BNP Paribas Asset Management Alts, through its PRIME unit, has announced the final close of its first GP Stakes fund, Prime Capital Partners I (PCP I), at roughly €540m (£467m).
PCP I closed well above its original €400m fundraising objective with €540m of investor capital, meaning it now represents to date the largest GP stakes fund raised by a European manager.
Read more: 360 ONE Asset closes fifth private credit fund with $400m commitments
The fund’s investor base is composed of a diverse mix of blue-chip international limited partners, including commitments from insurance companies, pension funds, banks and funds of funds.
Through the strategy, BNPP AM Alts acquires minority equity interests in leading GPs, with a focus on mid-market, across private equity, private credit and infrastructure, with the aim of accelerating the development plans of GPs through effective partnership.
Read more: Sound Point hits $1.5bn for Strategic Capital Fund III
“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,” said Gilles Dusaintpère, head of GP stake investments at BNPP AM Alts.
