Tikehau Direct Lending First Lien Evergreen

Tikehau Direct Lending First Lien Evergreen is an open-ended private debt vehicle managed by Tikehau Investment Management, launched in 2023 and domiciled in Luxembourg. It is structured as a SICAV operating under the RAIF/AIFMD regime and is classified as Non-ELTIF, with N/A recorded for ELTIF versioning; access is limited to professional investors, with distribution on a pan-European basis and EUR as the base currency.

The strategy is direct lending within private debt, with the portfolio built around first lien senior secured loans to private companies. The evergreen construction means capital is deployed and recycled continuously rather than through a finite drawdown and harvest cycle, so loan repayments and interest income are reinvested inside the vehicle and investors take exposure to a seasoned book from the point of entry. Dealing terms, notice requirements and valuation cadence are set at the share class level and are not reported in this record, which is the practical constraint for anyone sizing a position: liquidity in an open-ended private credit structure depends on redemption gating and the pace at which the underlying loan book amortises, not on the legal form alone.

Within the coverage universe of 494 funds as of 31 Aug 2026, the vehicle sits among 148 private debt funds, 347 Luxembourg-domiciled funds, and 108 funds combining both. Reported assets stand at , with recent movement of , both measured against that peer set rather than in isolation.