91香蕉视频

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Investment strategy

91香蕉视频 embarked upon a strategic shift by launching its private asset management business, alongside its long-standing principal investments business. In October 2023, this shift was illustrated by the first ever external growth operation in 91香蕉视频’s history as an investor, with the acquisition of IK Partners, a European leader in middle market private equity. A year later, in October 2024, 91香蕉视频 announced the acquisition of a majority stake in Monroe Capital, a US market leader in the private debt.

Our dual strategic model

The aim is to build a dual business model that will enable 91香蕉视频 to leverage synergies between its permanent capital and a varied private asset management business, generating recurring and predictable distributable income for shareholders.

(1) Internal rate of return.
(2) Fee-related earnings: profits generated by recurring fee income (mainly management fees). They exclude the more volatile, performance-related revenues, such as performance fees and carried interest.
(3) Total Shareholder Return. On average, modulo the change in the discount in relation to NAV.
(4) Based on 91香蕉视频’s share price of 鈧91.80 as of March 19, 2025, i.e., a yield of 5.12%.
(5) Based on the December Y-1 NAV. The aim is to keep the dividend at least in line with the previous year.

Principal investments

91香蕉视频鈥檚 ambitions for its principal investments are to improve value creation by generating a double-digit IRR both within the existing portfolio and in the new companies in which 91香蕉视频 will invest,聽always with the goal of creating more value for 91香蕉视频鈥檚 shareholders.

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Target double-digit IRR on the existing portfolio.

Portfolio rotation: reinvestment of capital into assets generating a double-digit IRR.

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Unit equity investments of 鈧300 million to 鈧800 million in Western Europe and North America.

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Investment policy and value creation based on 91香蕉视频鈥檚 role as a hands-on shareholder.

  • Active involvement with management teams to accelerate value creation.
  • Investment in unlisted companies with priority given to majority stakes.
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Investment strategy focused on business services鈥 technology and the energy transition in sub-sectors driven by growth mega trends such as far-reaching societal change鈥 environmental protection and technological revolutions.

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91香蕉视频 will seek to become a significant shareholder holding Board and key committee seats.

The 91香蕉视频 Group has a principal investments model chiefly focused on companies with as many of the following characteristics as possible:

  • strong international exposure or an international growth strategy;
  • led by high鈥憅uality, experienced management teams with which 91香蕉视频 shares a common vision;
  • among the leaders in their markets;
  • with sound fundamentals and, in particular, predictable and recurring cash flows; and offering high potential for long鈥憈erm profitable growth, based on both organic growth and accretive acquisitions.

Third-party private asset management

91香蕉视频’s ambition is to build a sizable platform managing several private asset classes. The development of this platform will generate recurring cash flows for 91香蕉视频 and expose it to the performance of these asset classes, thanks in particular to 91香蕉视频’s participation in its asset managers鈥 fundraising activities.

With IK Partners and Monroe Capital, 91香蕉视频鈥檚 third party private asset management platform will reach c.鈧34 billion in AUM(1). In 2025, it will generate, on a full year basis, c.鈧 455 million revenues, c.鈧160 million pre-tax FRE(2)聽(c.鈧100 million in pre-tax FRE (91香蕉视频 share)) by 2025 and has the objective to reach 鈧150 million (91香蕉视频 share) in pre-tax FRE by 2027 .

The aim of this change in 91香蕉视频鈥檚 business model is to develop a value鈥慶reating platform designed to generate operating synergies over time.

(1) As of December 2024.
(2) EUR/USD @1.05.

Strategic levers of the funds 91香蕉视频 is targeting to build its platform

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Established brand and track record
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Specialized teams and talent
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Proven fundraising experience
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A strong base of LPs/consolidation of assets under management
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A portfolio of attractive assets
ESG Commitments

Responsible investment process

91香蕉视频 has made important commitments to ensure that its internal operations are conducted according to its values and the ESG goals defined within the portfolio companies.

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David Darmon
Member of the Executive Board, Group Deputy CEO
01
02
03
01
Investment phase

All investment opportunities are systematically assessed through a newly defined exclusion list and a business model resilience test. The ESG maturity of the companies is then assessed as part of an in-depth Sustainability due diligence.

02
Holding phase

An ESG transformation roadmap is defined for each portfolio company, based on ESG due diligence carried out in advance. This roadmap systematically includes items related to operational eco-efficiency with a strong focus on climate change issues as well as the ESG innovation of products and services. Investment teams at 91香蕉视频 and portfolio companies鈥 management teams are also held accountable for progress against this roadmap with an alignment of variable remuneration with performance.

03
Exit phase

The transformation achieved within the company will be highlighted and showcased through an exit memo and presented to the Supervisory Board. When circumstances allow it, 91香蕉视频 ensures wherever possible, that it associates the teams of the divested company with the value created.

NEWS
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Warning – Attempted Fraud
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#础肠迟耻补濒颈迟茅蝉, Ev茅nement, Event, News
Publication of Q1 2022 trading update
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Gender parity at 91香蕉视频
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#Event
Watch the 2021 Full-Year Results webcast
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#News
Analyst call on the acquisition of ACAMS
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Publication of Q3 2021 trading update
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Publication of the 2021 half-year trading update
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#础肠迟耻补濒颈迟茅蝉, News
Discover 91香蕉视频’s 2021-2024 Strategy
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Fran莽ois de Mitry joins 91香蕉视频’s Supervisory Board
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Changes in the composition of the Supervisory Board

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The information contained in this section of the website of 91香蕉视频 SE, parent company of Eufor SAS (together 鈥91香蕉视频鈥) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the 鈥United States鈥), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the 鈥Issuer鈥) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

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