With a market capitalization of nearly 4 billion euros, greater than that of Lazard, the former start-up has won its legitimacy.
The Banque des Territoires wants to invest against a two-speed France
LA TRIBUNE SUNDAY – Tikehau Capital celebrates its 20th anniversary. It has become one of the references in Europe. Did you think you would achieve this result?
ANTOINE FLAMARION – We are only in chapter II, paragraph 1. We have the same appetite as twenty years ago. Unlike all our competitors, we truly started from scratch. Or more precisely with 4 million euros, which amounts to the same thing. Our first operation, the purchase of the Saint-Ouen chips for 26 million euros, resold for 50 million, demonstrated our ambition. In 2012, we crossed the threshold of 1 billion euros of assets under management. We manage 44.4 billion today. We tried to apply the rules of Anglo-Saxon finance to a European framework. We didn’t have the map, as they say. But we succeeded because great entrepreneurs like Albert Frère trusted us. Others, more and more numerous, have imitated him and still follow us. This proximity to business creators is at the heart of our philosophy, because we are too.
MATHIEU CHABRAN – Tikehau Capital was born from a small vision and a big ambition. The vision was based on the changes underway in the sector. Ambition, on our refusal to accept the United States’ monopoly on finance. When we founded the company, we were barely in our thirties. It was a time when global finance was dominated by the big Anglo-Saxon banks, where we both came from. Twenty years later, it is alternative asset managers like Blackstone, KKR and Apollo who have taken over. Our growth was based on this revolution. Our equity reaches 3.2 billion euros, which places us sixth in the world on this criterion. Tikehau Capital was a start-up, a term that is not just reserved for tech.
What were the key moments?
A.F. The subprime crisis in 2008 was a turning point. We saw it coming, which allowed us to buy assets at attractive prices. It has changed our industry, where for a long time only banks, insurance companies and pension funds reigned. New players have emerged and become giants, which has given credibility to a model like ours. Another decisive step is our anticipation of the necessary energy transition, from 2012, with the creation of impact funds, as well as that of the essential role played by cybersecurity, by investing in most of the French gems in this field.
MC The choice of international allowed us to change scale. Tikehau Capital is now present in 13 countries, on 3 continents, with 17 offices and 5 main centers: Paris, London, Singapore, New York and Abu Dhabi. Among our 750 employees, nearly 50 nationalities are represented. I moved to the United States in 2018, and our activities there have grown tremendously. In 2023, 70% of fundraising was carried out internationally. The company’s listing on the Paris Stock Exchange in 2017 was another important milestone. We still control 58% of the capital, which reinforces our credibility: we invest our clients’ funds at the same time as our own.
You continue to co-manage the company you founded. Is this an asset?
MC I wouldn’t have gone it alone. We had known each other for six years when
we created the company. We are complementary, very different, but in strong symbiosis. Operating in tandem has led to a collective epic: we have more than 60 associates. We have founded a company that must last. Our obsession is that of the long term, for Tikehau as for our customers.
A.F. We share the same vision, that’s an undeniable asset. Very few of our competitors are still founder-led.
Are you part of the establishment?
A.F. We lend money to States, to sovereign funds, to large companies, but also to SMEs. These are guarantees of seriousness. In France, we support a very large number of companies, in multiple sectors: they achieve a total turnover of 30 billion and employ 230,000 employees. France is a country of extraordinary entrepreneurs, even if some succeed abroad.
MC Maintaining your uniqueness seems important to me. Finance has given rise to caricatured figures in fiction, but times have changed. Finance can help. It proves this by investing in technologies at the heart of the energy transition. Our balance sheet is our greatest asset.
What do you think of the situation in France?
A.F. There is a lot of uncertainty, but no significant market discount. The CAC 40 is running out of steam slightly, but remains stable over the year. We have already gone through several economic crises since the launch of Tikehau Capital. It is essential to approach these critical situations calmly. Without the wealth created by private companies, France would be much worse off.
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