112: From €4m to €40+ Billion of Assets: The Tikehau Capital Story - With Mathieu Chabran, Co-Founder

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 21 September 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of our Private Markets Miniseries, we explore a French firm, whose growth has now firmly established it as a major force in the global alternatives industry.

Started in 2004 in Paris by Mathieu Chabran and Antoine Flamarion, then aged 28 and 31 respectively, with €4m of assets compiled from personal savings, friends and family, today it manages over €40 billion.

Mathieu explains their motivation to leave leading investment banks to build a business specialising in private credit, private equity, real assets, and capital markets strategies. He discusses their first deal and their approach to the partners with whom they invest (such as TotalEnergies, Unilever and Airbus).

Mathieu also discusses their equity partners, which includes Temasek, Morgan Stanley and most recently, SFI Investments (the investment vehicle which manages the wealth of the family behind AB InBev).

In a wide-ranging conversation, Mathieu explains the important of committing their own capital to their transactions, the compelling opportunities in Europe’s mid-market, capital allocation, sustaining an entrepreneurial culture and why a firm specialising in private assets choses to list as a public entity.

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Transcript

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0:00.0	We're talking about aerospace, we're talking about energy transition, cybersecurity, which is one of
0:05.4	big threats and opportunity here.
0:07.8	But for that, you have to be prepared to make the investment.
0:10.7	Europe is not going anywhere.
0:16.3	Welcome to the Money Maize podcast.
0:18.7	I'm Simon Brewer, and Will Campion and I have created this show to explore and unravel some of the mysteries surrounding the investment business. You can keep up to date by visiting MoneyMayspodcast.com and please sign up to our newsletter to ensure you won't miss a release. If you enjoy this show, please subscribe and we'd love you to tell a friend or colleague
0:38.0	about it. Thank you for listening. Whilst financial organisations around the world try to entrench their
0:45.7	competitive positions through growth, branding and performance, inevitably they lose talent
0:51.3	as motivated individuals seek to leave and develop their own practices. In this regard,
0:56.9	we've become accustomed to the US leading the charge. And whilst it's a universal pattern,
1:02.8	Europe's emerging asset management entrepreneurs have often struggled to achieve the scale to compete
1:08.9	globally. Therefore, for two people to start 19 years ago
1:13.0	with only 4 million euros of friends, personal and family capital, and yet today oversee
1:19.5	nearly 40 billion euros should make us pay attention. Established in 2004 in Paris by
1:26.6	Mathieu Chabran and Antoine Flamarian, then aged 28 and 31 respectively,
1:33.3	they gave birth to a global alternative asset management firm, investing across private credit,
1:38.9	private equity, real assets and capital market strategies.
1:42.7	And today that group TGO Capital consists of 14 offices and capital market strategies. And today, that group, TCO Capital, consists of 14
1:46.4	offices and more than 700 professionals globally and is listed on the Paris Euronex Exchange.
1:52.5	Their stated aim is to become the Blackstone of Europe, so I'm delighted to welcome one of the
1:57.3	two founders, Mathieu Chabrand, to the Money Made's podcast today. Welcome, Mathieu.
2:03.1	Thank you, Simon. Good morning. Well, you have come overnight from New York. I'm sitting here in a sunny London, so it's very nice to meet you. And you've actually revealed that London might be one of your favorite cities in the world, if not the favorite. So it's great to be sitting here. Now, we love to just start with a little bit of context and just what stays with you most about
	...

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