French different asset supervisor Eurazeo greater than doubled its personal debt fundraising year-on-year within the first half of 2024, attracting €1.6bn (£1.3bn) of commitments.
The agency reported personal debt property underneath administration (AUM) of €8.72bn as of 30 June 2024, a 27 per cent enhance over the previous 12 months.
Non-public debt fee-paying AUM got here in at €5.84bn, a 9 per cent enhance.
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Eurazeo mentioned that “momentum was robust within the personal debt exercise” over the primary half, highlighting its direct lending technique that benefitted from the profitable preliminary closing of the EPD VII fund.
The agency’s general outcomes – encompassing its personal fairness, debt and actual property exercise – confirmed a 9 per cent rise in AUM to €35.4bn and a ten per cent rise in fee-paying AUM to €25.8bn.
Non-public debt accounted for almost all of Eurazeo’s general third-party fundraising, which elevated by 63 per cent to €2.1bn.
That determine contains fundraising from personal purchasers, which grew by 30 per cent year-on-year to €453m.
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Eurazeo mentioned that the enhance in exercise from the wealth market “reaped the primary rewards of its enlargement exterior of France with some first important industrial successes in Belgium and distribution partnerships signed with main establishments in Germany, Switzerland and Italy.”
It famous the success of its evergreen fund EPVE 3, which exceeded €2.2bn in AUM.
In the meantime, realisations greater than tripled from the primary half of 2023 to €1.6bn, with the agency saying a number of exits throughout a variety of its asset courses.
Nonetheless, Eurazeo reported a web lack of €105m within the first half, whereas funding exercise contribution fell by €156m. “This primarily resulted from the lower within the portfolio truthful worth recorded through the first semester whereas funding exercise prices have been contained,” Eurazeo mentioned.
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In its first-half outcomes, the agency confirmed its ambition to grow to be the personal asset administration chief in Europe within the mid-market, progress and impression segments.
“Eurazeo achieved additional successes within the execution of its roadmap, in a step by step enhancing context,” mentioned co-chief executives Christophe Bavière and William Kadouch-Chassaing.
“Within the first half of the yr, the group continued its constructive momentum in fundraising, recorded a surge in realizations, elevated shareholder return, made additional progress in ESG and prolonged its impression fund line-up. These outcomes verify that we’re on monitor to attain the medium-term goals offered to the market in November 2023.”