La Lettre — February 26, 2026 — Summary
1. Tikehau Capital Slow to Deploy Its Second Aero & Defense Fund
EN: Nearly two years after launch, Tikehau Capital’s Ace Aéro Partenaires 2 (AAP2) fund — with a €582M envelope — has deployed only 6% (€35M) as of end-September 2025. This is despite urgent financing needs in the European defense sector following government calls to mobilize €5B for armaments. The fund benefited from a €425M force de frappe after a first closing, including €110M from Tikehau itself. The firm has also suffered significant expert departures: Marwan Lahoud (ex-Airbus #2) left for Messier & Associés, Franck Crépin (ex-Airbus/Bombardier) was ousted, and Adrien Dassault (strategic relationships) departed in November 2025.
FR: Près de deux ans après son lancement, le fonds AAP2 de Tikehau Capital (€582M) n’a déployé que 6% de son enveloppe (€35M) à fin septembre 2025, malgré les besoins urgents de financement de la défense européenne. Le fonds a aussi perdu plusieurs experts clés du secteur aéro-défense, réduisant sa capacité opérationnelle.
🔎 HF Comment: Tikehau’s deployment lag vs. the massive European defense spending ramp is a notable signal. The talent exodus raises execution risk questions on AAP2. Worth monitoring whether Tikehau can capitalize on the defense capex wave or if competitors (Weinberg Capital, Bpifrance) capture the deal flow. The disconnect between political momentum for defense spending and Tikehau’s slow capital deployment could create opportunities for more agile players.
2. The Archbishop of Paris Courts Mayoral Candidates
EN: The Paris Archbishop received the main municipal election candidates on February 20 to discuss religious heritage preservation, Catholic education, and solidarity issues. All major candidates except Sophia Chikirou (LFI) attended. Key topics included the renovation of pre-1905 churches and controversies around subsidies to Lycée Stanislas.
FR: L’archevêché de Paris a reçu les principaux candidats aux municipales pour évoquer le patrimoine religieux, l’enseignement catholique et les solidarités. Tous sauf la candidate LFI étaient présents.
🔎 HF Comment: Limited direct market relevance, but signals the political dynamics around Paris municipal elections and the role of institutional influence networks.
3. DSA: France’s Counter-Attack After Washington’s Offensive
EN: French MEP Stéphanie Yon-Courtin is pressing the European Commission to protect EU officials from potential US sanctions linked to their work on the Digital Services Act (DSA). A US Congressional report, driven by Republican Jim Jordan, accuses the DSA of suppressing online free speech. Washington demanded tech giants hand over all correspondence with the Commission. Macron personally wrote to Trump in early February asking him to lift sanctions against Thierry Breton, the former EU commissioner who initiated the DSA. Judge Nicolas Guillou (ICC) is also facing US financial sanctions.
FR: La France pousse Bruxelles à protéger les fonctionnaires européens visés par d’éventuelles sanctions américaines liées au DSA. Macron a écrit à Trump pour défendre Thierry Breton. L’eurodéputée Yon-Courtin interpelle Von der Leyen sur la divulgation de données personnelles de fonctionnaires par Washington.
🔎 HF Comment: This is a critical escalation in US-EU tech regulation tensions. The DSA enforcement targeting Meta, X, TikTok has direct implications for Big Tech operating margins in Europe. If the EU backs down under US pressure, regulatory risk premiums on EU-exposed tech names could reprice. Conversely, retaliatory measures could create further compliance costs. Key watch for anyone long/short European-listed tech or US platforms with EU exposure.
4. Martin Garagnon’s Purge: Renaissance’s De-Macronization
EN: Gabriel Attal expelled Martin Garagnon from Renaissance on February 4. Garagnon, a party spokesperson designated by Macron during the 2024 legislative campaign, had become a prolific media presence. Former MP Florian Bachelier is contesting the exclusion legally. The affair highlights the internal power struggle within Renaissance as Attal seeks to control party messaging ahead of future elections.
FR: Gabriel Attal a exclu Martin Garagnon de Renaissance, accentuant la « démacronisation » du parti. L’affaire pourrait connaître une suite judiciaire, un ancien député contestant la procédure d’exclusion.
🔎 HF Comment: French political fragmentation continues. Renaissance’s internal tensions reduce governing coalition cohesion — relevant for anyone positioning on French sovereign spreads or assessing political risk for the 2027 presidential cycle.
5. Veolia Wins Annulment of Suez Victory in Western Île-de-France
EN: The Versailles administrative tribunal annulled on February 24 the procurement process by Aquavesc (a mixed syndicate managing water for 32 communes including Versailles) that had awarded a contract to Suez. The court found Aquavesc violated competition and publicity rules, potentially disadvantaging Veolia. Key issue: Aquavesc had signed conventions with Suez in October 2024 for decarbonated and emergency water supply at €0.86/m³ for 20 years, which the court deemed prejudicial to equal treatment of candidates.
FR: Le tribunal administratif de Versailles a annulé l’attribution du contrat d’eau potable de 32 communes à Suez via Aquavesc, estimant que les conditions favorisaient Suez au détriment de Veolia. Victoire significative pour Veolia dans la guerre de l’eau en Île-de-France.
🔎 HF Comment: Directly relevant for Veolia (VIE) and Suez positioning. This ruling strengthens Veolia’s competitive position in the Paris basin water market. Suez has been losing ground — also losing contracts in Béziers and on sanitation. The French water concession market is repricing in favor of Veolia. Watch for further contract challenges and potential impact on Suez’s French municipal revenue base.
6. Brave Search Engine Targeted by French Press Publishers
EN: The Alliance de la presse d’information générale (Apig), led by Le Figaro’s Marc Feuillée, is preparing a “counterfeiting” lawsuit against Brave browser/search engine before the Paris court. Brave (100M users, founded 2016 by Mozilla’s Brendan Eich) refuses to negotiate with French press for content usage. Publishers are also alarmed by Google’s AI Overviews and AI Mode, which are reducing traffic to news sites. Meanwhile, Microsoft was ordered on Feb 19 to pay €35,000 to publishers for abusive litigation practices, with LinkedIn also targeted.
FR: L’Apig prépare une action en contrefaçon contre le moteur de recherche Brave devant le tribunal de Paris. Les éditeurs combattent aussi les AI Overviews de Google qui réduisent le trafic vers les sites de presse. Microsoft a été condamné à verser €35 000 aux éditeurs.
🔎 HF Comment: The French press vs. tech platform copyright war is intensifying across Brave, Google, and Microsoft. This is part of the broader EU content licensing/AI training data monetization theme. Implications for Alphabet (AI Overviews traffic impact), Microsoft/LinkedIn (ongoing litigation costs), and the emerging legal framework around AI-generated summaries using copyrighted content. The French courts are establishing precedents that could be replicated across the EU — a structural headwind for AI search business models.