BNP Paribas Asset Management Alts announced the final close of Prime Capital Partners I, its first fund dedicated to GP stakes, raising approximately €540 million in investor commitments and exceeding its initial €400 million fundraising target.
The fund represents the largest GP stakes vehicle raised by a European manager to date and reflects growing institutional demand for strategies that invest in minority equity stakes in private markets firms. Prime Capital Partners I will focus on acquiring minority interests in mid-market general partners across private equity, private credit and infrastructure.
BNP Paribas Asset Management Alts said the investor base for the fund includes a diverse group of international limited partners such as insurance companies, pension funds, banks and funds of funds. The strategy is designed to support the long-term development of partner firms through strategic and operational support while leveraging the broader BNP Paribas platform.
The GP stakes strategy seeks to help private capital managers accelerate growth plans and expand their investment capabilities. BNP Paribas said the approach combines capital investment with partnership support to strengthen portfolio managers across geographies and asset classes.
The GP stakes team has completed six investments so far and expects the portfolio of Prime Capital Partners I to grow to between 10 and 12 investments over the life of the fund.
BNP Paribas Asset Management Alts manages approximately €300 billion in assets across real estate, infrastructure, alternative credit and private equity strategies.
KEY QUOTE:
“We are thrilled with the significant interest we have received from limited partners, in addition to our anchor investor AXA. This is recognition of BNPP AM Alts’ differentiated proposition in GP Stakes, the strength of our platform and that of the BNP Paribas Group as a whole. I want to thank our investors and existing partners for their trust, and we look forward to continuing to support the growth of leading private markets managers.”
Gilles Dusaintpère, Head Of GP Stake Investments At BNP Paribas Asset Management Alts
