Eurazeo raised €2.3bn across its platform in the first half of 2026, a 10 per cent year-on-year increase, with private debt accounting for the lion's share as the French asset manager's direct lending franchise delivered its strongest fundraising period to date.

Private debt raised €1.5bn in the six months to 30 June, up 73 per cent year on year, 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 programme size to €5.5bn — a figure that includes nearly €1bn raised from retail clients alongside institutional commitments and mandates.

The firm reported total assets under management of €40bn at the end of June, a 9 per cent increase over 12 months, while fee-paying AUM rose 6 per cent to €29.4bn. Third-party AUM, encompassing limited partners and retail clients, grew 13 per cent to €31.1bn. Eurazeo ended the first half with total dry powder of €6.6bn, a 20 per cent increase over 12 months, suggesting ample capacity for deployment in the second half of the year.

On the deployment side, private debt remained particularly active, with €1.2bn invested in the first half, up 7 per cent year on year. Group-wide realisations totalled €700m, of which private debt contributed €300m. The pace of deployment and realisation activity points to a maturing portfolio with a steady cadence of capital recycling.

"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," said co-chief executives Christophe Bavière and William Kadouch-Chassaing. "The profitability of our asset management business continues to improve, with double-digit growth in its EBITDA."

The results underscore the momentum behind European direct lending fundraising in the first half of 2026. Eurazeo's ability to attract nearly €1bn from retail investors into its private debt programme reflects the growing democratisation of private credit, a trend that is reshaping capital formation across the asset class. For institutional LPs, the fund's rapid deployment pace — €1.2bn in six months against a €3.9bn close — signals that deal flow in the European mid-market remains robust despite broader economic uncertainty. Eurazeo will distribute approximately €320m to shareholders in 2026, following a 10 per cent increase in ordinary dividend per share.