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Investment strategy

Wendel embarked upon a strategic shift by launching its private asset management business, alongside its long-standing principal investments business. This shift was illustrated in October 2023 by Wendel’s first ever external growth operation as an investor, with the acquisition of IK Partners, a leading European private equity firm focused on unlisted assets in the mid-market segment in Europe. A year later, in October 2024, Wendel announced the acquisition of a majority stake in Monroe Capital, a US leader in the private credit market.

Our dual strategic model

The aim is to build a dual business model that will enable Wendel to leverage synergies between its permanent capital and a varied private asset management business, generating recurring and predictable distributable income for shareholders.

(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 Wendel’s share price of €91.80 as of March 19, 2025, i.e., a yield of 5.12%.
(5) Based on the December Y-1 NAV. The aim is to keep the dividend at least in line with the previous year.

Principal investments

Wendel’s ambitions for its principal investments are to improve value creation by generating a double-digit IRR both within the existing portfolio and in the new companies in which Wendel will invest, always with the goal of creating more value for Wendel’s shareholders.

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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.

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Portfolio rotation: reinvestment of capital into assets generating a double-digit IRR.

Third-party private asset management

Wendel’s ambition is to build a sizable platform managing several private asset classes. The development of this platform will generate recurring cash flows for Wendel and expose it to the performance of these asset classes, thanks in particular to Wendel’s participation in its asset managers’ fundraising activities.

With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€34 billion in AUM(1). In 2025, it will generate, on a full year basis, c.€ 455 million revenues, c.€160 million pre-tax FRE(2) (c.€100 million in pre-tax FRE (Wendel share)) by 2025 and has the objective to reach €150 million (Wendel share) in pre-tax FRE by 2027 .

The aim of this change in Wendel’s business model is to develop a value‑creating platform designed to generate operating synergies over time.

(1) As of December 2024.
(2) EUR/USD @1.05.

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.

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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.

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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
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#Actualités
Warning – Attempted Fraud
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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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No action has been undertaken or will be undertaken to make available bonds issued by Wendel to any retail investor in the United Kingdom. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic laws by virtue of the European Union (Withdrawal) Act 2018 (the “UK PRIIPs Regulation”) for offering or selling bonds issued by Wendel or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the securities referred to in the following pages or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.
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The information contained in this section of the website of Wendel (the “Seller”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, Canada, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Company”) in the United States, Australia, Canada, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Company referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Securities have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Canada, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. All persons who wish to have access to the documents contained in this section of the Seller’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been or will be obtained. The Seller assumes no responsibility if there is a violation of applicable law and regulations by any person.

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of Wendel SE, parent company of Eufor SAS (together “Wendel”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Issuer”) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Issuer referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  The Securities have not been and will not be registered under the applicable securities laws of Australia or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents.  All persons who wish to have access to the documents contained in this section of Wendel’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them.  No such registration or approval has been or will be obtained.  Wendel assumes no responsibility if there is a violation of applicable law and regulations by any person.

If you are not permitted to view materials on this webpage or are in any doubt as to whether you are permitted to view these materials, please exit this webpage.

I therefore certify that:

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  3. I will not transmit or otherwise send any information contained in this website to publications with a general circulation in the United States; and
  4. I have read, understand and agree to comply with all of the restrictions set forth above.
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DISCLAIMER – IMPORTANT

Due to applicable legal restrictions, the information contained in this section of the website is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia or Japan, or any other jurisdiction in which such release, publication or distribution would be unlawful.  We apologize for any inconvenience this may cause.

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