gross Return at the fund level use the scheduled date of contribution
the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any by fund investors to the fund for the relevant investments. For funds that borrow on a
state securities laws, and the securities of the Company may not be offered or sold in temporary basis prior to calling capital, if calculations of Gross Return at the fund level
the U.S. (or to, or for the account or benefit of U.S. Persons) except pursuant to an used the dates of each investment rather than the dates of each contribution by fund
exemption from, or a transaction not subject to, the registration requirements of the investors, the Gross Return may be lower since internal rate of return calculations are
U.S. Securities Act. time-weighted and the relevant calculations would incorporate longer periods of time
The distribution of this Presentation and any information contained herein in certain during which capital is deployed.
jurisdictions may be restricted by law or regulation and persons into whose There is no guarantee any of the companies acquired will reach their IRR targets.
possession this document comes should make themselves aware of the existence There can be no assurance that investment objectives or investments made by Fund
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Targeted investments are based on generally prevailing industry conditions. Adverse
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economic, regulatory and market conditions could negatively impact our business
of legal or regulatory restrictions in certain jurisdictions.
assumptions.
All projections, forecasts and estimates of returns and other “forward-looking”
information not purely historical in nature are based on assumptions, which are
unlikely to be consistent with, and may differ materially from, actual events or
conditions. Such forward-looking information only illustrates hypothetical results under
certain assumptions and does not reflect actual investment results and is not a
guarantee of future results. Actual results will vary over time, and the variations may
be material. Nothing herein should be construed as an investment recommendation
or as legal, tax, investment or accounting advice.
“Gross IRR” represents the aggregate, compound, annualized internal rate of return
calculated on the basis of cash flows to and from all investors, but disregarding
carried interest, management fees, taxes and organizational expenses payable by
INVESTOR PRESENTATION
Tikehau Capital 3
AGENDA
1 Introduction to Tikehau
Capital
p. 5
4 Granular and Resilient
Investment Portfolio
p. 43
2 A Large Spectrum Of Expertise p. 16
5 Outlook p. 48
3 Asset Management: Accretive
Growth Model
p. 22
6 Appendix p. 58
INVESTOR PRESENTATION
Tikehau Capital 4
1 Introduction to
Tikehau Capital
INVESTOR PRESENTATION
Tikehau Capital 5
A 17-YEAR ENTREPRENEURIAL GROWTH STORY
2004 2021
FROM… …TO
€4m of assets €30.9bn of AuM
Founder-operated 629 employees
Externally-managed Alternative AM pioneer in ESG
French-based International (12 countries)
Private investment company €4.6bn market cap(1)
(1) At 29 July 2021
INVESTOR PRESENTATION
Tikehau Capital 6
A GROWING PAN-EUROPEAN DIVERSIFIED ASSET GROUP
MANAGEMENT AND INVESTMENT FIRM
Founded in IPO in €30.9bn €2.8bn 12 629
2004 March 2017 of AuM(1) of shareholders’ countries employees(1)
equity(2)
Recurring and predictable Strong shareholders’ equity
revenues supporting the alignment of
Asset interests between shareholders,
Scalable platform Investment
Management investor-clients and
Access to complementary activity
activity management
asset classes
Increasing exposure to our own
strategies to:
− Support growth of the Asset
Management activity
− Benefit from returns generated
by our funds
A double exposure to alternative asset classes
(1) At 30 June 2021
(2) At 31 December 2020
INVESTOR PRESENTATION
Tikehau Capital 7
FROM A FOUNDERS OWNED INVESTMENT COMPANY TO GROUP
A DIVERSIFIED GLOBAL ALTERNATIVE ASSET MANAGER
Inception and ramp-up Institutionalization Internationalization and acceleration
Create the brand Develop the brand Expand the brand
629
594
IPO
Euronext 532
Paris
434
30.9
28.5
25.8
209 22.0
170
94 13.8
40 43 10.0
20
6.4
3.0 4.3
1.6
€4m
2004 2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 2021
Creation Acquisition London Singapore Brussels Madrid New York Tokyo Amsterdam & Frankfurt
of TCP of & Milan & Seoul Luxembourg
INVESTOR PRESENTATION
AuM (€bn) FTEs(1) (#) (1) Group FTE including both TC and TCA FTEs
Tikehau Capital 8
FASTEST GROWING EUROPEAN ALTERNATIVE ASSET AM
MANAGER
Net new money Fee-paying AuM AuM from international investors
€bn €bn €bn
2016-2020
CAGR +22% +40% 23.2 9.3
4.2 +45%
1.9
6.0 2.1
2016 2017 2018 (1) 2019 2020 2016 2017 2018 (1) 2019 2020 2016 2017 2018 (1) 2019 2020
Management fee rate Revenue from Asset Mgt activity FRE and FRE(2) margin
bps €m €m, %
35.3%
+17 92.0
204.8
bps +51% 70.2
75.0
39.4 7.0% +126%
2.7
2016 2017 2018 (1) 2019 2020 2016 2017 2018 (1) 2019 2020 2016 2017 2018 (1) 2019 2020
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
(2) Fee-Related Earnings
(3) Net Operating Profit for the Asset Management activity
INVESTOR PRESENTATION
Tikehau Capital 9
STRONG TAILWINDS FOR ALTERNATIVES
Continued projected growth in sector AuM and revenue generation
Global AuM by product Global revenue by product
$136Tn $437bn
22 16%
$103Tn 15% $331bn
23 17% 202 46%
15 15%
19
19%
18% 21 15% 140 42%
15 13%
14% 75 17%
$32Tn 36 26% $112bn 61 19%
15% 13%
32 31% 59
3 9% 27% 43 13%
22% 15% 30
7 26%
2 7% 6 28 70 16%
34 25% 6% 65 20%
17 53% 22 21% 39%
43 31 7%
3 9% 4 3% 21 6%
2003 2020 2025e 2003 2020 2025e
Alternative assets Specialty products Solutions/LDI/diversified products Active Management Passive management
Source: BCG Global AM 2021 report
INVESTOR PRESENTATION
Tikehau Capital 10ALLOCATIONS TO ALTERNATIVES ARE WELL-ORIENTED
Appetite for alternatives remain high despite the economic fallout from Covid-19
Medium-term capital commitments for alternative assets Attractiveness of investing in private markets
Private Equity 41% 49% 11% Better-than-market-average performance
Private Debt 48% 30% 22%
Real Estate
Uncorrelated returns
23% 37% 40%
Infrastructure 40% 36% 24% Illiquidity premiums
Natural Resources 36% 21% 43%
More Capital Same amount of capital Less capital
Portfolio diversification
Investors’ intentions for their private capital portfolios in High absolute and risk-adjusted returns in Private
response to the economic uncertainty Equity
8% Inflation hedge and reliable income stream in Real
33% Invest more capital
Estate
No change High risk-adjusted returns and reliable income stream
60%
in Private Debt
Reduce amount of
capital invested
Source: Preqin, Alternative assets (H2 2020)
INVESTOR PRESENTATION
Tikehau Capital 11CORE PILLARS OF OUR BUSINESS GROUP
Our activity is relying on three powerful engines of revenue generation
Growing Assets under Management Performance of Tikehau Capital funds
PERFORMANCE
Asset Management MANAGEMENT Asset Management
FEES / CARRIED
activity FEES INTERESTS(1) activity
Investment activity DIVIDENDS, COUPONS /
CAPITAL GAINS
Balance sheet deployment:
Investments in Tikehau Capital funds
Direct investments
Platform & Strategic investments
(1) 53.3% of carried interests are allocated to Tikehau Capital or its subsidiaries
INVESTOR PRESENTATION
Tikehau Capital 12ALIGNMENT OF INTERESTS: A KEY DIFFERENTIATOR GROUP
Tikehau Capital simplified organization(1) Unique alignment of interests
Management and Management is the largest shareholder of
Others
employees(2) Management the listed company
Capital allocation priority: invest in Tikehau
56% Capital funds
44%
Shareholders 53% of carried interest and 100% of
performance fees retained by the listed
company
Investor-
May 2021: revised dividend policy aiming
clients at distributing >80% of FRE+PRE
20 May 2021:
Implementation of a future-facing and simplified organization
Alternative asset manager with
a strong balance sheet Regroup Reset
central corporate General Partner
functions and expertise remuneration
€30.9bn €2.8bn
of AuM(3) of shareholders’
equity(4)
Simplified Improved Revised
organisation financial profile dividend policy
(1) Post-reorganization
(2) Mainly Tikehau Capital Advisors (51%) and Fakarava Capital (5%) Enhanced alignment of interests with Management ownership
(3) As at 30.06.2021 increasing to 56% from 44%
(4) As at 31.12/2020
INVESTOR PRESENTATION
Tikehau Capital 13ESG: AT THE HEART OF TIKEHAU CAPITAL’S STRATEGY GROUP
Key pillars of our responsible investment strategy External Recognition
Exclusions ESG integration Engagement A+ rating
(Confirmed in July 2020)
Sustainability-themed & impact investing
15 funds labelled as of June
2021
T2 Energy Transition Fund
2018
Private equity
Tikehau Capital ranked 4th
out of >250 companies in its
sector
Tikehau Impact Lending (TIL)
2020
Private debt Inaugural rating of 66/100,
ranking Tikehau Capital among
the best companies in its sector
(in September 2020)
High Yield Impact Strategy (TIC)
2021
Capital markets strategies Group ESG rating above
sector average
March 25, 2021: successful placement of a €500 million inaugural sustainable bond (8-year maturity, 1.625% coupon), the
first of its kind in the asset management industry
INVESTOR PRESENTATION
Tikehau Capital 14RECOGNITION OF TIKEHAU CAPITAL’S ESG EFFORTS BY GROUP
RATING AGENCIES
ESG DISCLOSURE
Investor EQT Eurazeo
3i Tikehau Capital 2 3i
ICG Jupiter
Wendel
DWS Amundi
Tikehau Capital 14
LionTrust Schroders
Amundi Brookfield
Amundi
Schroders TKO 39
Wendel
Partners Group Ashmore
Ninety One
Ashmore ICG
Eurazeo
Wendel
Eurazeo Schroders
Partners Group
Jupiter Investor
Investor
ICG Partners Group
DWS
Patrizia
KKR Carlyle
Jupiter
Apollo Patrizia
Ashmore KKR
Carlyle
Brookfield AM Hamilton Lane
EQT KKR Ares
Ares Ares EQT
Blackstone Apollo Apollo
Blackstone
Tikehau Capital ranks #4 Tikehau Capital ranks #2 (1) Tikehau Capital ranks #7 (2)
(1) The ISS Governance quality score indicates a company’s governance risk. Tikehau Capital is not yet part of the ISS ESG corporate rating universe
INVESTOR PRESENTATION (2) Bloomberg ESG disclosure score compared to its peer group
Tikehau Capital 152 A large spectrum
of expertise
INVESTOR PRESENTATION
Tikehau Capital 16A LARGE SPECTRUM OF INVESTMENT EXPERTISE GROUP
A comprehensive offering across asset classes and investment vehicles
DIRECT INVESTMENTS
€1.5bn
CAPITAL MARKETS
STRATEGIES
PRIVATE DEBT
€4.7bn
€9.9bn
• Fixed Income
• Direct Lending
• Equity
• Secondaries
PRIVATE EQUITY
€30.9bn •
•
Leverage Loans
CLOs
Total AuM at 31.06.21 Multi-asset strategies 1
€3.9bn •
• Growth Equity +20.3% y-o-y
• Energy Transition
• Aero & Cybersecurity REAL ASSETS
• Special Opportunities 1
€10.9bn
• Real Estate
• Infrastructure
1
TACTICAL STRATEGIES
Special Opportunities (€0.7bn) / Multi-asset strategies (€0.2bn)
Permanent Closed-end SMA & evergreen Open-ended
SPACs
capital funds mandates funds
INVESTOR PRESENTATION
Tikehau Capital 17TIKEHAU CAPITAL’S PRIVATE DEBT PLATFORM PRIVATE DEBT
Key figures (30 June 2021) Areas of expertise Investment universe & key features
Direct Lending Senior loans, stretched senior,
unitranche, mezzanine, preferred equity
Corporate Direct
European
€9.9bn +18% Direct Lending
lending to French
SMEs
Targeted companies with revenues
between €50m and €2bn
of Assets under AuM yoy growth
Management Leveraged loans Innovative & flexible structuring
capabilities
European Strong partnership with PE funds
CLOs
Leveraged Loans & banks
H1 2021 developments A disciplined investment approach (TDL IV)
Further fundraising for the 5th vintage of direct lending strategy Lower Risk Higher Risk
4.4x 5.6x 5.8x
(TDL V) and the Group’s impact lending (TIL) and secondaries
Leverage 3.5x 6.0x
strategies (TPDS)
Cyclical risk metrics
0% 82% 86%
Positive fundraising momentum for the Group’s crowdfunding Cov-lite Loans 0% 100%
entities (Homunity and Credit.fr)
0.0% 2.6% 4.2%
Launch of an innovative private debt unit-linked product in life Default Rates 0% 6%
insurance with MACSF 54% 48% 44%
Equity
60% 30%
Partnership with DWS Group in the UK to implement an Contribution
investment strategy that will invest in a broad range of private
Current Levels in Tikehau Current Market Levels Current Market Levels in
debt instruments Direct Lending IV in Europe the US
TDL IV portfolio metrics as of 30.06.2020
INVESTOR PRESENTATION Sources: S&P Global Market Intelligence, S&P ELLI, S&P/LSTA Loan Index, Tikehau Capital
Tikehau Capital 18TIKEHAU CAPITAL’S REAL ASSETS PLATFORM REAL ESTATE
REAL ASSETS
A comprehensive real assets platform diversified across clients’ types and asset classes
Key figures (30 June 2021) A granular and diversified business line
4
Liquid funds & others
1
1 European Core+ and opportunistic real estate
Closed-end
7% North-American mid-market infrastructure
€10.9bn +14% 29%
funds
2 Listed REITs in Singapore and in France
of Assets under AuM yoy growth €10.9bn
Management 3 European Core/Core+ Real Estate (through
of AuM
SCPIs, i.e Real Estate investment vehicles
3
52% 12% dedicated to retail investors)
SCPI(1) 2
Permanent 4 UCITs funds (European listed Real Estate)
capital
H1 2021 developments A wide range of opportunities across the Risk / Return spectrum
Resilient portfolio skewed towards offices, light industrial, +
retail parks and asset conversion strategy to residential
Opportunistic
Ongoing fundraising for Sofidy (€7.0bn of AuM at 30 June 15-20%
Gross Return
2021)
Value-add
Acquisition of a residential portfolio in Iberia through a 11-14%
dedicated co-investment fund Core+
7-10%
Core
3-6%
(1) “Société civile de Placement Immobilier” (Real estate investment vehicle) Risk Profile +
Actual returns will be substantially lower on a net basis. Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 19TIKEHAU CAPITAL’S APPROACH TO PRIVATE EQUITY PRIVATE EQUITY
Growth Equity: growing an emerging segment with attractive returns
Areas of expertise
Key figures (30 June 2021)
Growth and expansion Equity to Entrepreneurs
Thematic expertise B2B Macro Trends
€3.9bn +72%
in partnership with large international corporates
Tech-enabled B2B
of Assets under AuM yoy growth Aerospace Energy transition services
Management Healthcare
Industrials
Financial services
Cybersecurity Medtechs / biotechs
Secular and emerging Macro Trends
H1 2021 developments Key features
Closing of fundraising for T2 above €1bn commitments Growth and expansion capital for founders /
entrepreneurs
Closing of fundraising for TSO II with total commitments of
€617m, exceeding the initial target of €500m and four times larger Offers performance comparable to buyout, but with less
than the previous vintage leverage
Launch of a unit-liked product dedicated to the energy transition Strong deal flow and less competition
sector with CNP Assurances
Finalization of the acquisition of Foundation Private Equity in An international investment team with complementary
Singapore (secondary solutions to GPs and LPs across Asia) skills and expertise
INVESTOR PRESENTATION
Tikehau Capital 20CAPITAL MARKETS STRATEGIES CAPITAL MARKETS
STRATEGIES
Performing and scalable
Key figures (30 June 2021) Investment universe ESG label awarded to 10 TKO funds
Open-ended funds and managed LuxFLAG ESG label has been
accounts (High Yield, Investment Grade awarded to 10 open-ended funds
corporates, Subordinated financials)
€4.7bn +22% Primarily pan-European credit and
managed by Tikehau Capital
Acknowledges the incorporation of
of Assets under AuM yoy growth Asian credit ESG considerations throughout
Management entire investment process
Value Quality and Special Situations
equity stocks
H1 2021 developments Outlook and strategy
Very positive demand from investor-clients with Q2 Launch of new innovative products (notably in the US)
fundraising driven by the fixed income strategies
Launch of a long-term equity fund (TLTE) with innovative
Tikehau Short Duration fund exceeding the €2bn AuM mark Private Equity approach applied to public equities
to date with a more diversified and international investor base
Flexible and balanced management in the equity and credit Further development of “long only” strategies such as
markets Tikehau Global Value and Tikehau Global Credit to capture
more international and institutional clients
Strong internal research capabilities, allowing to perform
conviction-based management
Highly scalable strategies
Portfolios designed to navigate potential volatility in the
coming quarters
INVESTOR PRESENTATION
Tikehau Capital 213 Asset Management:
accretive growth model
INVESTOR PRESENTATION
Tikehau Capital 22OPERATING MODEL IN ASSET MANAGEMENT AM
On-track to deliver strong bottom line growth
Strong fundraising, increasing fee-paying AuM base, and
Management fees
business mix improvement
-
(Operating Costs) Increased scalability with controlled opex growth
Fee-Related Earnings
(FRE) Strong FRE growth
+
Performance-Related Cautious P&L recognition, and shareholder-friendly allocation for
Earnings (PRE) performance fees and carried interest
Net Operating Profit from
Asset Management Profitability improvement embedded in TKO’s model
(NOPAM)
INVESTOR PRESENTATION
Tikehau Capital 233.1 Strong fundraising momentum INVESTOR PRESENTATION Tikehau Capital 24
RECORD LEVELS OF FUNDRAISING IN H1 2021 AM
€18.1bn of cumulative AM Net New Money since 2017
H1 2021 fundraising level reaching twice
the level of H1 2020
4.3 4.2
4.1
3.1
Record quarterly fundraising in Q2 2021
All asset classes contributed to the
H2
performance
2.4
H1 Demonstrates the strong performance of
€bn
the Group’s strategies and the continued
2017 2018 2019 2020 2021 interest of investors in the asset classes
on which Tikehau Capital is positioned
INVESTOR PRESENTATION
Tikehau Capital 25AUM GROWTH BY ASSET CLASS AM
Private Debt (€bn) Real Assets (€bn)
+18.4% +14.4%
9.9 Further fundraising for Ongoing fundraising
TDL V, TIL and 10.9 for Sofidy
9.3 TPDS 10.3
9.6 Acquisition of a
Launch of aunit-linked residential portfolio
8.3 product in life in Iberia through a
insurance with dedicated co-
MACSF investment fund
30-Jun-20 31-Dec-20 30-Jun-21 30-Jun-20 31-Dec-20 30-Jun-21
Private Equity (€bn) Capital Markets Strategies (€bn)
+71.5% +22.0%
Closing of fundraising
3.9 for T2 and TSO II, 4.7
3.5 Very positive demand
both exceeding initial from investor-clients
4.2
fundraising targets
with Q2 fundraising
2.3 3.8
driven by the fixed
Launch of a unit-
linked products with income strategies
CNP Assurances
30-Jun-20 31-Dec-20 30-Jun-21 30-Jun-20 31-Dec-20 30-Jun-21
INVESTOR PRESENTATION
Tikehau Capital 26CONTINUED DIVERSIFICATION AND AM
INTERNATIONALIZATION OF OUR CLIENT BASE
Clients by geography (at 31/12/20) Clients by category (at 31/12/20)
5% 10%
2% Tikehau Capital group
5%
Asia
20% Family offices & Private
€27.4bn Europe (excl. France) €27.4bn clients
62% 21% Tikehau Capital Group AM AuM
AM AuM Banks and other
at 31.12.20 at 31.12.20
France 49% distributors
RoW Asset Managers &
16% Institutionals
10%
Other
34%
International AUM as
32% Ongoing initiatives to
a % of AM AuM:
A highly address the retail & private
9.3 diversified investor base clients (Banca March,
25% 7.5 Fideuram, etc.)
2.1
2016 2019 2020
INVESTOR PRESENTATION (1) Including corporate groups, funds of funds and foundations
Tikehau Capital (2) Including commitments by Tikehau Capital and its subsidiaries
27A RELEVANT PLATFORM TO ADDRESS PRIVATE CLIENTS AM
Open- Recent initiatives
ended Listed
A wide range of REITs 2019: 2020: 2021: 2021:
solutions already funds
Dedicated ELTIF with PE unit-linked PD unit-
available to private mandate with with linked with
investors
SCPI(1)
Mandates
Digital /
Tikehau Capital and feeders Unit-linked
ELTIF Fintech
will keep moving distributed investment
solutions
forward through solutions
private banks
Multi-asset initiatives
(1) “Société civile de Placement Immobilier” (Real estate investment vehicle)
INVESTOR PRESENTATION
Tikehau Capital 28STRONG COMPOUNDING EFFECT OF TIKEHAU CAPITAL AM
INVESTMENTS IN ITS OWN FUNDS
AuM breakdown between 3rd party investors and TKO
Third Party AuM TKO commitments
27.4 Undrawn 0.4
€1.0bn
23.6 +0.6 2.6 0.5
€2.6bn
20.4 2.0
1.5 0.2 0.6 Drawn
€1.6bn
+3.1 24.7
0.2
21.6
(in €bn)
0.9
18.9 0.7
€2.6bn
0.7
31-Dec-18 31-Dec-19 31-Dec-20 Private Equity Private Debt Real Assets
Capital Markets Strategies
INVESTOR PRESENTATION
Tikehau Capital 293.2 High degree of discipline in deployment INVESTOR PRESENTATION Tikehau Capital 30
ACCELERATION IN FUND DEPLOYMENT OVER H1 2021 AM
€1.9bn invested since 31 December 2021
H1 2021 deployment driven by Private
1.9
Debt funds, followed by Real Assets
x2
High level of discipline and selectivity
maintained
0.8
Strong ESG focus across asset classes
Healthy pipeline ahead
€bn
€6.4bn
Q1 2020 Q2 2020 H1 2020 Q1 2021 Q2 2021 H1 2021
of dry powder within AM funds
(30.06.21)
INVESTOR PRESENTATION
Tikehau Capital 31CAUTIOUS AND SELECTIVE DEPLOYMENT IN AN AM
UNPRECEDENTED BACKDROP
€2.8bn deployed by Tikehau Capital’s closed-end funds in 2020, with an acceleration in H2
3.6
2.8 2020/2019 evolution mainly linked
2.4 to an atypical H1, given the context
2.2 60%
Overall 2020 deployment level in
69%
H2 55%
51% line with 3-year average of €2.8bn
40%
ESG criteria fully integrated in the
49%
H1 45% 31% selection process
€bn
2017 2018 2019 2020
Private
Equity
Private
Split by Debt
asset class
Real
Assets
INVESTOR PRESENTATION
Tikehau Capital 32TIKEHAU CAPITAL DEPLOYMENT AM
Screening and execution in FY20 show maintained high selectivity
Real Assets team(4)
Private Debt team(1) (including Sofidy) Private Equity team
391 screened deals 2,642 screened deals 747 screened deals
82 screening
26 firm offers 176 firm offers
committees
22 closed 52 closed 39 closed
deals(2) deals(5) deals
Selectivity /
Rejection rate(3) 94.4% 98.0% 94.8%
(1) Only relates to Direct Lending activities
(2) Closed deals exclude follow-ons
(3) Calculated as 1 – (total closed deals / total screened deals)
(4) 2,642 screened deals in 2020, of which c.2,420 performed by Sofidy’s Real Assets investment team
(5) Only relates to Sofidy and Star America deals
INVESTOR PRESENTATION
Tikehau Capital 333.3 An increasingly profitable growth model INVESTOR PRESENTATION Tikehau Capital 34
ONGOING INCREASE IN FEE-PAYING AUM IN 2020 AM
27.4
23.6
20.4
+17% +36%
fee-paying AuM growth 2017-2020 CAGR
in 2020 for fee-paying AUM
+17%
11.4
19.9
23.2
85% 96%
16.2 of AuM is fee-paying at of AuM in closed-end
31 December 2020 funds have duration
9.2 Stable level compared to above 3 years
2019
€bn
2017 2018 2019 2020
Fee-paying AuM Future fee-paying and non fee-paying AuM
INVESTOR PRESENTATION (1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
Tikehau Capital 35MANAGEMENT FEE RATE MAINTAINED AT A HIGH LEVEL AM
+21 bps in management fee margin since 2017, reflecting the accretive evolution of
Tikehau Capital’s business mix towards higher fee-generating strategies
92 92
+21bps
81
71
(1)
2017 2018 2019 2020
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
INVESTOR PRESENTATION
Tikehau Capital 36> 95% OF AM REVENUES COME FROM MANAGEMENT FEES AM
CAGR
2018 PF-2020
204.8
Management fees & others(1)
174.8 6.3
+28%
Performance fees & carried interests Asset Management
8.5 revenues
125.8
3.5
+27%
198.6
57.9
166.3
(97%) +27%
4.1 (95%) Management fees
122.3 & others
(97%)
53.8
(€m)
(93%)
31-Dec-2017 31-Dec-2018 31-Dec-2019 31-Dec-2020
(proforma, incl. Sofidy & ACE)
(1) Include management fees, subscription fees, arrangement fees and other revenues
INVESTOR PRESENTATION
Tikehau Capital 37CONTINUED INCREASE IN AM PROFITABILITY AM
Growth vs.
Strong ramp-up in NOPAM (1) and NOPAM margin since 2015 2019
37.3%
31.4%
33.5%
76.4 +3.9pts
NOPAM margin
27.6% +31%
58.5
+31%
NOPAM
39.5
+17%
AM net revenues
8.9%
16.0
3.5
+10%
AM costs
€m
(1.0)
2015 2016 2017 2018 (1) 2019 2020
(3.6%)
(1) Net Operating Profit from Asset Management Activities
(2) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
INVESTOR PRESENTATION
Tikehau Capital 38STRONG NOPAM INCREASE PRIMARILY DUE TO FRE AM
CAGR CAGR
+126% CAGR (2016-20) in FRE, well above industry average 2016-2020 2016-2022e
>100 >+83%
6.3
70.2 +126%
8.5
vs +36%(2)
for peer group
3.5
50.0 average
36.0
4.1
€m
0.8 11.9
1.9 2.7
(2.9)
(1)
2015 2016 2017 2018 2019 2020 - 2022
FRE target
FRE PRE (realized)
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
(2) Average for Partners Group, Intermediate Capital Group and EQT
INVESTOR PRESENTATION
Tikehau Capital 39FRE MARGIN TRENDS SIGNIFICANTLY UPWARDS AM
Increased scalability and business mix improvement are driving FRE margin up
NOPAM margin, including realized PRE, structurally exceeds FRE margin
37.3%
33.5%
31.4%
35.3%
27.6%
29.4% 30.1%
22.1% +5.2 pts
8.9%
7.0%
(1)
2015 2016 2017 2018 2019 2020
(3.6%)
FRE Margin NOPAM Margin
(11.2%)
(1) 2018 proforma (integrating full-year contribution of Sofidy and Ace Capital Partners)
INVESTOR PRESENTATION
Tikehau Capital 40PERFORMANCE-RELATED EARNINGS POTENTIAL AM
x3.7 in AuM eligible to carried interest since 2016 Tikehau Capital’s approach to carried interest
+30% 11.2
8.6
Shareholder-friendly allocation
PD
4.3
6.8
4.0 PD RA 3.5
3.0
Cautious P&L recognition
PD RA
PE 3.5
€bn
RA
PE
2016 2017 2018 2019 2020
Material mid-term profitability driver
€6.3bn €3.0bn
+25% yoy +10% yoy
AuM eligible to carried AuM eligible to carried
interests and currently interests, currently invested
invested and above hurdle rate
INVESTOR PRESENTATION
Tikehau Capital 41LARGE VINTAGES OF OUR FLAGSHIP FUNDS ARE YOUNG AM
9 of the Group’s 10 largest flagship funds eligible to carried interest have been launched since 2017
AuM at end-
1600
Dec 2020
(€m)
1200
Still in fundraising
800
400
0
Fund TDL III TDL IV TRE III T2 TGE2 TREO TSO II TDL V AAP Star America
(launch) (2014) (2017) (2017) (2018) (2018) (2018) (2019) (2020) (2020) Fund II
(2020)
Private Debt Real Assets Private Equity
INVESTOR PRESENTATION
Tikehau Capital 424 Granular and resilient
investment portfolio
INVESTOR PRESENTATION
Tikehau Capital 43INVESTMENT PORTFOLIO AS AT 31 DECEMBER 2020 IM
Tikehau Capital is ahead on its objective for 2022 with 66% of the portfolio invested in its strategies
# of 207 206 211
investments
2,410
2,335
2 investments > €50m
(€m)
2,083 €444m 444
9 investments between €10m and €50m
823 Non-listed investments
95 investments < €10m
911 25
32 Other listed investments
(34%) Foncière Atland
€379m 36 DWS (vs. €189m at 31 December 2019)
(39%) Listed investments
287 Eurazeo
Direct 1,177
investments 206 Capital Markets Strategies
(57%)
368 Private Equity
1,586
1,425
(66%)
558 Real Assets
Tikehau Capital (61%)
906
funds
(43%)
455 Private Debt
31-Dec-2018 31-Dec-2019 31-Dec-2020
INVESTOR PRESENTATION
Tikehau Capital 44REALIZED INVESTMENT REVENUES IN 2020 IM
+29% growth in realized investment revenues in 2020 Growth vs.
2019
133.9 133.9 +29%
Realized investment revenues
104.1 47.0 Other(1)
82.4
97.2 11.5 DWS
+9%
Dividends, coupons and
distribution
89.0
69.8
75.4 TKO funds
36.6
+144%
(€m)
Realized capital gains
12.6 15.0
2018 2019 2020
2020
Realized capital gains Dividends, coupons and distributions
(1) Including -€0.1m for Eurazeo
INVESTOR PRESENTATION
Tikehau Capital 45TOTAL INVESTMENT PORTFOLIO REVENUE IM
Major systemic crisis was probable
at end-Q1 2020, leading the Group
to take action to protect its
investment portfolio
238.5 Implementation of derivative
instruments was part of the Group’s
risk management policy
97.2
11.5 85.8
36.6 10.0 26.6 Derivatives instruments played out
(49.0) negatively in 2020, from Q2 to Q4,
due to massive central banks
Implementation interventions
(287.5) of derivatives (286.5)
(286.5) instruments
Impact from such instruments offset
positive unrealized change in fair
value over the same period
2020
100% of the positions related to the
Q1 2020 Q2-Q4 2020 financial instruments were unwound.
Costs of €71.5m on the 2021 P&L
Dividends, coupons, distributions Realized change in fair value Unrealized change in fair value Impact from derivatives
INVESTOR PRESENTATION
Tikehau Capital 46FOCUS ON TKO FUNDS IM
Increasing contribution of dividends, coupons and distributions in TKO funds revenues
+18% growth in realized revenue contribution of TKO funds to Investment revenues (€m)
57.7 57.7 +10%
97.2
88.5 vs. 2019
69.8
Other invest.
66.8
56.6
66.8 +18%
TKO funds 40.4 vs. 2019
8.6
2020 (17.8) 2018 2019 2020
Dividends, coupons, distributions Realized change in fair value Unrealized change in fair value
INVESTOR PRESENTATION
Tikehau Capital 475 Outlook INVESTOR PRESENTATION Tikehau Capital 48
TIKEHAU CAPITAL IS WELL ON TRACK TO DELIVER ON ITS TARGETS
Mid-term target Status
Group AUM >€35bn On track
from Dec. 2022
Fee Related Earnings >€100m On track
(FRE) from 2022
Share of the portfolio
comprised of investments
within Tikehau Capital funds
65-75%
from 2022
Return on capital invested by 10-15% On track
the Group in its own funds from 2022
INVESTOR PRESENTATION
Tikehau Capital 49PAVING THE WAY FOR FUTURE SUCCESS
On 20 May 2021, Tikehau Capital announced a future-facing and simplified organisation
1 2 2 3
After 17 years of Regroup Next
successful central corporate Reset
entrepreneurial- functions and General Partner Growth
expertise under the remuneration
tailed growth story
listed company
Phase
An established force amid Streamlines Reflects organisational Profitable growth model supported
the alternative AM understanding of the changes by a best-in-class governance
landscape Group’s organisation
A simplified organisation
Value-accretive to
A success formula, based Supports ever-growing Tikehau Capital Flexible and increased non-organic
on Tikehau Capital’s ambition with a future- shareholders growth options
entrepreneurial DNA facing setup
Increased alignment of interest with
Improves Tikehau higher founders and management
Capital’s financial ownership(1) in Tikehau Capital and
profile new dividend policy
(1) Defined as the combined ownership of Tikehau Capital Advisors and Fakarava Capital
INVESTOR PRESENTATION
Tikehau Capital 50NEW ORGANISATION, NEW ECONOMICS, IMPROVED FINANCIAL PROFILE
Organisation Externally managed Internally managed
Operating 2% €2.5m c.€20m
costs of consolidated shareholders’ equity Fixed annual Corporate
compensation(1) functions costs(2)
2020 proforma €70.6m €20.8m
figure operating cost operating cost
Preferred
dividend(3) 12.5% 1.0%
(1) Fixed annual compensation paid to the 2 Managers (“Gérants”)
(2) Illustrative operating costs from 2021 onwards
(3) Based on Tikehau Capital’s statutory net result
INVESTOR PRESENTATION
Tikehau Capital 51INCREASED MANAGEMENT’S STAKE IN TC, POST-TRANSACTION
This new organization and related reset in General Partner compensation are implemented to benefit
Tikehau Capital (TC)
39 million new TC shares will be issued for the benefit of Tikehau Capital Advisors (TCA), in
compensation for its contributions
• TCA contributions valued at €1,150.5m by an independent expert and 2 external appraisers, based on
discounted cash flows
• Retained value for Tikehau Capital of €29.5 per share based on multi-criteria valuation conducted by an
independent expert and 2 external appraisers(1)
This further aligns interests between management and shareholders
Founders & Management(2) ownership in TC Founders & Management(2) ownership in TC
44% 56%
TC share count TC share count
136m 175m
Pre-proposed transaction Post-proposed transaction
(1) Finexsi has been appointed by the Supervisory Board of Tikehau Capital as independent expert to issue a fairness opinion on the terms of the transaction. Ms. Sonia Bonnet-Bernard and Mr. Alain Abergel have been appointed
by the President of the Commercial Court of Paris (Tribunal de Commerce de Paris) as external statutory appraisers with regard to the terms of the Merger and the Contribution (commissaires à la fusion et à la scission). The
reports of the independent expert and the external statutory appraisers have been made public in the document published for a prospectus exemption that was made available to the market on 14 June 2021.
(2) Defined as the combined ownership of Tikehau Capital Advisors and Fakarava Capital
INVESTOR PRESENTATION
Tikehau Capital 52A COMPELLING STEP FOR TIKEHAU CAPITAL
A transformative evolution reinforcing Tikehau Capital
Simplified Improved Enhanced
organisation and structure to post-tax cash-flow generation return on equity(1)
support future growth and visibility
607 >€40m >140bps
employees regrouped per annum from 2021 onwards per annum from 2021 onwards
Favourable impact New dividend policy Strong support
on 2021 adjusted EPS to reflect improved cash earnings from shareholders
outlook representing
High single-digit >80% 85%
accretion of FRE(3) and PRE(4) of Tikehau Capital’s share capital
on 2021 adjusted EPS(2) (ordinary dividend – floored at €0.50 for 2021)
(1) Calculated as Adjusted net income (i.e less preferred dividend) divided by Shareholders’ Equity, Group share, based on 31 December 2020 Shareholders’ Equity, Group share. Excluding any one-off and non-cash potential accounting impact
of the reorganisation (accounting treatment being finalised)
(2) Net income less preferred dividend – Based on sell-side analysts’ forecasts updated post FY20 results release. Excluding any one-off and non-cash potential accounting impact of the reorganisation (accounting treatment being finalised)
(3) Fee Related Earnings
(4) Performance Related Earnings
INVESTOR PRESENTATION
Tikehau Capital 53CAPITAL ALLOCATION PRIORITIES
Organic Keep investing in Group’s funds and vehicles
growth serving AM growth
External Proceed to targeted and accretive M&A transactions
growth Geography, asset class, client type
>80% of FRE and PRE to be distributed through
Shareholder ordinary dividend
returns
(a €0.50 distribution floor for 2021) NEW
Increased visibility on shareholder remuneration
INVESTOR PRESENTATION
Tikehau Capital 54WHAT WE LOOK FOR IN AN ACQUISITION
Strong track record in terms of opportunistic accretive and value-creating M&A operations
Culture Value creation Strategic Accretion
M&A deals carried out by Tikehau Capital, and main benefits associated with each transaction
Expand
AuM at International Business mix Client base
Year Asset category product
acquisition Expansion rebalancing diversification
offering
Star America 2020 Infrastructure €0.55bn
Homunity 2019 Real Estate n.a
ACE Management 2018 Private Equity €0.4bn
Sofidy 2018 Real Estate €5.1bn
Credit.fr 2017 Private Debt n.a
IREIT 2016 Real Estate €0.5bn
Lyxor 2016 Private Debt €0.7bn
INVESTOR PRESENTATION
Tikehau Capital 552021 FUNDRAISING PRIORITIES
Multi-asset / dedicated funds for private investors
Private debt Private equity Real assets Capital markets
Tikehau Direct Ace Aero Partenaires Ongoing fundraising Ongoing fundraising
Lending V for Sofidy for existing funds
Ace Aerofundo
CLO VI (Spain-focused aerospace fund) Star America High Yield Impact
Infrastructure Fund II fund (TIC)
Tikehau Private Debt Brienne III
Secondaries Club-deals
Tikehau Impact
Lending
INVESTOR PRESENTATION
Tikehau Capital 56A STRONG INTERNATIONAL PLATFORM TO FUEL FURTHER
GROWTH
Experienced, committed and diverse team
629 employees from 26 different nationalities
Our team Strong focus on inclusion and gender equality (41% of women within the Group)
Diversity initiatives (partnerships with associations, employee training and awareness)
A multi-local footprint, in 12 countries, with new additions
The successful integration of Star America Infrastructure Partners
Our footprint The recent opening of a new office opening in Germany
Finalization of the acquisition of a private equity secondary business in Asia
Strong and liquid balance sheet, with €2.8bn of equity and limited debt
Our balance Keep investing in our funds alongside our investor-clients
sheet Complete targeted and accretive acquisitions
Launch new high-growth initiatives, such as a first SPAC announced in 2021
INVESTOR PRESENTATION
Tikehau Capital 576 Appendix INVESTOR PRESENTATION Tikehau Capital 58
SIMPLIFIED CONSOLIDATED P&L GROUP
Actual Change
In €m 2019 2020 €m %
Management fees & other revenues 166.3 198.6 +32.3 +19.4%
Operating costs (116.3) (128.4) (12.1) +10.4%
Fee Related Earnings (FRE) 50.0 70.2 +20.2 +40.4% FRE Margin up 5.3 pts
FRE margin 30.1% 35.3% +5.3pts
Realized Performance-related earnings (PRE) 8.5 6.3 (2.2) n.s
AM net operating profit (NOPAM) 58.5 76.4 +18.0 +30.7% NOPAM up +30.7%
NOPAM margin 33.5% 37.3% +3.9pts
Realized portfolio revenues 104.1 133.9 +29.8 +28.7% Portfolio resilience
Operating costs (1) (78.0) (98.5) (20.6) +26.4%
Change in fair value (unrealized) 173.7 (49.0) (222.8) n.s
Net result from associates (0.2) (1.2) (1.0)
Financial interests (33.3) (36.1) (2.7)
Derivative portfolio result - (286.5) (286.5) Risk management policy
Non-recurring items (2) (5.8) (3.8) +2.1
Tax (39.7) 58.6 +98.3
Minority interests (0.6) (0.5) +0.1 H1 2020 H2 2020
Net result, Group share 178.7 (206.6) (385.3) (240.9) 34.3
Net result, Group share (excluding derivatives) 178.7 13.0(3) (165.7) (116.7) 129.7
(1) Investment activity operating costs include the remuneration of the General Partner for managing the Group, amounting to -€71m in 2020 (-€51m in 2019)
(2) Non-recurring items in 2020 include in particular non-recurring share-based payments for -€2.3m (free shares charges (incl. social charges) of 01 December 2017 plan
(3) Restated for tax effects related to the derivative instruments
INVESTOR PRESENTATION
Tikehau Capital 59CONSOLIDATED BALANCE SHEET GROUP
Very solid financial structure, supporting the Group’s strategy
BBB- / stable outlook
credit rating confirmed by Fitch Ratings to Tikehau Capital in January 2021
Robust equity structure supporting the
in €m 31-Dec-20 31-Dec-19 ∆ business model
Investment portfolio 2,410 2,335 +75
Cash & cash equivalents(1) 845 1,307 (462)
Other current & non-current assets 764 699 +65 €2.8bn €845m
Total assets 4,018 4,341 (323)
Shareholders’ Equity Level of cash(1)
Shareholders' equity - Group share 2,797 3,139 (342)
Minority interests 7 7 -
Total Group shareholders’ equity 2,804 3,146 (342)
Financial debt
Other current & non-current liabilities
999
216
997
198
+2
(18) €500m Stable
Total liabilities 4,018 4,341 (323) Undrawn facilities Level of financial debt
Gearing(2) 36% 32% +4pts
Undrawn committed facilities 500 500 -
(1) Cash and cash equivalents and cash management financial assets of €747.3m and security deposit and margin calls relating to the portfolio derivative instruments of €97.7m
(2) Gearing = Total financial debt / Group share shareholders’ equity
INVESTOR PRESENTATION
Tikehau Capital 605.5 YEARS OF AVERAGE DEBT MATURITY GROUP
A well spread debt repayment schedule, no maturity before 2023
Financial indebtedness as 31 December 20201 and amortization plan
Amortization Plan
€2,000m
Term Loan
2017 Bond - €300m
500 €1,500m
2019 Bond - €500m
2021 Sustainable Bond - €500m
500 500 RCF - €500m
500 500
500
300 300
(in €m)
500 500
300
200 200 200
Total Facilities Drawn Debt 2021 2022 2023 2024 2025 2026 2027 2028 2029
On March 25, 2021, Tikehau Capital successfully placed a €500 million inaugural sustainable bond with a 8-
year maturity and a 1.625% coupon, the first of its kind in the asset management industry
INVESTOR PRESENTATION (1) Pro forma the €500m Sustainable bond issue realized on March 25th, 2021
Tikehau Capital 61SECTORIAL EXPOSURE WITHIN TIKEHAU CAPITAL FUNDS AM
Low exposure to sectors most-impacted by the pandemic
Capital Equipment
Business Services 2.6%
Construction & Building
3.2%
2.2%
High tech industries Finance
3.7% 1.5%
Banking Other
Beverage & Food 0.1%
4.1%
1.9% Aerospace & Defense
Healthcare & Pharma
1.4%
4.7% Other
11.7% Retail
1.9%
€27.4bn Sectors most
impacted by Covid
Automotive
1.4%
8.1%
AM AuM at Media &
Dry powder
31 Dec. 2020 Advertising
2.0%
22.6%
Hotel, Gaming
& Leisure
1.3%
Real Estate
33.9%
INVESTOR PRESENTATION
Tikehau Capital 62FUNDS PERFORMANCE IN DIRECT LENDING PRIVATE DEBT
Portfolio actions in 2020
Direct Lending Direct Lending Direct Lending Direct Lending
I(1) II(2) III IV
Fund size €85m €134m €610m €2.1bn(3) Close contact with portfolio
companies
Inception 2010 2012 2014 2017
Current: 6 / Current: 13 / Current: 53 /
# investments Exited: 13
Exited: 18 Exited: 21 Exited: 9
Regular assessment of short- and
medium-term impacts on business
Average inv. Size €18.8m €21.3m €21.8m €30.0m
models
Gross IRR on
9.1% 16.7% 10.4% 12.5%
exited transactions
Focus on cash preservation and
cost control
Diversified sector exposure in TDL III & TDL IV
Consumer High Tech
When needed, implementation of
Automotive Forest Product Transportation
goods Retail industries Retail
TMT
Construction &
Building
& Paper
TMT
specific measures to create liquidity
Finance Construction &
Beverage & Building
Aerospace &
buffers
food Capital
Defense
Equipment
Consumer − state-backed loans
Real Estate services
Healthcare &
Hotel, Gaming
Consumer
Pharma − covenant waivers
& Leisure TDL III goods
TDL IV
Healthcare &
− interest postponement, etc.
Beverage &
Chemicals Pharma food
Environmental
Insurance Industries Business
High Tech services
industries Capital
Aerospace & Insurance
Defense Business Consumer Equipment Hotel, Gaming
services services & Leisure
(1) Tikehau Situations Spéciales II
INVESTOR PRESENTATION (2) Tikehau Preferred Capital
(3) Fund size corresponds to TDL IV fund and associated vehicles and SMAs, whereas credit statistics relate to the TDL IV flagship fund
Tikehau Capital Actual retuns will be substantially lower on a net basis. Past performance is not indicative of future results 63FUNDS PERFORMANCE IN REAL ESTATE REAL ASSETS
Solid performance for Sofidy’s main funds Snapshot on main Real Estate funds performance
Tikehau Tikehau Tikehau Tikehau Tikehau
Real Estate Real Estate Retail Logistics Real Estate
Fund type SCPI SCPI II III Properties I Property I I
AuM (1)
€3.4bn €1.7bn Fund size €273m €354m €132m €84m €100m
Diversified
Offices Inception 2016 2017 2014 2016 2014
Strategy Largest cap. in
properties
France
Sale & Sale & Sale &
Creation date Sale &
1988 1987 Lease-back Lease-back Lease-back Asset
Strategy Lease-
/ assets / assets / assets conversion
2020 perf (%) back
4.42% 4.80% conversion conversion conversion
IRR since Tenant
inception(1) (%)
9.46% 8.78%
Multiple on
1.7x 1.7x 1.3x 2.0x 1.9x
Rent collection exited assets(2)
rate (%)
90% 93%
Financial occup.
rate (%)
93% 93%
(1) As of 31 December 2020
(2) Total proceeds from exited assets compared to initial investment
Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 64PRIVATE EQUITY TRACK RECORD PRIVATE EQUITY
Track record of divestments: average multiple of 2.4x since 2012 (1)(2)
Buyer: GIC
Buyer: Ardian
2.4x
Tikehau
multiple 8.3x
Buyer: Hellman & Friedman Average (1)(2)
(3)
5.0x
(4)
3.7x
3.3x
2.7x
2.5x 2.4x 2.4x 2.3x 2.2x 2.1x
1.8x 1.8x 1.7x 1.6x 1.6x 1.5x 1.4x 1.4x 1.3x 1.3x 1.3x 1.2x
1.1x 1.0x 0.9x
0.3x
0.0x
Aug-15 / Dec-13 / Mar-14 / Jun-12 / Sept-09 / Dec-13 / Jun-08 / Juil-13 / Jun-10 / Oct-14 / Sept-06 / Nov-07 / Apr-14 / May-08 / May-00 / Apr-14 / Dec-09 / Mar-09 / Nov-05 / Mar-11 / Sept-14 / Jun-08 / Jun-05 / May-08 / Dec-10 / Mar-11 / Dec-15/ Oct-12/
Dec-19 Dec-17 Jun-16 Apr-17 Dec-17 Nov-19 Jul-14 Aug-18 May-19 May-16 Feb-13 Feb-15 Oct-17 Feb-15 May-13 Jun-17 Dec-13 Feb-13 2015 Jun-13 Aug-17 Jan-13 Apr-13 Feb-13 Jan-17 Jul-13 May-18 Jun-17
(1) As at 31.12.2020
(2) Weighted average on amount invested
(3) Based on exchange rate $/€ on 06.05.2016
(4) Excluding earn-out
Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 65FUNDS PERFORMANCE IN FLAGSHIP CMS FUNDS CAPITAL MARKETS
STRATEGIES
Fixed Income Funds Balanced & Equity Fund
Tikehau International
Tikehau Taux Variables Tikehau Credit Plus Tikehau SubFin Fund
Cross Assets
Subordinated debt market in
Flexible investments in Equities
Core Investment Grade fund Core High Yield Fund core European financial & Fixed Income markets
institutions
€1,379m €408m €402m €1,080m
AuM (1) AuM (1) AuM (1) AuM (1)
+1.6% +1.8% +4.4% -1.9%
Performance 2020 Performance 2020 Performance 2020 Performance 2020
(1) As at 31.12.2020
Past performance is not indicative of future results
INVESTOR PRESENTATION
Tikehau Capital 66SUSTAINED FUNDRAISING MOMENTUM
Combination of strong organic growth and selected acquisitions
AuM growth drivers since 2013 Vintage funds increasing in size
Distributions €2.1bn
Fundraising
• Sofidy
Mark-to-market
• ACE
External growth
5.4
Star x3.4
America
0.6
• Lyxor 0.4
0.2 0.6
• IREIT 1.2
0.2 4.6
0.1 3.9 3.7 3.6 €610m
0.3 2.4
1.5 2.0 x4.6
1.2
(0.2) (0.2) (0.1) (0.2) (0.5) (1.1) (1.4) (1.1) x1.6 €134m 600
(0.3) €85m
214
2013 2014 2015 2016 2017 2018 2019 2020 26 41 60
Direct Lending Direct Lending Direct Lending Direct Lending Direct Lending
Total
1 2 3 4 5
AuM 3.0 4.3 6.4 10.0 13.8 22.0 25.8 28.5
(EoP) Vintage 2010-2020 2012-2022 2014-2022 2017-2025 2020-
Net
+1.4 +1.3 +2.1 +3.6 +3.8 +8.2 +3.8 +2.7 Committed by Tikehau Capital Third parties
change
INVESTOR PRESENTATION
Tikehau Capital 67POST-REORGANIZATION CAPITAL STRUCTURE
Shareholding structure
Share capital ownership
4
1 Mainly Fakarava Capital (5.3%) and Tikehau Capital
Other institutionals and Advisors (51.0%) which owns 100% of Tikehau
free float Capital Commandité, the general partner of Tikehau
19.7% Capital SCA (the listed company)
3
1 2 Shareholders which are also shareholders of
Fonds Stratégique 6.9% Tikehau Capital Advisors and / or part of a
de Participations Management shareholders’ agreement with Management
56.7%
16.7% 3 FSP’s shareholders are 7 of the largest French
insurance companies: CNP Assurances, Sogecap,
2 Groupama, Natixis Assurance, Suravenir, BNP
Paribas Cardif, and Crédit Agricole Assurances
Strategic shareholders
Shareholders bound by a shareholders’
agreement representing a total of 68% of the
share capital: Management (56.7%), MACSF
(7.0%), Crédit Mutuel Arkea (3.0%) and Neuflize Vie
(1.3%)
INVESTOR PRESENTATION
Tikehau Capital 68AN EXPERIENCED AND COMMITTED LEADERSHIP TEAM (1/2)
Co-Founders Tikehau Capital – Group Management
Henri Marcoux Antoine Onfray
Deputy CEO Chief Financial Officer
Antoine Flamarion Mathieu Chabran
Thomas Friedberger Geoffroy Renard
Deputy CEO General Counsel
Emmanuelle Costa Anne Le Stanguennec
Head of Human Capital Head of Internal Audit
Ephraim Marquer Grégoire Lucas
Head of Compliance Head of External Relations
Bertrand Honoré
Head of Information
Technologies
INVESTOR PRESENTATION
Tikehau Capital 69AN EXPERIENCED AND COMMITTED LEADERSHIP TEAM (2/2)
Asset Management Executive Team
Thomas Friedberger Henri Marcoux Peter Cirenza Jean-Baptiste Feat Bruno de Pampelonne Frédéric Giovansili Guillaume Spinner
TIM CEO & Co-CIO TIM CEO TIM Co-CIO TIM Co-CIO Chairman of TIM TIM Deputy CEO TIM COO
& Head of Asia Global Head of Sales and Product
Marketing & Structuring
Private Debt Real Assets Private Equity Capital Markets Strategies Tactical Strategies
Cécile Mayer-Lévi Frédéric Jariel Raphael Thuin Peter Cirenza
Head of Private Debt Co-Head of Real Estate
Emmanuel Laillier Head of Capital Markets Chairman of the UK, Chairman
activity activity Head of Private Equity Strategies of the Private Equity activity &
Chairman of Tactical Strategies
Jean-Marc Delfieux
Nathalie Bleunven Pierre Vaquier Marwan Lahoud Maxime Laurent-Bellue
Head of Fixed Income
Head of Corporate Co-Head of Real Estate Executive Chairman of Head of Tactical Strategies
Investments
Lending activity Ace Capital Partners
Laura Scolan Vincent Mercadier Research
Guillaume Arnaud Guillaume Benhamou Head of Diversified
Head of France & COO CEO of Ace Capital
of the Private Debt Chairman of Sofidy Strategies and Equities Rodolfo Caceres
Partners
activity Head of Credit Research
Christoph Zens Jean-Marc Peter
CEO of Sofidy
Regional Heads
Head of CLO activities
Carmen Alonso Neil Parekh Timothy Grell
William A. Marino Asia, Australia & New
United Kingdom & Iberia North America
Co-Founder and CEO of
Zealand
Star America
Infrastructure Partners
Edouard Chatenoud Luca Bucelli Andrea Potsios
Christophe Petit Italy Italy
Benelux
Co-Founder and
President of Star America
Infrastructure Partners
Sergei Diakov Dominik P. Felsmann
Japan Germany
INVESTOR PRESENTATION
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