The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Chabran: Asset managers remaining largest shareholder eliminates incentive distortions
“And by remaining the largest shareholder here, we had created what I think is the perfect alignment of interest, where effectively not only you put your money where your mouth is, But you know that you do not create some kind of distortion of interest that som…”
Mathieu Chabran: Generating Returns Was Rolling Double Sixes Last Decade
“We're just coming out a 10 years period where, no offense, but it was easy to generate some performance when you are throwing the dices and it's double six all the time.”
Chabran: GP-LP Balance Sheet Co-Investment Is the Asset Management Model of the Future
“And I really believe that it's certainly the model of the future where people will be looking for an increased alignment between the LPs and the GPs.”
Chabran: European direct lending expansion deteriorated structures and collateral packages
“Direct lending in Europe has been lagging relative to the U S in terms of development. And then it picked up over the past few years. And then we starting seeing some very deteriorated, structure, collateral package, security package, leverage pricing.”
Chabran: Small emerging funds cannot overcome traditional institutional consultant diligence
“When we started, you know, these four million euros were effectively an evergreen structure that we grew over time, you know, not only by the income that the deal we made and the successful deal, you know, we exited and contributed to the earning, but then we …”
Chabran: Tikehau Ranks Among Top Five Global Asset Managers by Equity Base
“If you were to look at the equity base, I'm not talking the market cap, right? I'm looking at the odd equity base that TKO is benefiting from. You'd be surprised to see that we rank within the top five of the global asset manager, albeit with a much smaller AU…”
Chabran: Investors should optimize liabilities, not dictate operational management
“Those guys, they know how to manage the company. I'm not there to tell them how to manage this company. We would be qualified for that, but we can help them manage the liability side of their company. That's where we can provide By being principal investors, y…”
Chabran: Financial services has very few entrepreneurs, especially in Europe
“There are actually very little and very few entrepreneurs, you know, in the financial services business, and probably even more so in Europe.”
Chabran: Tikehau centralizes all investment decisions rather than granting local checkbooks
“The very important point is that there are no individual checkbooks, if I may say, where teams effectively would make decision on their own. All that is centralized from an IC standpoint.”
Mathieu Chabran: Risking Kids' Money Separates True Entrepreneurs From Agents
“There are plenty of people ready to make money with someone else money, but only few ready to make money with their kids money. And that's what differentiate maybe an entrepreneur, you know, from just an agent.”
Chabran: Tikehau kept its original multi-asset pitch from €4M to €26B AUM
“Today's, let's call it 25, twenty six billion AUM. But when we pull out our very first pitch, when we were managing four million, it was actually a few slides where we're saying we want to be exposed to credit, which is what we were coming from. We want to be …”
Chabran: Key leadership roles at Tikehau Capital are held by female partners
“All our top jobs, including CFOs, head of private debt, head of CLOs, head of various countries, are held by some of my female partners.”
Chabran: Tikehau Capital launched with €4M, including €400K of co-founders' capital
“We started with friends and family, you know, putting together four million euros. And it's obviously a tiny in the scope of things when you start, you know, this business, but we went all in as far as we were concerned. The small bonuses, you know, we had the…”
Tikehau Capital kept portfolios historically underexposed to the UK market
“Despite, you know, having this strong presence in the UK, we have been historically extremely underexposed in the UK market. Nothing against the opportunity, but we had found the market way too crowded, and as a consequence to that, our private debt, our priva…”
Chabran: Tikehau's First Deal Was a €20M Paris Flea Market Acquisition
“We acquired as the very first deal, the flea market in the outskirts of Paris. Some of you may know, I mean, the antiques fan. It's a must. It's a little bit like the Portobello market in London. And you know, it was like call it a twenty million euro transact…”