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UNIVERSAL REGISTRATION DOCUMENT

Important information 2

A message from the Manager 3

Business model 4

Key figures 6

1.PRESENTATION OF THE GROUP

AND ITS ACTIVITIES 9

General overview of Tikehau Capital1.110

Strategy and competitive advantages1.214

Presentation of Tikehau Capital"s activities1.326

Tikehau Capital and its market1.481

Regulatory environment1.587

2.RISK FACTORS 93

Risk factors2.194

Insurance2.2114

Risk management and internal control system2.3115

Legal and arbitration proceedings2.4131

3.CORPORATE GOVERNANCE 133

Administrative and management bodies3.1134

General Meetings of the Shareholders3.2153

Remuneration, allowances and benefits3.3154

Preparation and organisation of the work of the 3.4

Supervisory Board 167

Related party transactions3.5181

4.SUSTAINABLE DEVELOPMENT 185

Context of the sustainable development 4.1

approach 186

Approach to responsible investing4.2191

CSR strategy4.3206

Concordance table - Articles L.225-102-1 and 4.4

L.22-10-36 of the French Commercial Code 218

Concordance table - Regulation (EU) 4.5

2019/2088 220

External auditor"s report4.6221

5.COMMENTS ON THE ACTIVITIES,

RESULTS AND FINANCIAL POSITION223

General overview of activities, results 5.1

and financial position for the year 2020 224

Comments on the consolidated financial 5.2

statements for the 2020 financial year 235

Annual results of the Company5.3242

Significant events since 31 December 20205.4245

6.ANNUAL CONSOLIDATED FINANCIAL

STATEMENTS AS AT 31 DECEMBER 2020 247

Annual consolidated financial statements 6.1

as at 31 December 2020 248

Report of the Statutory Auditors on the 6.2

consolidated financial statements 292

7.ANNUAL FINANCIAL STATEMENTS AS AT

31 DECEMBER 2020 297

Annual financial statements as at 7.1

31 December 2020 298

Report of the Statutory Auditors on the 7.2

financial statements 326

8.INFORMATION ON OWNERSHIP

STRUCTURE OF THE COMPANY"S SHARES

AND CAPITAL 331

Information on control and major shareholders8.1332

The Tikehau Capital share8.2338

Information on the share capital8.3339

Distribution policy8.4353

9.ANNUAL GENERAL MEETING OF THE

SHAREHOLDERS OF 19 MAY 2021 355

Agenda9.1356

Report of the Manager to the Annual Ordinary 9.2

General Meeting of the Shareholders of 19 May

2021 357

Report of the Supervisory Board (article 9.3

L.226-9 of the French Commercial Code) 361

Resolutions to be subject to the vote of the 9.4

Annual Ordinary General Meeting of the

Shareholders to be held on 19 may 2021 362

10.ADDITIONAL INFORMATION 367

Basic information about the Company10.1368

Main provisions of the Company"s Articles of 10.2

Association 369

Person responsible for the Universal 10.3

Registration Document 372

Statutory Auditors10.4373

Financial communication10.5375

Documents available to the public10.6376

Glossary10.7377

Concordance tables10.8379

The Universal Registration Document was filed on 1 April 2021 with the AMF, as the competent authority under regulation (EU)

2017/1129, without prior approval in accordance with Article 9

of that regulation. The Universal Registration Document may be used for the purposes of an offer to the public of securities or the admission of securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary and any amendments made to the Universal Registration Document. The whole document thus constituted was approved by the AMF in accordance with regulation (EU) 2017/1129. The English language version of this document is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation.

IMPORTANT INFORMATION

Defined terms

In this Universal Registration Document, the term "Company" means the company Tikehau Capital SCA, a société en commandite par actions (partnership limited by shares) whose registered office is located at 32, rue de Monceau, 75008 Paris, (France) registered with the Paris Trade and Companies Register under number 477599104. The expressions "Tikehau

Capital"

and the "Group " mean the Company, its consolidated subsidiaries and branches in their entirety. A glossary of the main defined terms used in this Universal Registration Document can be found in the "Glossary" Section of this Universal Registration

Document.

This Universal Registration Document describes Tikehau Capital on the basis of the Group"s structure as at the date of this

Universal Registration Document.

This Universal Registration Document presents the consolidated financial statements of Tikehau Capital prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union ("IFRS ") for the year ended

31 December 2020. These financial statements can be found in

Chapter 6 (Annual consolidated financial statements as at

31 December 2020) of this Universal Registration Document.

Unless otherwise stated, the figures used in this Universal Registration Document are extracted from the consolidated financial statements of the Company. Some figures (including data expressed in thousands or millions) and percentages presented in this Universal Registration Document have been rounded. If applicable, the totals presented in this Universal Registration Document may differ slightly from what would have been obtained by adding the exact (not rounded) values of these figures. market, strategy, growth, results, financial position and cash of Tikehau Capital. Forward-looking statements contained in this Universal Registration Document are presented only as at the date of this Universal Registration Document. Barring any applicable legal or regulatory obligation, the Company makes no commitment to publish updates of the forward-looking information contained in this Universal Registration Document to reflect any changes in targets or events, conditions or circumstances on which the forward-looking information contained in this Universal Registration Document is based. Tikehau Capital operates in a competitive and ever-changing environment, so it may not be able to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which a risk or combination of risks might lead to significantly different results from those in any forward-looking information, and it should be noted that such forward-looking statements do not constitute a guarantee of results. This Universal Registration Document contains statements on the outlook and development areas of Tikehau Capital. These statements are sometimes identified by the use of the future or conditional tense and words with prospective connotations such as "consider", "envisage", "think", "target", "expect", "intend", "should", "aim", "estimate", "believe", "hope", "could" or, where appropriate, the negative form of these terms, or any other variants or similar terms. This information does not constitute historical data and must not be interpreted as a guarantee that the facts and data mentioned will actually occur. This information is based on data, assumptions and estimates considered reasonable by the Company. They may change or be modified due to uncertainties related in particular to the economic, financial, competitive and regulatory environment. This information is mentioned in various Sections of this Universal Registration Document and contains data relating to Tikehau Capital"s intentions, estimates and targets concerning the This Universal Registration Document mainly contains information on the business segments in which Tikehau Capital operates and its competitive position. (See Section 1.4 (Tikehau Capital and its market) of this Universal Registration Document). Certain information contained in this Universal Registration Document is information publicly available that the Company believes to be reliable but which has not been verified by an independent expert. The Company cannot guarantee that a third party using different methods to gather, analyse and calculate data on these business segments would get the same results. Given the very rapid changes that characterise Tikehau Capital"s business sector, it is possible that these details may be incorrect or no longer up to date. Tikehau Capital"s activities could consequently evolve differently from how they are described in this Universal Registration Document. Tikehau Capital makes no commitment to publish updates on this information, except as part of any legislative or regulatory obligation that may apply to it. This Universal Registration Document is under no circumstances a validation and/or updating of the programs of operations of each of the Group"s asset management companies. Investors are urged to consider the risk factors described in Chapter 2 (Risk Factors) of this Universal Registration Document before making any investment decision. Should all or some of those risks actually occur, they would be likely to have a negative effect on Tikehau Capital"s business, financial position, financial results or targets.

A message from the Manager

A MESSAGE FROM THE MANAGER

MORE THAN JUST LETTERS

Madam, Sir, Dear Shareholders,

The pandemic has struck our economies and our societies. The pandemic has revealed their weaknesses. It has disrupted all international trade and brought to light the fragility of our economic, financial and health systems. This pandemic has also been a brutal wake-up call. The over-optimised system that has prevailed for several decades faltered as a result of structural fragility when it was confronted with a sudden shutdown of the globalised economy. This does not mean the end of trade. The resilience shown by economic sectors is a clear demonstration of this. The mobilisation of public and private actors, financiers and companies, guided us through the crisis with their respective expertise and new levels of collaboration. Nevertheless, a clear need has emerged to rethink how trade is structured, integrating the negative externalities it generates. Environmental risks now have a prominent place at the centre of human activities. The ecology-economy opposition that has prevailed over the last few decades has become blurred and the economy can no longer be divorced from the resources that fuel it. Five years after the Paris Agreement - the concrete results of which are disputed (greenhouse gas emissions were lower in

2015 than they are today) - and less than ten years before it is

too late to act and initiate energy transition (according to the

IPCC),

(1)

2020 is already an inflection point. In any event, it is a

turning point in history and in the perception of the environment, which is no longer simply a subject for passionate and committed people, but an essential element for successfully imagining the future and living in it together. The era of the myth of infinite growth is over and selective and sustainable growth is taking its place. It is this growth that we wish to finance. As asset managers, we are one of the bridges between global savings and local financing needs, between the $80 trillion held by large institutional investors and the $7 trillion needed to achieve the energy transition quickly and efficiently, for example. But beyond the decarbonisation of the economy, other actions contribute to sustainable growth.ESG (Environment, Social, Governance) criteria are currently the determining factors in any investment to drive sustainable growth, whether on listed or unlisted markets or for shares and bonds. They streamline and organise the process and make it possible to monitor that progress is being made, that investments are bringing about profound changes and that the sustainability of those investments is paying off. ESG criteria are gradually becoming as essential as accounting rules and company valuation methods. But unlike accounting, compliance with each of the ESG criteria does not carry the same meaning from one region to another. More precisely, the relative weight of E, S and G varies by region, which directly impacts the selection of investments. While E has a predominant weight in Europe, S is the guiding compass in North America and Asia has a more balanced approach to the three criteria. For many years, Europe has been developing numerous regulatory frameworks to protect the environment. In the United States, the weight of history and legal discrimination makes diversity the guiding principle for progress. These regional differences in perception give a competitive advantage to any actor with local roots and aquotesdbs_dbs12.pdfusesText_18

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