EURAZEO RECORDS DYNAMIC ASSET MANAGEMENT GROWTH AND A PICK-UP IN
REALIZATIONS IN THE FIRST 9 MONTHS OF 2024, IN LINE WITH ITS STRATEGIC
PLAN


Paris, November 6, 2024

Solid asset management momentum in the first 9 months of 2024
• Fundraising: €3bn over 9 months (+76%), including €0.6bn in Wealth Solutions
• Fee Paying Assets Under Management (FPAUM): €26.0bn (+12% from 3 rd parties)
• Assets Under Management (AUM): €35.5bn (+12% from 3 rd parties)
• Management fees: €312m (+15% from 3 rd parties)

Pick-up in realizations and deployments
• Sharp increase in realizations €2.4bn (x3 vs. 9M 2023)
• Rise in deployments: €3.2bn (+5% vs. 9M 2023)
• Balance sheet rotation: €824m realized (x5 vs. 9M 2023), around 11% of the portfolio
realized and announced, vs. 6% in 9M 2023

Robust portfolio company performance
• Further revenue growth generated by Buyout companies (+7%) and real assets driven by
hospitality and real estate development (+21%)
• Solid momentum from Growth companies (+14%)

New progress on ESG and impact
• Satisfactory deployment momentum from profitable impact funds, with 33 investments
completed in the first 9 months
• Dynamic fundraising marked by the final closing of the sustainable infrastructures fund
above its initial target and the successful initial closing of the Kurma BioFund IV

Outlook for 2024
• For 2024, the Group expects fundraising of around €4bn (vs. €3.5bn in 2023) and confirms
the pick-up in realization volumes

Christophe Bavière and William Kadouch-Chassaing, Co-CEOs, declared: “In the first nine
months of the year, Eurazeo confirmed its strong momentum with sustained growth in fundraising,
particularly driven by private debt and buyout. This demonstrates the relevance of our positioning as a
diversified platform in the mid-market, growth, and impact segments. The Group’s asset rotation
rebounded strongly against a backdrop of continued gradual recovery. These results underline our
ability to deliver on our strategic roadmap announced in 2023, both in terms of growth and
transformation.”




EURAZEO
66, rue Pierre Charron – 75008 Paris
www.eurazeo.com

Please, double click here to complete the legal notices.
ASSET MANAGEMENT ACTIVITY

A. ASSETS UNDER MANAGEMENT

As of September 30, 2024, Eurazeo Assets Under Management (AUM) totaled €35.5bn, up 7%
over 12 months:
- third-party AUM (Limited Partners and private clients) stood at €25.2bn (+12% over 12
months), including dry powder of €5.3bn
- balance sheet AUM include the investment portfolio on the Group’s balance sheet (€8.3bn,
stable over the quarter) and Eurazeo balance sheet commitments in Group funds (€2.0bn).


Assets under management 09/30 09/30 % change %
(€bn) 1 2023 2024 LTM AUM
Private Equity 24,309 24,600 +1% 69%
Private Debt 7,024 8,841 +26% 25%
Real Assets 1,798 2,096 +17% 6%
Total AUM 33,130 35,537 +7% 100%
of which third-party AUM 22,434 25,225 +12% 71%
of which balance sheet AUM 2 10,696 10,311 -4% 29%

Fee Paying AUM amounted to €26.0bn, up 9% over 12 months, with a +12% increase in FPAUM
from third parties.


09/30 09/30 % change %
Fee Paying AUM (€bn) 2
2023 2024 LTM AUM
Private Equity 16,962 18,349 +8% 71%
Private Debt 5,541 6,078 +10% 23%
Real Assets 1,441 1,594 +11% 6%
Total FPAUM 23,944 26,022 +9% 100%
of which third-party FPAUM 16,514 18,577 +12% 71%
of which balance sheet FPAUM 7,429 7,444 +0% 29%




1
Assets under management are not revalued quarterly. Figures pro forma of Rhône divested in 2023.
2
Including the investment portfolio and balance sheet commitments in Group funds




2 / 10
B. FUNDRAISING

In the first nine months of 2024, Eurazeo raised €3.0bn from third parties, i.e. a +76% increase
compared to the €1.7bn raised over the same period in 2023:
- There was further strong momentum in Private Debt fundraising, with around €1.9bn raised
in nine months, including more than €1.4bn raised by the EPD VII fund,
- Private Equity fundraising totaled around €1.0bn over nine months, mainly driven by
additional fundraising from the mid-large buyout V fund, the launch of the ESF V secondary
fund and the Kurma Biofund IV fund,
- The transition infrastructure fund completed its final closing at €706m (including €40m in Q3
2024), surpassing its initial target of €500m by 40%.

The Group continued to expand its institutional LP client base internationally, with around 70% of
the funds raised abroad in the first 9 months of 2024, particularly from Asia and Continental
Europe.

Wealth Solutions fundraising from private clients totaled €629m (+11% compared to 9M 2023).
There was further strong momentum in the activity in France and initial commercial successes in
Belgium. Wealth Solutions activity represented €4.8bn or 19% of thir d-party AUM.


Third-party fundraising (€m) 9M 2023 9M 2024 %
Private Equity 625 996 +59%
Private Debt 911 1,912 +110%
Real Assets 186 131 -30%
Total 1,723 3,039 +76%



Furthermore, the Eurazeo balance sheet contracted additional commitments of € 175m in the
Group’s funds during the first 9 months of 2024, mainly in Private Debt (first closing of EPD VII) and
the new Kurma biotech fund.

Considering the recorded successes and ongoing positive commercial discussions, the Group
expects fundraising of around €4bn for 2024.




3 / 10
C. ASSET ROTATION

Realizations in the first 9 months of 2024 totaled €2.4bn, around three times the amount for
the same period in 2023 (€0.8bn). The Group announced several exits across a wide range of its
asset classes, realized in good terms:
- Amolyt Pharma (Biotech), Onfido (Venture) and Lumapps (Growth) recorded a cash -
on-cash multiple of around 4.0x,

- Efeso (completed in February), DORC (completed in April), Peters (completed in July),
and iTracing (announced in June) in Buyout generated an average CoC multiple of
2.4x,

- In real estate, the Group sold most of the “economy” segment hotels in the Grape
portfolio.

The Group recorded exits of €824m on its balance sheet as of September 30, 2024, i.e. five
times the amount for the first 9 months of 2023 (€164m). Including realizations announced in the
first nine months that are soon to be completed, balance sheet realizations to date amount to
around 11% of the portfolio value at the beginning of the year, compared to around 6% at the
end of September 2023. These exits generated an average premium of 15% compared to the
previous value recorded for these portfolio assets. This confirms the quality of Eurazeo’s
investments and the relevance of its asset valuation methods.

Several divestment processes have been initiated and the Group has an exit pipeline which should
result in a further increase in realization volumes during the year.


Eurazeo was active in its investments: Group deployment increased by 5% to €3.2bn in the first
nine months of 2024, compared with €3.0bn in the first nine months of 2023. The amount
invested from the balance sheet was €705m, stable compared to the €713m deployed in the first
nine months of 2023.


Deployments Realizations
9M 2023 9M 2024 9M 2023 9M 2024
Private Equity 1,759 1,570 463 1,540
Private Debt 1,110 1,602 330 834
Real Assets 169 29 14 21
Total 3,038 3,201 807 2,396
of which balance sheet 713 705 164 824


Eurazeo enjoys substantial leeway for its future investments: dry powder of €5.3bn and balance
sheet commitments in the funds of €2.0bn.




4 / 10
D. ASSET MANAGEMENT REVENUE

Management fees totaled €312m in the first 9 months of 2024, up +9% at constant scope:

i) Third party management fees totaled €224m (+14.5%), including +14% for fees from IMG
Partners at €63m;
ii) Management fees on Eurazeo’s balance sheet amounted to €89m, down -3% in line with the
Group’s strategy of gradually limiting balance sheet commitments in its funds.

Performance fees totaled €12m in the first nine months of 2024. With the recent exits from
buyouts, some Group funds are getting closer to distribution levels that will enable higher
performance fees to be recognized. PRE should gradually increase to represent around 10% of
third-party revenues within an investment cycle at medium term.

In total, fees for the asset management activity amount to €324m on the first nine months,
reflecting a +12% increase. (+16% on fees from third party).


(€m) 9M 2023 PF 3 9M 2024 % ch.
Management fees 287.2 312.3 +8.8%
of which third parties 5 195.3 223.6 +14.5%
of which balance sheet 91.9 88.8 -3.4%
Performance fees 1.5 11.7 x8
of which third parties 0.7 3.4 -
of which balance sheet 0.8 8.3 -
Total fees 288.7 324.0 +12%



PORTFOLIO COMPANIES
As of September 30, 2024, the net investment portfolio carried on the balance sheet was valued at
€8.3bn (€112.7 per share), invested almost exclusively in Group funds and programs. This
portfolio is not revalued quarterly. The change compared to June 30, 2024 (€8.0bn) was nearly
exclusively due to a scope effect.

In the first nine months of 2024, portfolio companies to which the balance sheet is exposed
reported further robust revenue growth 4:
- Buyout (+7% in 9M 2024): the portfolio delivered robust organic growth reflecting the Group’s
positioning in high-quality assets from buoyant segments (business services, financial services,
technology, healthcare, new consumer trends, etc.),
- Growth (+14%): Growth remained dynamic, particularly in the SaaS and circular economy
marketplace segments,




3
Pro forma of the Rhône divestment (June 2023), a quarterly recalendarization of IMGP income and a €2m reclassification of
IMGP outperformance fees
4
Portfolio company revenue, proportional to the percentage of assets held by Eurazeo’s balance sheet. Buyout comprises MLBO,
SMBO and Brands. The described segments represent 93% of the balance sheet portfolio value.




5 / 10
- Real Assets (+21%): Robust growth in hotel activities, a rebound in real estate development and
resilience of portfolio real estate assets.



ESG & IMPACT
In the first 9 months of 2024, Eurazeo cemented its development in the impact segment, with in
particular:
• A steady deployment momentum for the entire range of profitable impact funds: 33
investments, primarily in Venture, or Private Debt financing, were completed during the
period (€160m).
• The Group was particularly active in healthcare (with 21 investments) and environmental
solutions, while 4 new ships were financed by Eurazeo Sustainable Maritime Infrastructures
(ESMI)
• Successful fundraising of Eurazeo’s Transition Infrastructure Fund (ETIF, article 9) at €706m,
above its initial target of €500m
• The launch of new funds, with an initial closing of the biotech fund Kurma BioFund IV at
€140m in October 2024, and the announced launch of Eurazeo Planet Boundaries Fund
(EPBF) which aims for 750 M€



BALANCE SHEET AND CASH AND CASH EQUIVALENTS
As of September 30, 2024, net debt totaled €1,376m (€18.6 per share), including €211m from IMGP.
This debt represents a limited gearing of around 17%.

Eurazeo has a confirmed lines of financing of €1.6bn, as well as financing capacities specific to
IMGP.

As of September 30, 2024, the Group held 4,564,409 treasury shares, i.e. 6% of total outstanding
shares (76,081,874 shares). Excluding treasury shares held for cancellation, the number of shares
outstanding is 73.8 million.



SHAREHOLDER RETURN
The Executive Board launched a new €200m share buyback program for cancellation and
started its execution in January 2024. This program reflects management’s confidence in the
Group’s prospects and the value of its assets, it will be accretive for shareholders. The Group also
buys back shares to cover the Long Term Incentive Plans (LTIP).
In the first 9 months of 2024, the Group bought back 2,111,277 shares for €161m.




6 / 10
ABOUT EURAZEO
• Eurazeo is a leading European investment group with €35.5 billion in diversified assets under
management, including €25.2 billion on behalf of institutional and retail clients through its
private equity, private debt, real estate and infrastructure strategies. The Group supports more
than 600 mid-market companies, leveraging the commitment of its 400-strong workforce, its
in-depth sector expertise, its privileged access to global markets through 13 offices across
Europe, Asia and the United States, and its responsible approach to value creation based on
growth. The company's institutional and family shareholding structure, and its solid financial
structure, ensure its long-term viability.
• Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg,
Shanghai, Seoul, Singapore, Tokyo and São Paulo.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR000121121 - Bloomberg: RF FP - Reuters: EURA.PA.




CONTACTS




EURAZEO CONTACT EURAZEO PRESS CONTACT

Pierre Bernardin Mael Evin (France)
HEAD OF INVESTOR RELATIONS HAVAS
ir@eurazeo.com mael.evin@havas.com
+33 (0)1 44 15 01 11 +33 (0)6 44 12 14 91

Coralie Savin Finlay Donaldson (UK)
GROUP CHIEF COMMUNICATIONS OFFICER H/ADVISORS MAITLAND
csavin@eurazeo.com finlay.donaldson@h-advisors.global
+33 (0)6 86 89 57 48 +44 (0) 7341 788 066




7 / 10
APPENDIX 1: PARTNERSHIPS
iM Global Partner (no consolidated AUM)

It is recalled that iM Global Partner’s assets are not included in assets under management
published by Eurazeo.

The assets under management of iM Global Partner (iMG share) total US$45.2bn at the end of
September 2024, up 22% compared to the end of September 2023. They include the pro rata share
of iMG in its partners’ AUM for €41.3bn and its own asset management AUM for €3.9bn. iMG
continues to regularly expand its portfolio of affiliate partners : in April 2024, iMG acquired 40%
Trinity Street Asset Management, a London-based company managing global and international
equity portfolios using an opportunistic value approach.




APPENDIX 2: BREAKDOWN OF EURAZEO BALANCE SHEET AUM


Total
€m - 09/30/2024 Portfolio net value Dry powder
EZ AUM

Private Equity 7,028 1,685 8,713
Mid-large buyout 3,554 861 4,415
Small-mid buyout 531 321 852
Brands 764 - 764
Healthcare (Nov Sante) - - -
Growth 1
1,852 101 1,953
Venture 58 69 128
Kurma 30 77 106
Private Funds Group 119 199 318
Other 119 58 176
Private Debt 287 146 432
Real Assets 1,007 159 1,166
Total 8,321 1,990 10,311




8 / 10
APPENDIX 3: ASSETS UNDER MANAGEMENT


€m 30/09/2023 PF excl. Rhône and MCH 30/09/2024

Third-party Eurazeo balance Eurazeo balance sheet
Total AUM Third-party AUM Total AUM
AUM sheet AUM AUM
Private Equity 15,067 9,242 24,309 15,887 8,713 24,600
Mid-large buyout 2,272 4,908 7,180 3,222 4,415 7,637
Small-mid buyout 1,525 1,045 2,570 1,506 852 2,358
Brands - 768 768 - 764 764
Healthcare (Nov Santé) 418 - 418 418 - 418
Growth 2,584 2,097 4,681 2,205 1,953 4,158
Venture 3,180 132 3,312 2,796 128 2,923
Kurma 434 52 486 517 106 623
Private Funds Group 4,654 73 4,726 5,224 318 5,542
Other - 167 167 - 176 176
Private Debt 6,733 290 7,024 8,409 432 8,841
Real Assets 634 1,164 1,798 930 1,166 2,096
Total 22,434 10,696 33,130 25,225 10,311 35,537




9 / 10
APPENDIX 4: FUND PERFORMANCE – AS OF JUNE 30, 2024
Fund size % BS weight
Strategy Fund name Vintage % deployed Gross MOIC Gross IRR Gross DPI
(€m) (€m)
PRIVATE EQUITY
ECIV 2017 2,500 1,712 84% 1.9x 17% 0.9x
MLBO
ECIII 2014 2,000 1,506 97% 1.8x 12% 1.5x
PME IV 2021 1,049 400 55% 1.7x 33% 0.3x
SMBO
PME III 2017 658 405 91% 1.7x 17% 1.0x
EGF III 2019 1,084 250 87% 1.1x 2% 0.1x
Growth
EGF II 5
2017 1,080 778 117% 1.8x 17% 0.4x
Digital III 2017 350 16 72% 1.4x 10% 0.2x
Venture
Digital II 2013 154 - 112% 1.5x 9% 1.0x
Eurazeo Secondary Fund IV 2020 695 61 103% 1.4x 19% 0.2x
Private Funds
Eurazeo Secondary Fund III 2016 442 - 112% 1.6x 15% 1.0x
PRIVATE DEBT
Eurazeo Private Debt VI 2021 2,328 192 88% 1.2x 15% 0.3x
Direct Lending
Eurazeo Private Debt V 2019 1,536 52 117% 1.3x 10% 0.6x
REAL ASSETS
EERE II 2020 504 500 76% 1.1x 5% 0.0x
Real Estate
EERE I 6
2015 784 784 93% 2.3x 23% 1.6x




5
EGF II: combination of Eurazeo Croissance (historical Eurazeo Growth fund) and Eurazeo Growth Fund II, including investments by Eurazeo Entrepreneurs Club (2019)
6
EERE I: combination of Patrimoine I and Patrimoine II




10 / 10