Private Equity & Alternative Assets

TPG raised $51 billion in 2025, up from $30 billion the prior year, while reducing traditional private equity from 80% to 40% of AUM since its IPO. The shift reflects a sector-wide pivot as major PE firms diversify into credit and alternative strategies to capture new growth opportunities. Third Point launched a private credit fund while Ancient Financial Holdings acquired F&G Life Re in deals marking the transformation.

Tikehau Capital set 2026 fee-related earnings targets of €175-225M, up 37-76% from 2025, while pushing core margins to 45-50% by 2029 from 41% currently. The Paris-based alternative manager joins European peers deploying capital through value-add strategies and geographic expansion despite maintaining 95%+ deal rejection rates.