Hello, everyone. Well, good evening or good morning for those who are joining us from the US. Thanks for joining our Tikehau H1 2024 Earnings Call. My name is Henri Marcoux, I'm Deputy CEO of Tikehau Capital, so I will be joined today by Fred Giovansili, Deputy CEO, as well as Vincent Picot, our Group CFO, and Sébastien Cossu, Co-Head of Real Estate Acquisition. We're happy to be with you here tonight and to go through Tikehau Capital progress and milestones for the first half of 2024. Let me start maybe by a quick recap for H1 2024 highlights on slide number five. In a nutshell, Tikehau Capital keeps delivering on its gross plan, and the first six months of 2024 have brought further evidence of that. I will start by fundraising, which has remained strong, with a record EUR 3.4 billion of net new money generated in the first half. That's actually a strong achievement in the current context. The diversity of our strategies, our strong credit platform, and of course, our fund performance, have played out very positively in capturing client demand. We've also made some strong progress on the internationalization of our franchise, and continue to raise an increasing amount of capital from private investors through our various solutions. On the deployment side, I would say that we've been very active and selective. Active, first, because we have a strong orientation platform that has allowed us to maintain a sound pace of deployment with an acceleration during the second quarter. Selective, because we have maintained a high level of discipline and selectivity across the board. On realizations, we have also been able to maintain a sound realization pace, and we have crystallized performance for our clients. On our financial, our underlying performance is robust, with double-digit growth in management fee generation and disciplined cost management. Our results also include a cyclical impact linked to a high basis of comparison in 2023, in upfront subscription fees for some of our real estate strategies, and some unrealized mark-to-market effects on our listed risks, but the underlying trend remained solid for the first semester. Let's move now on slide number six, and focus on our sustainability, which is deeply embedded across our business model and investment approach. I wanted to share with you tonight some of our key achievements in the first half of this year. Firstly, we have continued to develop some new funds that include sustainability features in their legal documentation. We strongly believe that increased transparency regarding the sustainability characteristics promoted by our products is crucial. At end of June 2024, AUM in SFDR Article 8 and 9 funds grew by 11%, reaching EUR 30 billion. To give you a few data points on the level of sustainability commitments within our portfolio, at end of June 2024, 40% of our portfolio companies in our key strategies have established a sustainability roadmap. Over the first half, close to 2/3 of new direct and corporate lending transaction have been carried out with an ESG ratchet mechanism attached to the transaction. In addition, we have continued to further strengthen our sustainability themed and impact platform. Our objective is clearly to increase the share of funds with robust decarbonization strategies, in line with our 2025 net zero commitment. At end of June 2024, the firm sustainability themed and impact platform, comprised EUR 3.3 billion of AUM, specifically allocated to climate and to biodiversity, to enable transition at scale, representing a 35% growth compared to a year ago. This puts us clearly on a track to reach its target of exceeding EUR 5 billion by 2025. Finally, last comment, but our sustainability performance has always been recognized externally. For the 3rd year in a row, Sustainalytics has identified our firm as a top-rated ESG performer in our sector. Additionally, we have received several sustainability awards across our private debt, private equity, and real estate initiative. I will now pass the mic to Fred Giovansili, Deputy CEO. Fred, the floor is yours. Thank you, and, hello, everybody, and, happy to be here with you tonight, or this morning for you. So I will start maybe looking at the, the top-line figures in terms of, fundraising momentum. As Henri alluded to, our strategies across the board attracted a total of EUR 3.4 billion net new money during the first half of, 2024, which represent, a record milestone for first half, results. Worth mentioning also that we've seen an acceleration in Q2 this year, with EUR 1.9 billion raised, over this, second quarter. We believe that, such level of net new money represents a strong achievement, despite some structural headwinds, and I'll come back to that in a couple of slides. It is also the reflection of the large and diversified platform we have in terms of investment platform. Also, an epitome to our proven track record that plays out positively. This is always a quote, unquote, "always a platform," with investment strategies that offer diverse risk-adjusted returns that allows us to meet investor demand across a variety of market conditions. In the first half of 2024, more specifically on our flagship strategies in private debt and private equity, we've made some good progress in the fundraising, in a context where fundraising is more back-end loaded, and I will mention that as well at a later stage. Overall, our public and private debt strategies accounted for more than 80% of net new money in H1. In addition to the strong momentum of our flagship direct lending firms, our CLO platform has been also very active across Europe and the U.S, with the pricing of two CLOs and also the launch of warehouse of two upcoming CLOs during the first half of this year. Last but not least, our capital market strategies have also recorded material inflows during the first six months of this year, essentially driven by our fixed income strategies, in particular on short duration and debt funds. So as a result, we are quite pleased with this fundraising momentum across our various strategies. As I mentioned, it's a record milestone for Tikehau, and it also is a reflection of our expertise and and proven track record. Moving to the next slide, slide nine. Just going through our three flagship strategies that are currently in the market. I will start with the European direct lending. We are making good progress on the fundraising of our sixth vintage, with around EUR 2 billion raised to date for the strategy. We are halfway, I would say, to our target of EUR 4 billion-EUR 5 billion. We are also halfway in the subscription period. The amount raised, by the way, includes capital in the main commingled fund, as well as SMA, main debt, and capital raised through SICAV- like unit-linked product. The strategy is offering compelling performance with downside protection, and as a pioneer of European direct lending, we've built a solid performance track records, which allows us to benefit from strong demand across the world. In private equity, we are currently fundraising our second vintage of our decarbonization strategy, for which we're aiming for a size between EUR 2 billion-EUR 3 billion. At the end of June, we secured approximately EUR 800 million of commitment for the first closing, and the pipeline looks promising as well. One important element of context here in the discussion we have with institutional LPs, stating the obvious for most of you, but usually they tend to commit once the investments or most of the investments are made, so they come late in the subscription period, so that's why it's mainly backended. So we are happy with this EUR 800 million milestone, and we expect, once again, the demand to grow over time, over the next coming months. In special situations, special opportunities, we are close to crossing the finish line on the third vintage of this strategy. Traction has been great, in particular in the Middle East and internationally, globally, leveraging our strong track record in performance for this strategy. Looking at Capital Markets on page 10, so moving to the next page. Just to zoom in, in capital market strategies, as I alluded to, it's been a strong contributor of our fundraising in H1 this year. We are reaping up the benefit of strong performance for this fund, our positioning, as well as the massive distribution efforts we've made across our wholesale team, especially in France, our home market, in Spain as well, where demand has been very high for our product, and also a good start in Switzerland. The result is a material acceleration of net new money in H1, with more than EUR 600 million raised in six months across these capital market strategies. So demand, as always, has also been particularly high for debt funds, where we've built a strong expertise. We have taken this range of funds from less than EUR 100 million of AUM at the end of 2018 to more than EUR 1.5 billion today, which is quite a significant milestone. H1 has always been solid for our TSD strategy, which is investing in the short duration segment of European credit, mainly investment grade. Moving on the slide 11, looking at our continued expansion of our international platform and client franchise. As you know, strategic priorities, as we mentioned on previous calls, has been to keep diversifying our capital formation capabilities, and also including engaging with a larger set of non-domestic clients. While we are happy to be strong in our home market, which is reflected in the figures we just discussed, we are even happier to measure the progress made in engaging with new clients across all continents. In H1 2024, approximately 75% of our third party net new money came from non-domestic clients. For the record, that was 60% in the first half of 2023. We are really accelerating internationally, and the various offices around the globe are surely ramping up, both in Europe and also beyond, with several breakthroughs in South Korea, Israel, and Abu Dhabi in particular. Since the beginning of the year, we've added two new offices, one in Montreal and one in Hong Kong, which will allow us to forge new connection and accelerate our growth locally and keep growing our international franchise. Looking at the graph, the geographical origin of this third party inflows recorded in H1 is very well spread across different geographies. All asset classes and types of vehicles contribute to this diversification, from CLOs to SMA and mandates to traditional closed-end funds. As a result, as of end of June 2024, 42% of our AUM come from international clients, which represent more than EUR 19 billion of AUM up from EUR 12 billion at the end of 2021, and which is close to 10x more than the, at the time of the IPO. Looking at the international franchise in, Asia in particular on slide 12, just want to make a short focus in, in Asia. As we mentioned in previous calls, it's quite a strategic growth region for us, where we've recorded several milestones in the first half of 2024. In particular, if we start with Nikko Asset Management, it's been finalized a couple of weeks ago, and we're very excited by this perspective. So Nikko and Capital, sorry, Nikko and Tikehau Capital are very complementary. Nikko is one of the largest asset manager in the region, with EUR 240 million of AUM, invested mainly in public markets. They are bringing an extensive distribution and client engagement, an established reputation, and a wealth of experience and market intelligence. On our side, on Tikehau's side, we are bringing a wealth of expertise and a robust track record in the private market sector, supported by a seasoned and experienced professional. This, this partnership has three components. First, Nikko will distribute our funds in Japan and across Asia, starting with European direct lending, private equity decarbonization, and also private debt secondaries. Second, we are, we are also creating a JV in Singapore, which will develop Asia-focused private asset investment strategies. Finally, we are also cementing the strategic alliance with the capitalistic components, through which Nikko Asset Management will become a shareholder of Tikehau Capital. As I said, we are super excited by this partnership in this, in, this, growth region. In terms of expansion in the region, we are also happy to share that the Hong Kong office is now, is now open and active. And we announced at the occasion of the opening that we are partnering with Flow Capital, a Hong Kong-based private credit specializing in Asia Pacific real estate debt investments that will enable us to widen our network. Finally, we also announced earlier in the year that we are joining forces with Singapore-based UOB Kay Hian, one of the largest corporate investment bank in Southeast Asia, to launch a new private credit strategy. As an adjacent strategy to our direct lending platform, this new private credit strategy seeks to provide financing to mid-sized corporates across Asia Pacific. As you see, we've been very active in forging key alliance with strong partners to support and accelerate our expansion in Asia, on top of very strong relationships that we already have with Temasek. On page 13, focus on the democratization of private markets, a recurring theme in our industry. We believe that we, in Europe in particular, we have a pioneer position in democratizing alternative, which has contributed to diversifying our capital formation again this year. As discussed previously, we are mindful of asset liability management, and I've always been very focused on designing yielding strategy with low leverage so that we don't face a redemption risk in this kind of product. During the first half of 2024, more than a third of net inflows came from private investor. The term private investor does not refer to a homogenous set of client category, but more a diversified franchise comprising family offices, high net worth individual, but also mass affluents. The capacity we have to tailor investment solution to these clients, by ourself or alongside our partners, is a clear competitive advantage. For example, the unit-linked private debt product launch in partnership with some large insurance companies in France, represents one of the most successful product launch over the last two years, with a total of over EUR 1 billion raised. In addition, our in-house digital platform, Opale Capital, which has recently launched a new fund of funds, has attracted a total of EUR 130 million since inception in end 2022. This initiative, added to other dedicated vehicles and product launch in Italy or Spain, have contributed to growing the share of AUM coming from private investor to 30%, which represent close to EUR 14 billion. I will now pass the mic over to Henri to talk about the deployment and realization. Thanks, Fred, for providing us a bit more insights on this H1 achievement. I will now move to page 14 on capital deployment. H1 2024, that actually amounted to EUR 2.8 billion for our closed-end funds, with a clear acceleration in Q2. Our private debt platforms account for 75% of the total amounts deployed by our closed-end funds in H1, driven mainly by our direct lending and our CLO strategies. That's actually a testament to our leadership position in the core mid-market direct lending, which allows us to have access to deep origination pipeline and to be highly selective in a context of scarcity experience in other mid-market financing sources. In real assets, we have remained very selective and opportunistic across our real estate core plus and value add strategies. We'll get back in a minute with some examples of our capacity to bilaterally source attractive investment opportunities, even in the current context. Private equity deployments have been mainly driven by the first investment of our second vintage on decarbonization strategy with Vulcain, the engineering group, which is specialized in energy transition and life science. In addition, our special opportunities strategy have also been very active in fund deployment in H1. So across the board, we have remained very selective, when investing our funds with a selectivity rate of 99%, meaning that for what every 100 potential transaction we look at, we only execute one. Bear in mind that we have significant skin in the game through our balance sheet investment, and that pushes us clearly to be ladder-focused on investment pipeline.... Finally, last figure, but at the end of June 2024, we had EUR 6.7 billion of dry powder, which actually means that our funds have clearly ample means to save attractive opportunities in the current dislocated environment. Switching to page 15, we are now used to providing you a few data points on our portfolio and funds performance. You can see here that the selectivity and discipline in deployment effectively translates into asset quality and downside protection, and that we remain very consistent with our approach. We've provided you as well in appendix some additional information on the composition of our asset base by asset, by sector, and by geography. Few data points here to be highlighted. Direct lending, we have not changed our discipline in term of leverage. We do not compromise on documentation, which means, yeah, passing on certain opportunities if that may be the case. We are able to originate a very large deal flow of mid-market opportunities, and we only focus on high quality business, as reflected in the figures that are displayed on that page. As far as private equity is concerned, our companies are growing their top line, their profitability at a fast pace. Here also, we remain very reasonable in the use of leverage. I remind you that we are not managing generalist LBO strategies. We invest in mid-market companies on selected high growth verticals alongside founders, entrepreneurs, families that are also conservative when it comes to the use of leverage. Looking at real estate, our portfolio are highly granular, more than 9,000 units across our platform. Financial occupancy remains strong, and we have a high quality tenant base that effectively pays their rents. Finally, on real estate, our LTV remains low at approximately 26% growth across our platform. Maybe talking about real estate, I will now pass the mic to Sébastien Cossu, who is co-heading our real estate acquisition, to provide you a few data points on some of our real estate transactions that took place in H1. Thank you, Henri. Hello, everyone. Given the interest hike, the work from home, the increase of CapEx cost, the real estate transaction volumes is now close to EUR 29 billion level, which is really low. We think that investing now in real estate is a once in a lifetime opportunity. The previous one was post-financial crisis in 2008, and the one before, in the 1990s. I will spend some time to describe two recent transactions we carried out, as real estate acquisitions in Tikehau Capital. They illustrate very well our capacity to source sizable and compelling opportunities in the context I just described. Starting with the acquisition by Sofidy of one of the major shopping centers in the Paris region, called O'Parinor. We are talking about a 70,000 shopping center located in northeast of Paris, that attracts 11 million visitors per year. It comprising 190 shops and restaurants, and enjoy a 95% financial occupancy rate. As part of this acquisition, we have joined forces with Klépierre, the European leader in managing shopping centers, on a long-term capital, Sofidy owning 75%, of the capital and operational partnership. The transaction volume is more than EUR 200 million and was structured in the form of a club deal at our initiatives, in terms of several of our investment vehicle, alongside with French institutional investors. Thus, it shows our ability to attract third-party capital and the success of fundraising initiatives with the right opportunity. We should also note that the low double-digit yield is really attractive. In line with Sofidy's ambitious strategy to reduce the environmental impact of their assets, particular attention will be paid on the ESG aspect of that transaction, with O'Parinor already benefiting from a BREEAM In-Use excellent certification. This acquisition benefits from a green loan financial structure by Natixis. Moving on to the next slide. The next transaction shows our ability to keep on sourcing off-market and proprietary opportunities in a French market that is suffering from -30% decrease of investment volume compared to 2023. At the end of June, Tikehau Capital signed a binding agreement for the acquisition of a portfolio of 30 retail assets, comprising hypermarket and supermarket premises located across France. Those assets spread over 300,000 square meters and are leased to major national brands like Intermarché, Carrefour, Auchan, and Casino. It also includes redevelopment and value add potential. In terms of size, this transaction is greater than EUR 200 million also, and is below construction cost. In line with Tikehau Capital's ambitious ESG strategy, a particular attention will be paid to the energy transition and the upgrade of the assets over time. To conclude, given the current real estate environment, we are convinced that, convinced that the market is now full of similar opportunities that we could target on the short to midterm. If you have the right platform, the right team, and the right network, there are many opportunities to cite to our real estate strategies. Thank you, Seb, for providing us those data points on the those real estate transaction for the first semester. I would also like maybe to add that the Casino transaction has been done at a very compelling low teens cap rate, which is actually very remarkably in the current context. We may switch now on page 18 to provide you a few data points on our realization for the first semester, which actually amounted to EUR 900 million. They have been driven by private debt strategies that accounted for 2/3 of the amount, with several sizable refinancing that allows to crystallize solid performance for our health. In real estate, the realization mainly concerned our very granular residential portfolio, notably in Iberia, which we acquired in June 2021. Our strategy has been to actually dispose of preselected lower quality units, while maintaining a high quality and well-located lease portfolio with high concentration, which will facilitate actually the exit in the future. In private equity, we recently announced exclusive discussion with Safran, with a view to sell our portfolio company, Preligence, a global leader in artificial intelligence for aerospace and defense. This is actually the first exit of our cybersecurity strategy, B3. A couple of days ago, we also announced the disposal of Brown Europe, a specialist in wire drawing of high-performance alloys for the aerospace industry to actually a U.S. firm, STS Metals. That's actually one of the stake that was within our aerospace fund and an investment which was made in 2021. As you can see, we've been able to demonstrate that we are able to realize assets and generate strong performance returns for our clients, even through, actually a context which is, a bit tougher, as we can see now over the last 18 months. That actually concludes our operating review. I will now pass the mic to, Vincent Picot, our Group CFO. Vincent, the floor is yours for the financial review. Thank you, Henry, and good evening, everyone. Let me start by a quick word on our fee-paying AUM evolution on page 20. So fee-paying AUM reached EUR 37.2 billion at end June, up 12% compared to a year ago. This growth mainly reflects the dynamic fundraising for capital market strategies and PE strategies, as well as a sustained deployment momentum for our direct lending, CLOs, and special opportunity strategies. Future fee-paying AUM, corresponding to AUM, which will generate management fees in the near term, was stable at EUR 4.4 billion. Assuming an average management fee rate of around 1%, we are talking about future incremental revenues in the region of EUR 40 million per year. Overall, the healthy pace of growth in our fee-paying AUM on top of our future fee-paying AUM base provides strong long-term visibility of management fee generation. Let's now focus on us, on our management fees on slide 21. Management fees and other revenues reached EUR 155.9 million in H1 2024, a stable level compared to a year ago. H1 2023 benefited from a high basis of comparison due to upfront subscription fees generated from growth inflows from some of our real estate strategies, in particular, Sofidy, which are presented in light blue on the charts you see on this page. Excluding the effect of these upfront subscription fees, net management fees grew 13% year-over-year, broadly in line with growth in our fee-paying AUM. This underlying growth illustrates the solid fundamentals of our business model. The weighted average, average management fee rate over the last 12 months stood at 88 basis points, compared to 97 basis points a year ago. This evolution reflects the cyclical effects linked to fundraising in real estate, that I just mentioned, as well as a fundraising mix in the first half of 2024, with more fundraising on CLO than CMS, which bear lower management fees than the current group average, but benefit from strong operating leverage. I would conclude by reminding you that our high-generating strategies, like private equity, have not yet fully contributed in 2024, and that it will contribute positively to our management fee mix going forward as fundraising progresses. Let's now have a look at our core fee-related earnings on page 22. In H1 2024, we generated EUR 55.7 million of core FRE, representing a margin of 35.7%. This 13% structural underlying growth in management fees, coupled with our disciplined approach in operating cost management, despite inflationary pressures and opening of new offices abroad, resulted in an underlying progression of our profitability. Yet, this was offset by a cyclical impact linked to lower upfront subscription fees generated by real estate strategies that I described a bit earlier. This effect should, however, ease going forward in H2 2024. A few data points now on performance-related earnings on page 23, which are set to become a material profit driver in the years ahead, notably when third generation of flagship funds mature. At end June 2024, AUM eligible to carri ed interest grew 13%, a percentage similar to the growth of asset management AUM at EUR 20.5 billion.... AUM eligible to carry an interest currently invested and above other rates reached EUR 8.8 billion, up 90% compared to end June 2023. In addition, at end March 2024, we had EUR 200 million of unrealized performance-related revenues accrued within our funds. This level is 2.5x higher than in December 2021, illustrating the performance of our funds over this period. This amount is not yet accounted for in our P&L, and will be recognized as funds approach maturity and crystallize their performance. I would also like to remind you that our shareholders are the main beneficiaries of performance fees, as reflected in how they are allocated and as per our dividend policy. Moving now to our investment portfolio on page 20. Our balance sheet investment portfolio reached EUR 4 billion at the end of June 2024. This compares to EUR 3.9 billion at end December 2023. Over the first half, we invested close to EUR 400 million, mainly into our asset management strategies, in particular CLOs and peer strategies. We performed approximately EUR 200 million of realizations, including return of capital, mainly from our special opportunities and private strategies. And we also had negative changes in fair value, linked to our listed rates, offset by positive FX effects. As a result of our continued investments in our own strategies, 77% of our investment portfolio is invested in our management, asset management solutions, therefore strongly aligning interest with our clients. Let me also add, as displayed in the right box, that our funds is pretty well balanced across our private market strategies. Our Private Equity, Private Debt, and Real Assets strategies each represent close to 1/3 of total investments in our own strategies. Moving on to slide 25 on portfolio revenue generation. In H1 2024, our investment portfolio generated EUR 78 million of revenues. Realized revenues were 16% year-over-year to EUR 95 million, representing the bulk of total revenues. These growth were driven by a 14% growth in dividends, coupon, and distribution, mainly coming from our Private Debt and Real Assets strategies. Overall, Tikehau strategies contributed EUR 81 million to realized revenues, which is a 13% growth compared to a year ago. Unrealized revenues on their sides stood at -EUR 17 million, and included EUR 35 million of net positive fair value changes from our Private Equity strategies and ecosystem investments, offset by EUR 52 million of negative market effects on our listed rates. On our two listed REITs, IREIT in Singapore and Selectirente in France, we have built over time a resilient and granular portfolio of assets, while being conservative in the use of leverage with an average LTV of 37%. Unrealized mark-to-market effects clearly do not reflect the underlying portfolio robustness. Let's wrap up now by looking at our profit and loss statements on page 26. I already commented management's evolution and Core FRE previously. A word on performance-related earnings, which grew to EUR 5 million, mainly driven by performance fees linked to our dated funds, Tikehau 2027, within our CMS fixed income business unit. Further down the P&L, financial expenses increased to EUR 21 million due to higher financial interest, following the EUR 300 million sustainable bond issuance in September 2023, and the EUR 220 million drawdown of our RCF in the first half. Overall, net results group share reached EUR 58 million over the first half, and excluding the effect of non-cash elements, net result would be slightly up year over year. Before handing back to Henri and Fred, some key elements on our balance sheets on page 28. Our model is supported by strong financial means with EUR 3.1 billion of equity and short-term financial resources of EUR 800 million. Our financial debt increased to EUR 1.7 billion at end June 2024, following the drawdown on our RCF I just mentioned. Gearing ratio reached 54%. In Q2 this year, S&P Ratings and Fitch both confirmed our investment credit rating with a stable outlook, thus confirming the strength of both our business model and financial structure. Finally, as you know, sustainability is at the very heart of our DNA, whether in terms of investment, but also at the level of group financing. ESG-linked debt remains stable and accounting for 78% of our total debt, compared to zero at end December 2020. That concludes my financial review. Thank you for your attention. I will now pass the mic back to Fred and Henry for the outlook. Thanks, Vincent, for those highlights on our H1 financial. Maybe switching now on the outlook, page 29. So before maybe jumping into the detail, a quick word on the evolution of our AUM reporting going forward to better reflect our credit platform and expertise. So from now, starting Q3, notably, the AUM for our special opportunity strategies will be reported in a new credit business unit. Until now, this strategy was historically reported in the private equity segment. This change actually reflects the fact that our special op strategy is, in fact, mainly credit driven, really building on a diversified portfolio of flexible capital, opportunistic real estate credit, and tactical liquid credit instruments. As such, it's really complementary to our other strategies. On the other hand, from how the AUM reported within our key business will be pure private equity, which makes greater sense and provides greater consistency. So as a consequence, the EUR 1.4 billion of AUM for our special op strategy at end of June 2024, will be transferred to this new credit business line, as you can see here, on the slide. We will obviously provide you, in the coming months, the comparable historical, quarterly data under this new, reporting financial, framework. Fred, maybe, page 30. Sure. Just this slide tackles the market environment and how Tikehau navigates such dynamics. So maybe just on a few words on structural growth themes. I won't go through each of them, as all of you are very aware of it, so but in a nutshell, I think it's fair to say that LPs remain broadly committed to private markets with increased allocation, especially to private debt, while allocating in favor of large fund manager. In terms of headwinds, despite the market recovery in the denominator over the last 12 months, the numerator effect persisted in the first half of the year, as the lack of exits and rebounding valuation drove NAV higher. So how do we navigate such market and, again, such backdrop? So first of all, as I mentioned before, we offer a quote, unquote, "all-weather range of investment capabilities" that will meet client demand across different diversity of market condition. Second, our global platform with boots on the ground in key markets, we can tap into a diverse set of investment opportunities and also investor base. Third, our innovative and differentiating approach in the democratization of private markets open up a new avenues for a wider range of investors to benefit from such alternative asset class, and this is just starting. Fourth, our company balance sheet remains a strategic weapon, providing stability and flexibility. We can definitely support the growth of our asset management strategies and seize acquisition opportunities as they arise. Last but not least, our strong corporate culture and owner mindset drive our commitment to excellence and long-term success. This focus definitely ensures that we remain aligned with our investor interest and dedicated to sustainable growth. These elements together underline and embodies our resilience and strategic advantage in navigating both growth opportunities and market challenges. I'll hand it over to Henri for a few words on our outlook in terms of KPI. Thanks, Fred. Well, definitely, jumping to page 31, and to conclude maybe on this first semester results. First of all, for the remaining H2, for the rest of 2024, we are anticipating an acceleration of fundraising and revenue generation for the second semester. On fundraising, first, in line with H1, we still anticipate good traction for our capital market strategies and healthy CLO issuance for the coming months. Second, we are confident in the pipeline of our flagship funds, in particular, direct lending and decarbonization. We see a healthy pipeline of fundraising there, which soon should start to materialize in H2. Now, there can always be, you know, some cutoff effects, and we've always been very clear on that, with decisions spilling over the next quarter of semester. But this is just, you know, calendar effects or phasing effects, and we usually provide an AUM guidance at end of September AUM release. Maybe a few additional points on revenues and profit. First, the comparison basis linked to these subscription fees will be eased in H2 2024. Secondly, our underlying revenue generation should accelerate in H2. This is obviously linked to the fundraising, but there is no linearity, given that some strategies charge fees on invested capital, like direct lending, and some others have capture fees that can, you know, generate lumpiness in the management fee generation. Coupled with disciplined cost management, the acceleration in management fee generation would result in core FRE acceleration, as well in H2, and underlying margin expansion. Our core FRE generation in 2024 will definitely be skewed towards H2. In terms of mid-term outlook, we remain confident in our capacity to reach our mid-term targets by 2026, which are reminded on that page. Well, I think we, we've actually gone until the end of our presentation. That actually concludes our presentation, and maybe, Operator, you can now open the floor for a Q&A session. Thank you. This is the conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone, or you may type your questions on the webcast platform. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Nicholas Herman with Citi. Please go ahead. Yes. Good evening. Thank you for taking my questions. A couple on my side, please. First thing, on fundraising, thank you for the guidance and expected pickup in fundraising in H2. Just curious, can you talk about the flow pipeline, I guess, particularly across your Middle East and Asia clients, and as part of the Nikko partnership, will that be contributing as well in the second half, or, and what kind of contribution are you expecting, this you know, this year, next year? I'd be kind of interested in terms of expectations there. Secondly, real estate, another quarter of net outflows. Just curious, what kind of visibility on redemptions do you have? And how are you thinking about the expected time to recover of, I think, the demand for in Sofidy? Third question, costs which were flat year-on-year. Just curious, are we still talking, thinking about like a, are we expecting therefore a big step up in H2, kind of in commercial revenues, and therefore, and what we should still be thinking about, like a 10%-ish plus annual cost inflation per annum? And then actually, I have a very sneaky, cheeky fourth one, please. On performance fees. Thank you for the disclosure on the EUR 200 million embedded performance fees. Just curious, how... Can you talk about the pipeline for realizations, and how much of that EUR 200 million you expect to recognize over the next 2-3 years, please? Thank you. Hi, Nicholas, Fred. Thanks for your question. I'll start maybe just on your Nikko Asset Management question, and hand it over to Henri and Vincent to answer the questions. So in terms of contribution of this partnership to fundraising in H2, look, I think we expect a gradual ramp up of the distribution of our product, and but it's fair to say also that the process will take time. We've secured common meetings, so we've had active engagement with our IPs over the last couple of months or weeks. And we've been working together on a few leads, and in our pipeline. So in this context, I would say that we hope the partnership to contribute for first full year 2024 AUM, but it's also fair to say that it's still too early to have a precise view on this. Bearing in mind that the client demand in Asia is pretty strong, especially when you look at the private market allocation compared to the GDP. So there is definitely a very strong appetite, active engagement, so we're hopeful that it will materialize in the near future. But as you're also very well aware, our AUM are not quarterly focused, so we don't really know if it's going to be in Q4 or in Q1 next year. But definitely good traction, good engagement level at this stage. Thanks, Fred. Well, maybe, Nicholas, thanks for your question on real estate. So what we can see is effectively, for Q2, slightly small negative net outflows for Sofidy. As you know, the mechanism, and notably the exit mechanism, is very constrained, which means that we cannot have more notably on SCPI, you cannot have more exits than inflows. What we can see is clearly, you know, I think what we've seen is the worst was really, the worst period for that was really November, December 2023. We've seen a kind of recovery in that business over the first half, and clearly I think that things are getting smoother on that area. We still have a little, I think a little bit more than EUR 100 million of exits, which are not being served so far. So the, that's, that's what we can say so, so far with, with a market where you have more than EUR 2.3 billion unserved at the end of June 2024. So I think the worst is clearly behind us. It took place in Q4 2023. We can see recovery in that market, and notably, I think that the strong pace of investment, the new opportunities we've been able, you know, to chase in term of the, notably the deal described by Sébastien, are key differentiating factors, which we are able, you know, to show to our LP, and to demonstrate that even in the tougher environment, it may be the good time, actually, to invest in real estate. With, you know, double-digit returns, you can now invest in real estate and say is a good investment opportunity. You had a question number three on cost evolution in H2. Well, difficult to answer precisely onto that question. As you can see, in H1 compared to H1 2023, our costs have remained stable, which means that we've been able to erase inflation effect. You know, inflation stands between 4%-5%, and despite that, and despite our the increase of our geographical footprint, we've been able to maintain cost flat. That clearly means that, you know, we need to make, we are making some adjustments, some here and there, increasing our efficiency as well, and our processes in the current environment, and we are very cautious on our cost evolution, and we are anticipating effectively, that as we've done in H1, we will, despite the inflation pressure, we will be very cautious on cost. Your fourth question was related to performance fees. Well, we are effectively, that's the second time in a row that we are disclosing the amount of underlying performance fees that are embedded within the NAV of our funds. Difficult so far to effectively provide you some data points on that. Will depend, obviously, on the exits that will take place within the funds, notably some private debt, notably private equity and real estate, for the coming quarters. What we can say is that, on a short-term basis, TDL III vintage will actually should be, should effectively, you know, generate in the coming quarters some significant revenue and, and actually performance fees. Very helpful. Thank you. The next question is from Arnaud Palliez with CIC Market Solutions. Please go ahead. ... Yes, good afternoon. Thank you for taking my question. I have three questions, actually. The first one is regarding what your positive outlook for deployment and realization in H2. I would like to have more details about what you can see from the current pipeline. And especially on the realization side, what can we expect? And can we expect also that this realization will be translated into some performance fees or carried interest? That's the first question. The second one is regarding private debt. What is your current assessment of the underlying risk on this private debt market? Do you consider that we're going to see some tougher regulations that could slow down the development of this business? Finally, the last question is more a question of detail, but your midterm target on fee-related earning of more than EUR 250 million, is it according to your definition of a new, the new definition of what is core FRE, or is it still the regular FRE, if I could say? Thank you, Arnaud. Well, jumping maybe and taking your first question on realization. So, realization, what we can tell is that actually H2 2023 was standing at EUR 1.7 billion, so we still have a high comparison basis for the second semester of 2024. Maybe driving you through asset class, we have clearly, you know, a healthy pipeline, notably on private debt, notably on private equity, where we've been not so active during the first semester. And, and you know, the two exits that I was mentioning previously, one for our cybersecurity fund, and the other one for our the aerospace and defense fund, will be accounted actually in the second semester. So on private equity, clearly, we have some realization in the pipeline. Obviously, so once again, you know, we have this calendar effect and some closing may take place on January 4th. People, you know, the deal-wise, they are not focused, you know, on this quarterly closing, but once again, healthy pipeline of realization, private debt and private equity. Now, to come back to your question on carried interest, as far as private equity is concerned, none of this realization will trigger any carried interest, as those are actually we are not up until the end of these funds. remind you that carried interest, we have a very conservative approach in the way we are booking those revenues, and we are waiting the end of the life of the fund to make sure we don't have any clawback mechanism that would negatively affect our profit and loss. So that's as far as private equity is concerned. Maybe on, on private debt, as I mentioned, obviously, some of these exits will trigger some perf fee generation, notably for, for TDL, Tikehau Direct Lending number three vintage. Maybe, Fred, you wanna talk us about private debt? Sure. Hey, Arnaud. Yes, maybe just to address your question on private debt. As we alluded during the presentation, we feel that we focus on high quality assets with a very strong EBITDA margin and also low leverage. So I think we are on the conservative side. I'm not denying some, you know, some tension in the private debt overall, but as you know better than I do, I think that the private debt and private credit has been a very well diversified asset class. But when we look at where we are focusing, especially in the core mid-market, we feel that we have the fair level of protection in terms of covenant, interest coverage as well, that is above three. We have also a low leverage of 4.4. In terms of regulation, that's an interesting question. We would welcome regulation, and I think that any regulation that will make alignment of interest between the GP and the LP stronger will be a good trend. And we feel we are very well equipped with our balance sheet as a strong alignment of commitment to navigate this potential upcoming regulation. And, as a result, I would say we would welcome a regulation, and I think it would be very supportive of this industry globally. It's too early to say it will materialize in Europe, in the US, or in which format, but definitely we feel that with our strong balance sheet, it would be a differentiating factor if it materialize. Just again, as you know, has been always, a strong, driver for business. On your fourth question, Arnaud, on the target by 2026, on the FRE. So we, we do confirm that the target is at least EUR 250 million of FRE, and it is not of core FRE. So of course, core FRE- Okay. will be, you know, superior to the FRE, of course. And the underlying factor is, of course, the management fee generation set to accelerate in the coming years, while maintaining a strict discipline on operating costs. Okay. Very clear. Thank you. The next question is from Alexandre Gérard with CIC. Please go ahead. ... Yes, good evening, and thank you for taking my questions. I have three questions. The first one is related to your commission rate. So you explained the decrease over the first half by notably an exceptional element. But over the last 3 years, your commission rate has been decreasing. So where do you see that commission rate in 3 years from now, given the evolution of your different mixes, client mix, strategy mix, geographic mix, retail client mix, et cetera, et cetera? So in 2026, let's say, what type of commission rate should we have at Tikehau? That's my first question. Second question is related to your performance fees. Let's say over a 5- to 7-year cycle, what would be the normalized weight of performance fees related to management fees if you were to achieve all your targets in terms of internal rate of returns on your different strategies? And my last question is related to your full year performance in 2024. So I understand that there will be an acceleration in profit generation over the second half of the year, but are you still comfortable with the consensus view of period earnings of, let's say, EUR 140 million? Thank you. Thanks, thanks, Alexandre. So, yeah, maybe on your first question on our average management fee. So let me remind a few data points on that. First one is that this average management fee rate is calculated over the last 12 months first. So, it can vary effectively from one semester to another. I would come back to you now on that, on the basis. During our latest Capital Markets Day back in 2022, we have announced that up until 2026, we were targeting an average of 100 basis points. So we will be, and we have no change on that, we will be in the range of 100 basis points. Obviously, this is driven by some mixed effects, and the increasing proportion of private equity and our strong ambition, you know, within our strategic plan to develop private equity, is clearly part of this average fee margin. Now, it can vary from a semester to another. Notably recently, you know, we've been very active in the CLO, less in the deployment of direct lending. As you know, in direct lending, management fees are being calculated on the level of deployment. So we will be in the range of 100 basis point. That was the hypothesis of our strategic orientation by 2026, and no change on that. It can effectively vary from one semester to another, but we see no reason to change that. For any further questions- Sorry, sorry, we Sorry. Let me come back, sorry, to the second question from Alexandre. You had a question on performance fees. Difficult, you know, effectively, I can understand that, providing a percentage of performance fees compared to management fee, some of our effectively peers are disclosing such nature of performance fees. Us, as in the way we are effectively booking those performance fees, very back-ended definitely, as we don't want any clawback and mechanism with negative review. Difficult for us effectively to provide data points on that. We will definitely depend on realization pace within our funds. Maybe on your third question on our full year 2024, as I mentioned, you know, we are confident on our anticipation to accelerate fundraising and revenue generation. Clearly, we have a healthy pipeline, notably in private equity as we speak. That being said, you know, difficult for us to comment the consensus, as we speak. So if I have the time, maybe for a final question, if I may, related to your corporate development strategy. The market is consolidating fast, and apparently, Hayfin, one of your main European competitors, is about to be acquired by a U.S. private equity fund. Is it a company that you've been looking at? And more generally speaking, can you update us on your development strategy on the corporate side? Thanks. Well, thanks, Alexandre. Well, well, clearly, you know, the market is consolidating, and that's because definitely over the last 18 months, we've entered into a new cycle. And, you know, as many GPs are realizing that, well, indeed, they needed some permanent capital. They needed some boots on the ground. They needed some offices around the world to distribute. We have entered into a new cycle, where things are getting more competitive. And having permanent capital to launch new strategies, having operating, you know, with 17 offices around the world to effectively partner with local partner in terms of distribution, it makes things clearly, and many GPs do need those capabilities. So we've been seeing the market, we've been seeing the consolidation. We need to remain selective. You know, so far, the valuation drivers, and notably the multiples we've seen on the market, are still elevated, in our view. We are highly reviewing many, many opportunities, and I can tell you it's been increasing over the last 18 months. But we-- so far, we've not find effectively the right acquisition, the right M&A move that could effectively change significantly our roadmap. All right. Thank you very much. Thanks. The next question is from Oliver Carruthers with Goldman Sachs. Please go ahead. Hi there, it's Oliver Carruthers from Goldman. Can you, can you hear me okay? Yes, we can. Great. Just one question from me. Of the 100 basis points fee margin guidance, how much of that would be, subscription and arrangement fees? Thank you. Once again, Oliver, thanks for this question, but difficult for us to assess. Part of our business, you know, a significant proportion of our AUM are real estate based. So part of this business, you know, is linked to our real estate brand in France called Sofidy, where we do have some mechanism of subscription fees. That's where the market is operating, part of these subscription fees are actually being used to serve the distribution network. Part of them are actually being kept by us. But, you know, I would say that it's embedded to the model, so it's. That's not. I would say that is not significant at the horizon of 2026. Understood. Thank you. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. I think we have one question on the webcast, maybe that we can address on the pace of capital deployment anticipated for the second half of 2024. Thanks. Well, actually, as far as deployment is concerned, as I mentioned earlier, if you go through asset class, we have a healthy deployment outlook, notably on private credits, where we are seeing more and more deals in the current pipeline. Real estate is picking up as well, as mentioned by Sébastien. Clearly, more and more, even the market is quite muted, but we see more and more opportunities, notably because we have some question around valuation, some opportunities where, you know, we have some situation where our leverage has been too high, and clearly we need some players like us. As far as private equity is concerned, we do have as well, you know, we are now deploying our decarbonization fund number 2. We will be soon as well start the deployment of our aerospace and defense new fund that we are currently finalizing. So clearly, significant opportunities in the pipeline that should make H2 on deployment healthy. Thanks a lot, everyone, for listening to that earnings call for H1 2024. All the teams around here, investor relations here, there are two, and we remain available for any further question in the coming days. Thanks for listening to that call. Take care and see you soon.