Tikehau Capital’s private credit strategy led its third-quarter 2025 performance, accounting for 43 per cent of total capital deployed and remaining the largest share of the firm’s assets under management (AUM) at 46 per cent.
The Paris-based alternative asset manager reported that of the total €2.5bn (£2.2bn) of capital deployed during the period – the highest figure deployed since its initial public offering – €1bn came from its credit strategies, almost double the €553m deployed in the same quarter last year.
Direct lending and credit secondaries continued to drive the firm’s activity, notably backing BC Partners’ acquisition of Dutch healthcare mould maker IGS GeboJagema, where Tikehau acted as sole arranger of a €95m unitranche and €30m acquisition facility.
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According to the results, realisations in credit almost tripled year-on-year from €359m in the third quarter of 2024 to €1bn in the third quarter of 2025, while the firm raised €715m of net new money in credit over the quarter.
Overall, the third-quarter figures showed that Tikehau Capital’s assets grew to €51.1bn , a nine per cent increase year-on-year. Private credit remained the firm’s largest asset class at 46 per cent of total AUM at €23.3bn, up seven per cent from a year earlier.
Tikehau Capital has raised a total of €5.2bn in net new money year-to-date, a nine per cent increase, €1.2bn of which in the third quarter. It is forecasting another year of record fundraising in 2025.
The update also revealed that the main growth driver for Tikehau Capital through 2025 has been private equity, despite being one of the firm’s smaller holdings at 16 per cent (€7.9bn).
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Private equity led total deployment for the quarter with €1.3bn invested, representing 53 per cent of all capital deployed. Also, assets under management in private equity grew 30 per cent year-on-year and two per cent over the quarter.
The quarterly results also showed €7bn of dry powder as of 30 September 2025, compared with €7.8bn at the end of June.
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