Hello, everyone. Okay, good morning, everyone. We should start. Thank you for being with us this morning. It's nice to be with you physically again today. It's been two years. You know, hello to all the connections by video and telephone this morning. It's my warm pleasure to welcome you this morning to the 2021 results of Eurazeo with Philippe Audouin. I have to say it's quite a special moment 'cause at the moment of publicizing, announcing the strongest set of results for Eurazeo ever, this is in a very difficult environment and time for Europe, and a very dramatic time for Ukraine and our democracies. It makes, again, you know, that event quite a memorable event, I guess. My thoughts first go to the Ukrainian people, of course.
We have been closely monitoring the situation. Today, Eurazeo has very minimal exposure to Ukraine and Russia, and we will continue to monitor closely with our management team of the portfolio company and our investment teams the situation as it evolves. We've not just been monitoring, we've been acting. We have decided at the beginning of the week, of EUR 1 million, you know, financial aid, which is going to go straight to the International Red Cross and to Human Rights Watch to be helping the Ukrainian people. Thank you. Thank you. This time of the year, we're holding that presentation on our results.
You remember last year I told you that our performance for 2020 wasn't just a rebound following a number of, you know, years and months of pandemic, that I was convinced that the 2020 results were evidence of the longer trends, structural trends in which Eurazeo is evolving. I'm very happy to tell you that for 2021 you see another remarkable year and a set of results which is record. I'll take you through it, and of course, Philippe will deep dive into those results. Again, 2021 record results, remarkable set of results. We are talking portfolio performance, fundraising, exits, and extra financial performance. We're also successful, that's what we're showing in our transformation as an asset manager. Remember, we've announced that pivoting five years ago, and now very clearly this is in full view. Successful transformation.
Our investors trust us, and that shows in our 2021 results. I think, you know, remember that our strategy as middle market private equity geared towards, you know, investing in high growth, impactful company is really working, you know, full speeds in 2021. 2021 is not just showing good results, it shows that our strategy really delivers. A few numbers. Assets under management growing 42% this year. Strong growth. This comes from revaluation of assets, exits, and very strong fundraising. Three sources of increase of our 42% of assets under management. The net asset value, record high, 40% increase, EUR 118 million, EUR 117.8 million. I remind you that this is after taking into account an ever higher level of cautiousness in the context of the current circumstances.
Our record performance and our confidence in future growth is leading us to submit to our general assembly meeting at the end of April an increased distribution. We're talking EUR 3 per share, EUR 1.75 for the ordinary dividend, and an add-on top up of a special dividend of EUR 1.25 for 2021. We certainly continue to stay ahead of the curve in terms of investment strategies and sectors. We have extended our skill set in new Thematics. I want to mention life sciences or infrastructure in terms of energy transition. We're certainly continuing to increase for the future and invest for the future in the right sectors. We have also strengthened our international developments and scope. I want to give two examples. We've amplified our presence in London and continue to grow our presence in Southeast Asia, mainly in Singapore, in 2021.
Importantly, we remain very strong and ahead of our peers in extra-financial. You've known our commitment in ESG for many decades. 2021, I'll come back to this later on, has been an amazing year on an extra financial standpoint. 80% of our funds today are Article 8 or Article 9 according to the Sustainable Finance Disclosure Regulation. Let's first start with our development of our asset management activity. EUR 31 billion is a threshold. It's a milestone that we have reached in December 2021, and we have obtained that results essentially through organic growth being international development and organic growth of our scaled-up investment strategies. It puts us in a situation where we rank amongst the top five player in the European Union today in asset management. That's quite an achievement. Size in and of itself doesn't really matter.
It matters because it give us the resources to continue to sustain our growth and to continue to sustain value add for our portfolio company. In our industry, the size matters because it allows us for more talents to support the performance of our companies. It gives us better access to a larger deal flow, and it's even more important in the current market condition, larger deal flow, more discipline in the number of deals that you decide to follow, and a broader business network, and an LP base, and large LP base, very critical in what we want to achieve. Actually, this growth of AUM that you see here has been achieved with no less than 70% of these AUM growth coming from third-party. 70% of the EUR 31 billion.
Our acceleration in AUM is comparable to the most dynamic global players in our industry, in our sector. We're talking 24% CAGR over the last three years. Since 2018, this growth has been purely organic, thanks to the scaling up of our existing strategies and thanks to our international expansion, 24%. This growth in 2021 has accelerated. The EUR 5.2 billion of new money that we took on, you know, last year is up 80% from 2020, which itself was already a record year. I think 2021 fundraising is, you know, a consequence of three things. We first scale up our investment division, and I'll give you some highlights in a second. We have strong investment teams, strong track record, and we are growing in size in each of these strategies.
Second, we certainly have increased our firepower and our reputation with retail investors. We raised, in 2021, EUR 550 million of resources with private client businesses. Not just high-net-worth individuals, retail money in 2021. We certainly have built a very strong fundraising machine, organization, servicing our clients for the long term. 2021 was really the year we've taken a few examples here of four programs which have either closed already in 2021 or are in the midst of closing in the next months. That's the case for Eurazeo PME. They're all north of EUR 1 billion. What you can see here is that that growth is only possible thanks to the support of our third-party investors, institutional investors, and retail investors. That's how you grow.
You need strong program, strong positioning of your strategies, and of course, support from your third parties. For great example, private debt, secondaries, the growth strategy, and mid-market fund, which in 2021 showed our strong success. Today, we have 350 institutional investors globally. What you see here is that the commitments outside of France represented, in 2021 on our inflows, two-thirds of this inflow. That's in line with our own global expansion, both of our operational and our marketing efforts. We have expanded our team outside of France, in Europe, in APAC, in Korea, in particular, in China, in Singapore, that I mentioned, but also in the U.S. This team, we call it investment partner, is a team of 50 people today that compares to a bit less than 30 people back in 2020.
We're certainly continuing to scale up to be best serving our clients worldwide. That was our asset management activity. Let me now turn to our very dynamic asset activity, strong asset rotation in 2021. First, big picture, big number. In 2021, the volume of our activity is EUR 11.6 billion, EUR 6.5 billion in terms of investments, EUR 5.1 billion in terms of divestments. That, in itself, is a record year. We've never had such a big volume of activity. It's a factor of our growth, for sure. It's a factor of our internationalization. It's also a factor of us being extremely relevant in our markets.
If there was, you know, three strong characteristics of Eurazeo that I would want to highlight this morning, which explains that strength that we have shown in 2021, I would say international platform, I would say sector expertise and focus, and I would conclude with ESG expertise. I'll come back on those three strengths or levers of acceleration and value creation. We'll start with the platform. We have the specificity that we are not that many to be concentrating on the mid-markets. We are a middle market private equity player, but we do that with a global reach and a worldwide network. We think the large scale is the strength to be best serving our portfolio company and to be increasing the value creation. Very few mid-market private equity players have that global network. We have 12 offices in the world, 11 countries.
What does that bring us? That bring us an amazing deal flow, a very strong competitive edge when we talk to the seller or to the management team, because we can show how much value we can bring. It brings us an ability to help our company to grow internationally, either organically or through M&A. Of course, it gives us an edge to best understand the timing of our exits and to accelerate that timing. Of course, I'll come back to this. There's so many examples I could give. I have chosen one. Over the last 10 years in China, we brought more than 30 companies to China, and that was thanks to our local regional presence. We've opened China back in 2013. We have 10 people on the ground now.
It's also thanks to our strategic partnership with CIC, China Investment Corporation, and our very strong and deep understanding of the network and the ecosystem in China. That's how you build value. You're global, but you're local in your culture and in your connection. The deal flow and the deployment. I was saying EUR 6.5 billion has been deployed and invested in 2021. You see here the breakdown between asset classes. What I would like to highlight is our focus, our core sectors. You know them well by now. You know, we're talking healthcare, consumer, financial services, tech-enabled, and the green economy. 90% of our deal flow in 2021, 90% of our deal flow, which is extremely large, has been in those sectors. We invested EUR 6.5 billion.
It's all through sectors that we believe are exciting and have strong growth potential for the future. I think that's the most key message of this morning, that the transformation over the last five years has been about resources, has been about internationalization, but it really bogs down at the end to the quality of our assets. We are confident that what we have today in our portfolio is high-quality assets in sectors that are being looked for, that are being forward-looking, that are supporting our future growth and that our investors have strong belief in. As you know, the deals of today are the realized gains of tomorrow. Another significant characteristic of 2021 is the exit program.
You remember when we met at our capital market day at the end of 2020, November 2020, we told you that we were going to accelerate our exits, and that's what we did in 2021. It's been a very well-timed exit program, and it's been a record year of exits. Timing is everything. We know that. Execution is absolutely key. The decision that we made 18 months ago, and we delivered on that program. Overall, at group level, it's EUR 5.1 billion of exits. On the balance sheets, we're talking EUR 2.7 billion. We really exited with top-notch returns. You can see it here, 2.4x cash- on- cash realized on the exits in 2021. It's a record exit program that I have seen at Eurazeo over the last 15 years.
We usually exit between 15%-20% of our net asset value during a year, and here we've exited more than a third of our net asset value in 2021. I'll come back to the most recent exits that we've announced for 2022. Of course, you know, market condition is key, but it's not just about market condition. It's about the quality of our assets. The two exits that we've signed for 2022, Orolia being sold to Safran and REDEN Solar being acquired by Macquarie, those two exits shows that even in more difficult market condition and unsettling market condition, when you have great quality assets, again, looked for by your investors, you can secure excellent exit, which is what we did with REDEN.
It's also 4x cash- on- cash, 4.3 x, and we made more than 40% IRR on an asset that we've owned for quite a long time. This, to me, bodes very well for the future. My third, you know, highlight this morning before I come back for our perspectives is, of course, about people and the way Eurazeo delivers that strength and that performance on a sustainable and long-term way, perspective, and ambition. Let me start with our people. Nothing that I'm presenting this morning for 2021 would have been possible without our team. We've grown significantly again in terms of talent in 2021. It's a difficult market to hire people. You know, it's harsh. There's a lot of competition across the board in the U.S., in Europe, because we are structurally an industry which is growing.
We have added 70 great professionals across the board in 2021. It's about investment partners, it's about marketing, it's about operations, investment team, you name it. We are building the appropriate team with the appropriate expertise to continue to grow our assets under management and continue to deliver value add in our portfolio. These people that we've hired are, you know, seamlessly culturally fit with our organization and completely connected to our values and to our D&A, and that's absolutely critical in what we do. In terms of sustainability, extra financial performance, our program, O+, has been delivering on every front. There's so many achievements that we have made in 2021. You know, it was hard to select the few that I wanted to highlight this morning. We continue our progress and our success in this direction.
Our strength and our belief is that a sustainable company is a stronger company, attracts better talent, has the best relationship with investors, with regulators, derives, you know, better profits for the long term in terms of performance because you're in a better place in the value chain. This is our philosophy. A few examples. We became the first private equity company in the world to apply to the Science Based Targets initiative, which has been validated, our trajectory has been validated last month. We've launched new funds again in 2021, investing in building a more sustainable and inclusive green economy for the future. A final highlight, we've improved again our rankings in one of the strongest ratings in the European asset management space from Sustainalytics. We're at low risk now from medium risk in the past, in the top 3% of our category worldwide.
On that note, you know, very high and strong record. I'll ask Philippe Audouin to come and tell you way more about results for 2021, and we'll be back for our perspective. Thank you.
Thank you, Virginie. Good morning, everybody. It's a real pleasure to see you today. Pleasure because we've been through screens for almost two years. For me, it's also a very special day because it's going to be the last presentation I'm going to do with you. It's been a great pleasure to see you and to exchange with you over all these years. Thank you very much.
As Virginie already outlined for you, Eurazeo delivered an excellent performance in 2021. With robust development in our asset management activity, strong performance from our portfolio companies, record net asset value with significant value creation across all our investment strategy, and historically high net result. Taken together, this means strong value creation for our shareholders, allowing us to pursue our increasing dividend policy and also to propose an additional extraordinary dividend.
Over the next few minutes, I'll take you in more detail through the highlight of the past year and discuss with you where we stand today. Let's start with our profit and loss and Eurazeo result. Eurazeo posted a record net result of EUR 1.6 billion. The three main factors contributing to our P&L were all significantly up. The contribution of our asset management activity doubled to EUR 250 million in 2021, thanks to an increase in management fees and strong performance fees derived from successful exits. The contribution of our investment activity stands at an all-time high at EUR 1.9 billion, and it's also worth noticing the strong performance from our portfolio companies at EUR 186 million, already above pre-crisis 2019 levels. Let's detail these results. First, our asset management revenues.
Management fees have significantly increased year-over-year, up 27% overall to reach EUR 309 million in 2021, thanks to the strong performance in fundraising and a stable blended fee rate at 1.4% calculated on fee-paying AUM. This strong performance is primarily driven by the growth of third-party management fees, the result of the team's fundraising achievements. Fee-related earnings increased by 30% from EUR 72 million to EUR 93 million. Despite important investment aiming at extending our expertise and international presence, our FRE margin increased to 30.2%. Further investment may weigh on the short-term operational leverage, but will support the growth of the group in the coming years. We can therefore confirm our ambition to reach 35%-40% FRE margin in the medium term, even though this increase, as you know, should not be linear.
As we've seen, the contribution of our asset management activity more than doubled in 2021. The strong performance was primarily driven by third-party management fees, which increased by 38%. Due to exits, which reduced the balance sheet fee-paying AUM calculation base, management fees from our balance sheet posted a limited growth of +6%. Performance-related earnings showed a particularly strong increase following all the successful exits which were achieved in 2021. PREs are based on effective exits on one side and on change of fair value in our growth companies which are not consolidated. On the investment activity side, net capital gain and other realized revenues rose to EUR 2 billion in 2021, a record year. This figure is essentially composed of capital gain from mid-large buyout for EUR 1.3 billion, including the partial sale of Planet and the sale of Seqens.
Capital gain from real assets for EUR 200 million, following the sale of C2S last summer, and EUR 385 million of change in fair value from our growth companies. Let's now turn to our portfolio performance. The total contribution of our consolidated portfolio company grew by 8% over 2019, surpassing the pre-COVID levels. This increase was essentially driven by the outstanding performance of our portfolio companies. Excluding travel and leisure, our portfolio companies contribution, sorry, even increased by 100% compared to 2019 levels at constant Eurazeo scope. Growth companies, which are not consolidated, delivered a strong 52% increase in revenues on a challenging comparison basis after 45% growth in 2020. Now, let's move on to our net asset value.
As you can see, year after year, we've achieved a strong track record of 14% per year per annum of our NAV per share over the last 10 years. In 2021, Eurazeo delivered an even stronger increase at 40%, including the dividend paid in 2021 to reach EUR 117.8 per share. As Virginie outlined, it's a record that reflects primarily the strong performance of our portfolio companies, as well as additional value crystallized by exit for an amount of 8 EUR per share. As usual, our NAV methodology is IFRS compliant, and we applied this time an even higher level of cautiousness than usual, given the uncertainties that we perceived on the market. I will come back to that later. At portfolio level, value creation was a strong 47% in 2021.
I'd like to highlight here that all our business units across the board grew significantly in value in 2021. The outstanding value creation from mid-large buyout and real asset strategies have both been driven by the significant additional value crystallized by successful exits. Tech growth was an obvious winner in the pandemic. Driven by the global shift to digital, it delivered an outstanding performance in 2021 after two already strong years in 2019 and 2020. As you know, our NAV is composed on one side of the value of our portfolio companies and on the other side of the value of our asset management activity. Let me take you through how we value them. Starting with our portfolio, there are five reasons why we are confident in our valuation.
First, a strong and consistent track record with a 2x cash- on- cash on average over all exits over the last 20 years, even rising to 2.4x cash on cash for 2021 exits. I should also point out here that each exit is usually an opportunity to reveal value in our portfolio as valuations are usually conservative. Second, as I said, we've been more cautious than usual in this time due to the uncertainties to determine our 2021 net asset value, especially for the more volatile assets. This prudent valuation largely anticipated the market correction of the beginning of the year. Third, as Virginie mentioned, our portfolio is of high quality and diversified, largely invested in promising sectors with still positive perspective, such as healthcare or energy transition, to name just two of them. Fourth, our exposure to Russia and Ukraine is minimal.
Finally, on top of that, several exits have already been signed, which secures more than 10% of our global portfolio valuation. All this support the valuation of our portfolio companies. Turning now to the other component of our asset value, our asset management activity. Here again, you know the key characteristic of this activity. Revenues are recurring and predictable, thanks to management fees. As Virginie explained, we have achieved a strong growth in the recent years, ranking among the best players in the sector, thereby justifying a high valuation multiple. We benefit from increased diversification, therefore reducing the risk for our shareholders. Our published NAV for the asset management activity is cautious, and here's why. The valuation of our stake in iM Global Partner, one of these components, is based on the transaction that took place in January 2021.
It does not take into account the iM Global Partner excellent performance over the last 12 months, with a doubling of AUM and +130% increase in iM Global Partner EBITDA. For our own consolidated GP, based on market practice, we apply a multiple on the FREs and a different multiple on PREs, obviously somewhat lower because of higher volatility. The multiple that we apply on our FREs is 20x + 6x PREs, both based on 2021 figures. How does this compare to peers? Based on the market as of last Friday, valuation of our peers is on average 19x FREs and 11x PREs, but based on 2023 numbers.
If we compare apples to apples and adjust for FREs for this two years difference of compounded growth, it appears that the valuation of our asset management activity is on the safe side compared to our peer group. Now, you can see how we valued our portfolio and our asset management activity to arrive at 117.8 EUR per share at the end of 2021. Nevertheless, anticipating your questions today and in light of the current situation, we ran a sensitivity analysis based on recent spot multiples. As a result, we estimate that as of March 8, last Tuesday, the potential impact on our total NAV could be estimated at a limited 6%-8%. Please note that this sensitivity does not take into account yesterday's market rebound of 7.1%. Turning now to our key balance sheet figures.
As you know, Eurazeo strives to maintain a robust financial structure. This is, of course, particularly meaningful in current uncertain environment. At the end of last year, we enjoyed a net cash position of EUR 550 million and an undrawn revolving credit facility of EUR 1.5 billion fully available. We can also benefit from EUR 4.7 billion of undrawn commitments from our limited partners. To conclude, let me say a word or two about our dividends. Eurazeo has a long-standing track record of dividend distributions to its shareholders, with a distribution rising on average of 7.3% per year from 2003 to 2020.
Supported by the increased recurring revenue generated by our asset management activity. We will propose to our AGM a dividend of 1.75 EUR per share, an increase of 16%, sorry, 16.7%. Given the outstanding results that we achieved in 2021, we will also propose an additional special dividend of 1.25 EUR per share. If these are approved by our AGM, the total distribution will amount to 3 EUR per share. It will be paid on May 4. Thank you for your attention, and I now hand back to Virginie.
Just a word for you, Philippe, before I present our perspective. You know, it's the 20th FAF for Philippe, and the last. You know, we'll certainly celebrate Philippe's 20 years with the company at the AGM at the end of April. I just want to say a word because you've been so close to Philippe for so many years as investors, financial analysts. It's been quite a journey with Philippe for Eurazeo. There's no coincidence that Philippe, you know, publishes, right, the best set of results ever for the company, you know, as he's leaving the stage.
It's about his professionalism, his elegance, and his determination that he has proven a contribution to the group, always to make you feel, comfortable understanding the company, striving for our best developments. Philippe, you've been an amazing partner to all of us, for so many years. We'll miss you for sure. A big thank you today in front of all our financial community for that amazing service and contribution. Thank you.
Thank you.
Okay, turning to perspectives and the future. Looking forwards, we think our key driver of growth really remains the same. It's about portfolio quality and performance, and it's about attractiveness for private investor. I'll start with the fundraising and the attractiveness for private investor. Looking ahead, there'll be trillions of dollars which will be invested in our industry in the years to come, 'cause the structural trends are there. The performance, the commitment, the transformation, the value add, the alpha is there. The allocation to the private markets have not been done. Between now and 2030, 2035, strong structural trends. Short-term, 2022, it's well possible that allocation might be, you know, shifting a little bit. I think we should plan, if we want to be conservative, on some pushback to Q2 or second half of the year.
I think we have to be careful in our forecast. Structurally speaking, this industry is driving a lot of appetite and strong allocation. In this context, I tell you what gives us confidence. We're confident because, as you can see, we have many of our funds which are in the market. We think those funds are very relevant and really answer the needs and what our investors are looking for. A lot of our specific and special funds will be fundraising again. It's about mid-market, MLBO, private equity. It's about growth, digital. Private debt will be in the market again, although we closed Private Debt V last year, but we deployed so fast that we already first closed Private Debt VI, and we'll continue to raise in 2022. You can see real assets as well, very active.
It's about our energy transition infrastructure funds. You know, in 2022, I'm actually quite happy to have those funds in the market. They're decent size. They have great market positioning in terms of quality of assets and offering to our investors. That's our ambition for 2022. Our second area of confidence, as I said, is about quality of assets and our positioning. We already have EUR 4 billion of investment in the transition to a more inclusive and a more low-carbon economy. Our intention for 2022 is to continue to accelerate in terms of fundraising in that positioning, so there's no less than three or four funds which will be active in the market in 2022. I can name a few. It's the green, it's the maritime infrastructure fund, it is Smart City, and it is our healthcare funds.
For Eurazeo, we see it as a huge investment opportunity in the years to come. We're very much on track. You got that at this stage with our, you know, ambition that we shared, a few years ago, with our financial community, we have a bit more than two years of advance on our trajectory in terms of assets under management. Of course, you know, visibility is not great. There's volatility in the market. The current situation is a difficult one, and we don't know what we have ahead of us. What we know is that 2021 has built extra strengths for our group with even stronger foundation, and that we have met our ambition with great advance. Looking forward, we feel confident to share with you this morning our new ambition of doubling our assets under management trajectory.
Five, seven years will all depend on market conditions, just like we told you 18 months ago when we announced a doubling of our assets under management trajectory. It really will boil down to four structural trends. It's about the positive market outlook, of course. It's about our fundraising ability and momentum. It will be the scaling up of our investment strategies, continue to scale up, and the right investment to generate strong returns. In this very volatile and unstable world, you know, we've been sort of used to cope with that environment for a number of years now. We know you have to be agile and always strong and always, you know, facing and embracing the future with the best strengths that you have. We believe Eurazeo is, at the same time, a strong model which delivers. We're very fit for growth.
We are very much a resilient model, and we're very prudent. We're strong. We've delivered 2021, strongest year ever, exit, fundraising, net income, capital gains. We really made it, and we came out of that year with the strongest financial resources possible, financial resources. We're fit for growth that you've seen. We're also very resilient, and that gives us protection. We've also seen that in the past. The reason why we're resilient is that we've built a diversified model over time. You know this, over the last five years, everything that we did was to diversify our asset classes, diversify our resources, and diversify our geographical presence. We have more than 450 companies in the group.
We are larger, but at the same time, we have way less risk in the portfolio, and that has worked very well over the years. Financial resources, which makes us, you know, very strong and resilient, Philippe detailed it. It's more than EUR 6.5 billion. We're talking EUR 550 million in cash, EUR 1.5 billion in revolver, and EUR 4.7 billion in dry powder with the trust of our clients. Overall, we are very prudent. Prudent in how we value our assets, you know, management activity.
This is why, overall, we have strong confidence in our ability to unlock that hidden value in our stock at where we are today and the NAV that we have published this morning, and also strong confidence that we can increase our distribution in the future to our shareholder with the full support of our shareholder and supervisory board. Thank you very much for your attention. Be absolutely rest assured that all our team are strongly mobilized to continue to grow and value our portfolio. Thank you very much. Now with Philippe and the team, we're very much open to question. Thank you.
Good morning, Alexandre Gérard, CIC. Congratulations for that good set of numbers. Two questions on my side.
Firstly, on that new AUM target, the EUR 60 billion, does this include, I mean, acquisitions, or is it a pure organic target? On the same topic, would you be potentially interested in a company like Primonial, which acquisition by Altarea just fell apart? Second question on the value creation side in 2022, can we have an idea of the value per share increment linked to the REDEN disposal? Thank you.
Thank you very much. Well, when we forecast a trajectory, it is usually organic, 'cause we can't really plan on M&A, although M&A can help. As you know, we're always on the look in terms of M&A opportunities because we have done a number with great success over the last years.
We think we have a savoir-faire that we can and have proven to be able to integrate well some teams. To your question, this is essentially organic. I'm not going to make any comment on Primonial.
On REDEN value creation, the process started last year, so we already had some pretty accurate view of where we could end up at the end of the day. We took part of the value creation, externalized value creation in 2021. As we are cautious people, we applied a significant discount to that, leaving about EUR 100 million of supplementary value creation for 2022, for REDEN only.
Just about EUR 1.
Geoffrey.
Hello. Geoffroy Michalet, ODDO BHF. My question has to do with your partner, Rhône and MCH. Given your strong set of results, what is your current state of mind? I mean, would it make sense for you to increase your participation in this kind of partner? Thank you.
Thank you for the question. Yes, we have built also our international presence through partnership. So MCH, we are, you know, when we think of the development of our investment strategies, we have a number which are going to be accelerating their Europeanization. I'd like to mention as two example, private debt and small to mid. MCH will be part of that transformation and that evolution into a more European play in midmarket. It's not answering directly your question because I cannot. There's no decision being taken. We have a great relationship with MCH, and they certainly have a strong foothold, strong reputation in the Iberian Peninsula, and we have a great working relationship.
As far as Rhône is concerned, they have, you know, their own positioning in mid-markets, so they're very much a transatlantic player, midmarket player, just like we are, especially with our mid- to- large-buyout team. But they have very complementary type of investments, compared to what we do. We have a strong relationship, continue to do so. We'll see, you know, what the future holds with that partnership, so nothing specific to mention this morning.
Right.
Hello. Mourad Lahmidi, BNP Paribas Exane. So a few questions from my side. On the asset disposal in 2022, I think that you mentioned that it's going to be down to more normal level. Is it because of the current situation, or anyway the case because of the investment maturity of your portfolio?
No, it was Mourad.
That was expected before the crisis. Effectively, as you mentioned, it's linked to the maturity of our assets. We expect to come back to more normal level in 2022, market permitting. As I said, a significant amount of exits have already been signed for 2022. We expect, again, a strong exit year in 2023.
Okay. Related to this question, you delivered EUR 30 million performance fees for LPs in 2021. Where should we land this year?
It's quite a smart way to ask, you know, what's the size of your exit program? What's the cash on cash we're going to make? Well, we can't, you know. We would never answer a question like this, and certainly not in the current market environment. You know, I think, you know, the reassurance we can give you is that you're very right. You know, it's a more normal exit program, and that was planned, you know, back November 2020. We had, of course, to well execute our 2021 exits, which we did, so we are lucky in that sense. You know, it's a good position to be in for Eurazeo 'cause what we wanted to do, we've done. It's a more normal program, and out of that more normal program, we've already secured, you know, 2 significant exits.
We have more to come, but they're more like business as usual, should I say, for a number of our teams. Difficult to predict what performance fees can be. I mean, performance fees in 2021 was very strong, hence the EUR 250 million of overall results, FRE and PRE for the group, but forecast is not what we do.
Maybe I can add something to that, Mourad. Third-party performance fees at equivalent exit volume, which is not to be the case, as I said, but supposedly should rise over time simply because when we invested in MCH, when we invested in Rhône, and also when we acquired Idinvest, we did not buy the carry from previous fund before our investment, only for the fund launch after our investment. Of course, these funds at first, they would invest, they would develop, and then they would exit. It's only when they exit that they generate carried interest to which we are entitled. Over time, assuming stable level of exits, the part of third-party performance fee should increase.
Of course, it will be modulated by the relative volume of exits.
It's about that, so that's on the acquisition side and what we effectively acquired when we made those transaction. It's also about, you know, we embarked into a transformation towards asset management five years ago. Five years later, you know, by construction, there are more exits, both balance sheet and third-party money. You'll see coming through with our exit program, we said we exited EUR 5.1 billion at group level in 2021. Going forward, you'll also be seeing, you know, performance fees from third party coming in also because this is five years after our transformation and our starting embarking to asset management.
Okay, a final one for me, please. Can you give us an idea of the mark-to-market for iM Global, please, given the doubling of the AUM that you mentioned? I mean, you've set the value at the transaction price of February, so we're almost 12 months into this transaction. What could be the value of iM Global, please?
I mean, it's. We cannot effectively answer the question, and I will explain you why. Effectively, as I said, the AUM of iM Global Partner roughly doubled last year, and the result increased by 130%, which has not been taken into account because we've stuck to the transaction value, which we achieved in January 2021. I could add to that we sold 20% in this transaction in 2021, so it's a minority transaction. We could estimate that a majority stake is worth more, even on proportional basis than a minority stake. Still, we've kept that because, first, we have no decision to sell this stake at the moment, which is not a reason not to value it, but, as you know, we are and we remain cautious.
Secondly, there are many ways for the future of iM Global. We could sell it, we could pursue the development, we could IPO it maybe at some stage. There are some very renowned comparable in the U.S. for this company. By cautiousness, we kept the value for this time. It's recent, it's only 1-year-old transaction, but for sure, we'll review in detail the value of iM Global in 2022.
Yeah, in July.
Thank you very much.
Thank you.
Thank you, Mourad. We also take question online, of course. I, you know, I see Pierre all ready to share question as well.
Yeah.
We're coming to you.
Three additional questions on my side. You're upgrading your AUM target. Why don't you upgrade your margin target given the fact that many of your competitors have significantly higher operating margin? What makes you so cautious on that side? Second question, can we have some more information maybe on the travel and leisure companies that had been, at the time, depreciated? Is there potentially some value creation on that side in 2022? Third question, if we look at the 48% value creation on the private equity portfolio, can we have a vague idea of how this performance breaks down between earnings impact and a multiples impact, just to better understand how conservative your valuation methods are? Thank you.
On the AUM margin, we have kept the target, which is still an ambitious target. Keep in mind that everybody does not calculate its margin the same way, and we are particularly rigorous for that. Our 35%-40% margin is equivalent to a significantly higher number if you compare to other investment or diversified asset managers. The acceleration of the growth of the group, if you apply this 35%-40% margin, translates into an increase in the euro margin at the end of the day. Effectively keeping the same percentage, but if you apply it to EUR 60 billion rather than EUR 30 billion, effectively includes a significant increase in the margin and in the euro that we multiply to value the group.
Travel and leisure, we've seen a recovery in 2021 versus 2020. We still have three significant companies within this sector, Planity, WorldStrides, which organize educational travel for young kids, and Grape Hospitality in the hotel sector in Europe. We've seen significant increase. Planity has significantly broadened its activity and significantly also de-risked. Remember that Planity was almost 100% linked to travel and leisure when we bought that company. Now, travel and leisure only impacts about 45% of the revenues of Planity, so it's a very different situation. WorldStrides, we've seen a significant recovery in the bookings for the travels because the majority of the travels organized by WorldStrides are intra-U.S. travels, and these have become fully open again.
They were closed for a part of the year in 2020. For our hotel business, the market position of our hotel is rather mid-scale than upscale. Therefore, we are less dependent on international travelers. Our customers are mostly local people that have to travel either for leisure or for business. Here again on this company, we've been able to recover positive EBITDA contribution of Grape Hospitality. But still, having said that, it's clear that 2021 has not been a normal year for travel. There have been closures in many countries, not synchronized, meaning that it had a significant impact on travel. There is still a lot to generate from these activity.
I mean, directionally, and it's for those companies, you know, not knowing what we have ahead of us, so there's a big question mark with directionally those companies think they might come back to a pre-COVID level, you know, by either 2022 or 2023, depending on, you know, which of the three we're talking about. You know, there's certainly value, you know, hidden value on travel and leisure in our NAV, but at the same time, you know, let's see how 2022 unfolds.
For your last question, 48% value creation of the portfolio coming from multiple or from performance. I mean, you have. You've got the answer when I said that the contribution of our portfolio companies without travel and leisure almost doubled in 2021 versus 2019. It highlights the fact that most of this value creation comes from the intrinsic performance of our group companies. I would go even a little bit further on that to mention that in 2020, according to IPEV regulation, we had to identify maintainable earnings, and 2020 was clearly not a normal year for that. In 2021, for most companies, we came back to valuing the last 12 months figures as we usually did over time.
I have questions from the webcasts. Some of them have already been answered. I have a question from David Cerdan from Kepler Cheuvreux. Have you seen any change in investors' mood since the beginning of the conflict, meaning that appetite for private equity funds is reduced? He has a follow-up. Do you think you're capable of repeating the 2021 numbers in 2022?
Thank you, David. So have we seen a change in investor since the beginning of the war? I mean, it's 30 days. It's the fourteenth day. You know, it would be not prudent and not very serious to say anything at this stage. We've not seen anything specific just yet, but 14 days is not enough to have a sense of where market sentiment goes. However, you know, for sure, you know, things are probably being a little bit on hold in some situation. In terms of deals, nothing that we saw very recently, but what we heard is that it's possible that some discussion might be on hold in terms of questioning whether the price is right or whether market change might impact the companies.
I'm not talking about Eurazeo here, I'm talking what we hear in the market, so take that with precaution. You know, if you think, you know, there has to be a little bit of lag time for investors, you know, being public company investor, being private investor, to adapt and try to understand, you know, what companies might be, you know, might be even stronger getting out of that crisis, what sectors might be impacted. We're lucky enough to have very, you know, less exposure than probably others to more heavy industrial type of businesses with heavy energy consumption, so that's a good thing for us. You know, we are very much into healthcare and energy transition and tech businesses, so that probably protects us. Investor sentiments, you know, we're all in, I guess, in the same mood.
It's a shock, so not always easy to take decision into that moment, but let's see how things unroll in the future. Year to date, we have published our fundraising in our press release. We're around, what, five-
EUR 550 million.
EUR 550 million. EUR 550 million being raised year- to- date. You know, that was prior. I think it's a better and safer place, David, to discuss this in a few months. It's all about who you are, where do you stand, in which industry do you collect, and what type of deals do you have in your portfolio. I was insisting on REDEN Solar earlier on 'cause of course, we were, you know, worried about that transaction, not knowing where it would lead us. At the end, you know, financing was there, investor appetite was confirmed, and it was a great exit.
Maybe we are running a bit low on time. I have two additional questions very quickly. One from Christoph Greulich from Berenberg. You mentioned that you applied extra caution for the NAV calculation in anticipation of the market sell-off at the beginning of this year. How exactly did you build in this extra caution in valuation?
Very quickly, the last one. What's the timeline, what's the strategy to list the unicorns that you have in your portfolio? Or is there any plan?
On the first question, Christoph, what I said is that we've been particularly cautious for asset management. We've been cautious for portfolio asset, and notably the more volatile one, because we already saw at the beginning of the year that there could be some market correction on that. De facto, as I said, the correction that we took on the 2021, December 2021 valuations for these more volatile assets fully covers the correction that we have been seeing, not just as of the beginning of February, sorry, when we finalize our NAV, but until today. It was very, very cautious. Again, we did that in reviewing individually each of our assets and assessing where we could have risk in our assets.
The question on plan of IPO-ing unicorns. Don't think there was major plans of IPO for us pre-Ukrainian crisis. If there was, it was probably on the second half of the year. I mean, if there's one consequence to David's question earlier of that crisis is the capital markets. I mean, I see bankers in the room. The capital market is pretty closed these days, so it may not last very long or may last longer. There's one certainty is that if there were a plan in any groups of IPO, it's going to be a bit challenging in the months to come. Wasn't the case for Eurazeo Growth in 2022. Some of the exits were planned for 2023 in terms of IPO.
I think there's no more questions. Oh, maybe you have-
Yeah, one more.
Yes, a follow-up one from me. Similar to 2020, is it fair to expect some fundraising programs to be pushed out to the back half of the year in 2022 because of the current situation?
As we don't know, you know, to be prudent and on the safe side, I think, you know, we should be preparing for some more back-ended, you know, fundraising. Although to David's question earlier, which I did not answer, are we capable? Well, I hope we're capable, meaning we have the organization in place, we have the strengths, we have the geographical coverage, but it takes two to tango. We'll see what the future holds for this. A little bit of back-ending in our budget. I mean, we don't share budgets with you guys, but in our budget we're already pretty back-ended, by the way.
Yeah.
Okay. Thank you.
Thank you. No more questions, says David. Says Pierre, sorry. [Non-English content] .
Thank you very much, everybody.
Thank you very much.
Maybe, Virginie, we can introduce William Kadouch-Chassaing, who will replace me in a short period of time. William is with us today. I'm sure he will do a great job also, so you will be perfectly satisfied.
Yeah, 20 years ahead of us, William, huh? [Non-English content ] . [Non-English content] .
[Non-English content].