Tikehau closes special opps fund at €617m

The fund closed above target and with more than four times as much capital as its predecessor.

Paris-headquartered investor Tikehau Capital has closed its second European Special Opportunities vehicle above target at €617 million, according to affiliate title Private Debt Investor.

Through the vehicle, Tikehau provides capital across sectors, including opportunistic real estate credit investments.

Tikehau Special Opportunities Fund II exceeded its initial target of €500 million by almost 25 percent and is four times larger than its predecessor. The vehicle saw a 68 percent re-up from TSO I investors as well as investment from new LPs.

The fund launched in late 2019 and has deployed more than 50 percent of its commitments. Tikehau said deployment pace increased significantly in 2020 following the covid-19 pandemic. More recently investments have focused on private situations in both real estate and corporate credit with typical investments including rescue loans, corporate liquidity financings, bespoke capital solutions and supporting expansion plans of companies with limited access to traditional financing.

TSO II has a flexible investment mandate to provide corporate and asset-backed capital solutions across primary and secondary credit markets in Europe. It takes an opportunistic approach to invest through market cycles and change in the macro-economic environment.

Jean Odendall, fund manager of TSO II, said: “We will continue to follow the same disciplines patient and opportunistic strategy, which is designed to help borrowers in Europe who are currently unable to access traditional funding solutions. Each situation is unique, and our priority is to provide bespoke, innovative and flexible capital solutions on a case-by-case basis to generate attractive risk-adjusted returns for our investors.”