Tikehau Capital set 2026-2029 targets to exceed €60bn in assets under management, up from current levels, while pushing core operating margins to 45-50% from 41% in 2025. The firm projects cumulative net inflows of €34bn over the period, 22% higher than the €28bn raised between 2022-2025.
The Paris-based asset manager plans 2026 fee-related earnings between €175m and €225m, representing 37-76% growth versus 2025 and exceeding market expectations by 20-50%. Value-add strategies now comprise 25% of Tikehau's AUM compared to less than 1% at its IPO, reflecting the sector's shift from generic buyouts.
International investors account for 46% of Tikehau's AUM, up from 20% in 2016. The diversification comes as European policy tailwinds and attractive entry valuations draw capital to the region.
Onex Corporation is navigating portfolio changes through its Convex acquisition and AIG partnership. CEO Bobby Le Blanc said the firm has "significant momentum heading into the new year" and called the Convex deal "a pivotal moment in Onex' evolution that meaningfully enhances our growth prospects."
Etsy sold fashion resale platform Depop for an undisclosed sum as parent companies rationalize holdings. Apax Partners and Apollo Global Management are pursuing separate transactions including Keurig Dr Pepper's potential acquisition of JDE Peet's coffee assets.
Secondary market activity accelerated with a $1.5bn Multi-Asset Continuation Vehicle transaction, enabling existing investors to exit while new capital enters at current valuations. These vehicles allow PE firms to extend holding periods for portfolio companies showing growth potential without forcing premature exits.
The strategic repositioning reflects improved European market fundamentals attracting both domestic and international capital. Firms are moving away from financial engineering toward operational improvements and sector specialization as competition for quality assets intensifies across the continent.
Tikehau's margin expansion targets suggest confidence in fee growth outpacing cost increases as the firm scales. The 2026 earnings guidance signals management expects fundraising and deployment activity to accelerate in the near term.