Private markets asset manager Eurazeo raised €2.3bn (£2bn) in the first half of 2026, a 10 per cent year-on-year increase, citing “ongoing strong momentum” in its private debt business.

The firm reported a 9 per cent increase in assets under management (AUM) over 12 months to reach €40bn at the end of June, while fee-paying AUM rose six per cent to €29.4bn, including +13 per cent for third parties.

Read more: Eurazeo sees private debt boost Q1 2026 fundraising to €1.1bn

Private debt raised €1.5bn in the six months to 30 June, up 73 per cent year on year and primarily driven by Eurazeo’s direct lending strategy.

During the period, Eurazeo Private Debt VII exceeded its initial €3bn target to close at €3.9bn, bringing the total size of the seventh program to €5.5bn, including nearly €1bn raised from retail clients, in addition to commitments and mandates from institutional investors. 

The group said asset rotation continued in line with its strategic plan, with realisations of €700m in the first half, as private debt realisations totalled €300m.

Meanwhile, group deployments totalled €1.9bn, as private debt deployments “remained particularly active”, up 7 per cent at €1.2bn, “in line with the strong pace of fundraising”.

Third-party AUM, which includes limited partners and retail clients, grew 13 per cent to €31.1bn, while Eurazeo ended the first half with total dry powder of €6.6bn, an increase of 20 per cent over 12 months.

Read more: Eurazeo hits record €5.5bn fundraising in 2025

In 2026, Eurazeo will distribute a total of approximately €320m to shareholders, following a 10 per cent increase in ordinary dividend per share paid in 2026.

In the first half of the year, the group bought back approximately 2 per cent of the share capital for around €58m and said the program to buy back shares for cancellation covers approximately 4 per cent of the share capital for the whole of 2026, for an amount of around €120m.

“This new semester of growth in asset management, combined with the return to positive value creation in our balance sheet portfolio, confirms the successful execution of our strategic plan. The profitability of our asset management business continues to improve, with double-digit growth in its EBITDA,” said Euroazeo’s co-chief executives Christophe Bavière and William Kadouch-Chassaing.

“At the same time, after several half‑years marked by valuation adjustments, our balance sheet portfolio is once again creating value, driven by the solid operating performance of our investments. This momentum is reflected in a clear improvement in our net income and allows us to continue, as announced, the acceleration of our return to shareholders. The trends observed in this first half-year reinforce our confidence in our long-term growth and value creation trajectory.”

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