Eurazeo - Q1 24: Slow start to the year
• Q1 24 AuM at EUR 34.8bn, slightly down QoQ• No significant fundraising closings and an uptick in distributions resulting in subdued growth which should accelerate during the rest of year (calendar effect)• Nonetheless, some investors may be surprised by this temporary hiccup especially as there is no quarterly valuation for the portfolio• Our investment case still stands, which is based on an expected recovery in exits in the latter part of the year which should be at decent prices and should help in narrowing the discount• We estimate today's NAV at EUR 126.6 p/s implying a discount of 34%.Eurazeo is a listed investment company in Europe. Co. invests in French or other European companies in which it can exercise influence. Co. divides its operaion in five divisions: Holding company, Eurazeo Capital, Eurazeo PME, Eurazeo Croissance, and Eurazeo Patrimoine. Holding company focuses on investment in non-consolidated fund business; Eurazeo Capital invests in companies valued over Euro150,000,000 to Euro200,000,000; Eurazeo PME invests in enterprises valued at less than Euro150,000,000 to Euro200,000,000; Eurazeo Croissance targets companies with high growth potential in promising markets; and Eurazeo Patrimoine groups Co.'s real estate asset management and investment activities.
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