Operator

Welcome to the Eurazeo Q1 2026 Trading Update Presentation. Today's conference will be hosted by William Kadouch-Chassaing, Co-CEO. [Operator Instructions] Now I will hand the conference over to the speaker. Please go ahead.

William Kadouch-Chassaing
Co-CEO & Co-Chairman of Executive Board

Thank you. Good morning, and thanks to all for joining this call. I'm pleased to welcome you all to our Q1 2026 trading update. And as usual, let me walk through the key highlights for the quarter pertaining to first, fundraising, AUM and management fees; second, asset rotation; and third, the underlying performance of the on-balance sheet portfolio. We will then be available to take questions.

Let's start with our fundraising activity. We had a strong quarter in Q1 2026 with EUR 1.1 billion raised during the period, an increase of 11% versus last year. This performance was driven by, first, strong inflows in private debt with more than EUR 850 million raised in Q1, nearly twice as much as Q1 2025. This strong performance comes on the back of a top quartile track record of our direct lending funds and our leading position in the mid-market category.

Second, the continued momentum in the secondary strategy, which makes up for the majority of the EUR 200 million raised in equity during Q1. Our wealth solutions channel continues to grow nicely with AUM up 16% year-on-year to reach EUR 5.7 billion. Inflows were similar in Q1 2026 as in the same period last year. Our evergreen funds, EPVE3 enjoys positive net inflows with redemptions