Paris, July 27, 2022


Further development of the asset management activity

  • Assets Under Management (AUM) up +27% over 12 months to €32.5bn
  • Management fees up +30% to €181m
  • Fee Related Earnings (FRE) up +24% to €50m 
  • Fundraising of €1.8bn

Robust portfolio performance

  • Economic revenue of consolidated companies +43%, economic EBITDA1 +40%
  • Revenue of Growth companies (non-consolidated) up by +46% on average

Exits completed under good conditions, selective deployment

  • Exits: c.€0.7bn completed in H1 2022
  • Deployment: €2.9bn deployed in H1 2022 in structurally buoyant segments
  • Post-closing: exits realized and announced post-closing2 represented an additional amount of €1.3bn for an average CoC multiple of 3.6x. The Group will record net capital gains of around €530m in H2 2022 for exits completed in July

Financial results and Net Asset Value

  • H1 2022 net result attributable to owners of the Company: -€96m
  • Net Asset Value (NAV) of €115.5 per share, down 1.9% compared to December 31, 2021: robust portfolio performance, completed exits surpassing their valuation in the most recent published NAV and a positive forex impact were offset by adjusted multiples and the application of a contingency buffer (€500m)
  • Solid balance sheet: net cash of €21m, proforma of completed divestments
  • Dry powder: €5.2bn

New milestones reached in the roll-out of the ESG strategy

• 89% of active funds with Article 8 or 9 classification under the EU Disclosure Regulation

• Launch of high-impact thematic funds (ESMI, Transition Infrastructure, Smart City II, etc.)

Virginie Morgon, Chairwoman of the Executive Board, stated:

“The first half of 2022 reflects how effectively Eurazeo executes its strategy: diversification of businesses and geographies, asset management growth, selective investments in leading companies in structurally buoyant sectors, value-creating divestments. In an increasingly uncertain economic context, the Group will rely on the quality of its teams, the diversity of its activities, its balance sheet and financial strength to further its growth, remain agile and seize potential opportunities.” 




As of June 30, 2022, Eurazeo Group Assets Under Management (AUM) totaled €32.5bn, up 27% over 12 months.

Limited Partner (LP) AUM totaled €23.4bn, up 32% over 12 months and +9% over 6 months. The Group’s balance sheet (Net Asset Value, NAV) represented €9.1bn, up 17% over 12 months and down 2% over 6 months.

Fee Paying AUM amounted to €21.6bn, up +31% over 12 months. They represent 68% of asset management AUM (stable compared to H1 2021). FPAUM are detailed in Appendix 5


In H1 2022, Eurazeo raised €1.8bn from Limited Partners. The PME IV buyout fund exceeded its target, with a closing over €1bn. Other major programs (MCH VI, Rhône VI) have also been finalized since the start of the year. The Private Debt activity furthered its growth, raising €0.6bn over the period.

Retail maintained its excellent momentum, raising €380m in H1 2022 (increase of approximatively 60% year-on-year) in all asset classes. AUM secured from retail investors represented around 13% of third-party AUM.

Eurazeo has a significant fundraising program for 2022 and 2023 to further its growth.

A breakdown of fundraising is shown in Appendix 1


Group deployment totaled €2.9bn in H1 2022, compared with €2.7bn in H1 2021. The Group is composed of divisions offering cross-sector expertise in buoyant segments such as Healthcare, Tech-enabled/Business Services, Financial Services, Consumer and Energy Transition. Capitalizing on this expertise, the Group enjoys a rich dealflow and remains particularly selective in its deployment, in an increasingly uncertain economic context. Private Debt deployed over €1bn in H1 2022 and continues to benefit from a favorable risk profile.

Exits finalized in H1 2022 totaled €0.7bn. Exits completed and announced post-closing amounted to around €1.3bn. The divestments of Reden Solar and Orolia were finalized in July for €820m (including c.€765m for Eurazeo balance sheet). The divestments of Trader Interactive and Vitaprotech were announced and should be finalized in H2 2022 for around €450m (including c.€300m for Eurazeo balance sheet). The average cash-on-cash multiple from these deals is 3.6x. The sale price of each deal also exceeds their latest valuation at the time of the announcement.

The net capital gains for the balance sheet resulting from these deals amount to around €750m: around €530m for completed deals and around €220m for announced deals.

A breakdown of deployment and exits is shown in Appendix 2


As of June 30, 2022, NAV per share totaled €115.5, down slightly (-1.9%) compared to December 31, 2021 and up +17% year-on-year. Virtually all of the Group’s assets are unlisted.

Over six months, the value of the investment portfolio (NAV excluding asset management activity) was €8,588m, ie. €89.5 per share, down 3.9%. This evolution was due to several factors:

  • the excellent operational performance of companies in H1 2022;
  • the divestment of Reden Solar for a greater amount than the one in NAV as of December 31, 2021 (additional + €1.1 per share);
  • the strengthening of the dollar for US assets (+€1.7 per share);
  • the impact of the first-time valuation of assets previously valued at their initial acquisition price;
  • the inclusion of market conditions in valuations

As of June 30, 2022, the Group adjusted the value of the Growth portfolio for €162m. This adjustment takes into account robust portfolio performance growth, financing rounds at or above the NAV valuations used as of December 31, 2021 (notably Contentsquare) as well as the decrease in market multiples. This adjustment had been largely anticipated in the contingency buffer of around €270m taken as of December 31, 2021.

Portfolios (excluding Growth) were valued using a constant method, taking into account changes in comparable peers multiples. Those valuations materialize an appreciation of €298m. In light of current market uncertainties, management nevertheless included an additional contingency buffer of €500m.

The valuation of the asset management activity (+5.3% to €2,054m) benefited from the excellent operational performance (+31% growth in LTM FRE to €106m). It was calculated using a multi-criteria methodology and includes a conservative approach, resulting in implicit multiples that are lower than peer averages.


The net loss attributable to owners of the Company totaled -€96m compared to net income of €465m in H1 2021. The contribution of the investment activity fell due to the lower number of exits realized in H1 2022.

The Group will record a net capital gain of around €530m in the second half of the year for post-closing completed deals (Reden Solar, Orolia). Furthermore, the capital gain relating to announced deals (Trader Interactive, Vitaprotech), which should be completed in H2 2022, is estimated at around €220m.


The asset management activity recorded a growing revenue and fee-related earnings (FRE) in H1 2022, pursuing a structurally positive pathway.

> Management fees increased by +30% proforma to €181m3 for the six months ended June 30, 2022 and break down as follows: i) management activities for limited partners up +39% to €139m; ii) management fees calculated on Eurazeo’s balance sheet of €42m, up 7%;

> Realized performance fees were immaterial over the period due to the limited number of exits. Performance fees relating to completed or announced post-closing deals are estimated at around €66m and will be recorded in the accounts for the second semester.

> The Group’s operating expenses totaled €131m, up +32%. In H1 2022, the Group continued its growth deployment, with a 10% increase in the workforce since the end of 2021, comprising investment professionals, sales teams, operations and corporate functions.

> Fee Related Earnings (FRE), which measure the activity’s net recurring income, totaled €50m in H1 2022, up 24% compared to H1 2021 (€106m over the past 12 months, up 31%).


The Investment activity recorded a net loss of -€161m in H1 2022 (net income of €460m in H1 2021 pro forma).

Capital gains, fair value changes, dividends and other investment revenue totaled -€68m (€593m in H1 2021). This result is due to the limited number of exits during the half-year and the change in the fair value of the Growth portfolio and IMGP.


Strong economic revenue growth

Economic revenue at constant Eurazeo scope and exchange rates rose by 43% in H1 2022 year-on-year. This illustrates the quality of the assets comprising leaders in structurally buoyant sectors.

Growth portfolio companies benefit from their digital native positioning and reported average revenue growth of 46% in H1 2022. These companies are not consolidated, and their revenue is therefore not reflected in the Group’s economic revenue.

The breakdown of the portfolio's performance is shown in Appendix 3.

Contribution of consolidated companies up sharply

Adjusted EBITDA and EBIT of fully consolidated companies totaled €357m and €250m, respectively, in H1 2022 (growth of +15% compared to H1 2021). Adjusted for the base effect of the WorldStrides insurance corresponding to €61m, EBITDA rose by 42% and EBIT by +66% in H1 2022.

Finance costs rose by 17% to €145.5m due to new deployment and numerous build-ups.

The contribution of companies, net of finance costs, amounted to €97m in H1 2022, up 16% compared to H1 2021 at constant Eurazeo scope.