Tikehau Capital Sca · EURONEXT:TKO
Tikehau Capital Sca — Tikehau Capital — FY2020 Earnings Presentation
74 slides from Tikehau Capital Sca's earnings presentation, Mar 18, 2021
Slide 1: Tikehau Capital FY20 Results
TIKEHAU CAPITAL FY20 RESULTS 18 MARCH 2021 1 FY20 RESULTS PRES
Slide 2: Disclaimer
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 attending any meeting where this Presentation is made, you agree to be bound by subsidiaries. These statements include fin
Slide 3: Disclaimer
DISCLAIMER This Presentation includes certain IFRS pro forma financial information about the investors, which will reduce returns and, in the aggregate, are expected to be Group. This pro forma financial information has been prepared on the basis of substantial. Actual returns will be substantially
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Executive Summary p. 5 3 Financial review p. 38 2 Operating review p. 13 4 Outlook p. 56 FY20 RESULTS PRESENTATION Tikehau Capital 4
Slide 5: Executive Summary
1 Executive Summary FY20 RESULTS PRESENTATION Tikehau Capital 5
Slide 6: 2020 at a glance
2020 AT A GLANCE Resilient funds’ performance Close dialogue with portfolio companies and clients Net new money close to historical highs Strong profitability increase in asset management FY20 RESULTS PRESENTATION Tikehau Capital 6
Slide 7: 2020 in figures
2020 IN FIGURES €28.5bn €4.2bn 92 bps €70.2m €76.4m FRE(1) NOPAM(2) Of total AuM at 31.Dec 2020 ofAM Net new money (NNM) Management fee rate +40% vs. 2019 +31% vs. 2019 Well above Group’s target >€4bn of AM NNM for the 3 rd High level of management Strong improvement in AM of €27.5bn year in a row,
Slide 8: +30% CAGR in AuM since IPO
+30% CAGR IN AUM SINCE IPO AuM growth trajectory set to continue, with target of more than €35bn at end-2022 Total Assets under Management in €bn(1) >35 +30% CAGR p.a 28.5 25.8 22.0 13.8 10.0 6.4 4.3 1.6 3.0 2004 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2022 target (1) Including direct inve
Slide 9: A solid growth track record
A SOLID GROWTH TRACK RECORD AM Tikehau Capital delivers on its strategy set at the time of its IPO €27.4bn of Asset Management AuM (+34% 2016-2020 CAGR) AuM from international investors Fee-paying AuM Management fee rate €bn €bn bps +45% 9.3 +40% 23.2 +17 92.0 92.0 CAGR bps CAGR 7.5 19.9 5.7 16.2 81
Slide 10: A large spectrum of investment expertise
A LARGE SPECTRUM OF INVESTMENT EXPERTISE A comprehensive offering across asset classes and investment vehicles DIRECT INVESTMENTS €1.2bn CAPITAL MARKETS STRATEGIES PRIVATE DEBT €4.2bn €9.3bn • Fixed Income • Direct Lending • Equity • Secondaries PRIVATE EQUITY €28.5bn • • Leverage Loans CLOs Total A
Slide 11: ESG: at the heart of Tikehau Capital's strategy
ESG: AT THE HEART OF TIKEHAU CAPITAL’S STRATEGY We are developing strategies which address societal challenges while generating competitive financial returns for investors Key pillars of our responsible investment strategy External Recognition Exclusions ESG integration Engagement A+ rating (Confirm
Slide 12: Recognition of ESG efforts by rating agencies
RECOGNITION OF TIKEHAU CAPITAL’S ESG EFFORTS BY 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 Wend
Slide 13: Operating review
2 Operating review FY20 RESULTS PRESENTATION Tikehau Capital 13
Slide 14: 2020 growth drivers
2020 growth drivers 1 2 3 Leverage past acquisitions Scale up vintages of Enhance offering through to expand the AM flagship / existing funds new strategies platform 4 Drive further diversification and internationalization of the client base FY20 RESULTS PRESENTATION Tikehau Capital 14
Slide 15: Scale up vintages of flagship and existing funds
1 SCALE UP VINTAGES OF FLAGSHIP AND EXISTING FUNDS 2020 was a combination of successor funds fundraising for the Group’s private debt strategies and successful fundraising for the Group’s first major private equity funds Private debt Private equity Real assets Capital markets strat. Launch of TDL V
Slide 16: More than €1bn raised for T2
1 MORE THAN €1BN RAISED FOR T2 Link to T2 video Launched in 2018, Tikehau Capital’s first private equity fund dedicated to energy transition attracted more than €1bn of capital. €1bn+ €440m c.160 46% 2 raised for the already invested in SMEs LPs committed of international labels T2 strategy focused
Slide 17: Enhance offering through new strategies
2 ENHANCE OFFERING THROUGH NEW STRATEGIES In 2020, the Group launched two new private debt funds and committed a substantial part of its balance sheet to support these funds, in line with its strategy of alignment of interests Private debt Tikehau Capital selected to manage an Launch of Launch of Ev
Slide 18: Past acquisitions are scaling up
3 PAST ACQUISITIONS ARE SCALING UP The Group’s selective external growth approach led to the integration of a new and complementary asset class in 2020, while further developing past acquisitions Real Assets Private equity Acquisition of Continued fundraising Successful capital increase of Transform
Slide 19: Major step forward for Ace Capital Partners
3 MAJOR STEP FORWARD FOR ACE CAPITAL PARTNERS Ace Capital Partners was selected to exclusively manage a private equity fund to support the aerospace industry. Launched in July 2020, this fund is targeting >€1bn of total size. €1bn c.€750m €230m 1 Strong pipeline of of target size of AuM at committed
Slide 20: Continued diversification and internationalization of client base
4 CONTINUED DIVERSIFICATION AND INTERNATIONALIZATION OF OUR CLIENT BASE Clients by geography Clients by category 34% of AuM from international investors 34% 5% 10% Tikehau Capital group 32% 20% Family offices & Private €27.4bn clients AM AuM 9.3 at 31.12.20 Banks and other % of AM AuM 25% 7.5 49% di
Slide 21: A relevant platform to address private clients
4 A RELEVANT PLATFORM TO ADDRESS PRIVATE CLIENTS Recent initiatives A wide range of Open- 2019: dedicated 2020: ELTIF solutions already ended Listed mandate with with SCPIs(1) available to private REITs funds investors Mandates Digital / Tikehau Capital and feeders Unit-linked ELTIF Fintech will kee
Slide 22: Solid ramp-up of the Group's presence in Asia
4 SOLID RAMP-UP OF THE GROUP’S PRESENCE IN ASIA 3 offices (Singapore, Seoul, Tokyo) totalling 19 FTE €1.5bn+ Asia focused investment activity in CMS and private equity Currently fundraising Asian opportunities fund focused on co-investment and fund investment of AuM managed Expanding PE footprint th
Slide 23: Tikehau Capital accelerates in North America
4 TIKEHAU CAPITAL ACCELERATES IN NORTH AMERICA 2018 Opening of the New York office $1bn+ 400+ of AuM managed from Prospects North America (1) covered since 2018 40+ investments / M&A opportunities screened since Jan. 2019 2019 Equity roadshow for TKO right issue Integration of US High Yield expertis
Slide 24: Corporate culture is key
CORPORATE CULTURE IS KEY Get Out Of Your Think Big Keep Things Simple Comfort Zone Be On The Ball Create, Don’t Compete Raise The Standards Think Profitability Be Contrarian First Always Say Yes FY20 RESULTS PRESENTATION Tikehau Capital 24
Slide 25: Examples of 2020 achievements
EXAMPLES OF 2020 ACHIEVEMENTS Launch of Tikehau Impact Lending Launch of T2, Energy Launch of 1st SPAC Transition Strategy in Create, Don’t Compete with top-tier Private Equity sponsors Launch of Tikehau Private Debt Secondaries FY20 RESULTS PRESENTATION Tikehau Capital 25
Slide 26: Fundraising and Assets under Management
2.1 Fundraising and Assets under Management FY20 RESULTS PRESENTATION Tikehau Capital 26
Slide 27: Strong asset management AuM progression
STRONG ASSET MANAGEMENT AUM PROGRESSION GROUP +15.7% AM AuM growth in 2020 driven by continued high level of net new money +15.7% 28.5 1.2 27.4 +0.6 +0.0 (1.0) +4.2 23.6 Close to record- highs, despite the unprecedented global context €bn AM AuM Net New Money Distributions Market effect Change in sc
Slide 28: Fundraising close to historical highs in 2020
FUNDRAISING CLOSE TO HISTORICAL HIGHS IN 2020 AM Asset Management NNM exceeds €4bn for the 3rd year in a row , an outstanding performance given the unprecedented global disruptions linked to the Covid-19 pandemic. €15.7bn of cumulative AM Net New Money since 2017 4.3 4.2 All asset classes contribute
Slide 29: Solid AuM growth in each asset class
SOLID AUM GROWTH IN EACH ASSET CLASS AM Private Debt Real Assets €bn €bn +8.2% +12.6% 9.3 10.3 8.6 9.2 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 Private Equity Capital Markets Strategies €bn €bn 3.5 +73.3% +9.8% 4.2 2.0 3.8 31-Dec-19 31-Dec-20 31-Dec-19 31-Dec-20 FY20 RESULTS PRESENTATION Tikehau Capi
Slide 30: Fund deployment
2.2 Fund deployment FY20 RESULTS PRESENTATION Tikehau Capital 30
Slide 31: Cautious and selective deployment
CAUTIOUS 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
Slide 32: Tikehau Capital deployment
TIKEHAU 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 5
Slide 33: Sectorial exposure within Tikehau Capital funds
SECTORIAL 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 & Pha
Slide 34: Funds performance in direct lending
FUNDS PERFORMANCE IN DIRECT LENDING AM 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 (1) Close contact with portfolio companies Inception 2010 2012 2014 2017 Current: 6 / Current: 13 / Current: 53 / # investm
Slide 35: Funds performance in real estate
FUNDS PERFORMANCE IN REAL ESTATE AM 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 si
Slide 36: Private equity track record
PRIVATE EQUITY TRACK RECORD AM 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
Slide 37: Funds performance in flagship CMS funds
FUNDS PERFORMANCE IN FLAGSHIP CMS FUNDS AM 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 Eur
Slide 38: Financial review
3 Financial review FY20 RESULTS PRESENTATION Tikehau Capital 38
Slide 39: Operating model in asset management
OPERATING 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 + P
Slide 40: Simplified consolidated P&L
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-rel
Slide 41: Asset Management activities
3.1 Asset Management activities FY20 RESULTS PRESENTATION Tikehau Capital 41
Slide 42: Ongoing increase in fee-paying AuM in 2020
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 €b
Slide 43: Management fee rate maintained at a high level
MANAGEMENT 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 contributio
Slide 44: Over 95% of AM revenues come from management fees
> 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-201
Slide 45: Continued increase in AM profitability
CONTINUED 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 Ope
Slide 46: Strong NOPAM increase primarily due to FRE
STRONG 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) 2015 2016 2017 2018 (1) 2019 2020 - 2022 FRE target FRE PR
Slide 47: FRE margin trends significantly upwards
FRE 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%) FR
Slide 48: Performance-related earnings potential
PERFORMANCE-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 mi
Slide 49: Large vintages of flagship funds are young
LARGE 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) (
Slide 50: Investment activities
3.2 Investment activities FY20 RESULTS PRESENTATION Tikehau Capital 50
Slide 51: Investment portfolio as at 31 December 2020
INVESTMENT 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 2,083 2,335 2,410 (€m) 2 investments > €50m €444m 9 investments between €10m and €50m 823 Non-listed investments 444
Slide 52: Realized investment revenues in 2020
REALIZED 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.
Slide 53: Total investment portfolio revenue
TOTAL 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 instru
Slide 54: Key balance sheet items
3.3 Key balance sheet items FY20 RESULTS PRESENTATION Tikehau Capital 54
Slide 55: Consolidated balance sheet
CONSOLIDATED 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,
Slide 56: Outlook
4 Outlook FY20 RESULTS PRESENTATION Tikehau Capital 56
Slide 57: Confirmation of the Group's guidance
CONFIRMATION OF THE GROUP’S GUIDANCE Tikehau Capital is on track to deliver its targets Mid-term guidance >€35bn of total AuM by 2022 >€100m(1) of Fee-Related Earnings by 2022 of investment portfolio comprised of investments 65-75% within Tikehau Capital funds run rate return on capital invested by
Slide 58: 2021 fundraising priorities
2021 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 Brienne III CLO VI Star America High Yield Impac
Slide 59: Tikehau Capital is starting 2021 in a strong position
TIKEHAU CAPITAL IS STARTING 2021 IN A STRONG POSITION Experienced, committed and diverse team 594 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
Slide 60: Launch of a SPAC focused on European financial services
LAUNCH OF A SPAC FOCUSED ON THE EUROPEAN FINANCIAL SERVICES SECTOR Key investment themes Tikehau Capital joins forces with Financière Agache, Jean-Pierre Mustier and Diego de Giorgi to sponsor Asset management platforms a SPAC focused on the European financial services sector The 4 sponsors will inv
Slide 61: Tikehau Capital valuation framework
TIKEHAU CAPITAL VALUATION FRAMEWORK €2.3bn €4.8bn €35 per share €17 per share €2.5bn €18 per share Fee-Related Balance sheet Floor valuation Performance-Related Fair value earnings portfolio earnings 1 2 3 €100m+ €2.3bn Material driver of value in investment portfolio minus the medium term 2022 FRE
Slide 62: Q&A
5 Q&A FY20 RESULTS PRESENTATION Tikehau Capital 62
Slide 63: Appendix
6 Appendix FY20 RESULTS PRESENTATION Tikehau Capital 63
Slide 64: Glossary
GLOSSARY AM Asset Management CMS Capital Markets Strategies DL Direct Lending FRE Fee-Related Earnings NOPAM Net Operating Profit from Asset Management NNM Net New Money PE Private Equity PD Private Debt PRE Performance-Related Earnings RA Real Assets FY20 RESULTS PRESENTATION Tikehau Capital 64
Slide 65: A growing pan-European diversified asset management and investment firm
A GROWING PAN-EUROPEAN DIVERSIFIED ASSET GROUP MANAGEMENT AND INVESTMENT FIRM Founded in IPO in €28.5bn €2.8bn 12 594 2004 March 2017 of AuM of shareholders’ countries employees equity Recurring and predictable Strong shareholders’ equity revenues supporting the alignment of Asset interests between
Slide 66: Group AuM overview by asset class
GROUP AUM | OVERVIEW BY ASSET CLASS GROUP €28.5bn of Group AuM at end-December 2020 Capital Direct Private Real Real Private Private AM Group 1 Debt + 2 Estate Assets + 3 Markets + 4 Equity Equity = activities + Investments = AuM Strategies AuM 28.5 3.5 27.4 4.2 1.2 0.9 10.3 0.2 2.6 2.6 0.7 4.0 9.3
Slide 67: Group AuM by asset class
GROUP AUM BY ASSET CLASS GROUP +10.5% yoy growth (+€2.7bn) Group AuM breakdown at end-December 2020 Direct Investments, €1.2bn Capital Markets Asset Management: €27.4bn of AuM at end-Dec. 2020 Strategies, €4.2bn Private Debt, +€3.7bn (+15.7%) vs. Dec. 2019 €9.3bn +€1.4bn (+5.6%) vs. Sept. 2020 €6.2b
Slide 68: AM net new money level close to historical high
AM NET NEW MONEY LEVEL CLOSE TO HISTORICAL HIGH AM €4.2bn of net new money in FY20, of which 40% raised in Private Equity Asset management fundraising by quarter, and asset class €bn Fundraising by asset class (€m and % of total fundraising) 4.1 4.2 1,578 341 4,185 38% 8% 906 1,360 22% 1.6 1.5 1.6 1
Slide 69: Strong compounding effect of investments in own funds
STRONG 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 +0.5 2.6 0.5 €2.6bn 20.4 2.0 1.5 0.2 0.6 Drawn €1.6bn +3.2 24.7 0.2 21.6 (in €bn) 0.9 18.9 0.7 €2.6bn 0.7 31-Dec
Slide 70: Management fee rate by strategy
MANAGEMENT FEE RATE BY STRATEGY AM In bps 2017 2018 publ. 2018 PF 2019 2020 Real assets 86 69 93 110 96 Private debt 79 70 70 73 76 Capital markets strategies 48 58 58 53 60 Private equity >150 >150 >150 >150 >150 Management fees(1) 71 69 81 92 92 Performance-related fees 5 3 2 5 3 Total weighted av
Slide 71: Fee-paying AuM analysis FY-2020
FEE-PAYING AUM ANALYSIS FY-2020 AM High fee-paying base, with long duration on closed-ended funds AuM breakdown (AM activities) Fee-paying AuM by duration FY-2020 FY-2020 4% 11% 5% 1.1 18% 3.0 30% €23.2bn €27.4bn fee-paying AuM AuM 26% 3% 85% 23.2 18% Fee-paying Future fee-paying Non-fee paying Capi
Slide 72: Focus on TKO funds
FOCUS 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
Slide 73: Direct investments AuM evolution
DIRECT INVESTMENTS AUM EVOLUTION IM 2,173 (667) 5 49 1,180 Direct (84) (286) Investments AuM 1 2 3 4 5 €m 31/12/2019 New Dividends Market effects Fin. Instruments Others 31/12/2020 commitments in TKO funds 1 New commitments in Tikehau Capital’s funds, as per the Group’s strategy of alignment of inte
Slide 74: Tikehau Capital
The information contained in this presentation is confidential and is for the exclusive use of the original listed recipient(s). The contents of this presentation are for TIKEHAU CAPITAL informational purposes only, and should not be regarded as an offer to sell or a solicitation of an offer to buy