Half Year 2022 Eurazeo SE Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mourad Lahmidi - BNP Paribas Exane, Research Division - Analyst : I have 3 questions, please. The first one is on fundraising activities. So you raised EUR 1.8 billion in the first half. If we compare to the same period last year, it was EUR 2.4 billion. So could you please comment on the context in terms of fundraising activity? Has it been more difficult to raise funds due to the context? Do you see any extension in the closing of the program? And what do you foresee for the current year? Could you -- could you elaborate maybe on -- not necessarily on the number, but compare it with the record year that you had last year? The second point is on the buffer that you applied to your net NAV of EUR 500 million. Could you please explain the rationale for this EUR 500 million? Why EUR 500 million and not a number above or below? And finally, on performance fees, the EUR 66 million that you mentioned, can you give us the share of the balance sheet out of the EUR 66 million?

Question: Mourad Lahmidi - BNP Paribas Exane, Research Division - Analyst : Okay. I have a follow-up one on fundraising again. Can you give us some insight on the origin of the money in terms of geography? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 27, 2022 / 6:30AM, EURA.PA - Half Year 2022 Eurazeo SE Earnings Call

Question: Christoph Greulich - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Three from my side, please. I would like to start with a follow-up question on the buffer. So is it fair to assume that you will, going forward, adjust the buffer upwards or downwards depending on your market outlook? And is there a clearly defined framework in place according to which you will adjust that buffer? Then the second question is with regard to the debt financing of new buyout investments. If you maybe could describe the changes you have seen since the start of the year? And then lastly, when we look at the demand from LPs, given that you cover a range of different strategies and asset classes, have you seen any shift in demand between the strategies and asset classes in light of the change in macro outlook? How would you say the demand trends rather uniform across the group?

Question: Christoph Greulich - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : So I'm just wondering, given that the macro outlook has changed quite significantly since the start of the year. Have you seen that translating into a shift of demand that maybe some asset classes are kind of increased demand at the expense of others? Or would you say the trends are rather uniform across all the strategies that you cover?

Question: Mourad Lahmidi - BNP Paribas Exane, Research Division - Analyst : So I have a follow-up on -- can you maybe refresh our memories on the way you mark your portfolio companies? Because to my recollection, you take into account 5 years historical multiples and the last 12 months' earnings. And if you look at the market today, most of the companies are trading below 5-year historical multiples. So maybe you can help us on that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 27, 2022 / 6:30AM, EURA.PA - Half Year 2022 Eurazeo SE Earnings Call