Regulatory News:
MACSF Group, the leading insurer for health professionals,
and Tikehau Capital (Paris:TKO), an alternative asset management
group, have joined forces to offer individual investors an original
and innovative product that gives them the opportunity to
contribute to the financing of the real economy by investing in
life insurance in the private debt of French and European SMEs.
This asset class was previously only accessible for institutional
investors.
MACSF and Tikehau Capital are launching an innovative solution,
creating a unit-linked product that enables savers to invest in the
private debt of French and European unlisted SMEs, while keeping
their savings available. The evergreen format (i.e with an
unlimited life span) of the new investment solution enables
investors to benefit from a high degree of visibility of the
evolution in their savings and liquidity at all times.
An alternative to listed investments
The investment product is called Tikehau Financement Entreprises
and will be available exclusively within MACSF’s RES Multisupport
life insurance policy from May 2021 as part of the “Libre”
profile[1], with no minimum payment amount. It will also be
accessible in the RES Retraite pension savings plan.
“At MACSF, we are continuously seeking the most relevant
diversification solutions for our savers and we wanted to give them
access to unlisted companies with major growth potential. There was
no fund on the market offering the flexibility, liquidity and
performance outlook that we wanted for our policyholders. This is
why we decided to create a new product based on an innovative
mechanism, together with Tikehau Capital, our long-standing
partner,” said Stéphane Dessirier, Chief Executive Officer of
MACSF Group.
To bring its savers a dedicated unit-linked product that offers
an alternative to listed investments, Tikehau Capital made its
private-debt investment platform available to MACSF, the leading
insurer of health professionals. Benefiting from a fully integrated
responsible approach, this investment addresses the growing need
from individual investors to give meaning to their savings while
securing a regular revaluation.
Contributing to the financing of the real economy
“Our conviction at Tikehau Capital has always been that the
asset management sector should facilitate the directing of French
savings to the financing of companies and the real economy. This
necessity was accentuated by the COVID-19 crisis, and with our
long-term partner MACSF, we sought to give individual investors the
opportunity to support French and European SMEs and thus finance
the real economy. These companies account for a major share of
European growth and job creations. This new source of financing
will provide them with flexible and stable resources to continue
their development while representing a driver of substantial yields
for savers,” said Antoine Flamarion, co-founder of Tikehau
Capital.
For unlisted companies, private debt is a source of financing
that stands as an alternative to conventional bank loans and bond
issues on the financial markets. This asset class is generally
reserved for institutional investors. MACSF has used it for many
years in the management of its overall assets. To make this private
debt instrument accessible to individual investors and available
and liquid at all times with no investment window, a special
mechanism had to be created.
An innovative mechanism
“The mechanism implemented by MACSF and Tikehau Capital for this
new unit-linked life-insurance policy product serves to preserve
and revalue the invested capital. To respond to any withdrawals
from the product, a permanent liquidity pocket was created, with
the unlimited time period of the unit-linked product serving to
offset redemptions via new subscriptions. To maximise yield, once
the loans are reimbursed by the companies they are automatically
reinvested in the fund and the interests paid via coupons by the
companies are also reinvested. The aim of this mechanism is to
achieve an average performance over twice as high as the annual
yield of the fund in euros,” said Roger Caniard, Chief Financial
Officer at MACSF Group.
The mechanism also guarantees transparency on valuation (net
asset value displayed daily) and the management of the product.
“We are delighted to provide our individual investors with a
turnkey solution for accessing the private debt market. As pioneers
of private debt in France, with €9.3 billion in assets under
management in the sector, we are firmly convinced that initiatives
such as this will be particularly attractive to savers and will
prove to be an invaluable source of financing to companies,” said
Cécile Mayer-Levi, Director of Private Debt at Tikehau Capital
and Frédéric Giovansili, Deputy Managing Director of Tikehau
IM.
About the MACSF Group
MACSF (Mutuelle d’assurance du corps de santé français) is the
leading insurer of health professionals in France, having worked to
their benefit for over a century. It has a 1,600-strong workforce
and generates annual revenue of some €2 billion. Faithful to its
calling as a professional mutual insurance company, MACSF insures
the personal and professional risks of over one million
policyholders and customers.
To find out more, go to macsf.fr
About Tikehau Capital
Tikehau Capital is a global alternative asset management group
with €28.5 billion of assets under management (at 31 December
2020).
Tikehau Capital has developed a wide range of expertise across
four asset classes (private debt, real assets, private equity and
capital markets strategies) as well as multi-asset and special
opportunities strategies.
Tikehau Capital is a founder-led team with a differentiated
business model, a strong balance sheet, proprietary global deal
flow and a track record of backing high quality companies and
executives.
Deeply rooted in the real economy, Tikehau Capital provides
bespoke and innovative alternative financing solutions to companies
it invests in and seeks to create long-term value for its
investors. Leveraging its strong equity base (€2.8 billion of
shareholders’ equity at 31 December 2020), the firm invests its own
capital alongside its investor-clients within each of its
strategies.
Controlled by its managers alongside leading institutional
partners, Tikehau Capital is guided by a strong entrepreneurial
spirit and DNA, shared by its 594 employees (at 31 December 2020)
across its 12 offices in Europe, Asia and North America.
Tikehau Capital is listed in compartment A of the regulated
Euronext Paris market (ISIN code: FR0013230612; Ticker:
TKO.FP).
For more information, please visit: www.tikehaucapital.com
DISCLAIMER:
This document does not constitute an offer to sell securities or
investment advisory services. This document contains only general
information and is not intended to represent general or specific
investment advice. Past performance is not a reliable indicator of
future results and targets are not guaranteed. Certain statements
and forecasted data are based on current forecasts, prevailing
market and economic conditions, estimates, projections and opinions
of Tikehau Capital and/or its affiliates. Owing to various risks
and uncertainties actual results may differ materially from those
reflected or expected in such forward-looking statements or in any
of the case studies or forecasts. All references to Tikehau
Capital’s advisory activities in the US or with respect to US
persons relate to Tikehau Capital North America.
______________________ 1 The unit-linked product must not
account for over 30% of the policy at the time of subscription.
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version on businesswire.com: https://www.businesswire.com/news/home/20210415006067/en/
Press contacts: Tikehau
Capital: Valérie Sueur – +33 (0)1 40 06 39 30 Prosek Partners:
Henrietta Dehn – +44 7717 281 665 press@tikehaucapital.com
MACSF Group: Séverine Sollier – +33 (0)6 14 84 52 34
severine.sollier@macsf.fr Annie Cohen – +33 (0)6 71 23 83 69
annie.cohen@macsf.fr
Shareholders and investors:
Tikehau Capital: Louis Igonet – +33 (0)1 40 06 11 11
shareholders@tikehaucapital.com
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