Tikehau Capital launches private equity fund focused on European defence and security alongside three French insurers
17 JUN, 2025
Tikehau Capital, in partnership with Société Générale Assurances, CNP Assurances and Groupe CARAC, has announced the launch of Tikehau Défense et Sécurité (TDS), a private equity fund dedicated to strategic sectors such as defence, cybersecurity and European security. Managed by Tikehau Capital and classified as an Article 8 fund, it will be available from September 2025 through life insurance and retirement savings products offered by the three insurers.
The fund launches with an initial commitment of €150 million, equally contributed by the partners, and aims to support the strengthening of Europe’s industrial and technological base, particularly in the aerospace and cybersecurity sectors. It is designed to foster the emergence of European champions while contributing to job creation and economic momentum.
Access extended to individual policyholders
The fund will be the first unlisted investment vehicle eligible for unit-linked investment focused exclusively on defence and security. In its initial phase, the three insurers will have exclusive distribution rights until September 2026. After that, Tikehau Défense et Sécurité will be open to other insurers and professional investors.
The vehicle will allow individual policyholders to diversify their savings by gaining exposure to key sectors of the European economy while targeting attractive returns. It will invest in primary, secondary and co-investments in private equity, with limited exposure to private debt, leveraging Tikehau Capital’s established expertise in these areas.
Since 2021, a dedicated team of 30 investment professionals has built a portfolio of over 30 European companies in these strategic sectors. Previously reserved for institutional investors, these strategies will now be accessible to a broader audience through the fund’s innovative structure: a Specialised Professional Fund (FPS) compliant with the new ELTIF 2.0 regulation, designed as an evergreen structure with a 99-year lifespan, offering subscription or redemption windows every 15 days.
With four unit-linked private assets products launched in five years, Tikehau Capital has become a key player in democratising unlisted investments via life insurance in France, with over €1.5 billion raised to date. Building on this experience, and in a rapidly evolving geopolitical context, we now aim to go further by offering a fund primarily invested in private equity. This will allow policyholders to contribute to the national investment effort in strategic sectors.
Henri Marcoux, Deputy CEO of Tikehau Capital.
As a partner and shareholder of Tikehau Capital since 2011, taking part in the launch of this fund dedicated to defence and security felt like a natural step. It will enable us to step up our own investments in companies that support France’s and Europe’s sovereignty and strategic autonomy. In perfect alignment of interests, we are also very proud to offer this opportunity to our members and, via our subsidiary Selencia, which focuses on independent financial advisers, to our clients,
Michel Andignac, CEO of Groupe CARAC.
We are delighted to announce this new partnership with Tikehau Capital. It provides investors with a unique diversification opportunity by giving them access to assets traditionally reserved for institutional players, while also allowing them to support the financing of European defence and security companies. From September, this innovative investment solution will further expand the range of real assets offered by Société Générale Assurances. The launch of this fund also underlines the Société Générale group’s commitment to supporting the needs of these strategic sectors.
Philippe Perret, CEO of Société Générale Assurances.
CNP Assurances relies on Tikehau Capital’s expertise to provide its clients and partners with access to a specific asset class to diversify their savings and seek returns by investing in unit-linked products primarily composed of private equity. This Article 8 fund also enables them to support the development of Europe’s defence and security industrial base by investing in companies in the sector.
François Guilgot, Head of Wealth Management Europe at CNP Assurances.
