April 21 (Reuters) - French private equity company Tikehau Capital said on Thursday its portfolio volume had risen by over a fifth in the first quarter, driven by its growing asset management business.

The group said its assets under management had grown 21% from a year earlier to reach 35.5 billion euros ($38.5 billion) by the end of March. It had previously planned to surpass 35 billion euros by the end of this year.

The group's asset management business meanwhile grew by 23% to reach 34.1 billion euros.

Tikehau, which is planning to double the volume of its asset management portfolio to over 65 billion euros by 2026, said it had seen "robust client demand" in the first three months of 2022.

"We are staying the course and focusing on executing our plan in a world currently in transition," co-founders Antoine Flamarion and Mathieu Chabran said in a statement.

The firm, which organises the bulk of its business around private debt and real estate, added it had "very limited" exposure to revenues generated in Russia and Ukraine, with no portfolio companies domiciled in either country. ($1 = 0.9214 euros) (Reporting by Sarah Morland; Editing by Elaine Hardcastle and Chris Reese)