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Investment strategy

In early 2023, Wendel started a new strategic shift with the development of a third-party private asset management business, alongside its historical principal investments business.

This shift was illustrated by the first external growth operation in Wendel’s recent history‚ the acquisition of IK Partners‚ announced in October 2023. The goal is to develop a dual value-creation model that will enable Wendel to benefit from synergies between its long-term capital resources and multi-business private asset management activities.

A dual model

(1) Internal rate of return.
(2) Fee-related earnings: profits generated by recurring fee income (mainly management fees). They exclude the more volatile, performance-related revenues, such as performance fees and carried interest.
(3) Total Shareholder Return. On average, modulo the change in the discount in relation to NAV.
(4) Based on the December Y-1 NAV. The aim is to keep the dividend at least in line with the previous year.
(5) Based on Wendel’s share price of €90.80 as of February 23, 2024.

Principal investments

Wendel’s ambitions for its principal investments are both to improve value creation within the existing portfolio and to invest in new companies generating an IRR of 15%(1), always with the goal of creating more value for Wendel’s shareholders.

(1) After leverage effect.
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Implementation of an active portfolio management and investment policy with the intention of investing approximately €2 billion over the 2023-2024 period‚ while optimizing Wendel’s financial flexibility.

  • Unit equity investments of €300 million to €800 million in Western Europe and North America.
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Investment policy and value creation based on Wendel’s role as a hands-on shareholder.

  • Active involvement with management teams to accelerate value creation.
  • Investment in unlisted companies with priority given to majority stakes.
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Investment strategy focused on business services‚ technology and energy transition in sub-sectors driven by growth megatrends such as far-reaching societal change‚ environmental protection‚ geopolitical complexity and technological revolutions.

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Target double-digit IRR on the existing portfolio.

LIQUIDITE_1

Portfolio rotation: reinvestment of capital into assets generating an IRR of around 15%.

Third-party private asset management

By creating a dedicated platform‚ Wendel aims to diversify its revenue streams‚ increasing the generation of regular and reliable cash flows. This will enhance Wendel’s attractiveness as an investor and as a listed company, resulting in a greater dividend payout capacity for its shareholders. This diversification of revenue streams will also involve investments by Wendel in the funds raised by the entities on its platform.

With the acquisition of IK Partners, Wendel is laying the foundations for its new platform. The aim is to reach €150 million in FRE by 2027 through organic business growth, accompanied by acquisitions in new asset classes. Wendel’s ultimate goal is to become a large multi-asset platform by bringing in new funds specializing in asset classes including infrastructure and private debt.

Strategic levers of the funds Wendel is targeting to build its platform

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Established brand and track record
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Specialized teams and talent
LIQUIDITE_1
Proven fundraising experience
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A strong base of LPs/consolidation of assets under management
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A portfolio of attractive assets
ESG Commitments

Responsible investment process

Wendel has made important commitments to ensure that its internal operations are conducted according to its values and the ESG goals defined within the portfolio companies.

t-2
David Darmon
Member of the Executive Board, Group Deputy CEO
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02
03
01
Investment phase

All investment opportunities are systematically assessed through a newly defined exclusion list and a business model resilience test. The ESG maturity of the companies is then assessed as part of an in-depth Sustainability due diligence.

Our ESG strategy and priorities
02
Holding phase

An ESG transformation roadmap is defined for each portfolio company, based on ESG due diligence carried out in advance. This roadmap systematically includes items related to operational eco-efficiency with a strong focus on climate change issues as well as the ESG innovation of products and services. Investment teams at Wendel and portfolio companies’ management teams are also held accountable for progress against this roadmap with an alignment of variable remuneration with performance.

03
Exit phase

The transformation achieved within the company will be highlighted and showcased through an exit memo and presented to the Supervisory Board. When circumstances allow it, Wendel ensures wherever possible, that it associates the teams of the divested company with the value created.

NEWS
All news
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#Actualités, Evénement, Event, News
Publication of Q1 2022 trading update
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#Engagements
Gender parity at Wendel
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#Event
Watch the 2021 Full-Year Results webcast
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#News
Analyst call on the acquisition of ACAMS
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#News
Publication of Q3 2021 trading update
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#News
Publication of the 2021 half-year trading update
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#Actualités, News
Discover Wendel’s 2021-2024 Strategy
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#News
François de Mitry joins Wendel’s Supervisory Board
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#News
Changes in the composition of the Supervisory Board
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#News
Wendel’s corporate brochure adopts a digital format

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