Eurazeo SE

XMUN:EUQ

Fundraising: Eurazeo raised EUR 2.3 billion in H1 2026, with notable closes in direct lending, secondaries and buyout, and management said demand remained strong even in a difficult fundraising market.

Fee growth: Third-party management fees rose 14%, helping total management fees reach EUR 213 million and pushing asset-management EBITDA up 20% to EUR 100 million.

Portfolio: The balance sheet portfolio returned to positive value creation, with H1 value creation of plus 0.3% or plus EUR 20 million, while portfolio value rose to EUR 105.4 per share.

Exits: Realizations were EUR 700 million in H1, and management expects a stronger H2 pipeline to help the firm move back toward its historical annual exit pace.

Capital return: Eurazeo said it remains on track to deliver EUR 2.3 billion of shareholder returns by end-2027, but an extraordinary dividend would likely be considered only once buyback pricing is clearer, probably not before H2 2027.

Macro: Management described the environment as uncertain, with some Q2 softness from the Iran war, but said trends improved in June and July and that the firm is not relying on multiple expansion for value creation.