Capza, part of BNP Paribas Asset Management Alts (BNPP AM Alts), has raised nearly €1.4bn (£1.2bn) for its European private debt fund at first close.
The European mid-market private debt fund is a seventh-vintage vehicle and has surpassed half of the capital raised for its sixth strategy.
Capza Private Debt 7 is backed by existing investors as well as new entrants, with more than 30 per cent of total commitments coming from international markets, including Germany, Belgium, Italy, Japan and the Middle East, the firm said.
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“The success of this first closing underscores the trust our investors place in our ability to identify and structure high quality financings in a demanding European environment,” said Christophe Fritsch, global head of alternative credit at BNPP AM Alts. “The growth of our fund demonstrates the relevance of our mid market private debt approach, which combines financial performance with sustainability.”
The private debt fund provides financing to small and medium-sized enterprises and mid-cap companies, primarily in France, Germany, the Benelux, Spain and Italy, through unitranche and subordinated debt structures.
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Since the launch of the fund, five transactions have already been completed in France, the Netherlands and Germany, totalling approximately €400m, BNPP AM Alts said. The firm manages around €135bn in private debt and alternative credit assets.
The asset manager said the fund targets companies operating in low-cyclical sectors such as healthcare, technology and business-to-business services in order to minimise default risk without compromising returns. It also aims to integrate sustainability-linked performance objectives into the financing terms of 75 per cent of its unitranche investments.
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